Why is it Important to reduce your Tax Liability?

As the rates of tax for people and company entities are remaining the same for the 2015 income year, the design opportunities won’t make to any immediate tax windfall. The available methods simply lead to a timing difference for tax functions (unless you’re personal and your marginal rate of tax is less within the 2015 financial gain year). That being said, having more money in your hand creates extra investment opportunities and also the ability to grow your wealth quicker.

Always have interaction the services of a knowledgeable. In the constantly evolving field of tax law and therefore the progressively sophisticated information matching conducted by the ATO (and resultant audit activity), the services offered by a tax agent are getting a lot of important.
Generally, a person’s financial gain is derived and deductions are incurred on a receipts basis. As such, the subsequent opportunities are accessible for an individual to reduce their current year liabilities.

1. Prepayment of deductible expenses:

An individual can claim a deduction for prepaid expenditure for a period not exceeding twelve months. The types of prepayments include:

• Income security insurance
• Interest on investment loans
• Subscriptions Memberships and
• Rental properties expenses

2. Capital Gains Tax (CGT)

An individual ought to review the gains and losses on every asset inside their investment portfolio before year finish. The outcomes of the review may offer opportunities to:

Realize capital losses to offset any capital gains that were created earlier within the financial gain year.
Defer realization of capital gains till July.
Ensure assets are held greater than twelve months before the sale, therefore, the five hundredth discount may be applied to the gross financial gain.

3. Salary packaging arrangements

An effective regular payment sacrifice arrangement can scale back a person’s marginal rate of tax. The written agreement arrangements ought to be put in place (or reviewed and updated) before year finish as a personal cannot build a regular payment sacrifice arrangement for financial gain already attained. A typical regular payment sacrifice arrangement might embrace the following components:

• Extra superannuation contributions
• Motor vehicle cost
• School expense

If you have any question or looking for a certified public accountant then Ed Lloyd CPA can help you with your end of year taxes and reduce your tax burden and increase your yearly tax refund.

Contact for more information
Ed Lloyd & Associates, PLLC
8045 Corporate Center Drive, Suite 100
Charlotte, NC 28226


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Tax deduction is the amount of income that you pay from your yearly income which is based upon your taxable income. Usually your income defines what tax you are going to pay. If you decrease your income than you also decrease your tax but i am sure that nobody wants to decrease their income. Everyone wants to increase their income and want to pay minimum tax.

Basic Idea Behind Tax Deduction

Tax deductions do not directly reduce taxes but yes it reduces taxable income. You can reduce what you have to pay by adding deduction to your tax return. Everyone prepare their tax return to know what they are going to pay and how much they can reduce by adding deduction in it. This why everyone spend so much of time in preparing tax return. Hire Ed Lloyd & Associates, PLLC  to prepare your Tax in proper order and you utilize your time in productive work. 

 How Much Deduction You Can Avail?

There is one deduction under the internal revenue code which is availed by everyone. Everyone is entertained by tax deduction no matter what their income. $5000 is standard deduction and you can deduct it automatically on your 1040. If you are senior citizen that is above the age of 65 than you can qualify for higher deduction.

If you married than you qualify for double tax deduction and having any dependent such as children than you can claim for their tax deduction on your tax return.

How to Increase Tax Deductions?

Most of it requires cash expenditure and increasing actual expanses to increase tax deduction but this is not that desirable way. Real estate depreciation is a source of tax deduction by just separating their land from the improvements. Owner can claim for the tax deduction for the property that he owned for more than 1 year by catching up previously under reported depreciation. Another source is looking for the cash expenditures that id being capitalized. Claim for tax deduction of the items that were capitalized in past year.

Child labour can be good source of tax deduction if they are your children than you can claim for Tax Deduction because this can generate addition tax deduction $5000 per child.

Business vacations can be an option to make expenditure deductibility. Simply just plan a vacation for meeting or seminar. Your expenditure like airfare and hotel charge will be deductible and even half of the meal around the business will be deductible. But hotel fare before or after meeting or your spouse’s fare will not be deductible. Ed Lloyd CPA has many other ways and Strategic planning that will help you in increasing your Tax deductions.

If you look around your small personal business expenditure like printer, computer, association’s dues and business publication can be deductible. Even your business phone calls can be deductible.

Federal Tax Deductions

Federal tax deductions are implemented to benefits the common man. If an individual is wishing to take advantage of federal tax deduction than he/she may choose from standard tax deduction or itemized deductions. The itemized deductions that you avail on expenses such as household utilities, vehicles, computers, education expenses, medical and nursing care expenses. The charitable contribution can help you in availing more federal deductions.

Everyone takes out time to prepare their Tax Return and documentation work so we Ed Lloyd & Associates providing full services like Accounting, Bookkeeping Services, Tax Preparation and Tax Projection, helping your business to achieve success by sharing our knowledge with you and Strategic Tax Planning that will reduce your tax and maximize your Tax Refund. Ed Lloyd CPA and tax specialist also manage your business or personal account on digital dashboard i.e. cloud based which you can access anywhere you want to.

Contact us today: 

Ed Lloyd & Associates, PLLC
8045 Corporate Center Drive, Suite 100
Charlotte, NC 28226

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Ed Lloyd CPA makes your Tax Season Smooth

Keep your accounts up to date in a standard manner is important as it will assist you to recognize the exact monetary position of your business so that you can reach to informed choice. But failing to do so can give you a wrong picture of your industry. Ed Lloyd CPA at Ed Lloyd and Associates, PLLC: The secret to a smooth tax season and manage your authorized accounts and books in a timely way so that you are able to know the monetary standing of your industry.

Their extremely skilled, experienced and well-informed team of expert takes time to learn your industry processing and then come up great thoughts that can help you minimize Taxes. They are blessed with the exact mindset and experience to manage money related examinations that allow us to present their patrons with accurate citations of how their organization has done during diverse parts of the year. There are different opportunities that might knock your door as you advance towards the end of the year. So, preparing your taxes previous to the year end can assist you get those opportunities without compromising with the monetary stability of your business. You can like page Ed Lloyd & Associates, PLLC Official Page on Facebook.

Their Credibility Speaks for their Expertise

Throughout the entire procedure of tax planning; they focus on the diverse options that can cut your taxes. By trust the job with us, you can free up your inside resources and use them for performing more creative tasks.

If you want to decrease your Tax burden and looking for Strategic Tax Planning that helps in maximizing your Tax refund then contact us today or visit our website Ed Lloyd & Associates, PLLC for more details.


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