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 - 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.
​

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 - 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.
​

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.
​

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.