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.