Entries by John Dillard

At His CPA PC…We Seek GROWING Business Owners & Entrepreneurs

At His CPA PC…We Seek GROWING Business Owners & Entrepreneurs The below is a letter we have sent a client confirming Success: Since we met in 2015 we have worked with you hand in hand to save you approximately $52,000. For when we first met you had an individual who was to be an owner […]

Should My New LLC Convert to an S Corporation for Tax Purposes?

Should My New LLC Convert to an S Corporation for Tax Purposes? Generally speaking if your new entity does not need to be an LLC for tax purposes you should consider converting to an S Corporation for the tax savings. For as long as you satisfy the tax requirement of all corporations of paying the […]

Georgia Tax Law Changes for Georgia Business Taxpayers & Entrepreneurs

Georgia Tax Law Changes for Georgia Business Taxpayers & Entrepreneurs Georgia Governor Nathan Deal signed House Bill 918 reflecting changes in Georgia law to reflect IRS Tax law updates. Some of the more significant changes affecting Georgia Business Owners & Entrepreneurs are: Effective January 1, 2019 Georgia reduced the personal and corporate tax rates to […]

Just saved a client over $800,000

Just saved a client over $800,000 We just got through working with a client with returns going back over 10 years with multiple sole proprietorships, real estate investments, an S Corporation and lots of unprepared and unfiled tax returns. At our initial meeting with the client we discussed our strategy of preparing the old unfiled […]

Tax Cuts and Jobs Tax Act of 2017 vs. Meals and Entertainment Expenses

Effective January 1, 2018 the IRS has dramatically changed the way business owners record and deduct Meals and Entertainment: Entertainment expense is no longer deductible. Business meals remain 50% deductible. Items benefiting employees (not the owners) such as recreational/social activities (i.e., Christmas parties) are deductible at 100%. Accordingly I suggest setting up in your chart […]

The New Tax Act Has LOTS in Store for Many Including…

The New Tax Act Has LOTS in Store for Many Including… Tax bracket reductions for individuals, S Corporations, LLC’s & C Corporations I recommend all taxpayers do tax planning for 2018 as soon as they complete their 2017 tax returns. Some of the major changes for individual taxpayers include no more exemptions, increased standard deductions […]