Taxes

• Tax Planning
  The end of the year is often an optimal time for tax planning, but you must be careful to avoid potential pitfalls along the way. Notably, any year-end tax strategies you implement should take all the latest tax developments into account.
• Charitable Giving
  YEAR-END MOVE: Step up charitable gift-giving before January 1. As long as you make a donation in 2023, it is deductible in 2023, even if you charge it in 2023 and pay it in 2024.
• Estate Taxes
• Tax Services
  Financial management can be a struggle for real estate professionals due to the unique nature of the industry. That's where a CPA specializing in accounting and tax services for real estate agents and firms becomes invaluable. At SME CPAs, we have a team of experienced professionals who understand the intricacies of the real estate sector. We are dedicated to helping you manage your finances effectively and plan for the future success of your organization.
• Tax Deductions
  Incentives such as tax credits and property tax abatements are tools used by Federal, state and local governments to attract or retain jobs and investments, stimulate innovation, and conserve energy. While deductions reduce your amount of taxable income, credits cut your actual tax bill, dollar-for-dollar. Tax credits are an excellent way to minimize your tax liability and increase your cash flow. In other words, a $1,000 tax credit reduces your tax liability by $1,000. A tax deduction of $1,000 will reduce your tax liability by your tax rate or $350 at a 35% tax rate. Some tax credits may be refundable or offset withholding taxes if your tax liability is zero.
• Income Tax
  Could you be leaving money with the Federal, State, and/or Local government? The answer is probably “YES”. Many businesses are eligible for tax credits and incentives for various reasons, including: 1) the way they do business, 2) their location, 3) their employees, or 4) the growth of the business. The credits may be as small as $250 for the insurance costs they incur for their employees or as large as thousands of dollars that could cover 100% of their tax liability, including their withholding tax for Georgia if they have no income tax. Don’t leave that money on the table! Review the information below to see a partial list of the ways SME CPA can help you keep your money and improve your business’s cash flow.
• Tax Deferral
  Tip: Note that the bonuses are taxable to employees in the year in which they receive them—2024. Thus, the employees benefit from tax deferral for a year even if the company claims a current deduction.

Investment

• Mutual Funds
  From a tax perspective, it is often beneficial to sell mutual fund shares before the fund declares dividends (the ex-dividend date) and buy shares after the date the fund declares dividends.
• Bonds
• Wealth Management
  As one of the oldest and largest accounting firms in the greater Augusta region, we are well known for our services in the areas of tax, accounting, and auditing. In addition, we offer financial planning and wealth management services through our strategic partner Avantax Planning Partners

Accounting

• Accounting Services
  It takes more than culinary expertise to be successful in the restaurant industry. For years, SME has been guiding restaurateurs, food franchises, caterers and specialty food stores to success through small business accounting assistance.
• Payroll Services
  Effectively managing payroll is crucial to every business. When you’re dedicating your time to exceptional patient care, many of the daily tasks of managing your business can fall by the wayside. Your CPA can help you develop payroll processes to ensure timely and stress-free payroll processing and payroll tax management services.
• Bookkeeping Services

Planning

• Financial Planning
  Investment and risk management audits are a complimentary service and can uncover opportunities. Our comprehensive review ensures an experienced team is looking at the whole picture, rather than piece by piece. Our Guidance Planning Strategies (GPS program) provides a unique financial planning experience developed specifically to your needs. Tax aspects of most investments and life insurance policies are considered in your plan. Knowing your team at SME is working alongside the financial professionals at Avantax Planning Partners
• Retirement Planning
  SM team is comprised of financial planning consultants, portfolio and equity analysts, risk management specialists, a full-service retirement planning team, and more. Their team is an extension of the SME team and we work together to integrate tax, accounting, and financial planning services.
• Long Term Care
  When choosing a CPA, it’s important to find someone who has experience working with doctors offices, dental practices, primary care practices, long term care facilities and more. Finding the right CPA as a medical professional means finding one who understands the unique challenges you face and will be able to provide tailored advice and solutions.
• Charitable Remainder Trusts
  Consider a qualified charitable distribution (QCD). If you are age 70 1/2 or older, you can transfer up to $100,000 of IRA funds directly to charity, free of tax (but not deductible). SECURE 2.0 authorizes a one-time transfer of up to $50,000 to a charitable remainder trust (CRT) or charitable gift annuity (CGA) as part of a QCD.