Thank you to all our clients for enduring another tax season with us! Even though you might not like the task of filing tax returns and gathering the tax documents together, we do enjoy digging into the details so we can not only report it properly to the IRS, but also be creative to come to the lowest tax possible. The best part of our business is seeing and talking with you again; relationships are so important. Communication is key and the more you can tell us about what you are doing, the better we can analyze the daily transactions and report them appropriately to the IRS. The easiest example would be meals expense. If you travel for business or have a business lunch out of the office, your meals are limited by 50%. Meals provided on the employer’s premises for the employer’s convenience is 100% deductible. Employer-provided social or recreational expenses for the benefit of employees who are not highly compensated, such as a summer picnic or holiday party is 100% deductible.
As you might know, the tax season is being compressed starting around March 1st to April 15th. Most of this is due to the timing of when we receive 1099s from investment companies and Form K-1s from public companies and/or other partnerships or S corporations you own. The normal process to successfully get through tax season is preparing corporate returns, which are due March 15 then prepare partnership and individual returns by their due date of April 15. Another complication to tax seasons is preparing agriculture individual tax returns by March 1st as they follow special rules. Your patience through the season is greatly appreciated.
You can help us get through tax seasons more efficiently by letting us prepare your partnership and corporate tax returns in January and February, if possible. And if you have your individual tax documents ready, please let us know. You can come in before your prescheduled appointment. We like to complete tax returns as soon as possible – it is our mission!
It is now June and 5 months of 2015 are gone. We have a staff of over 100 accountants that can help you with your ongoing accounting needs. Do you have bookkeeping issues, are you selling or buying a business, do you need your business valued or hiring employees in multiple states? We can assist you with your projects and questions. We love to be challenged outside of tax season also!
Most important is telling you that we appreciate you as clients of the firm. Next year Ketel Thorstenson will celebrate 80 years in business. That does not happen without great clients like you. We hope 2015 is a healthy and profitable year for you and your business.