Tax Saving Tips by Ed Lloyd CPA
Ed Lloyd & Associates PLLC who are a certified public accountant in Charlotte advise its customers and all the taxpayers that they can save a lot of money by saving on the amount that they pay a tax by being well informed about the tax deductions and tax credits that they are eligible for. The most popular ways to gain better tax deductions is the amount one pays for mortgage, interests for student loans and taxes on real estate.
Other than these there are a number of ways in which people can save on taxes this year. Here are a few ways that have been defined by Ed Lloyd as being extremely helpful in reducing the taxes:
1. Earned Income Tax Credit –
A person who might be earning less than $50,000 a year should check if he is eligible for this tax credit. This is a credit which is enjoyed by people who have a low or moderate income. According to the tax experts at Ed Lloyd & Associates, many people do not realize their eligibility for this credit.
2. Gaining through Children –
The income tax department extends many benefits to people who have children. These include deduction on the costs incurred for child care and child tax credit. It should also be noted that in case the parents are divorced, any amount that is paid as alimony for child maintenance is also eligible for tax deduction.
3. Save for Old Age -
Edward Lloyd points out that most people prefer to take home a big salary rather than invest it for retirement when this could actually prove beneficial in the future. It would not only ensure a safe a secure future for a person but would also help in reducing the amount payable as taxes. The premium that is paid for the retirement policies is eligible for tax deduction.
Ed Lloyd & Associates strongly recommend that every person should understand what tax deductions and credits he is eligible for and try to save money on taxes.
Are you self-employed and looking for what tax benefits you are eligible for? Read – Ed Lloyd & Associates Point Out the Tax Benefits Enjoyed by Self Employed
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Small Businesses Turning to Outsourcing
Starting a business is a time-consuming process, and it needs proper planning and regular tracking of all the departments. This is the only way by which we can call the business as a successful business, says Ed Lloyd & Associates PLLC, one of the best providers of tax management services. Initially, the budget can be very tight and it becomes very important to only use the cost effective methods to give the business the best start. Using cost effective methods can only be used if the business owner is focused.
It is important that the owner of the business does not take too much load and only concentrate on the core functionality of the business. Hiring specialized people for doing payroll and accounting is a time-consuming process and you cannot trust anyone easily when finances are concerned, says Ed Lloyd & Associates PLLC. But nowadays, the business owners are turning their businesses to outsource their important services in order to reduce the workload.
When the business owner hires an expert from outside their company doing a particular specialized task, then it is known as outsourcing your work. There are many areas for which the work can be outsourced like payroll, marketing, etc, says Ed Lloyd & Associates PLLC.
Why Outsourcing of Accounting Services is Beneficial?
Outsourcing makes the business owner focus on the core areas, rather than focusing on every single aspect. It allows the business owner to grab more opportunities by focusing on the major areas of the business.
Outsourcing is considered as one of the cost-effective methods in a business. Paying for what you actually need makes the business to grow more and more. Getting someone in-house to do a particular task can increase the overall costs, and hence it is not advisable.
Outsourcing the work can make you sit and relax for some time which is not possible otherwise.
The business owner can get an expert consultation whenever it is required. You do not have to pay them extra for this.
Worried about your finances after the death of your spouse? Read – Managing the Finances After the Death of a Spouse, by Ed Lloyd & Associates PLLC
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Are you suffering from the problems of income tax? Ed Lloyd & Associates PLLC specialize in tax strategies and all the services are designed to properly manage each of your dollars. They also make the taxpayer to properly document each and every area before paying the tax to the government. Their tax services have helped the businesses to manage their finances well.
Most of the people are frustrated of the income taxes they need to pay to the government and they are unable to find a good associate for themselves. But Ed Lloyd CPA manages the business in a proper order than the business owner can think of. They also assist the businesses with all the accounting services. A proper documentation is needed for all the businesses in order to maintain their tax pay history.
Ed Lloyd & Associates PLLC specialize in tax reduction strategies. They help the businesses and the taxpayers to properly track the deductions and reduce the income taxes as well. They understand the need of the businesses and make them pay their taxes on time and in proper order.
Ed Lloyd & Associates PLLC say that if you are working independently, then it is not required by you to pay the self-employment taxes to the government of the United States. It is very important for you to keep track of your incomes and all the paperwork that is required to fill the taxes. They ask the businesses to hire a tax professional for all their income tax problems.
All the professionals at the Ed Lloyd CPA are well qualified and experienced professionals. As planning is very important for the taxpayers, Ed Lloyd & Associates PLLC properly plan the tax reports beforehand and it saves a lot of money of the taxpayers. Hiring such professionals for your business to make you feel safe and updated. They also make you feel confident about your finances.
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Post Retirement Tax Saving Tips
No one wants to spend all that hard-earned money on taxes. But they are something we can’t ignore, as much as we’d like to. This is where you need an accounting expert to show you the way. From opting for retirement schemes to making transfers of equity to accounts which are not under the tax-paying rule, there’s a lot that can save you taxation troubles. Experts at Ed Lloyd & Associates PLLC have been dealing with such issues for a few years now and share their advice on the same.
Tax-Free Savings are the Key
When you have money in a standard savings account, transfer it to a tax-free investment account or savings that help you get rid of taxes. Even better, go for NS&I savings certificates. They help you on taxes and are ideally meant for long term benefits.
Donations are Great
When you make donations your adjusted net income reduces significantly and automatically. Charity and donations under Gift Aid help you with calculations of your personal allowance, thus helping in taxes. There are many schemes for charity today under which you can opt for saving taxes significantly.
Transfer Assets to Spouse If Non-Taxpayer
This is probably the easiest and the smartest way to save taxes. If your spouse is not paying taxes or pays only basic-rate, the best thing to do is transfer income-producing assets to their name. Ed Lloyd & Associates PLLC experts suggest this can reduce your income to the extent where your personal allowances can be withdrawn. This can be quite valuable.
Pension Schemes Are a Boon
If you are planning to or are already working beyond a state retirement age, and still haven’t started drawing company pensions, take up a pension scheme. Ed Lloyd & Associates PLLC points out that this will reduce your adjusted net income which calculates your personal allowances.
Follow these simple tips to make taxation issues easier. Get help from an expert today!
For more queries on tax-related issues read – Want To Save On Taxes? Ed Lloyd & Associates PLLC Shares a Piece Of Advice
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Whether you have a big set up or just a small business, there is always a need to plan taxes carefully. Keeping in mind that not everyone is an expert at tax saving, there is a need for accountants who are the pro at the job. With the advent of online services, many vouches for outsourcing accounting services. Not only does it save you time but also money and effort. According to expert, Ed Lloyd & Associates, PLLC bookkeeping services should be outsourced to let businessmen concentrate more on the other aspects of work.
Gives You More Time
When you outsource accounting operations, it gives you the valuable time that can be put into making the business better. Usually, these functions ask for a lot of time and attention and then raise a conflict of interests. This can be saved by using the accounting services.
You Can Save Money
The rule is simple. Ed Lloyd & Associates, PLLC confirms that when you put money into hiring these services from outside, you do not need to pay full-time wages along with benefits with a salary. You can save on the cost of productivity that comes with payroll formalities. When you outsource, you pay only for what needs to be paid for.
Expertise at Your Service
When you outsource a service you give get expert help from professionals who are full-time into the field of accounting. You are giving your works in the hands of people who are working round-the-clock to the profession and are highly skilled. Ed Lloyd & Associates, PLLC further points out that all this comes at the price of hiring someone for a specific service.
When you want the best accounting services, it’s important to look for professionals who have hands-on experience in handling all kinds of taxation cases. Not only should a firm be able to assist you with tax planning but also suggest on where you can save more.
Use the advice from ED LLOYD & ASSOCIATES PLLC and plan your taxes smartly. Why not save while you still can!
To know more on planning your taxes when you live abroad, read - How to Plan Taxes when you are Living Overseas—A Guide by ED LLOYD & ASSOCIATES PLLC
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One of the main activities that you can be a part of when intending to secure the futures of your near and dear ones, especially your family, is Estate planning. Estate planning can get to be quite confusing, if not done the right way and under the guidance of the best experts. There are a number of tools that you can use to help you with your estate planning and some of the most important out of them are pointed out by Ed Lloyd & Associates PLLC to make the whole process a lot less time consuming and easy for you.
Use Designated Beneficiary Plans
In case that you are well thought through regarding the topic of how to distribute your estate amongst the different member of your family or outside, the easiest way to get it over with, is by opting for the designated beneficiary plans. These plans may be attached to- retirement accounts, life insurances, savings account, etc. This keeps these accounts updated on the decease of the owner of these accounts with the name of the new owner.
Will and the Testament
The will and the testament are the most common documents that need to be prepared for estate planning. These tools help the brilliant group of attorneys like Ed Lloyd & Associates PLLC to direct future owners towards their newly owned properties and belongings.
Power of Attorney
The power of attorney again is a powerful tool that helps in efficient estate planning and also vests the chosen individual with the total power of the power giver’s property and functions that he or she carried on with until and unless he/she becomes physically or mentally unstable to do it, while alive.
The other tools mentioned by the Ed Lloyd & Associates PLLC, that can help with efficient estate planning include- testamentary trust, health care proxy, personal instruction to near and dear ones, a lifetime gifting program, etc. All these tools will surely make the estate planning process a lot easier for you to execute.
If you want to know reson to hire the services of Ed Lloyd & Associates, PLLC then Click here
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