Business Details
On this website, you will find information about BeenenCPA, including our list of services. We have also provided you with online resources to assist in the tax process and financial decision-making. These tools include downloadable tax forms and publications, financial calculators, news and links to other useful sites. Whether you are an individual or business in or around Grand Rapids, BeenenCPA has years of valuable experience assisting professionals with their accounting needs.
Beenen CPA provides a wide range of services to individuals and businesses in a variety of industries. Our firm strives to meet each client's specific needs in planning for the future and achieving their goals in an ever-changing financial and regulatory environment. By combining my experience and expertise with commitment to client service, Beenen CPA assures that every client receives the close analysis and attention they deserve.
Our calculators have been provided as a resource for you to help plan your financial matters.
Beenen CPA provides a wide range of services to individuals and businesses in a variety of industries. Our firm strives to meet each client's specific needs in planning for the future and achieving their goals in an ever-changing financial and regulatory environment. By combining my experience and expertise with commitment to client service, Beenen CPA assures that every client receives the close analysis and attention they deserve.
Our calculators have been provided as a resource for you to help plan your financial matters.
Services
About Us
Our expertise ranges from basic tax planning and preparation for individuals, small businesses and estates and trusts to non-profit all breed and speciality dog clubs and ballot tabulation.
By combining the expertise and experience of our staff, we assure that every client receives the close analysis and attention they deserve.
Our dedication to high standards and work ethic is the reason our client base returns year after year.
Our mission is to provide all of our clients with prompt, professional and courteous service.
By combining the expertise and experience of our staff, we assure that every client receives the close analysis and attention they deserve.
Our dedication to high standards and work ethic is the reason our client base returns year after year.
Our mission is to provide all of our clients with prompt, professional and courteous service.
Services
Beenen CPA provides a wide range of services to individuals and businesses in a variety of industries.
At Beenen CPA, we take special care to provide our clients high quality services personalized for their unique needs.
Our attentive staff makes every effort to ensure you are 100% satisfied.
At Beenen CPA, we guide our clients through a full range of tax planning and preparation decisions with strategies that minimize your tax liabilities, maximize your cash flow and keep you on track to your financial goals.
At Beenen CPA, we take special care to provide our clients high quality services personalized for their unique needs.
Our attentive staff makes every effort to ensure you are 100% satisfied.
At Beenen CPA, we guide our clients through a full range of tax planning and preparation decisions with strategies that minimize your tax liabilities, maximize your cash flow and keep you on track to your financial goals.
Dog Clubs
Have you ever wondered if your tax consultant really understands what dog clubs do and how they are run?
If so consider this, are you filing under the correct tax code, are your revenues and expenses classified correctly on your tax returns?
We know that providing knowledgeable tax preparation services to dog clubs is hard to find.
We have an understanding of what dog clubs do, how they work and how accounting practices are handled.
Our staff has served on the board of specialty, all breed and performance dog clubs as treasurer, vice president, secretary and other various chair positions.
If so consider this, are you filing under the correct tax code, are your revenues and expenses classified correctly on your tax returns?
We know that providing knowledgeable tax preparation services to dog clubs is hard to find.
We have an understanding of what dog clubs do, how they work and how accounting practices are handled.
Our staff has served on the board of specialty, all breed and performance dog clubs as treasurer, vice president, secretary and other various chair positions.
Business
Have you just started a new business?
Did you know expenses incurred before a business begins operations are not allowed as current deductions?
Generally, these start up costs must be amortized over a period of 180 months beginning in the month in which the business begins.
However, based on the current tax provisions, you may elect to deduct up to $5,000 of business start-up and $5,000 of organizational costs paid or incurred.
The $5,000 deduction is reduced by any start-up or organizational costs which exceed $50,000.
Did you know expenses incurred before a business begins operations are not allowed as current deductions?
Generally, these start up costs must be amortized over a period of 180 months beginning in the month in which the business begins.
However, based on the current tax provisions, you may elect to deduct up to $5,000 of business start-up and $5,000 of organizational costs paid or incurred.
The $5,000 deduction is reduced by any start-up or organizational costs which exceed $50,000.
Financial
Following are some generally recognized financial planning tools that may help you reduce your tax bill.
Charitable Giving - Instead of selling your appreciated long-term securities, donate the stock instead and avoid paying tax on the unrealized gain while still getting a charitable tax deduction for the full fair market value.
Health Savings Accounts (HSAs) - If you have a high deductible medical plan you can open an HSA and make tax deductible contributions to your account to pay for medical expenses.
Charitable Giving - Instead of selling your appreciated long-term securities, donate the stock instead and avoid paying tax on the unrealized gain while still getting a charitable tax deduction for the full fair market value.
Health Savings Accounts (HSAs) - If you have a high deductible medical plan you can open an HSA and make tax deductible contributions to your account to pay for medical expenses.
Due Dates
It's possible there could be additional extensions, so check with your tax advisor for the latest information.
Trusts and estates need to file an income tax return for the 2020 calendar year (Form 1041) and pay any tax, interest and penalties due, if an automatic five-and-a-half month extension was filed.
Employers must establish a SIMPLE or a Safe-Harbor 401(k) plan for 2020 by this date, except in certain circumstances.
Individuals must file a 2020 income tax return (Form 1040 or Form 1040-SR) and pay any tax, interest and penalties due, if an automatic extension was filed.
Trusts and estates need to file an income tax return for the 2020 calendar year (Form 1041) and pay any tax, interest and penalties due, if an automatic five-and-a-half month extension was filed.
Employers must establish a SIMPLE or a Safe-Harbor 401(k) plan for 2020 by this date, except in certain circumstances.
Individuals must file a 2020 income tax return (Form 1040 or Form 1040-SR) and pay any tax, interest and penalties due, if an automatic extension was filed.
Financial Tools
These calculators have been provided as a resource for you to help plan your financial matters.
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice, or supplement the advice of a professional advisor.
There is not and can not be a guarantee of their applicability or accuracy in regards to your individual circumstances.
All examples are hypothetical and are for illustrative purposes.
You are encouraged to seek personalized advice from qualified professionals regarding all personal finance issues.
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice, or supplement the advice of a professional advisor.
There is not and can not be a guarantee of their applicability or accuracy in regards to your individual circumstances.
All examples are hypothetical and are for illustrative purposes.
You are encouraged to seek personalized advice from qualified professionals regarding all personal finance issues.
Retention Guide
But what should be done with those documents after your check or refund request is in the mail?
Federal law requires you to maintain copies of your tax returns and supporting documents for three years.
This is called the "three-year law" and leads many people to believe they're safe provided they retain their documents for this period of time.
However, if the IRS believes you have significantly underreported your income (by 25 percent or more), it may go back six years in an audit.
If there is any indication of fraud, or you do not file a return, no period of limitation exists.
Federal law requires you to maintain copies of your tax returns and supporting documents for three years.
This is called the "three-year law" and leads many people to believe they're safe provided they retain their documents for this period of time.
However, if the IRS believes you have significantly underreported your income (by 25 percent or more), it may go back six years in an audit.
If there is any indication of fraud, or you do not file a return, no period of limitation exists.
Glossary
A retirement account to which an eligible employee can contribute a certain amount of his or her pretax salary; earnings are tax-deferred.
Some employers may match a stated percentage of employee 401(k) contributions.
The reduced cost and liability of 401(k) plans appeal to employers.
A qualified retirement plan similar to the 401(k), available to employees of nonprofit and government organizations.
The process of ensuring that the beginning balance plus the sum of all entries on an account statement equals the ending balance.
Some employers may match a stated percentage of employee 401(k) contributions.
The reduced cost and liability of 401(k) plans appeal to employers.
A qualified retirement plan similar to the 401(k), available to employees of nonprofit and government organizations.
The process of ensuring that the beginning balance plus the sum of all entries on an account statement equals the ending balance.
Banking
Although the process is complex and frustrating, raising capital is the most basic of all business activities.
When looking for financing, there are various sources to consider.
For most new businesses, the main source of capital comes from savings and other forms of personal resources.
There are better options available than credit cards that are often used for financing, even a small business loan.
When beginning, entrepreneurs usually look to private sources like friends and family.
Generally, the money is loaned at a low interest rate or interest free, which is very beneficial at the beginning.
When looking for financing, there are various sources to consider.
For most new businesses, the main source of capital comes from savings and other forms of personal resources.
There are better options available than credit cards that are often used for financing, even a small business loan.
When beginning, entrepreneurs usually look to private sources like friends and family.
Generally, the money is loaned at a low interest rate or interest free, which is very beneficial at the beginning.
Business
The process of passing a family business onto the second generation is so difficult that not even a third of them survive.
Beyond that, roughly half make it to a third generation.
In a normal day in the U.S., 40 percent of businesses are confronted with a change of owners.
Those who have founded the companies are struggling to find remedies, but there aren't many options.
Make a Succession Plan, which includes setting dates for retirement and the training for who will follow.
These are the four key points to a successful business transfer.
Beyond that, roughly half make it to a third generation.
In a normal day in the U.S., 40 percent of businesses are confronted with a change of owners.
Those who have founded the companies are struggling to find remedies, but there aren't many options.
Make a Succession Plan, which includes setting dates for retirement and the training for who will follow.
These are the four key points to a successful business transfer.
Financial
The first step is to figure out a realistic financial goal for yourself and your family.
Talk with your loved ones to ensure that everyone has the same goals in mind.
Clearly not all families will have the same end goal - figure out what is important to you, whether it is early retirement, financial comfort, children's education, travel, taking care of elders, or your children.
Someone starting their savings in their early 20s can save 10% of their income and have a sufficient nest egg, while someone starting in their 40s may have to bump that number up more towards 20%.
Talk with your loved ones to ensure that everyone has the same goals in mind.
Clearly not all families will have the same end goal - figure out what is important to you, whether it is early retirement, financial comfort, children's education, travel, taking care of elders, or your children.
Someone starting their savings in their early 20s can save 10% of their income and have a sufficient nest egg, while someone starting in their 40s may have to bump that number up more towards 20%.
Insurance
The first thing to do is bargain shop to make sure that the rates you are getting are reasonable in comparison to other companies.
Within the policy that you have, these are a few tips that could save you a few bucks.
You will need to have liability coverage, property damage, and bodily injury.
This way you will be protected if you are at fault and cause damage to a person or their property.
It is recommended to have $300,000 per accident to pay medical costs and other costs that may be affiliated.
Within the policy that you have, these are a few tips that could save you a few bucks.
You will need to have liability coverage, property damage, and bodily injury.
This way you will be protected if you are at fault and cause damage to a person or their property.
It is recommended to have $300,000 per accident to pay medical costs and other costs that may be affiliated.
Life Events
It depends on factors such as 1) what kind of deal you can make with the dealership, 2) the typical mileage you put on your car, 3) how much you wear down a car, and 4) the primary use for the car.
To determine whether leasing or buying is best, compare the costs and other issues involved in a lease or purchase.
Is there a possibility of deduction of any of the costs due to the car being used for business.
It depends on factors such as 1) what kind of deal you can make with the dealership, 2) the typical mileage you put on your car.
To determine whether leasing or buying is best, compare the costs and other issues involved in a lease or purchase.
Is there a possibility of deduction of any of the costs due to the car being used for business.
It depends on factors such as 1) what kind of deal you can make with the dealership, 2) the typical mileage you put on your car.
Taxes
If you have a large capital gain this year from an investment, it may be advisable to hold onto the investment until next year to put the gain into next year's taxes.
You may also want to sell off any investments that you have that are losing value at the moment to claim your losses.
If you have a large capital gain this year from an investment, it may be advisable to hold onto the investment until next year.
The interest gained from state and local bonds is usually exempt from federal income taxes.
You may also want to sell off any investments that you have that are losing value at the moment to claim your losses.
If you have a large capital gain this year from an investment, it may be advisable to hold onto the investment until next year.
The interest gained from state and local bonds is usually exempt from federal income taxes.
