Savage Accountancy, APC

We have an expert team of tax consultants who can help you devise a plan for pre-paying in the case that you owe a large portion of taxes. You need not wait until April to do so.

If you’re one of the unlucky Americans to be audited by the Internal Revenue Service, collect your tax documents from the past three years and visit your CPA. He or she will help you determine your next steps to get through the audit as painlessly as possible.

Under a sole proprietorship, you might only be required to obtain an occupational license if your county or municipality mandates one. You will also be liable to remit all state or city tax collections on retail or wholesale sales your business makes. Most cross-state sales-and-services businesses are exempt from state tax collections.

Hiring a professional business accounting services allows you to plan remuneration for your employees in such a manner that proves to be tax efficient not only for them but for your organization as well.

Did you know that the Roman Empire was obsessed with accounting? In fact, ancient Roman army kept meticulous records of cash, commodities, and all revenue-related transactions each day. Even the emperors’ expenditures were documented and quantified for the Roman populace.

EA stands for Enrolled Agent. This is a certification by the IRS that an accountant is qualified to practice before them. To get this certification, one must pass an IRS test. You cannot act as a Power of Attorney for the IRS unless you are an EA or some other certified person such as a CPA or an attorney.

Even if you've been doing your own taxes for years, it's still important to see a tax accountant when you start a business. The tax laws for different types of businesses are vastly different from those that apply to personal taxes, so it's vital to have someone in your corner who can advise you properly.

When tax rates changed in 1913, two rates were assigned based on net personal income. Those with net personal incomes under $20,000 were taxed at 1%, while those with net personal incomes more than $500,000 were taxed at 7%.

Did you know? There is an Accounting Hall of Fame award that recognizes accountants who have made remarkable contributions to the field of accounting.

If you are an accountant who yearns to solve crimes, consider a career at the FBI! They employ more than 2,000 accounting special agents and in the current political climate, they may need many more!

If you don’t have health insurance in 2014, you will have to pay a penalty to the IRS when you file your 2015 income tax return. Ask your accountant how the implementation of Obamacare will affect your personal tax situation.

There is a change in the IRS tax codes at least once a year. It is quite difficult to devote the time to keep yourself updated with this. A professional can help you check how the changes affect your tax return.