Lang Allan & Company CPAs PC

The SECURE 2.0 Act creates incentives for employers and employees to add to employee retirement accounts. However, some incentives and contributions are taxable and need to be reported on Form W-2 and/or 1099-R. Find out what they are and where they need to be reported. https://ow.ly/1oXA50UiIeL

Tax Planning for Cash-Based Businesses - Save more by planning ahead! With the year wrapping up, now’s the perfect time for cash-based businesses to focus on tax planning. Get your books in order, maximize deductions, and consider deferring income or prepaying expenses to reduce your tax liability. Need help? Start by: • Reviewing all income and expenses • Taking advantage of tax deductions • Contributing to a retirement plan Avoid surprises during tax season, maximize deductions, and lower your tax burden. https://ow.ly/LmiF50UiIcY

√ Have you ever felt lost in the shuffle with your current accounting firm? √ Do You Really Need a National Firm? √ Is Your Accounting Firm Too Big for Your Business? How many of these questions can you answer "YES!" to? Say goodbye to being too small for a big firm or too big for personalized service. Embrace accounting excellence tailored precisely for your business. https://ow.ly/iiji50UiIbv

Thinking of giving bonuses to family members on the payroll? Special tax rules apply! For related employees, you'll need to deduct the bonus in the year it's reported as income. Don't get caught off guard—know the rules. https://lnkd.in/gn3CZhPS #PayrollTaxTips #BusinessFinance #EmployeeBonuses

Tables filled with feasts, hearts filled with love. Here's a toast to you and your family this Thanksgiving! 🥂

Think estate taxes will eat up your legacy? 🤔 The truth: only 0.2% of estates owe any federal estate tax. Estate planning is crucial, but don’t let myths hold you back! Explore our estate planning tax tips. https://lnkd.in/gPvs5i9A #EstatePlanning #EstateTax #CPANearMe

Is your construction company prepared for an external audit? Learn how to organize your financials, avoid common mistakes, and strengthen internal controls in our article. https://lnkd.in/gU-eq4k6 #ConstructionBusiness #ConstructionAccounting #AuditPreparation

Maximize your tax refund by voiding these common tax filing errors. 🚨 From selecting the wrong filing status to miscalculating numbers, even small mistakes can have big consequences. Be sure to: ✅ Report all your income ✅ Double-check your math ✅ File electronically to avoid delays https://lnkd.in/gd3WGm9m Need more guidance? We can help you avoid these pitfalls. Let’s make this tax season error-free! #TaxTime #FinanceTips #TaxSeason

A Strategic Approach to Expense Management Efficiently managing and reducing business expenses requires a strategic approach and ongoing vigilance. Implementing a strategic plan can significantly improve your bottom line. 🔹 Tip: Strategic planning is essential for sustainable cost reduction. 🔹 Action: Develop a strategic plan for managing your business expenses. https://lnkd.in/gEK5j3Sy Looking for a strategic partner in expense management? We are ready to assist you. Contact us now! #BusinessExpenses #FinancialManagement #CostSaving

Sometimes it makes better financial sense to deduct a tangible asset's cost immediately, rather than over times, using a Section 179 deduction. Discover the limits and caps, as well as what's covered. Then give us a call to discuss your business tax incentives. https://lnkd.in/gWstKJd3 #Section179 #BusinessTaxIncentives #TaxTips