Perspective Accounting

Well it looks to be official, tax deadline is being moved to July 15, 2020 due to the coronavirus disruption. This is going to ease some pains with the quarantine status we are all in. With this new news, we are going to do some assessments in our office on the best ways to continue serving all of our clients just a little more digitally. We will continue to work our normal schedule with a mix of office time and home time as this situation continues to unfold. This next we...ek, we will be calling our clients and just touching base with them on their information and some of the options we have for receiving their documents. We will also be discussing some options for getting their returns back to them. If we work from home, our phones will be forwarded so you can continue calling our office like normal with anything that is needed or any questions you might have. Everyone stay safe! See more

As a business there are several deductions that you are allowed to take advantage of. Not all deductions are an easy deduction to take as you have to look at the benefit in current year verse the benefit in future years. One of those deductions is the Section 179 deduction you can take on items you are depreciating. This includes major purchases made through out the year. Section 179 allows you to expense up to a max amount each year from those major purchases instead of d...epreciating the item over 5, 7, 10, 15, etc. years. What you have to consider in making this decision is what is the tax benefit in current year verse will I need the deduction in future years as my business is growing. There are several more pieces to this that need to be considered but if you have an accountant that is truly partnering in your business verse just wanting your annual tax return fees, then they will discuss the pros and cons to this deduction with you every year you have a major purchase. I know that it is nice to save money in the current year but is it always the best option? Will you go in to the next tax year setting yourself up for a bigger tax liability because you didn't consider this deduction in the current year? If you have not had this discussion with your accountant then I would suggest asking them about these considerations. Saving money in the current year always sounds great until it hurts you more in the 2nd year or beyond because you were not informed. If you have any questions please feel free to call our office 417-763-3066. See more

Beautiful bouquet from Rosamungthorns Florist Springfield, MO. They visit my BNI group yesterday and I got this from that visit. Looks great!!! #rosaladybugsighting

Tax Deadline for small business tax returns (Partnerships and S-corporations) is March 15th. If you have not completed your return, or gathered your information together for your accountant, that is okay. We can file an extension for you to give you that little bit of time you may need to get things together. Call our office and we can get it extended. 417-763-3066.