David M Daggett CPA - What To Consider When Choosing A Tax Accountant

If you want to ensure that your taxes are done correctly, you need to carefully choose a tax accountant who can help you with them. You want to choose an accountant who is going to have your best interest in mind. Here are a few things to consider when choosing a tax accountant.

Experience
Everyone has a unique tax situation and it is a good idea to check with the tax accountant to see if he has handled your type of tax situation in the past. An accountant with the right experience and knowledge will know how to help you.

Cost
You are going to have to pay your tax accountant and it is a good idea to compare the cost of several ones before you make your final choice. You don't want to pay more than you can afford and you also want to make sure you are getting a service that matches the cost.

References
It is not uncommon for an individual or a company to ask for references from a tax accountant. You want to know that the accountant you choose has helped other clients in the past. You can ask for references or testimonials from other clients.

If you want your taxes done right, you need to choose a tax accountant who has what it takes to get the job done. David M Daggett CPA has been helping people with their taxes for many years. When it comes time for you to choose a tax accountant, make sure you consider the above information.

David M Daggett CPA - S Corporation Advantages & Disadvantages

David M Daggett CPA has helped many companies and corporations with their tax needs. An S Corporation is a corporation that is treated as a pass-through entity by the IRS. A corporation can become an S corporation by filing Articles of Incorporation with the Secretary of State or similar government body. There are advantages and disadvantages of becoming an S Corporation.

Advantages

Shareholder Assets

Those who hold shares in a corporation have their assets protected if it becomes an S Corporation. The shareholder does not become personally responsible for the corporation or any owed taxes.

Tax Filings

S Corporations are not required to pay a corporate tax. The business losses are passed through to each individual shareholder who will then claim the loss on their own tax returns. This can also offset other income on the shareholder’s tax return.

Disadvantages

Fees

There are fees associated with becoming an S Corporation. When the Articles of Incorporation are submitted, you will be required to pay the fees. The good news is these fees can be deducted as a business expense later.

IRS

The IRS tends to keep a close eye on S Corporations to make sure everything is being filed correctly and done legally. If you are doing everything correctly this won’t be a problem, but some people do not like the idea of a government agency following their finances so closely.

David M Daggett CPA helped many companies with their taxes and has helped some become an S Corporation for tax purposes. If you are considering becoming an S Corporation, consider both advantages and disadvantages of doing so.

David M Daggett CPA - Taking Over The Family Business

David M Daggett CPA currently works as a tax accountant but has helped many different positions in many different careers throughout his life. When his grandfather passed away in 1994, he took over the family business. It was a law enforcement equipment distribution business named F. Morton Pitt Co, named after his grandfather. Although his grandfather had worked hard to make the business successful, the company was losing 10% per month. He was able to build the business back up to being 10% profitable and ended up selling the company five years later. 

During his time running the company it manufactured fiberglass rear seats for police cars, a shotgun lock holder for Los Angeles Police Department and a couple of other items for law enforcement agencies. He decided to spin the manufacturing products out into a separate company called Pittco, Inc. Under Pittco, he continued to manufacture the PITTCO rear seat and redesigned it to meet the needs of the law enforcement community. Departments such as NYPD and various local departments such as Milwaukee PD and numerous others used the seat in their Crown Victoria police cruisers. 

In 1999 he was approached by another entrepreneur named David Graves, who had come up with an idea. Together they patented the product known as the DuraFlare. The DuraFlare was a 13" high traffic cone with an electronic system that included a strobe light in it which was visible from a mile away. They brought it to the International Chief of Police convention in October of 1999 and were inundated with orders.

The development of the DuraFlare led Mr. Daggett to meet the famous football player Rosie Greer who would later become the company spokesperson. Although the business did not take off as he had hoped, it provided him with an opportunity to raise capital for a new venture, Gator Hawk Armor, Inc. With the help of a phenomenal team of body armor designers, he developed some of the best body armor in the industry in 2001. Gator Hawk was formed in February of 2001 and for the next few months he went through the long process of testing and shooting the armor to help develop and improve it. By September of 2001, the company was ready to go to market with a new vest line. 

Although David M Daggett CPA enjoyed working to improve the business his grandfather once owned, he decided it was best to sell it and pursue a different career. He began working as a tax accountant at Lee, Cochran & Daggett, CPAs, LLP, which is a firm he is a partner with. He enjoys helping people with all their tax needs.

David M Daggett CPA - Tips For Estate Tax Planning

David M Daggett CPA is a tax professional who assists individuals and businesses with their tax needs. He specialized in estate planning. Many people aren’t aware of the benefits of estate tax planning and how it can help their loved ones avoid paying a lot of money on the things they inherit. If you have a will or estate plan, make sure you are considering the taxes as well. Here are some tips for estate tax planning.

Use Exemptions
If you are married, you should take both exemptions. One exemption will be for yourself and the other for your spouse. You can leave your spouse money in the estate and when he or she dies, there will still be an exemption that will help lower the amount of taxes due on the estate. The spouse can also distribute assets while he or she is still alive to avoid the estate tax.

Reduce Assets
The more your assets are worth, the higher the estate tax will be. To reduce the estate tax for your loved ones you can reduce the value of your assets. You can do this by gifting the assets to the people you want to have them. This allows you to have control over your assets, distribute what you want and keep what you need. After your death, the estate tax will only be based on the assets that are left.

Trusts
There are many different trusts that can help reduce the estate taxes your loved ones must pay if they inherit your estate. A tax accountant can explain the various type so trusts that are available to you and how each one will affect your estate and those who inherit it. Some common types of trusts include Irrevocable Life Insurance Trusts, Qualified Personal Residence Trust, Grantor Retained Annuity Trust, and Charitable Trusts.

Life Insurance
Instead of leaving your money to your loved in your estate, you should use your assets to purchase life insurance. You can choose who will become the beneficiaries of your life insurance policy and you don’t have to worry about your loved ones having to pay estate taxes on the money they inherit from the policy. There are many different life insurance options to choose from.

David M Daggett CPA has always enjoyed working with numbers and helping people with their taxes. He has many clients and encourages them to consider tax planning for improving their estate plans. Many people do not realize how much their loved ones may have to pay in estate taxes. There are ways to reduce those taxes and possibly eliminate them completely. Make sure you discuss your options with your tax accountant.

David M Daggett CPA - Tips For Preparing Tax Returns

If you work or own a business, you have to file taxes. David M Daggett CPA is an experienced tax accountant who has helped numerous people with their tax returns. If you need help filing your taxes, make sure you consider these tips.

Be Honest
The IRS will scan and review every tax return they process and they will know you are lying. Make sure you are honest whether you are doing your own tax return or doing them for someone else. If you are audited and have not been honest, you could be fined.

Know Your Stuff
Everyone’s tax return will be different and some can be complicated. If you are going to do your own tax returns or do them for someone else, you need to know what you are doing. Many people take classes before preparing taxes.

Hire A Professional
If you are not sure how to prepare taxes, it is a good idea to hire a professional. Hiring a professional will ensure that your taxes are completed properly and help you avoid fees and fine later. A certified tax accountant in your area can help you file your taxes.

If you need help filing your taxes, you may want to consider hiring a tax accountant like David M Daggett CPA. If you have questions or choose to file them yourself, the above tips can help. Tax returns can be aggravating and complicated, but if you know what you are doing or have help, you can make it through them easily.

David M Daggett CPA - Becoming A Tax Accountant

David M Daggett CPA knew at an early age that he wanted to work with people and money. He attended college and majored in business with an emphasis in accounting and is now a successful tax accountant. If you want a similar career, these tips can help.

Know Your Stuff

You need to understand corporate taxes and different types of business taxes if you want to help people. You should attend college and graduate with good grades. While in college you should focus on math, accounting and tax courses.

Start Out Right

You can’t expect to jump into a big position and have to be willing to work your way to the top. After graduating college, you need to start with entry level positions that will teach you more about tax accounting and prepare you for better positions.

Start Your Own Company

If you want to work with businesses or individuals but don’t want to work for another firm, you can start your own company. This will take a lot of work and dedication as well as a good understanding of the business operations. You should work for a firm before starting your own to learn more about the industry and to gain some experience.

David M Daggett CPA attended college and learned about accounting and tax preparation. He uses his skills every day to help companies and individuals with all their accounting and tax needs. If you love working with numbers, you may want to become a tax accountant.
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David M Daggett CPA - Why Is Tax Planning Important?

David M Daggett CPA works with many companies and people to plan for taxes. Tax planning is important for everyone and can allow a company or individual to prepare to pay taxes during the year or when a business or estate sales. No matter what type of tax planning you need, it is important to hire someone who can help you.

Do It Legally

Everyone wants a tax break but if you aren’t familiar with the laws you could be breaking them. When you allow someone to help you with tax planning, you can take advantage of tax exemptions, rebates, and deductions without breaking the law.

Pay Less

With the right tax planning, you will end up paying less in taxes. Your tax accountant will work to figure out how to get you a break so you can pay the lowest amount possible. Without tax planning, you could end up paying much more.

Helps The Government

When you use tax planning to reduce the amount you have to pay, you end up paying it in a different way and this helps the government. Money moved in tax planning is used to help fund many government programs.

If you want to get a jump on your taxes or need help getting a tax estimate, tax planning may be an option for you. You should hire an experienced tax planning accountant to help you. David M Daggett CPA is proud to work in the tax planning industry and to be able to help others.

David M Daggett CPA - Get Certified As An Accountant

David M Daggett CPA graduated from San Diego State University in 1983 with a degree in accounting. As an accountant, he works closely with many companies and individuals and helps them with their tax needs. If you want to help others as well, you need to become a certified accountant. These tips can help.

Attend College

If you want to become a certified public accountant, you need to attend college. You should complete either a two or four-year degree with a focus in accounting, math, business, and finance. Your college classes will cover a lot of the information you will need to know when you take the test.

Study For Exam

You always want to study for your exam for several months before taking it. The more you study the more prepared you will be and the more likely you will be to pass it. You can find practice tests online or purchase books that will help you prepare for the test.

Pass Certification Exam

Once you are ready to take the test you should find one being offering in your area. You need to pay any fees and arrive on time to take the test. If you pass the test you will be mailed your certification and if you fail, you will need to take it again at a later date.

If you want to be able to help people file their taxes or deal with other financial issues, you should consider becoming a certified accountant like David M Daggett CPA. Once you are certified you can begin to find clients and start to make money.

David M. Daggett CPA - How to Make your Business Successful

David M. Daggett began his career as tax professional. He became a Certified Public Accountant (CPA) in 1986 and then opened his own firm in 1987. In 1994, he took over F. Morton Pitt Co, a company that manufactured supplies for law enforcement departments. In 2001, he created Gator Hawk Armor, Inc. He worked hard to make each of these companies successful. If you are a business owner who wants to create a successful company, there are a few things that you will need to do.

The first step in making your business successful is to create a solid business model and plan. You should do this before you even open your doors. A strong business model will help you take every factor that could affect your profitability into account. A business model is a great tool for success.

If you are purchasing a business rather than starting a new one, you should have a financial professional evaluate the company. Analyzing the company’s finances and previous profits can help you determine how to make it profitable in the future. You should also do a business valuation to make sure that you pay a fair price for the business.

A third step to take is to market your company. You will need to draw in as many customers as possible if you want to succeed. You should invest in marketing and make sure that your company has good exposure. David M. Daggett CPA is an entrepreneur and a CPA. He used his financial knowledge and experience to make each of his companies successful.
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David M. Daggett CPA - Are you Ready to Start Investing?

Investing is a way to begin building a secure future. David M. Daggett became a Certified Public Accountant (CPA) in 1986. He graduated from San Diego State University, and he worked for some of the largest accounting firms in the world. He is an experienced financial professional who worked hard to hone his skills and his knowledge. He has worked with individuals as well as businesses. Many accountants help their clients make wise investments.

There are a few steps that you should take before you start investing. The most important step is to pay off any existing debts. If you have large quantities of outstanding debt, you should focus on getting those paid off before you begin investing. Loan and credit card debt continually gather interest, so investing before you pay those off could just stagnate your finances.

Another step you should take before investing is to meet with an accountant or finance professional. This individual can help you go through your finances and recommend types of investments strategies. This individual can also advise you on the tax benefits of investing.

A third step you should take before you begin investing is to talk to the company you work for. You should learn about the retirement plans that are available to you. Many companies offer benefits for investing in an employee 401k. Taking each of these steps will help you get ready to start investing. David M. Daggett is a successful CPA who ran his own firm for several years. He has experience with a wide array of clients.
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David M. Daggett CPA - The Benefits of Creating a Business Model

A business model is a design that can lead to a successful operation of business. David M. Daggett is an entrepreneur in California. He began his career as a Certified Public Accountant (CPA) in 1986, and became a business owner in 1987. He pursued several business endeavors and succeeded as a business owner. There are several benefits involved in creating a business model.

A business model can help you make your business successful. A business model is a plan that takes revenue sources into consideration. This can help you determine how much you should charge your customers or clients for your products or services. It can also help you figure out how to make your business profitable.

A business model can also help you determine who your client base is. This process will drive your marketing strategies as well as your pricing. Developing a strong client base is an essential step in making your business profitable. If you take the time to explore your potential client base, you will be more likely to succeed.

Financing is an essential part of running a business. A business model can help plan and manage your business’s finances. This includes planning for taxes and business expenses. A business model can also help you pay your employees and provide benefits. Creating a business model is an important part of planning. This step can help you launch your business and succeed. David M Daggett CPA is a successful CPA in California. He is also an entrepreneur who ran multiple successful businesses.
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David M. Daggett CPA - Three Things to Consider When Planning a New Business

Starting a new business often requires a lot of hard work and dedication. David M. Daggett is not just a Certified Public Accountant (CPA) in California, he is also a business owner. In 1987, he started his own accounting firm, and in 1994, he took over his grandfather’s company. He also started Gator Hawk Armor, Inc. He is a hardworking and successful entrepreneur. There are several factors that business owners and entrepreneurs need to take into consideration before starting a new business.

The most important factor you will need to take into consideration before starting a company is funding. You should either have the funds at your disposal, or you should work on obtaining investors. There are several startup costs involved in business. These include rent, utilities, employees, furnishings, product manufacture, and more. You should take the time to calculate out these costs so that you know how much money you will need to raise.

A second factor to consider is whether or not you will hire employees. If you decide to begin hiring employees, you will need to add their wages to your expenses. You will also need to look into setting up employee benefits. A third factor you will need to take into consideration involves your business taxes. You should consult with a CPA as soon as you open your new business. It is important for you to know what paperwork you should be saving for tax season. David M. Daggett is a hardworking and successful CPA and business owner.

David M. Daggett CPA - Get Maximum Value from Your Accountant

When it comes to getting the best value out of an accountant, it helps to have a qualified one by your side. David M. Daggett has worked as an accountant since graduating San Diego State University in 1983, and for people in his profession, he's seen the value of accountants grow by the year. From managing tax returns to providing financial advice on a host of issues, there's a lot to gain from having an accountant.

Wise selection
You want to work with accountants who know your line of business. Anyone can call themselves an accountant, but you are looking for certified or chartered accountants whose qualification is backed by a recognized body. Someone who works for a large firm speaks to reliability, but those who have established their own firms or work for small ones might respond better to your issues. When you engage an accountant, ask for references.

Managing expectations
The accountant will summarize their terms of engagement in an official letter. You should have your expectations in writing, too. Explain the level of service you want, for example, the timelines that work for you. Building a professional relationship requires that you are both clear on expectations.

Additional services
As you gauge the prospective accountant’s qualifications and abilities, ask what other services they can provide. These can range from financial forecasting to helping with procurement and auditing processes. Asking questions will help you uncover any additional benefits to the engagement.

David M Daggett CPA has been a Certified Public Accountant since 1986 and is currently a partner at a California-based tax practice

David M Daggett CPA - Knowledge of Business Valuation is Important for Entrepreneurs

Entrepreneurs who seek to exit, or sell off, businesses have to know the importance of business valuation. As David M. Daggett, CPA has seen in his business career, establishing a good value of a company isn’t an easy process, but it is crucial if the entrepreneur is to achieve a fair assessment of their hard work.

The truth is, many entrepreneurs don't have a realistic idea of how much their businesses are worth. It's not surprising, though since many people invariably value things they own at a higher value than things that aren't theirs. This means that you can have a different value in mind than your business partner(s), potential buyers, or family successors. In some cases, the difference in expectations can lead to conflict.

Because of the complexity involved in valuing a business, it is always best to have a professional valuator help to set the selling price and determine which offers are reasonable. A professional who knows about tax is also better placed to advise on the various approaches that can be employed to assess the tax liability involved in the sale of the business.

The opinion of a qualified external evaluator can hold more weight with potential investors/buyers than numbers calculated in-house. The process of valuation also helps you to identify the weak spots in the business and find ways to get maximum value out of your hard work.

In addition to working as a CPA, David M. Daggett is also a Certified Valuation Analyst and has successfully been involved in the sale and purchase of over 150 companies during his career.
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David M Daggett CPA - Competition Isn’t Always Necessary for Success

David M. Daggett CPA has worked in accounting and business management for the better part of 30 years, during which time he’s guided a few businesses to success. He’s gained the skills required to market a good business idea, alongside knowing how to network and get the product recognized. Marketing and networking are good tips that contribute to business success, but for many people, the presence of competition is what drives them to get better.

Healthy competition is definitely a boost for any business owner. When you have competitor businesses angling for the same market you are, you have to step up your game. But what happens when you don’t have direct competition? Does it impact how you measure success?

For companies that lack direct competition, measuring performance against rivals is out of the question. Such a business, however, can still remain competitive. One way to do this is by taking a gradual approach to the launch of products and services. A business that has multiple products can ‘test the waters’ with every product to measure the response of the market and adjust accordingly.

In keeping from getting complacent, a business can analyze past performance to figure out where to make improvements. There's a lot to be learned from studying the past, as it helps the business find areas that require consistency. Besides, knowing where you've come from helps you push to become even better going forward.

David M Daggett CPA has been a Certified Public Accountant since 1986. He’s worked at Deloitte, opened his own accounting firm, and runs a non-profit organization.

David M. Daggett CPA - How Busy People Deal With Routine Tasks

David M. Daggett has been an entrepreneur for much of his career, and he appreciates the excitement that comes with the work. Like many other entrepreneurs focused on taking their businesses to the next level, he knows that there are often mundane tasks that can be boring and repetitive, yet necessary in the grand scheme of things.

So what do busy entrepreneurs do about routine tasks? Here are some tips that you can use to deal with everyday tasks without feeling drained.

Avoidance

While avoidance is generally not the acceptable route when it comes to dealing with issues, it is sometimes necessary. If you can avoid a routine task, like packing all meetings on two days so you can avoid a daily two-hour commute, by all means do so.

Say Yes to Important Stuff

As an entrepreneur, you have to be sure of what’s important to you and what’s not. With a clear understanding, it will be easier for you to say “no” to stuff you don’t think will benefit you. This will help reduce the clutter on your desk.

Energy Management

Staying productive for longer periods is all about energy management. When you are at a creative peak, it might take you half an hour to write a long blog post, whereas it might take two hours to do the same thing when you feel drained. Tackle the most important stuff when you have loads of energy, and use the low-energy periods to deal with the routine stuff.

David M Daggett CPA has been a CPA for more than 30 years and is currently a partner at Lee, Cochran & Daggett, CPAs, LLP.