Want to Save Taxes? Ed LLoyd & Associates Explains Ways to Save Taxes this Year

Saving taxes is something most people look forward to especially when it is officially time to pay taxes. According to Ed LLoyd & Associates PLLC, there are a number of ways to save taxes only if one focuses on following them religiously. The experts from the company and the CEO have come up with some of the best and easiest ways to lighten the burden on taxes this year.

Earned Tax Credit

Do you qualify for this? Well, this is applicable to those who come under the category – ‘Low to Moderate income taxpayers. Here, one can easily get credit of about $6,000. Hence, Ed LLoyd & Associates PLLC recommends those with salaries below $50,000 to examine whether the Earned Income Tax credit is applicable to them.

The Retirement Money

If you are willing to save more for retirement, then it is possible to save on taxes too. Here, you simply need to agree towards reducing your paycheck voluntarily via increasing contributing towards retirement. Now this may seem to be quite inconvenient initially but offers a number of benefits in the long term. It helps you increase retirement savings. Another benefit according to Ed Lloyd CPA, CEO of the company, is lowering the tax burden.

Start a Business

This is true! Starting an enterprise can help you reduce burden on taxes. This is mainly because business owners are capable of taking good control over paying taxes. They are allotted with an option keep more money in the company and then showing it as income. Some of the expenses can also be counted as deduction from taxes.

The Kids

Parents are offered many benefits such as child care expenses credit, tax credit for children, which is valued upto $1,000 for a child under the age of 17. According to Edward LLoyd, Children can show more number of dependents in one’s household for deductions of taxes. Payments given towards alimony are also considered tax deductible.

To know more about saving taxes and benefits, read - Best Advice on Financial Problems Faced by Young Generation by Ed LLoyd & Associates

Different Ways to Reduce the Taxes in this Year, by Ed Lloyd & Associates PLLC

Paying income taxes to the US government is not easy for everyone. It takes a lot of time and planning to pay the tax to the government.

Here are some of the ways that can make you save your tax:

• Health Savings Account

If you have a high deductible medical plan, then it is wise to contribute to the health savings plan, says Ed Lloyd & Associates PLLC.

• A vacation with a Business Trip

You can combine your this year’s vacation with one of your business strips. This is one of the ways that can make you save your taxes in the year. It can also reduce your vacation costs by deducting the overall costs.

• Home office Deduction

According to Ed Lloyd & Associates PLLC,  you should always take the home office deduction if you work yourself or have any side business. You can deduct the part of your home from your total income tax that is being used in the office space. It comes under the utility fees for your home and office.

• Spending Power

If you want to save income taxes, them sometimes it is necessary to spend your money somewhere else in order to save it. The tax is not levied on the medical expenses or any such area. Flexible spending power is the pre-tax plan that allow the person to pay the bills any kind of tax on it.

• Bundle your Contributions

It is important for the taxpayer to bundle his or her contributions. This way they can put what is essentially three years worth of deductions into a single year.

• Charitable Deductions

The deductions that are paid with cash or cheque or donations are all under charitable deductions, clarifies Ed Lloyd & Associates PLLC.

• Military Reserves

If you are in the military reserves or if you are a national guard  or if you have traveled more than 150 miles, then you can simply deduct all the related expenses and the lodging. Even the mileage costs are deducted easily.

Looking for a good tax management service? Read - One of the Renowned Tax Services Associates, Ed Lloyd & Associates PLLC

Get the Best Business Services of Ed Lloyd & Associates PLLC

Looking for an experienced accounting service for your business? Avail the services of Ed Lloyd & Associates PLLC ,which offer a wide range of services. The various business services of the company include:

Tax Preparation

The company helps you in preparing your tax returns. The tax preparation services include various accounting services and bookkeeping services.

• Accounting services include assisting with accounting records. From journal to ledger, reconciliation of bank accounts to financial statements, they take care of your every books of account. They even take your Peach tree, Quick Books, business works and prepare adjustments. 

• Preparation of the income statement, balance sheet, performing analysis of the business are the various bookkeeping offered by the firm.

They do tax planning properly and adopt certain strategies that help to reduce the tax.

Accounting Software
Depending upon the type of business you deal in, the firm helps you in choosing the right accounting software. The several factors that determine the right software include the features, budget, ease of use and growth.

Advising in Business Activities
Ed Lloyd & Associates analyze various reports of profit margin, asset management, liquidity, profit, etc. Based on the analysis of these reports, different strengths and weaknesses are highlighted to work upon them.

Wealth Management
The firm helps in managing the wealth of your company as well. Be financial planning, benefits package or investment portfolio, they help you in the best assistance for your future.

Mergers and Acquisition

If you are planning to sell, buy, merging with any other organization or entering into a joint venture, they advise you with all necessary details and work with several parties involved in the process to make it successful.

Assurance Services

Ed Lloyd & Associates PLLC help in auditing, reviewing and compiling various financial statements. They perform internal audits, do forecasts that help the business to grow.

Other services include constructions services, valuation services and assistance on Quick books.

With so many services offering, gain the advantage of one of the most entrusted firms in Charlotte.

Still in dilemma to avail the services of Ed Lloyd & Associates? Read -Reasons to Hire the Services of Ed Lloyd & Associates

Save smart for your Child’s Future with Advice from Ed LLoyd & Associates PLLC

It’s not easy to manage finances when you have young kids. From school fee to college expenses, to daily expenditures, there’s a lot to take care of. These are the years when you need proper financial planning to make sure you are investing enough to safe save for your child’s future. If you are clueless about how to make the right move in financial security, here are some tips from Ed Lloyd & Associates PLLC:

Social Security Number is a Must

Experts with Ed Lloyd & Associates PLLC suggests this move as the most important. Usually hospitals fill the form for a Social Security number when a child is born, but parents must do this. In fact, parents must include their kid in the health insurance and make sure your family’s health-care needs are met with.

Get Life Insurance

Plan for the unexpected and in any case get your child life insurance. This helps you cover the cost of child care if one parent passes away and the surviving parent has to work. Professional experts at Ed Lloyd & Associates PLLC explain that life insurance can provide adequate finances in case of uncertainties. The purpose of life insurance is to make sure they can continue to take care of the kids.

Always Room for College and Retirement Plan

Sure you want to plan enough money to ensure your child’s graduation is taken care of but balance it with your retirement too. Ed Lloyd & Associates PLLC suggest are various tax-advantaged college savings plans that parents can explore but child’s education funds need to be balanced with and your retirement fund. To save for your kids’ college make use of profitable loans and grants by the government. Use safe schemes and those that help you save on taxes.

When it’s about raising kids, every little step counts. Save right and do not over pay on taxes as you work hard to invest in your child’s future.

To get some tips on handling your finances after spouse’s death, read - Handling Finances after Spouse’s Death— A Word of Advice by Ed Lloyd & Associates PLLC

Making Investments Profitable With Ed Lloyd & Associates PLLC

Be it company accounts, private financial planning assistance or tax saving policies, you always need an accountant you can trust and count on. With extensive experience in management advice, accounting and services tax services and financial investment services, Ed Lloyd & Associates PLLC , help business owners, deal with the changing taxation policies. Their services make investments simpler for most professionals. Ed Lloyd. MD of the company, is a certified North Carolina CPA, number 18800. To plan your taxes, more than just a professional, you want a firm that puts your long term interests in mind as they give you suggestions on your income taxes and help avoid IRS audits.

Having worked with regional and local CPA firms for over nine years, his expertise as a Certified Public Accountant, Personal Financial Specialist and a Certified Tax Coach have helped in making Ed Lloyd & Associates PLLC one of the best law firms in Carolina. Today, the firm focuses on a wide spectrum of businesses. From contractors to healthcare industry, professional services to both B2B and B2C clients to real estate honchos, and family owned businesses, they specialize in managing taxes across all these fields.

With initial focus on planning taxes, at Ed Lloyd & Associates, proper tax report is established and tax preparation is taken care of. There are many taxing risks involved when you are running a big business, and this firm helps you decide how to go about it by answering simple questions like if you are making optimum use of legitimate deductions the tax code offers, or if you are properly recording your deductions.

From updating you about the advantages in your tax code to giving you the right retirement plan to prepare for the future, Ed Lloyd helps you with some of the most in-depth queries you may have regarding your finances.

Today, the firm works with investors throughout United States and provides you some of the most profitable solutions to tax problems.

To know more about Ed Lloyd & Associates PLLC  and their business and tax services read - Ed Lloyd & Associates help you protect your investments