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(916) 649-1040
Ken Cone CPA
Sacramento, CA
Throughout a career as a Certified Public Accountant, Ken Cone had the opportunity to go into countless businesses and "look under the hood," so to speak. As he honed his craft he noticed several common threads between clients that were successful and those that weren't. With a keen eye for detail and an ability to quickly diagnose issues and provide solutions, Ken began offering more guidance and advice to clients than simply tax advice and balance sheet understanding. As his skills in this consultative approach grew, he became increasingly passionate about providing knowledge to business owners, managers, and investors. Driving that passion is the desire to empower them to make more informed decisions about their business' finances, the overall direction of their organizations and their work/life balance. A native of the Bay Area, Ken holds a BSC and an MBA from Santa Clara University.
Ken is a problem solver. It is his brilliance. He is a 'hands on CPA' who enjoys working with, not just for, the business owner. He has a sharp instinct for discerning what is wrong, discovering what is needed, understanding how to go about getting it done, and then expertly making the needed changes. If you are a business owner with a problem, Ken can help.
Ken knows the small and mid-size business owner's issues. He utilizes his vast knowledge and experience to help you overcome problems, such as: - What is the difference between an S Corporation, C Corporation., and LLC?
- What type of legal structure should I choose for my business?
- I haven't filed a tax return in 5 years. What do I do?
- How can I better manage my business to increase profits?
- My business has stagnated. Nothing seems to be working.
- Every time we reach a certain point in growth, everything goes haywire.
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Tax Planning helps you minimize taxes over the long term and have a knowledge of what to expect when tax time comes next year by reviewing your situation during the year when you still have time to make changes beneficial to your situation.
Tax planning is one of my services. By reviewing your unique situation during the tax year while you still have time to make changes, you can often reduce both your tax responsibility and any unexpected surprises when it comes time to prepare taxes next winter and spring.
For many many people your savings and peace of mind are many times larger than the price of the review.
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| Tax Planning New IRS Announecments |
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The IRS announced their pension plan limitations for 2012. Following is a brief table of common limitations:
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Plan Type |
2011 Limit |
2012 Limit |
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401(k)-Private, and 403(b)-Public |
$16,500 |
$17,000 |
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Catch up limit for those over 49 years old |
$5,500 |
$5,500 |
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Beginning of phase -out for deductible IRAs when a
taxpayer our spouse is covered in a plan |
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Singles & Head of Household |
$56,000 |
$58,000 |
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Married Filing Jointly |
$90,000 |
$92,000 |
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AGI phase out range for IRA eligibility |
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Singles & Head of Household |
$107,000 |
$110,000 |
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Married Filing Jointly |
$169,000 |
$173,000 |
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AGI limit for the saver's credit |
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Singles & married filing separately |
$28,250 |
$28,750 |
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Head of Household |
$42,375 |
$43,125 |
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Married Filing Jointly |
$56,500 |
$57,500 |
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Annual benefit under a defined benefit plan |
$195,000 |
$200,000 |
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Defined contribution plans |
$49,000 |
$50,000 |
In a similar announcement, the IRS provided other inflation adjustments of note:
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Item |
2011 Amount |
2012 Amount |
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Standard Deduction: |
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Married Filing Jointly |
$11,600 |
$11,900 |
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Singles and Married Filing Separately |
$5,800 |
$5,950 |
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Heads of Household |
$8,500 |
$8,700 |
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Foreign earned income deduction |
$92,900 |
$95,100 |
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Lifetime learning credit |
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Singles & Head of Household |
$51,000 |
$52,000 |
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Married Filing Jointly |
$102,000 |
$104,000 |
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Qualified transportation benefits exclusion for qualified parking provided by an employer to its employees-monthly limit |
$230 |
$240 |
* please note that various factors may affect your personal situation and how these impact it. For a personal review, contact Ken. It is also possible for Congress and the IRS to modify these between now and April 15, 2012.
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Thanksgiving
is the season to be thankful for each of our blessings and the
successes that have lead to our tax responsibilities. It is also the
time to minimize these taxes and maximize the resources available to
bring benefits to your family and community in the coming year.
Imagine for a minute that money grew on trees.
Autumn would be harvest season, time to rake up all we could in preparation for the coming winter and the next spring.
For Tax purposes, this is not so wrong. Money may not really grow on trees but autumn brings a wonderful opportunity to review the year, while still able to make changes that adjust your finances to minimize and make more predictable your future tax burden.
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