Category: FAQs

Taxes change from year to year, and for some, it may seem entirely different while others may view it as almost the same.  That’s why we thought we’d put together a little list of what changes to expect for your 2020 taxes.

First, let’s review what your tax rates are for 2019.

Now, here are the tax rates and changes you can expect for 2020.

If you have any questions about these changes or additional changes from year to year, hop over to our Contact page and reach out to us.

Some people like to hand off their taxes to someone else to file, while some people prefer to handle it themselves. If you fall into the “Do-It-Yourself” category, you’ll appreciate the fact that McKay Tax & Accounting makes it easy for you — and we’re here to help you navigate the process through our site.

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When you establish a business, one of the first things you need to do is decide on the business structure. The most common types are sole proprietorship, LLC, LLC acting as an S-Corp, and S-Corp. Your decision will impact many things, including your capability to raise money, your control over business operations, and the amount you pay in taxes. Understanding the differences to compare the advantages and disadvantages of each option is the best way to ensure you make the right choice.

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No matter whether you choose to take standard or itemized deductions, you will pay federal tax on a smaller amount of your income. However, one will likely lead to a greater deduction than the other, depending on your situation.

Most taxpayers choose to take the standard deduction. As it is based on a fixed amount, it is a much faster process. For itemized deductions, in contrast, you need to list each eligible expense. If you have few or no expenses that qualify you for itemized deductions, the standard deduction will be the better option for you.

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Many business owners are nervous about the prospect of trying to find affordable medical insurance — for good reason.

In 2018, medical care premiums for businesses jumped 6.5% — which means that many employers are struggling to reduce their costs by picking more affordable plans or reducing the rate of utilization. In order to minimize your expenses and get the coverage that you need, however, you need to understand both how the medical care system works and your options.

Here are the answers to some of the most important questions you may have:

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Filing taxes on your own is by no means a simple task — you should expect the process to take you at least a few days. First, you need to find all your records, then input the information into software, and, finally, you must double check everything to confirm there are no mistakes. Even after all this time and effort, you may be missing out on deductions that are not offered through software, such as less-common deductions applicable in your situation.

If you are still unsure that it would be worthwhile for you to use an accountant, consider all the benefits going through a tax preparer brings you:

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Tax obligations are just part of owning a business. While you can’t escape them entirely, there are steps you can take that will reduce your overall tax burden.

The best time to start considering how to minimize your taxes is early in the year. Records you start keeping now can ultimately benefit you in the end. Here are some of the most important deductions that business owners should remember:

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