Tax Implications You May Not Be Aware Of

There are a range of situations that can impact your taxes which you may not be aware of. For example, giving a gift to someone, having a partner in your business, and more.

If you buy a house as a gift for your parents, a brand new car for your spouse, or a vacation for your teenage kids, there can be significant tax implications. Knowing how to accommodate for these in your taxes is important.

Another situation is withdrawing from your tirement plans, such as a 401K. Depending on the type of account you have, this can impact your taxes as well.

Finally, did you know that the number of partners in your LLC or partnership has tax implications as well?

Let Mission QuickBooks do the individual tax planning for you and your business starting this financial year. Bernard Roesch is a highly qualified and experienced business adviser with an MBA from Harvard Business School in Finance and Operations Management.

Some of our services are:

  • Tax planning and advice throughout the year
  • Preparation of tax documents and filing them
  • Examining your business’s financial structure
  • Evaluating your records to ensure they are audit-proof
  • Periodic maintenance and checks and balances to protect from fraud
  • Automating your accounting systems
  • Experienced accounting advice

Contact us now if you have any question re: gifts and taxes, partnerships or LLC tax implications, or want to know more about your 401k plan. We’d be happy to help.