Tag: Tax preperation

End of the Year Tips to Maximize your Tax Refund

iStock_000045491268_LargeIt seems that tax season ended just yesterday, but a new season is upon us. Like most Americans, we’re sure that you’re looking for ways to pay no more than what you owe, and even boost your tax refund. Below are a few tips at maximizing your taxes this upcoming season:

  • Travel for work? See the doctor often? Don’t shy away from tax deductions. Believe it or not, but a lot of things add up without you knowing it. Keep a log of tax deductible activities and see if it’s worth writing them off. The same holds true for charitable deductions, and even moving fees if you relocate to a new home.
  • You have until April 15 to open a traditional IRA for the previous tax year.  Typically, traditional IRA contributions reduce taxable income.
  • Consider scheduling health-related exams during the last quarter of the year to boost medical expense deduction potential.  It’s actually been proven that taxpayers who pay particular attention to the calendar improve their chances of receiving a larger refund than those who don’t. Paying property taxes or things like your mortgage before the end of the current year can actually yield a larger refund. Make the calendar your best friend!

Don’t forget that when you’re looking to truly maximize your tax refund to seek out the premier CPA in Hawaii! Visit Michael J. Yuda CPA, LLC today!

Benefits of Filing Taxes Early

Tax Form with Fountain PenWe know tax season just ended, but the reality of tax season being here again is right around the corner. Did you know that there are numerous benefits that come with filing your taxes early? Here are a few reasons you should considering filing early this upcoming year:

  • Taxpayers who have children in college should get tax information early as it will impact the amount of financial aid the student may receive.
  • Filing taxes early can lessen the odds of becoming a victim of identity theft. The sooner a return is filed, the less likely someone else can file a return in your name.
  • When filing early, you have plenty of time to catch potential mistakes. Early planning prevents poor performance, and when you decide to file taxes early you’re not forced to stress out over missing paperwork or trying to meet a tight deadline.
  • Filing earlier gets you your refund much earlier!
  • This one might be a no-brainer, but filing early avoids one to have to file for an extension. People who wait to the last minute often have to go through the process of filing for an extension, which can lead to unneeded and preventable stress plus additional costs.

When tax season is here, seek out the tax consulting professionals in Hawaii at Michael J. Yuda, CPA, LLC.

Why Choose Michael J. Yuda?


Are you looking for financial stability and guidance? Michael J. Yuda, CPA, LLC in Honolulu, Hawaii can handle your personal or business day-to-day accounting! Why should you choose Michael J. Yuda to help with your finances? Consider these reasons when seeking  a CPA in Hawaii:

  • Michael J. Yuda is a Certified QuickBooks ProAdvisor.
  • Michael J. Yuda is a Certified QuickBooks Online ProAdvisor.
  • With 2 certifications in QuickBooks, Michael J. Yuda is a proven professional at bookkeeping services and can help create a personalized service that is unique to your specific and unique business.
  • Michael J. Yuda has a proven track record in accounting and taxes. He began his career working for the IRS before starting his own Accountancy Corporation in 1983.
  • Michael J. Yuda is a licensed CPA in both Hawaii and California.
  • Michael J. Yuda is a member of the Hawaii Society of Certified Public Accountants, the California Society of Certified Public Accountants, and the American Institute of Certified Public Accountants.
  • At Michael J. Yuda, CPA, LLC, we offer tax consulting services that include the preparation of all personal and business income tax returns. We also prepare all required state tax returns, as well as multi-state returns.

If you’re looking for a CPA that you can trust, choose the best CPA in Hawaii, choose Michael Yuda today!

Hawaii Tax Consulting

money-256301_640 (1)Hiring a Certified Public Accountant to help with your taxes is well worth the money spent. If you’re in need of strategic tax planning, which is important for small business owners or individuals with complex returns, someone who pays high income taxes, or have unusual circumstances that warrant the guidance of a professional, then choosing a CPA over another enrolled agent or general tax preparer is highly recommended.

CPAs help provide guidance related to the grey areas of your taxes, whereas anyone can deal with the black and white of filing tax returns. The guidance and strategies provided by a CPA in terms of tax preparation of consulting are based on their interpretation of IRS rulings and past experiences.  Michael Yuda previously worked for the IRS as a revenue agent and has unparalleled experience in handling tax preparation.

When you’re in need of tax consulting in Honolulu, Hawaii, choose Michael J. Yuda, CPA, LLC. The tax consulting services with Michael J. Yuda include the preparation of all personal and business income tax returns. This includes and is not limited to partnership, corporation, S-corporation, and limited liability company returns. We also prepare state tax returns, as well as multi-state returns, such as required for entertainment individuals and professional athletes, who work in several states during a calendar year.

Overlooked Tax Deductions

Every year, the IRS reports on the most common mistakes that taxpayers make on their returns. Everything from missing Social Security numbers to name misspellings make the list. However, there are some mistakes that people make on their taxes every year that you might not be aware of. Here are a few common overlooked tax deductions that you might miss when filing your taxes.

Stupid mistake


  • Dependent Parents: If you’re providing more than 50% of your parent’s financial support, and those expenses exceed 10% of your adjusted gross income, you may qualify for a very large deduction.
  • Sales tax on a new car: Used cars don’t count, and there are a few restrictions, but if you purchased a new car, you might be able to deduct the sales tax.
  • Continuing education deductions: If you itemize your deductions, you may be able to deduct various employee business expenses, including continuing education, professional publication subscriptions, professional association dues, and even tax preparation fees.
  • Business meals and entertainment: If you’re a small business owner or work freelance, you can write off business and entertainment expenses.
  • Home energy efficiency improvements:  If you are or have made your home more energy efficient, you may be able to deduct up to $1,500 off your tax bill.

There are many more hidden deductions that are often overlooked. If you don’t want deductions to be overlooked, consider seeking the tax consulting service of Michael J. Yuda CPA, LCC today!

Have A Less Taxing 2013 Tax Season

Under PressureTax day is less than two months away, and you aren’t alone if you haven’t even begun preparing your taxes. This year, how about you keep tax season less taxing, and take away the stress filing taxes can impose on your life. Below are a few helpful tips to make the 2013 tax season less daunting.

  • Get Organized: Easier said than done, right? The first step toward preparing your tax return is to organize every necessary document you need.
  • Become Aware: It’s important to understand what income is taxable. Reach out to a tax professional or do research to educate yourself on what is and what isn’t taxable.
  • Learn About New Tax Changes: In 2013 no major tax changes occurred, but there may be a few tweaks that could affect some taxpayers. Most of the changes that did occur are related to federal health care.
  • E-File: E-filing is the quickest way to receive your refund.
  • Seek Out Help: If you’re completely lost, choose Michael J. Yuda, CPA, LLC in Honolulu, Hawaii. Our tax consulting service includes preparation of all personal and business income tax returns. Michael J. Yuda is a trusted CPA in Hawaii, and can help make your 2013 tax season less taxing on you.

Preparing for Tax Season 101: What You’ll Need to Bring

Tax Preperation

With tax season springing upon us, the time to collect your important documents is not too far off. If you want to make the most out of your meeting with your CPA, it’s important to bring all needed documents. When you’re getting ready to meet with your CPA, make sure you bring the following documents:

  • W-2s from your employer(s).
  • 1099-MISC forms.
  • 1099-INT (interest) and 1099-DIV (dividends) forms.
  • 1099 B forms if you’ve brokered or traded stocks and bonds during the year.
  • K-1 forms for income from a partnership, trust or S Corporation.
  • 1099-SSA forms if you are receiving Social Security.
  • Documents that show additional income not reported on a W-2 or 1099 form.
  • Canceled checks, receipts, spreadsheets that show any tax-related expenses.
  • College expense records and 1098-T forms.
  • Proof of charitable donations.
  • If you paid estimated taxes, be sure to bring a summary of your federal and state estimated payments.
  • If you are starting with a new CPA, bring a complete copy of the prior year federal and state tax returns.

If you’re still unsure of what to bring to your CPA during tax time, consider asking your CPA before your meeting. If you’re looking for a CPA in Hawaii to help you get the most out of your taxes, and keep your personal finances in order, make Michael J. Yuda CPA, LLC your only choice!

CPA: The Nucleus of the Business World

Would you believe that being a CPA might be one of the most important jobs today? It’s no secret that the world is always getting more and more complicated, and financial concerns are the driving backbone of these complications. Over the last few decades, CPA’s have been responsible for handling many major issues for the government and even some of the world’s biggest corporations and organizations. A CPA knows the inner workings of the companies and clients they work for, and can effectively create and analyze financial information to see where a company or client is and where they need to go. A CPA is almost like a financial James Bond, always on top of the situation and an expert in the field.  Without CPA’s, the business world would crumble.

Without CPA’s, the business world would crumble.

Many businesses rely on a CPA to help guide them with investments, budget and even decide on expanding a company or waiting until more fiscally strong. It’s undeniable that a CPA may be one of the most important components of any business. Regardless of whether you’re part of a giant corporation, or just a small start-up company, it’s essential to hire a CPA that will help make important and often crucial decisions involving your finances. Skimping accounting can affect an entire business sector, and cause major problems. Finances and accounting are crucial to the success and stability of the business world, and a CPA is the nucleus of any business, as they can help control a businesses’ growth much like a cell.


What to Look for In a CPA

It’s no secret that taxpayers can benefit greatly by hiring a CPA to help file their taxes. However, like many of life’s decisions, you should not select a CPA blindly. Before you spend your hard-earned cash on CPA services, there are a few questions you should be prepared to ask to ensure you’re selecting a skilled professional for your situation. When it comes to filing taxes, it’s important to remember that the tax industry is ever changing and an appropriate CPA should be well-versed in new or ongoing changes within the industry. When searching for the best suitable CPA, keep these following questions at hand:

What should you look for in a CPA?

  • What licenses and background do you have?
  • How long have you been in the tax business?
  • Are there any particular tax-related issues that you specialize in?
  • Do you outsource any of the work you do? Will you be readily available if any questions arise?
  • Are you knowledgeable and experienced to handle my particular situation?
  • Approximately how long will it take to complete my work?
  • Do you maintain a strict privacy policy? Will my information be kept safe?
  • What are your current fees?

The most important factor to consider when selecting an experienced CPA to handle your taxes is whether or not they specialize and have immense knowledge on how to help with your specific problem. When searching for a competent and experienced CPA, don’t be afraid to ask questions. Always let a professional handle your tax return preparation, especially when you aren’t confident or well-versed to handle them yourself. If you’re looking for a dependable Honolulu CPA firm, Michael J. Yuda CPA, LLC can answer any questions you might have.


Some Amazing Facts about Hawaii

Fun Facts About Hawaii!Being a Honolulu CPA firm, Michael J.Yuda CPA, LLC gets to enjoy the beauty of Hawaii on a daily basis. If you’ve never been to Hawaii, you more than likely envision it as it’s portrayed in movies and television shows. It really is just as magical as you’ve imagined. When we’re not busy doing tax return preparation in Hawaii, we’re enjoying the beautiful sun and beaches of the most magical place on Earth. Here are some amazing facts about Hawaii!

  • Hawaii is so unique that it actually has its own time zone, Hawaiian Standard Time. Hawaiian Standard Time is two hours behind Pacific Standard Time, and five hours behind Eastern Standard Time.
  • Almost one-third of the world’s pineapples come from Hawaii.
  • Hawaii has eight main islands: Niihau, Kauai, Oahu, Maui, Molokai, Lanai, Kahoolawe, and the Big Island of Hawaii.
  • Hawaii has two official languages.
  • Hawaii is America’s youngest state, entering the nation on August 21, 1959.
  • Hawaii is the only state in the United States that grows coffee.
  • There are only 12 letters in the Hawaiian alphabet.
  • The islands of Hawaii were formed from erupted under-sea volcanoes.
  • Lolani Palace is the only royal palace in the United States.