With a little planning, there's no reason you can't be deducting 100% of your business meals. 

"...the “learning as you go” way can do more harm than good to your business."

Consider what might work for your business in a post-pandemic world.

    The IRS announced yesterday that they are extending the tax filing deadline for 1040s to May 17th.  (This happened after they had stated earlier they would NOT extend it and some accountants made vacation plans accordingly.)  Other related dates to keep in mind: This does NOT extend the filing deadline for pass-through entities, which were due on March 15th. This does NOT extend the due date for 1st quarter estimated payments of April 15th. This does NOT affect the due date for state returns.  Each state will now have to decide if they are going to extend their own deadlines.  This DOES extend…

Who does your books? Now you might be thinking I want to sell you some bookkeeping services.  Actually, I don’t.  I work with bookkeepers and see a lot of work that was done by bookkeepers, both good and bad.  Sometimes even well-intentioned bookkeepers who don’t have a good grasp on what they’re doing create more work for people like me, and more expense for business owners who have to pay for someone to clean it up.  Do you ever wonder why your tax return preparation is so expensive?  It might be that your books are not in very good order.  Accountants,…

It's not too late to save on your 2020 taxes.  Here are some last-minute ideas:   New Charitable Contribution Deduction The Cares Act included a $300 "above the line" deduction for charitable contributions.  What this means is that you can deduct up to $300 in contributions without having to itemize on your tax return.  Qualified contributions include donations to churches or 501(c)(3) charities, also government entities like your local school system or fire department.  Contributions to political organizations do not qualify. H.S.A. Contributions If you have a high-deductible health insurance plan, there is no reason not to make the maximum contribution to it every year.  The…

The maximum grant is $10,000 per company

The owners’ goals determine which areas of the business should be the priority.  

What can your business do now to be where people need you to be, offering the product or service they are looking for?

From Ink Free News, November 11, 2019: WARSAW — Roxanne Coffelt recently attended a week-long seminar and training session with other CPAs from around the United States and Canada. The specific purpose of the conference was to strengthen advisory skills, specifically in the area of profit and growth consulting. Participants were experienced, having previously attended an in-depth course. They learned more about ways of delivering these services. Each firm is independent and sets their own service offerings, policies and procedures. This also offers an opportunity for CPAs to network with people who offer services they don’t, such as business valuation, financial statement…

We’re not kidding when we say we’re not your average CPA firm. We don’t even do bookkeeping and payroll!

"Many business owners have an inflated idea of what their business is worth,” Coffelt said, “because they see its potential value."

A business valuation can be a confusing subject if you aren’t well versed with how or when it’s done. However, if you plan to buy or sell a business, getting a valuation is the first step to make the right call. That’s because a business valuation represents the amount buyers in the market are willing to pay for a company, which can be very different from what you personally feel it’s worth.

As a Certified Public Accountant in Warsaw, Indiana, I understand that filing tax returns for a new S-Corporation, or LLC can be quite a challenge. Without the right help, filing tax returns can be viewed as a stressful or laborious task, but with a little preparation, you can handle your filing quickly and easily.

Roxanne Coffelt CPA LLC wishes you and your family a wonderful Holiday Season, and a happy, healthy, and peaceful New Year 2019!

We are gearing up for a busy tax season next year, but before that happens, we want to share a few last-minute tips on actions you can take by December 31, 2018, that might lower your tax bill for the year:

Our email newsletter is a one-stop resource for relevant news and content about Roxanne Coffelt CPA LLC, taxes, accounting, and business valuations.

I’m Roxanne Coffelt, proud owner of Roxanne Coffelt CPA LLC.

I look forward to sharing my story. I hope that you will enjoy getting to know me better.

We are delighted to announce the launch of our new website!

Our new website provides our existing and prospective clients a simple yet interactive view of our work and the services we offer.

Every year, tax preparers advise their clients to pay deductible items before the end of the year in order to claim them a year earlier.  This year it is especially important because it’s not just a timing difference, it is likely a matter of getting a deduction or not getting a deduction.

Earlier I posted a link to the new GOP tax plan on my Facebook page.  Now that I’ve had a chance to look it over, there still isn’t much to tell.  It would be great to do a little calculator that tells people how these proposed changes will affect them.  Unfortunately, there isn’t enough information to do that. Here’s what has been disclosed so far: Standard deduction is going up.  If you take the standard deduction this, by itself, is a win for you.  And even if you itemize, you still might benefit from this.  From 2016 numbers, the standard deduction for…