Brown & Maguire CPAS PLLC

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Accountants-Certified Public, Accounting Services, Bookkeeping

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22 Years

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(931) 388-3008Visit WebsiteMap & Directions502 N Garden StColumbia, TN 38401 Write a Review

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QUALITY. SERVICE. ETHICS.

General Info: Personal and corporate tax planning and return preparation Small business services, which bundles bookkeeping, tax assistance, and business analysis Audit, review and compilation or write-up services Financial consulting services related to business acquisitions SEC reporting assistance related to 10-K, 10-Q, 8-K and registration statements.
Email: Email Business
Services/Products: Tax Planning & Tax Preparation
Other Link: http://www.brownandmaguire.com
Categories: Accountants-Certified Public, Accounting Services, Bookkeeping, Business Coaches & Consultants, Business Management, Financial Services, Tax Return Preparation, Tax Return Preparation-Business
Other Information: Certifications: Certified Public Accountants

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Phone: (931) 388-3008

Address: 502 N Garden St, Columbia, TN 38401

Website: http://www.brownandmaguire.com

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Brown & Maguire CPAS PLLC

Tax Planning
The wash sale rule can deliver a nasty surprise at tax time. Contact us with questions as youâ€™re contemplating year-end tax planning strategies for your investment portfolio.
Charitable Giving
You cannot deduct contributions made to specific individuals, political organizations and candidates, the value of your time or services and the cost of raffles, bingo, or other games of chance. To be deductible, contributions must be made to qualified organizations. Cash contributions must be substantiated by a bank record, or a receipt, letter or other written communication from the donee organization indicating the name of the organization, the date of the contribution, and the amount of the contribution. In addition, if the contribution is $250 or more, a written acknowledgement showing the amount of cash contributed, any property contributed, and a description and a good faith estimate of the value of any goods or services provided in return for the contribution or statement that no goods or services were provided in return for the contribution, is required. Non-cash contributions over $500 must be supported by an attachment to the return which states the kind of property contributed, along with the method used to determine its fair market value. Form 8283, Non-cash Charitable Contributions is required for contributions with a claimed value of more than $5,000. Contributions which exceed the 10% limitation can be carried over for five years.
Estate Taxes
Avoiding Probate
Joint tenancy, with the privilege of survivorship. Two or more people have equal ownership. The property is passed to the joint owner upon death. This should be used to effectively avoid probate.
Tax Services
Running a fast-paced franchise business leaves little time for managing your books. Before you get behind on organizing and maintaining your financial records, contact Brown & Maguire CPAs, PLLC. We're a Middle Tennessee certified public accounting firm with extensive knowledge and experience in franchise accounting. Our staff is dedicated to providing accounting and tax services to franchise businesses. Whether you own a stand-alone business or franchises in several states, we offer a wide variety of services that will save you time and resources.
Roth IRA
Roth IRAs - Contributions to a Roth IRA are not tax deductible but qualified distributions, including earnings, are tax-free.
Real Estate Taxes
Deductible real estate taxes are usually any state, local, or foreign taxes on real property. If a portion of your monthly mortgage payment goes into an escrow account and your lender periodically pays your real estate taxes to local governments out of this account, you can deduct only the amount actually paid during the year to the taxing authorities. Your lender will normally send you a Form 1098, Mortgage Interest Statement, at the end of the tax year with this information.
Form 1065
Partnerships. A partnership must file Form 1065, â€œU.S. Return of Partnership Income,â€ for the year it closes. The â€œfinal returnâ€ box must be checked, and the same must be done on Schedule K-1, â€œPartnerâ€™s Share of Income, Deductions, Credits, etc.â€
Tax Deductions
The IRS reminds taxpayers that specific rules apply for taking a tax deduction for donating cars to charities. If the claimed value of the donated motor vehicle, boat or plane exceeds $500, you can deduct the smaller of the vehicle's FMV on the date of the contribution or the gross proceeds received from the sale of the vehicle.
Income Tax
The interest gained from state and local bonds is usually exempt from federal income taxes. These investments generally pay back at a lower interest rate than commercial bonds of similar quality.
Tax Deferral
We can assist you with many other complicated tax issues related to closing your business, including Paycheck Protection Plan (PPP) loans, the COVID-19 employee retention tax credit, employment tax deferral, debt cancellation, use of net operating losses, freeing up any remaining passive activity losses, depreciation recapture, and possible bankruptcy issues.
Capital Gains Taxes
The primary advantage of making lifetime gifts is that, by removing assets from your estate, you shield future appreciation from estate taxes. But thereâ€™s a tradeoff: The recipient receives a â€œcarryoverâ€ tax basis, meaning that the recipient assumes your basis in the asset. If a gifted asset has a low basis relative to its fair market value (FMV), then a sale will trigger capital gains tax on the difference.
Tax Return Preparation
Available in most communities are Volunteer Income Tax Assistance (VITA) sites to help with tax return preparation. People volunteer their time to help their neighbors. The service is free to those with limited or moderate income people, non-English speaking, the elderly and the disabled. Some VITA sites even offer free electronic filing. If you want to know more about a VITA site in your community or volunteering your time, call the IRS at 1-800-906-9887. Check out IRS e-file.
Business Tax Return Preparation
Nadeen Tatum is a staff accountant with 30 years experience in public accounting. Her responsibilities are primarily focused in bookkeeping assistance, financial statement preparation, payroll tax compliance, and individual and business tax return preparation. She serves on the board of directors of her HOA and enjoys reading and antiquing.

Mutual Funds
While it's important to keep year-end mutual fund and IRA contribution statements forever, you don't have to save monthly and quarterly statements once the year-end statement has arrived.
Bonds
Money Market Funds
The yield is the amount paid annually by an investment. The yield is most commonly a percentage of the market price of an investment, which does not take into account the appreciation. Since money market funds and certificates of deposit don't fluctuate like stocks and bonds do, the yield would be the same as the total return.

Accounting Services
Accurate record-keeping is essential to a successful business yet can also be complicated and time consuming. Brown & Maguire CPAs, PLLC can help you with the organization and day-to-day tasks of bookkeeping so that you can focus on your core business. You can depend on our experienced team members for all of your accounting services...
Payroll Services
Brown & Maguire CPAs, PLLC's payroll services can help you reduce the time spent on administration through developing and implementing a computerized payroll system that will facilitate processing, timely payment and preparation of tax returns.
Cash Flow Analysis
Brown & Maguire CPAs can take payroll processing off your hands and compile meaningful, well-organized financial statements that will allow you to make important business decisions. We also offer specialized franchise accounting services including inventory management, tip allocation, royalty fee audits, and cash flow analysis. We understand that tax liabilities play an important role in the profitability of any franchise. That's why we're always cognizant of changes to Federal and State tax regulations that could affect businesses in your industry, and we will help you plan accordingly.
Bookkeeping Services

Financial Planning
Following are some generally recognized financial planning tools that may help you reduce your tax bill.
Retirement Planning
A person who participates in a qualified pension, stock bonus, or profit-sharing plan, a qualified annuity plan, a tax-sheltered annuity (TSA) plan, a simplified employee pension plan, or a local, state, county, or federal retirement plan has active-participant status, as does his or her spouse.
Annuities
A long-term contract sold by life insurance companies that guarantees fixed or variable payments to the purchaser at regular intervals. Payments are usually scheduled to begin at a future time, such as retirement. Some annuities provide tax-deferred earnings, often as part of retirement plans.
Long Term Care
With long-term care insurance (LTCI), you are guaranteed to be paid a certain amount of money towards care for a specified length of time.
Asset Management
Diversification is similar to asset allocation, but within the asset class. For instance, diversification would be buying 15 or 20 different stocks, with the same purpose in mind as asset allocation, to minimize risk and to make sure that if something tanks, it doesn't take your entire portfolio down with it.
Living Trusts
Reverse Mortgages
A reverse mortgage is a way for you to take advantage of some of the equity that is currently tied up in your home. A reverse mortgage works in the same manner as a normal one, reversed, and the homeowner is paid monthly versus having to pay. The major difference between this and a home equity loan is that you aren't required to pay anything back to the lender as long as you retain ownership of the home.

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