DWC CPAs and Advisors’ Post

Understanding the integration of your profits, taxable income, and cash flow is part of (the stress of) being a business owner. Let your CPA guide your understanding.

As year end approaches, it’s critical to identify reasons your company’s pretax profit may differ from its taxable income. Failure to understand the differences may result in tax filing surprises.

🔍 Amending vs. Form 3115: Fixing Tax Errors the Right Way 🔍 Mistakes on tax returns happen, but knowing how to correct them can save you time and money. Our latest blog post at Engineered Tax Services explores when to amend your tax return and when to use Form 3115 for changing accounting methods. 📑 Key Takeaways: • Amending Your Tax Return: Learn when to file an amended return for missed income, deductions, credits, or simple errors. • Using Form 3115: Understand when to use this form for correcting accounting method errors or switching to a new method. • Decision Guide: Get practical advice on choosing the right approach for your specific situation. Don't let tax errors hold you back. Discover the best strategy for fixing mistakes and optimizing your financials. Read the full guide here: https://lnkd.in/eQRN9tZX 💡 Stay informed and make smart tax decisions. Follow us for more expert insights and updates. #TaxStrategy #AmendVsForm3115 #TaxPlanning #AccountingMethods #EngineeredTaxServices

With the 2024 threshold for the Average Annual Gross Receipts Test increasing to $30 million, contractors have greater opportunities to optimize tax planning and cash flow. In this #AnchinAlert, Partner Joseph Molloy, CPA highlights how leveraging this change can help contractors enhance tax deferrals and effectively meet their business goals. https://lnkd.in/eXj8yVVy

Techniques for Resolving Tax Issues Dealing with tax issues can be a daunting task for individuals and businesses alike. Whether it’s an audit, a tax dispute, or outstanding tax liabilities, navigating the complexities of the Internal Revenue Service (IRS) can be challenging without the right strategies and guidance. Read more here, https://lnkd.in/gf4UsWfp Book your free consultation now! https://lnkd.in/gcK4YRF5 #finances #taxes #tips #santamonica #Accounting

As 2025 approaches, mastering accounting methods and periods is vital for effective #taxplanning. By using the right methods—cash or accrual—and aligning them with correct periods, taxpayers can minimize taxable income, reduce taxes, and optimize cash flow. #AccountingMethods

As 2025 approaches, mastering accounting methods and periods is vital for effective #taxplanning. By using the right methods—cash or accrual—and aligning them with correct periods, taxpayers can minimize taxable income, reduce taxes, and optimize cash flow. #AccountingMethods

As 2025 approaches, mastering accounting methods and periods is vital for effective #taxplanning. By using the right methods—cash or accrual—and aligning them with correct periods, taxpayers can minimize taxable income, reduce taxes, and optimize cash flow. #AccountingMethods

As 2025 approaches, mastering accounting methods and periods is vital for effective #taxplanning. By using the right methods—cash or accrual—and aligning them with correct periods, taxpayers can minimize taxable income, reduce taxes, and optimize cash flow. #AccountingMethods

As 2025 approaches, mastering accounting methods and periods is vital for effective #taxplanning. By using the right methods—cash or accrual—and aligning them with correct periods, taxpayers can minimize taxable income, reduce taxes, and optimize cash flow. #AccountingMethods