Business Details
We specialize in small business and individual accounting and taxes. Our offices are located in Portage, Michigan. We are honored to serve clients located here in southwest Michigan and throughout the United States. No matter where you are located, you can expect big firm advice with a local firm feel. If you are looking for CPAs with vast knowledge and experience who will actually answer the phone when you call, or respond when you email, you've found them.
Our clients aren't just clients; they are our friends. We do everything we can to make sure our clients get top notch service and only pay for services that provide value. We are looking to earn and keep your trust for years to come. Our team, led by Mary Houser, combines for more than fifty years' experience servicing small business and individuals' tax and accounting needs.
By combining our expertise, experience and the team mentality of our staff, we assure that every client receives the close analysis and attention they deserve.
Our clients aren't just clients; they are our friends. We do everything we can to make sure our clients get top notch service and only pay for services that provide value. We are looking to earn and keep your trust for years to come. Our team, led by Mary Houser, combines for more than fifty years' experience servicing small business and individuals' tax and accounting needs.
By combining our expertise, experience and the team mentality of our staff, we assure that every client receives the close analysis and attention they deserve.
Services
About Us
Houser, Cook & Associates is a certified public accounting firm which works with our clients to provide tax and accounting services for individuals and small businesses.
We also provide tax planning, practice before the Internal Revenue Service, and estate and trust accounting, consulting and tax preparation, and payroll services.
President and founding shareholder, Houser & Baiers, PC, 2005 to 2013, a certified public accounting firm providing accounting and tax services to individuals and small businesses.
We also provide tax planning, practice before the Internal Revenue Service, and estate and trust accounting, consulting and tax preparation, and payroll services.
President and founding shareholder, Houser & Baiers, PC, 2005 to 2013, a certified public accounting firm providing accounting and tax services to individuals and small businesses.
Services
Houser, Cook & Associates, PC provides a wide range of services to individuals and businesses in a variety of industries.
At Houser, Cook & Associates, PC, we strive to meet each client's specific needs in planning for the future and achieving their goals in an ever-changing financial and regulatory environment.
At Houser, Cook & Associates, PC, 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 Houser, Cook & Associates, PC, we strive to meet each client's specific needs in planning for the future and achieving their goals in an ever-changing financial and regulatory environment.
At Houser, Cook & Associates, PC, 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.
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.
Individuals must pay the third installment of 2021 estimated taxes, if not paying income tax through withholding (Form 1040-ES).
Calendar-year corporations need to pay the third installment of 2021 estimated income taxes.
Calendar-year S corporations must file a 2020 income tax return (Form 1120S) and pay any tax, interest and penalties due, if an automatic six-month extension was filed.
Individuals must pay the third installment of 2021 estimated taxes, if not paying income tax through withholding (Form 1040-ES).
Calendar-year corporations need to pay the third installment of 2021 estimated income taxes.
Calendar-year S corporations must file a 2020 income tax return (Form 1120S) and pay any tax, interest and penalties due, if an automatic six-month extension was filed.
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.
Daily News
If you are receiving monthly advance payments of the Child Tax Credit, you can make certain changes in the Child.
NTA Blog: Bumps in the Road Sequel: Update on the Filing Season Challenges: Part II Even though the 2021 filing.
The post NTA Blog: Bumps in the Road Sequel: Update on the Filing Season Challenges: Part II appeared first on Taxpayer Advocate Service.
The IRS offers an online account application for individual taxpayers.
With online account access, you can view: The total amount.
NTA Blog: Bumps in the Road Sequel: Update on the Filing Season Challenges: Part I Good news: The IRS.
NTA Blog: Bumps in the Road Sequel: Update on the Filing Season Challenges: Part II Even though the 2021 filing.
The post NTA Blog: Bumps in the Road Sequel: Update on the Filing Season Challenges: Part II appeared first on Taxpayer Advocate Service.
The IRS offers an online account application for individual taxpayers.
With online account access, you can view: The total amount.
NTA Blog: Bumps in the Road Sequel: Update on the Filing Season Challenges: Part I Good news: The IRS.
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.
Rental Property Safe Harbor
An area where we received the most amount of clarity on the new tax law in 2019 is what constitutes a trade or business as it relates to rental real estate and Internal Revenue Code Section 199A.
Section 199A relates to the 20% exclusion of trade or business income from taxable federal income.
If you own rental real estate, you may be eligible for a special tax break - TCJA's Section 199A deduction - which is based on a percentage of income earned by the rental real estate activity.
In order to be eligible for the deduction, the activity must be considerable, regular, and continuous in scope.
Section 199A relates to the 20% exclusion of trade or business income from taxable federal income.
If you own rental real estate, you may be eligible for a special tax break - TCJA's Section 199A deduction - which is based on a percentage of income earned by the rental real estate activity.
In order to be eligible for the deduction, the activity must be considerable, regular, and continuous in scope.
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.
