ABOUT OUR BUSINESS
At Complete Business Services LLC, client satisfaction is our greatest asset. Since opening our doors in 1995, we’re proud to say that we still take the time needed to really "hear" our client's concerns, then utilize today's cutting edge skills of timeliness, efficiency and proficiency to satisfy their needs.
We offer accounting and business development services, support for business management, and income tax preparation services. Our client base consists of individuals, entrepreneurs, non-profit agencies, and small businesses ... uniquely networked for growth and development.
Are you ready to set your brand or business on the path to success? Give us a call today and see how we can help you enhance your business skills, achieve your goals, and maximize your profitability.
Complete Business Services exists to solve the critical issues facing our clients, both large and small. Our unique approach is not only what differentiates us, but also what makes us successful. We provide a broad range of services and solutions to help organizations facilitate change, achieve their vision and optimize performance and productivity.
ACCOUNTING, STRATEGIC BUSINESS MANAGEMENT, TAX MATTERS
Expert Guidance
With years of experience, our staff has the capabilities and expertise to take your business to the next level. At Complete Business Services, we combine our insights and skills to transform your processes and strategies, and in turn, your company. We’re proud to help shape and improve how our clients structure and manage their business.
BRANDING & POSITIONING ANALYSIS
Grow Your Business
Looking to develop your business but not sure where to turn? Need help planning or executing your next project? Let us guide you. Any organization can move forward with small incremental changes, but building for the future in today’s rapidly evolving environment means taking bold chances and making insightful decisions.
DID YOU KNOW...
Media Buzz
COVID-19 STIMULUS PLAN UPDATE
As you read this, the U.S. Treasury Department could be in the process of writing you a check, and it’s possible you could have that check in your hands within three weeks, according to the Treasury secretary.
The check you receive this year is going to be your minimum amount. You don’t have to repay it or pay taxes on it.
And next year, when you file your 2020 tax return—say, on April 15, 2021—you could receive more cash if the 2020 return shows a bigger credit than you receive this year.
Technically, the cash you’re about to receive is an advance payment of a new refundable tax credit for your 2020 Form 1040 tax return. (This is the return you will file in 2021.)
The advance tax credit (think cash) coming in the mail or electronically in the next three weeks or so is based on your 2018 or 2019 (if you filed it already) tax return. If your income qualifies for the full credit, you will receive
$1,200, or $2,400 if you filed a joint return, plus
$500 for each dependent age 16 or younger on December 31, 2020.
Your tax credit (the check in the mail) goes down by 5 percent of the amount by which your adjusted gross income (AGI) exceeds
$150,000 on a joint return,
$112,500 on a head of household return, or
$75,000 for all other filing statuses.
The advance credit amount is based on
2019 AGI; or
2018 AGI, if you have not yet filed your 2019 return; or
2020 Social Security benefits statement, if you did not file a 2018 or 2019 tax return.
You’ll “true up” your advance tax credit on your 2020 Form 1040 (which you will file in 2021):
If the tax credit amount (the cash you are about to receive) is less than the credit you qualify for based on 2020 AGI, then you’ll get the difference as a refundable tax credit in 2021 after you file your 2020 tax return.
If the cash amount you receive this year is greater than the credit you qualify for based on 2020 AGI, you have a windfall. You don’t have to pay the excess cash back to the IRS.
Your current tax debts will not interfere with the cash amount you are about to receive. There are no offsets for outstanding tax debts.
But there is an offset for past-due child support that is reported to the IRS by a state. In this case, the IRS will take the child support money from the advance tax credit before remitting any money to the taxpayer.
EVEN IF YOUR CAR IS A GAS GUZZLER, IT CAN PUT MONEY SOME BACK IN YOUR POCKET
You probably like your personal vehicle just as it is.
But wouldn’t you like it far better if it were producing tax deductions? Perhaps big deductions, immediately. And the Tax Cuts and Jobs Act (TCJA) gives you the tax reform road map on how to do this.
Of course, to make this happen, you need to strip your personal vehicle of its personal status and re-dress it as a business vehicle. This is not difficult.
In its new business dress, your former personal vehicle can qualify for up to 100 percent bonus depreciation.
Example. Sam has a personal vehicle with a tax basis for depreciation of $31,000. With 70 percent business use on this 100 percent bonus depreciation qualifying vehicle, Sam has a new $21,700 tax deduction for this year ($31,000 x 70 percent).
Call me so we can talk about this. Let’s examine what you would need to do to make this work for you and how much you could write off this year.