Tax Credit & Penalty Relief
“Client A” was informed by the CPA that the company had an R&D Tax Credit. They informed the payroll tax company and the credit was misapplied.
R&D Tax Credits can only be used against the employer’s portion of Social Security payroll taxes, and thus can take several quarters to be applied. You must file Form 8974 with your Form 941 to claim the credit.
After remitting the missing payroll taxes, filing multiple Form 941-X and Form 8974 I asked all the penalty and fees be waived due to the payroll service inexperience with the credit application. They were waived and I helped save the company a considerable sum.
Financial Planning
“Jane Doe” wanted to review her financials and make a plan for discrete goals in order to plan for the future. I started with reviewing financial, health and relationship goals. During that process we reviewed her many accomplishments to date, and developed a vision for her future that involves holiday rentals around the world.
I helped her develop a game plan to realize her dream of traveling more while supporting her international rentals. After analyzing current and future revenues & assets, we determined that with careful leveraging and some changes in spending habits she can start realizing this plan in 2020 and onward.
Goals should take into account the happiness and joy of the client. I want clients to leverage their revenues and assets to make purchases that really improve their quality of life. Every person is unique in what motivates or brings them joy and that energy is key to pursuing larger goals.
Game plans include things like concrete action items to achieve actual goals and have a reasonable timeline to achieve those goals. They also including researching and learning about new ideas and innovations that the client hasn’t considered and will also forward those goals.
I loved this chance to help someone else create their vision for the future and a path to achieve that.
