Who doesn’t feel stressed at the thought of paying taxes? The huge burden of tax expenses might seem dreadful. With all that, the deadlines of paying taxes double the pressure.

The truth is, it’s not that scary. Organized planning and guidance can make the process easier for you. That’s when you can contact Ahad&Co. But you might wonder, ”Why choose Ahad?” Good question! Here are a few pointers that can help you decide.

Can assist in all 50 states

As you move along the stream of life, you realize that everything gradually paces up. In this fast-forward modern life, our puzzled mind often struggles to connect to its needed services.

That is why Ahad&Co. has spread its services across the USA. We are a New York-based CPA firm committed to all your tax and accounting needs.

Our services comprise premium tax and accounting services for individuals & business concerns in New York and surrounding states. Ahad&Co is dedicated to supporting your personalized tax and accounting needs with our team of expert CPAs.

Our Diverse Range of Services

Well, now that you’ve gotten an introduction about Ahad&Co, let us delve into our services that can support your tax and accounting matters.

Ahad&Co. provides a holistic solution that embodies in-depth tax planning, consultation, and accounting solutions for individuals, partnerships, corporations, estates, trusts, and nonprofits.

Individual Taxes: Whether or not you are an individual freelancer, entrepreneur, or business director; day to day booking, tax preparations, financial reporting, and tax filing is strenuous task. Well, Ahad&Co exactly takes all of these tasks at hand to ease your stress. Our highly qualified professionals handle your tax and accounting matters. We cover all aspects of business, starting from new business tax structures to forward tax planning, estimated tax liabilities and calculations, sales tax planning, S-Corp, C-Corp tax preparation, and many more.

Business Tax: Business tax is an indispensable part of running a business is business tax preparations. Ahad&Co affiliates with its business clients and manages all its business tax matters. We have all the relevant resources to help you navigate the IRS tax code with ease

Small Business Accounting: Ahad&Co is one of the leading small business accounting firms as we provide a full range of business accounting services. Our special QuickBooks setup and bookkeeping services allow you an insightful business accounting solution. Apart from that, we also act as a Chief Financial Officer for your business’s in-house accounting team. You can also outsource your company’s accounting and bookkeeping to our experts to keep your records in order.

Business Advisory Services: If you are in a dilemma of making a significant business decision, Ahad&co would be your wise choice. Our team of friendly professionals will consult you through all the regulatory complexities in your new or existing business ventures; be it regarding your business establishment, business expansion, or new branch establishment. We have a range of flexible consultancy services, starting from planning your business, implementing accounting software to HR consulting. We analyze the scopes of your venture and design the best suitable plan for maximizing your business profit.

Free Consultation available

We provide a 15 minutes free consultation service at the initial level. In this phase, we get to know you through a frank discussion. Our discussion entails a scope to know your service requirement and reciprocally inform you about our specific activities. If you find us a good fit for you, we start working with each other. .

Personalized Attention to Business and Individuals

Each individual or business has a specified financial goal which varies from one another. We understand your financial goals, analyze your expenses, determine the flaws and gaps, and arrange a well-arranged plan for tax and accounts management.

Flexibility with Latest Technology

In this digital era, we cannot close the deal without technological innovation. In our work system, we have inculcated a cloud-based accounting software that is dynamic and flexible. Thus, you will easily be able to access your accounting records anytime anywhere.

Ethics

Any kind of project never generates a long-term beneficial outcome if it doesn’t consider ethics. At Ahad&Co we maintain strict ethical guidelines as we abide by all the legal procedures and laws.

Your Business/Tax Filing is Safe with Us

As a CPA firm, we will require in-depth information on your business, tax, and individual expenses. However, we are mindful of maintaining secrecy. Our team of experienced and professional individuals guides you and your business through that legal and financial minefield. Therefore, your business is safe with us.

Now that you know all about our services, it is up to you to decide on choosing us. Tax expense and accounting management become simpler as Ahad&Co, your trusted Tax CPA, provides a comprehensive tax services and solutions.

Getting that paycheck after all your hard work and effort is the best feeling ever. However, an unexpected tax bill can spill water on the joy of your hard-earned money. The good news is that there are a bunch of effective ways which you can utilize to save your tax expenses.

Here’s how you can save on your taxes in 2022 as per the latest tax law updates.

Home Office Deductions

The COVID-19 pandemic has shifted many of us towards the home office. While this may be a challenge, it certainly comes as a benefit for you in terms of tax payment.

If you own a side business then feel free to claim tax deductions on your home office. The portion of your home that you use regularly for home office purposes is subjected to tax deductions. As it covers 1/5th of your apartment’s living space, you can deduct 1/5th of rent and utility fees.

Business Deductions for Self-Employed Individuals

Whether or not you are a full-time or part-time self-employed individual, you are qualified for tax deductions. In addition to that, freelancers or rideshare drivers are at the benefit of claiming business deductions on their income.

You can avail of business tax deductions on business transport, home internet fees, website fees, advertisements, office supplies, professional publications, and any expenses relevant to running your business.

Retirement Account

Contributing to a retirement account is an effective strategy to lessen taxable income.

The traditional 401(k) account is one of the most popular means in this aspect. You can store up to $19,500 per year for 2021. Moreover, if your age is 50 or above, you are eligible to save an additional $ 6500 for both 2021 and 2022. In this case, the limit of putting into an IRA account is $ 7000 per year.

Apart from that, the traditional IRA accounts also hold the great scope to reduce your taxes. If you and your spouse are covered by a retirement plan, there are opportunities for you to deduct your taxes to some extent. In this case, you must. Besides, the tax filing deadline to file your IRA from the previous tax year gives you extra time. Hence, utilize this extra time to your benefit.

Fund your Flexible Spending Accounts

If your employer offers flexible spending accounts, you can easily pay your medical expenses with tax-free dollars. Every year the IRS allows you to funnel your tax-free dollars directly from your paycheck to your Flexible Spending Account. The limitation of saving into the FSA account has amounted to $2,750 in filing 2021.

Note that, you will be required to use the money during the calendar year for medical and dental expenses. Your money may be forfeited if not used by the end of the year.

Start a Health Savings Account

Health Savings Account is an immensely helpful alternative to medical plans in lowering taxable income.

Medical facilities are our basic needs. Thus, contributions to the health savings account enable an immediate tax deduction, tax-deferred, and tax-free withdrawal for necessary medical expenses.

Write off on Business Travel Expenses

Your business trip is a part of your profession which is excluded from any vacation expense. Hence, you can reduce your tax expenses from your business travels. As you go on a business trip, you may incur various expenses. Flight expenses, hotel bills, and many such business-relevant expenses are a tax write-off for you

Credits on Higher Education

Higher education expenses are quite expensive, as we all know. Tax bills on education can increase the difficulty. Nevertheless, there are scopes to reduce tax expense on it.

Tax credits are offered by the government which can reduce the cost of your education. You can claim the American Opportunity Tax Credit for the first 4 years of your education. It allows a maximum credit of $2,500 per student per year. In terms of credit, the amount is deducted from whatever tax you owe to the government. If it exceeds, $1,000 may be refundable to you.

Besides, if you are up for improving your job skills, the lifetime learning credit will be effective for you. It’s worth up to $ 2000. This will reduce your education expense and gear you up for career challenges.

Credits on Higher Education

The Earned Income Tax Credit (EITC) can be of great advantage for the low and moderate-income group of workers. It takes your income, marital status, and family size to assess if you qualify for it. Notably, the income limit for single taxpayers with no children is $ 21,430 and for married couples with 3 or more children, the limit is $57,414. This system contains the tax credit system which entails a dollar-to-dollar reduction corresponding to your actual bill. Therefore, you might qualify for a tax credit of up to $ 7000.

Charity and Donation

Charitable contributions and donations are all deductible. You can donate cash, clothes, food, or household items. All these donations can lessen your tax expense. All you need to do is itemize your donations to claim your tax deduction. Nevertheless, there are scopes for non-itemized deductions too. The Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, allows taxpayers who do not itemize upto $ 300. Recently, there are many tax software programs which come with modules that estimate the value of each item you donate.

Dependent Care Credit

Tax expense reduction is evident for parents through the Dependent Care Credit. If you have one or more children, then you can write-off tax on expenses relevant to your child. This includes: day care, babysitters or related transportation expenses. For parents with single children, the child and dependent care credit has been increased to $ 8000. On the other hand, for parents with multiple children, the credit has been expanded to $ 16,000. Keep in mind that you must keep your receipts and other monetary proof to strengthen your claim on tax return

Self Employed Sick Leave and Family Credit:

According to the Families First Coronavirus Response Act, a self-employed individual is subjected to tax write-off for sick leave. Fill up Form 7202 and avail yourself of the sick and family leave credit based on the sick leave or family leave equivalent to the tax credit. Notably, this form is eligible for individuals who were unable to work or had to look after the covid infected family member.

Now that you know all the effective ways to recoup your tax expenses; you will be able to easily save a substantial portion of your savings. For further assistance contact Ahad Ali CPA, your reliable tax professional and licensed CPA dedicated to providing seamless tax and accounting services.