Business Solutions Made Easy
Are you a small business owner? An individual looking to make sense of your finances? Need help with tax preparation? It can be overwhelming to keep up with the constantly-changing rules, regulations, and shifts in the world of economics and finance.
At Cieslik & Glenn, Certified Public Accountants, Inc., we have the resources to make a plan that’s simple to understand so that you can look forward to a stable financial future. Call today or visit our Corona, CA, office for a consultation.
Frequently Asked Questions
When is the individual tax deadline?
The individual tax deadline is April 15th. Contact us to help you file your taxes or file an extension!
When is the extended individual tax deadline?
The individual tax deadline is October 15th. Contact us to help you file in
What kind of clients do you work with?
We have both individual and business clients.
What is your consultation fee?
Our consultation fee starts at $150 and is applied to the preparation of your tax return. Contact us to set up an appointment!
How long do I keep my records?
Most financial records should be kept for 7 years. Contact us for specific situations.
Do you prepare trust tax returns?
Yes, we have experience preparing trust tax returns. Contact us for an appointment!
What is tax planning?
Tax planning is the process of organizing your financial affairs to minimize your tax liability within the legal framework, making strategic decisions throughout the year to optimize your financial situation at tax time.
Why is tax planning important?
Effective tax planning can lead to substantial savings, helping you minimize the amount of taxes you owe and ensuring you are in compliance with tax laws.
When should I stat tax planning?
Tax planning is a year-round effort. Starting early allows you to make informed decisions and take advantage of available opportunities to reduce your tax liability.
What are tax deductions?
Tax deductions are expenses that can be subtracted from your taxable income, reducing the amount of income subject to taxation and potentially lowering your overall tax liability.
How do I determine my filing status?
Your filing status is determined by your marital status and family situation. Common statuses include Single, Married Filing Jointly, Head of Household, and others.
What tax credits are available to me?
Tax credits directly reduce the amount of tax you owe. Common credits include the Child Tax Credit, Earned Income Tax Credit (EITC), and education- related credits like the American Opportunity Credit.
Should I take the standard deduction or itemize my deductions?
It depends on your individual circumstances. Compare the standard deduction to your potential itemized deductions and choose the option that results in the lower taxable income.
What is the importance of keeping good records for tax planning?
Maintaining accurate records of income, expenses, and relevant financial transactions is crucial for claiming deductions, credits, and ensuring compliance with tax laws.
How does homeownership affect my taxes?
Homeownership can result in deductions such as mortgage interest and property taxes, potentially reducing your taxable income.
What tax considerations should small business owners be aware of?
Small business owners should be aware of deductible business expenses, tax credits, and the implications of different business structures on their tax liability.
How can I minimize taxes on investment income?
Utilize tax-efficient investment strategies, consider tax-advantaged accounts, and be mindful of capital gains tax implications when buying or selling investments.
How often should I review my tax plan?
Regularly review your tax plan throughout the year and make adjustments as needed, especially in response to significant life changes or changes in tax laws.
What should I do if I can't pay my tax bill in full?
If you can’t pay in full, consider setting up a payment plan with the IRS or explore other options. Ignoring the issue can result in penalties and interest.