Cash Flow Planning for Life

Happy Monday to you!

We wanted to assure you knew about this wonderful resource provided by the IRS regarding “Giving Tuesday” (tomorrow, November 28, 2017).

What is Giving Tuesday?

Giving Tuesday is an annual event celebrated the week after Thanksgiving to kick off the season of charitable giving. Taxpayers making donations may be able to deduct them on their tax return. As people are deciding where to make their donations, the IRS has a tool that may help.

What is the IRS Select Check Tool?

Exempt Organizations Select Check on IRS.gov is a tool that allows users to search for charities. It provides information about an organization’s federal tax status and filings.

Here are four facts about EO Select Check:

1. Donors can use it to confirm an organization is tax exempt and eligible to receive tax-deductible charitable contributions.
2. Users can find out if an organization had its tax-exempt status revoked. A common reason for this is that the organization did not file its Form 990 or notices annually as required.
3. EO Select Check does not list certain organizations that may be eligible to receive tax-deductible donations. This includes churches, organizations in a group ruling, and governmental entities.
4. An organization’s “doing business as” name is not searchable. Search using an organization’s legal name instead.

Taxpayers can also use the Interactive Tax Assistant, Can I Deduct my Charitable Contributions? to help determine if a charitable contribution is deductible.

Enjoy!

Mark & the Makara-Associates Team

Are you a business owner that needs help with cash flow planning? controllership? forensic accounting?

Or perhaps an individual that needs assistance with your tax planning and preparation, or resolution of an IRS tax problem you have incurred?

Stay Current on Available Accounting Services

Each year brings about changes in the world of accounting.

It is easy to fall behind with your tax planning and preparation, which may end up causing you tax problems with the IRS. Without resolution of an IRS tax problem, you can end up having to pay tax penalties in addition to the original amount you owed.
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Do you have a standing appointment with a tax advisor?

Are you prepared for your next meeting?

Need some new ideas on investing and tax planning tips to discuss with your tax advisor?

Tax Planning

Each year brings multiple changes in tax planning. Today, the new method for financial planning for tax and investment is more focused on “spreading” income and expenses over a number of years. Understanding how you can accomplish this can become overwhelming.

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Do you have an outstanding income tax return with the IRS?

Do you owe money to the IRS that is past due?

Would you like to resolve the problem?

IRS Tax Problems

Are your tax problems keeping your awake at night? When you fail to file your returns and to pay your taxes, you incur penalties.

IRS tax problems can multiply quickly when they are not resolved. Delinquent tax returns and outstanding tax balances are charged interest which is compounded daily.

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Are you considering a new business start-up?

Is your business going through some difficult times financially?

Do you need guidance with your tax planning?

These are just a few of the reasons why people look to a CPA for direction with their businesses.

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Are you a small business owner?

Have you been considering starting a small business? 

Are you looking for guidelines that can help you build a solid foundation for your business?

Every business owner is faced with the same business questions at one time or another. Not dealing with the questions can cause problems, they can even create hurdles that can eventually put you out of business.

Being proactive allows you to grow your business on a solid foundation. Understanding these questions can make the difference of whether they become a problem.

Reviewing the seven things to know from our free eBook, 7 Things Every Business Owner Needs to Know, can help create a positive working environment which allows you to grow your business while tackling these potential problems.

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Are you an Independent Contractor?

Do you receive a 1099 for income paid to you?

Have you prepared for your year-end taxes with a tax strategy?


The end of the year can be quite stressful as an independent contractor. If you haven’t planned for your year-end taxes, you may find out that you owe a substantial amount of money for taxes.

At Makara and Associates, we understand how this can happen. Our team will take the time to educate you on what your options are and work with you on developing a solid tax strategy, so you don’t find yourself in an unpleasant situation at the end of the year.

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Thinking about getting a divorce?

Would you and your spouse be able to work through the process together?

Do you know the valuable role a Neutral Forensic Accountant can have in a collaborative divorce?

Unfortunately, many divorces are not collaborative.

When preparing for a divorce, the stress can be overwhelming.

Financial friction between a couple when dividing assets and debts can end up in a long, drawn-out legal battle.

This is a situation where working with a “Neutral Forensic Accountant” can make a significant difference.

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How do you measure your business success?

When was the last time you reviewed your business operations and accounting systems?

Are you prepared for the changes in our complex business world today?

Running your own business can present many challenges. Addressing those business needs may be overwhelming unless you are committed to continuing education and implementation of the latest technologies.

At Makara & Associates, LCC, we believe through our training and experience we can offer you a fresh prospective and practical view of your business operations and accounting systems.

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Thinking about getting a divorce?

Interested in making the proper preparations to protect yourself financially?

Do you want what is in the best interest financially for your family too?

You know divorce is a life-changing event, and you have heard It affects over 50% of couples in the U.S. But understanding all the aspects of a divorce is more overwhelming than you thought.

Without the proper planning, it can be devastating emotionally, mentally, and especially financially. With proper planning, it is possible to move forward and get through it.

If you are working towards a non-contested, respectful and collaborative divorce and need guidance to make that happen, consider these tips from experiences I have had. However, if you are working with a contested divorce, brace yourself, there is no way to “plan” for that.

Although, having everything in order is the first step either way.

Consider reviewing the following checklist as a helpful guideline.
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