About Us
SWVA Tax & Accounting is a full service accounting firm specializing in the needs of small businesses. We provide both personal & business taxation services as well as a wide array of business options. We are here to alleviate the burden of accounting, bookkeeping, payroll & taxes on business owners, so that they can focus on being successful in their business. At SWVA Tax & Accounting we are here to to help provide a better working world for our clients, businesses and our community. We are more than just numbers, we strive to see our clients succeed.
How We Got Started
I have dedicated the last 18 years to helping my clients keep more money in their pockets and less to the government. I made my start working for my father’s financial advising business where I quickly learned that I enjoyed the world of business, but more importantly I learned that I enjoyed helping people succeed. In 2009 I opened my own accounting & tax business that focus on the needs of small businesses and have been serving South West Virginia since then. When I am not serving my clients, I enjoy raising my two children and spending time on the river.
The products and services we offer
Recommendations Received (8)
"GREAT DEALS"
"Elisa has MANY years of experience and enthusiastically works to solve her clients problems and..."
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"Elisa has MANY years of experience and enthusiastically works to solve her clients problems and take care of their needs. "
Products & Services
Individual taxes from the simple 1040 to the complex returns. We do rental properties, Sole proprietor and farms.
*LLC, S-Corp& C-Corp
*SCC Filings
*Operation Agreement & By Law Preparation
*IRS & State Registration
Gallery
Recommendations Given (12)
"Jerry is very knowledgeable about retirement investment options. He is a joy to work with. I..."
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"Jerry is very knowledgeable about retirement investment options. He is a joy to work with. I recommend my clients who are looking at retirement investments and financial services. "
Recent Activity
We have a mix of clients the use desktop and online. For our in house accounting we use quickbooks desktop. We also do training for both the desktop and online version. I am partial to the desktop but they both have their pros and cons.
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We have a mix of clients the use desktop and online. For our in house accounting we use quickbooks desktop. We also do training for both the desktop and online version. I am partial to the desktop but they both have their pros and cons.
As others have stated co-mingling your personal expenses with your business expenses is a big no no. These will have to be coded as distributions. I always have my clients pay themselves either via a check or transfer and we do the payroll calculations and payroll taxes. The payroll can be done,...
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As others have stated co-mingling your personal expenses with your business expenses is a big no no. These will have to be coded as distributions. I always have my clients pay themselves either via a check or transfer and we do the payroll calculations and payroll taxes. The payroll can be done, weekly, bi-weekly, monthly or quarterly. The schedule is really up to the business owner. I always have my clients take no more distributions that they have paid themselves payroll. The IRS reasonable wage is somewhat of a gray area. It states that s-corp owners must pay themselves reasonable compensation but what is considered reasonable depends on different factors. There are many factors I look at when we determine a proper salary. I always look at the net profit of a company. If a company is only making 10k then it's not reasonable to pay them a salary of 30k. But if the business is making a net profit of 50k then they need to be paying themselves at least 25k. If they are not making money yet then I don't issue them a salary until they are profitable. If the company is making a substantial profit then you need to be looking at what would the officer be making if he did the same work for another company. I do a 50/50 on Salary and distributions. I don't have my clients take more in distributions than they are receiving in salary. As excess distributions without salary can be a major red flag. As far as the Sec 199A 20% Qualified business income deduction, this can get complex if the taxable income is in excess of $315,000.
Eligible taxpayers may be entitled to a deduction of up to 20 percent of qualified business income (QBI) from a domestic business operated as a sole proprietorship or through a partnership, S corporation, trust or estate. For taxpayers with taxable income that exceeds $315,000 for a married couple filing a joint return, or $157,500 for all other taxpayers, the deduction is subject to limitations such as the type of trade or business, the taxpayer’s taxable income, the amount of W-2 wages paid by the qualified trade or business and the unadjusted basis immediately after acquisition (UBIA) of qualified property held by the trade or business. Income earned through a C corporation or by providing services as an employee is not eligible for the deduction. I would strongly advise to consult with your accountant. If you need assistance we can certainly accommodate you. We provide services all over the country with our virtual accounting services.
I would do it. And the event would be tax deductible and a networking experience. I have businesses that mix a little personal with business all the time. Now your personal expenditures for the personal portion of your vacation will not be tax deductible.
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I would do it. And the event would be tax deductible and a networking experience. I have businesses that mix a little personal with business all the time. Now your personal expenditures for the personal portion of your vacation will not be tax deductible.
I received most of my leads early on in my business from BNI. I found it to to be worth the annual fee's. I have not been in a BNI Group for some years now because I moved and the local BNI chapter her already has my profession. I am recommending that you try it out. Some groups are better than...
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I received most of my leads early on in my business from BNI. I found it to to be worth the annual fee's. I have not been in a BNI Group for some years now because I moved and the local BNI chapter her already has my profession. I am recommending that you try it out. Some groups are better than others so see if you can visit several groups so that you can decide on the best fit for you.
