At Lane Financial Services in Greenville, SC, we take pride in our superior services, quick response and year-long support. We take time to understand business or personal financial situation to help you maximize your net worth. We use our experience to come up with personalized solutions that would build up your financial stability. We invite you to go through the frequently asked questions to learn more about the company as well as tax tips and tricks.
When should I deduct a credit charge?
You can deduct a credit charge the year it was charged, but not at the time of bill payment. So if you charge a deductible expense on December 20th, but don’t pay the credit card bill until January 17th, you should take the deduction for the prior year.
I can’t afford to pay my taxes now. What should I do?
If you owe money on your tax return but you can’t afford to pay it, don’t fail to file timely. Instead, file the return timely and enclose what you can afford. Many taxpayers do not realize that the penalty for “Failure to File” is 10 times greater than “Failure to Pay.”
I was issued a 1099. What’s my best course of action?
If you have self-employed income or you were issued a form 1099, you should strongly consider making a SEP contribution rather than IRA contribution. A SEP contribution (Simplified Employee Pension) is fully tax deductible and can usually be larger in amount than an IRA. Further, the SEP gives you other options an IRA doesn’t.
I took some courses this year to improve my work skills. Can the cost of those be deducted?
You can deduct certain educational expenses. In general, if the education is required by your employer or is aimed at improving your skills in your existing profession, you can write it off. Nowadays, with the need for higher education to secure employment, this is a deduction that can save big bucks and should not be overlooked.
What should I do about charitable contributions?
If you make a charitable contribution of $250 or more, you should obtain written acknowledgement from the charity and keep it with that year’s tax file. You do not have to enclose the receipt with your filing to the government. This is an ever changing area of the tax law.
What do I need to claim an exemption for my child?
If you have a child, you must have his/her social security number in order to claim an exemption. This is true regardless of your child’s age. You can contact Social Security at 1-800-772-1213. Make your life easy and just fill out the forms in the hospital when your child is born.
Can’t I use computers for the financial work?
Though computers can be used to do a lot of accounting and financial work, they cannot do a lot of important tasks. They cannot understand your financial goals or advice you on ways to maximize your net worth. By leaving the tough job to the experts, you can focus on your core capabilities and stay relaxed.
My spouse currently handles the accounting of the business? What difference will your service make?
Having a professional financial company working for you can help you make sound decisions that maximize and protect your assets. From reducing your taxes to reliable tax planning, we can help you all aspects of your financial situation.
How can your service benefit my new business?
We can guide you closely to avoid problems that new businesses face. Our advice will help you build financial stability for years to come. It will give you more control over your business and help you reach the financial goals.
How is your company different from other accounting companies?
We believe that’s because we’re different from most accounting firms in several important ways. Unlike many firms, we combine experience in traditional financial management services with the latest developments in accounting systems and technology, tax law, and management consulting to offer reliable services. In addition, we offer personalized services and are accessible whenever a need arises.
Call Us Today
We can handle all your financial and accounting tasks in hassle-free and effective manner. Call us today!