Tax Season for Corporation and Personal Filers
Founder Mary Reha, EA talking tax with Hubbard News Radio about tax season for corporation and personal filers.
In a recent episode of "Valley Focus," host Kayla Mortellaro had an enlightening conversation with Mary Reha, an Enrolled Agent at Arete Financial Solutions, delving into the nuances of tax preparation and financial management for both individuals and businesses.
Arete Financial Solutions, as described by Mary, stands out as a comprehensive financial hub, offering services that span tax accounting, legal advice, and financial planning. Mary, as an Enrolled Agent, is federally licensed by the IRS and is recognized as a tax expert, a role that demands ongoing education and adherence to strict IRS standards.
Mary’s diverse responsibilities at Arete encompass overseeing business operations, client services, and handling primarily business tax returns. She also leverages her background in accounting and financial planning to cater to a wide range of client needs, excluding legal services.
As tax season approaches, Mary emphasizes the importance of early preparation. She advises individuals and businesses to start gathering necessary documents, like income statements and W-2 forms, and to scrutinize their final paycheck stubs for accuracy. For businesses, maintaining clean financial records, such as profit and loss statements and balance sheets, is crucial.
Mary also addresses the challenges faced by new small business owners, particularly those who have received special loans during the pandemic. She stresses the importance of keeping business and personal finances separate and ensuring clean and organized expense tracking.
State tax liabilities for businesses operating across state lines can vary, Mary notes, and she advises consulting a tax professional for guidance. Notably, she highlights recent tax law changes beneficial to taxpayers, such as the exclusion of forgiven student loans from taxable income and adjustments in standard deductions and tax credits.
Common mistakes in self-prepared taxes, according to Mary, often involve mismanagement of business-related expenses and income in small businesses. She advises seeking professional tax assistance, especially for businesses, to avoid costly errors and penalties.
Mary also discusses specific expenses that attract IRS scrutiny and advises maintaining robust documentation to validate business expenses. For individuals who have recently bought or sold homes, Mary underscores the need to have all relevant documents and be aware of potential capital gains exclusions.
Concluding the interview, Mary encourages listeners to seek professional tax help rather than solely relying on online tools. A professional can offer tailored advice and support in case of complications.
For those interested in Arete Financial Solutions' services, Mary provides contact information and invites inquiries for consultations.
The take-home message from Mary Reha is clear: proactive and thorough preparation, coupled with expert guidance, is key to navigating the complexities of tax season and achieving financial well-being.
