The Ryan Group is a CPA firm, well established in Huntington Beach, with over 30 years experience. We specialize in helping business owners succeed. With our depth of experience and deep contacts in the business community, we can provide you with the rapid response and informed advice you’ll need to deal with the bewildering financial challenges facing any business.
Our reputation for integrity and professional ethics speaks volumes and we would be glad to provide references so that you can talk with current clients about our performance. We stand ready to help you navigate complex federal and state tax laws, to establish financial systems and safeguards and help you achieve your goals.
Our common goal is to have an accounting system that generates real time financial information that allows your business to correct its course throughout the year. The Ryan Group is also a Certified QuickBooks Advisor. A properly set up accounting system, such as in QuickBooks, can simplify procedures and help you prevent possible problems with your tax filings.
Patrick L. Ryan, President and Senior Business Consultant
Patrick is a Certified Public Accountant. He received his BS in Accounting, with a minor in Mathematics from California State University, Long Beach. He started his accounting practice over 17 years ago. Along with his accounting experience, his background includes Computer Consulting and Management Training.
He is an active member of the AICPA and the California Society of CPA’s and is a member of the Society’s Management of Accounting Practices and Marketing Committees.
In addition, Patrick is a licensed Certified Valuation Analyst and an experienced expert witness
in the areas of forensic accounting, business valuations and marital/partnership dissolution.
Does health care reform impact my 2012 taxes?
Filers can relax because the requirement to purchase health care does not impact your 2012 or 2013 taxes. That starts January 2014 (and won't need to be filed until the next year). There may be exceptions based on income, religious beliefs and citizenship.
Will January tax law changes impact my taxes?
The drama of the fiscal cliff came to a temporary end this year with the passing of The American Tax Relief Act of 2012, including "a permanent extension of the alternative minimum tax (AMT) patch, the permanent reduction of tax rates and the reinstatement of several tax deductions, including the educator expense deduction, the tuition and fees deduction, and state sales taxes in lieu of state income taxes.
What is the earned income tax credit and how do I claim it?
This question is also a frequent question for hard times, but many low- and middle-income filers are not familiar with this credit. Some families believe they don't make enough to file their taxes, but taxes must be filed to get this credit, which may help a family with three dependents receive a credit worth up to $5,891.
Who can I claim as a dependent?
The short answer is that you can claim a "qualifying child" or "qualifying relative" if they meet specific requirements related to residence, relationship to you, age, financial support provided and income. Even significant others or friends can qualify in some cases.
Am I eligible for a child and dependent care deduction?
If you work and pay for child care for your dependents under 13 years old you may be able to qualify for a deduction of up to $2,100.
What is the eligibility for the child tax credit?
You can claim an additional $1,000 credit for each dependent child under the age of 17 if you meet income and support tests.
What are qualified education expenses? And when can I file?
There are a number of education credits and deductions, including the American Opportunity Credit, which was extended through 2012. It benefits full-time and part-time college students with a maximum $2,500 credit per student, based on income requirements.
What are the tax implications of withdrawing money early from a retirement account?
Withdrawing money early from a retirement account comes with a 10 percent tax penalty plus regular income tax on the amount withdrawn. Watch out if that additional retirement money bumps you into the next tax bracket, which could affect Social Security taxes and other considerations.
My house foreclosed. How does that impact my taxes?
The Mortgage Forgiveness Debt Relief Act was extended another year through 2013, meaning homeowners don't have to pay taxes on the loss of their homes through foreclosures or short sales, up to $2 million (or $1 million if married filing separately).
I started my own business; can I deduct my home office expenses?
Though this is a legitimate tax deduction, expenses for home office should be used exclusively and regularly for the home office, and not a space that is mixed residential and business.
How do you find the value of non-cash charitable contributions?
You can deduct travel expenses if it's related to volunteering directly with a non-profit organization.
If you donate goods, you can deduct the fair market value at which the item could be resold.
Are unemployment benefits taxable?
Yes, unemployment income is taxable income.
This provision, currently scheduled to expire at the end of 2013, offers older owners of individual retirement arrangements (IRAs) a different way to give to charity. An IRA owner, age 70 or over, can directly transfer tax-free up to $100,000 per year to an eligible charity.
This option, first available in 2006, can be used for distributions from IRAs, regardless of whether the owners itemize their deductions. Distributions from employer-sponsored retirement plans, including SIMPLE IRAs and simplified employee pension (SEP) plans, are not eligible.
Beginning on Jan. 1, 2014, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
56 cents per mile for business miles driven
23.5 cents per mile driven for medical or moving purposes
14 cents per mile driven in service of charitable organizations
Plan Now to Get Full Benefit of Saver’s Credit; Tax Credit Helps Low- and Moderate-Income Workers Save for Retirement
Low and moderate income workers can take steps now to save for retirement and earn a special tax credit in 2013 and the years ahead, according to the Internal Revenue Service. The saver’s credit helps offset part of the first $2,000 workers voluntarily contribute to IRAs and to 401(k) plans and similar workplace retirement programs. Also known as the retirement savings contributions credit, the saver’s credit is available in addition to any other tax savings that apply.
Fast Track Settlement Program Now Available Nationwide; Time-Saving Option Helps Small Businesses Under Audit
The Internal Revenue Service today announced the nationwide rollout of a streamlined program designed to enable small businesses under audit to more quickly settle their differences with the IRS. The Fast Track Settlement (FTS) program is designed to help small businesses and self-employed individuals who are under examination by the Small Business/Self Employed (SB/SE) Division of the IRS.
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