Tax & Accounting Solutions
Newport Financial & Tax Services, LLC was established in 2004 as a CPA Firm catering to small and medium-sized businesses located in New Jersey and New York. In 2013 Newport Financial & Tax Services, LLC moved to Northern Virginia. Our firm specializes in tax preparation and compliance plus small business consulting for individual and corporate clients.
I advise our clients on various tax issues including self-employed businesses, real estate rentals, partnership income, and other complex tax matters. My expertise includes accounting and business services plus any required management advisory services. For all of my clients, I provide timely, personalized service throughout the year in addition to year-end planning and tax filing.
Newport Financial & Tax Services, LLC can guide you for this upcoming tax season.
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Personal exemptions are eliminated for tax years 2018 through 2025.
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Child and Dependent Care Tax Credit was permanently extended for taxable years starting in 2013 and remained under tax reform.
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For 2019, you can deduct up to $2,500 in student-loan interest as long as your modified adjusted gross income is less that $65,000 (single) or $135,000 (married filing jointly).
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The standard mileage rate in 2019 is 58 cents per business mile driven.
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A Health Saving Account is a type of savings account that allows you to set aside money pre-tax to pay for qualified medical expenses. Contributions that you make to a Health Savings Account (HSA) are used to pay current or future medical expenses (including after you've retired) of the account owner, his or her spouse, and any qualified dependent.
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New penalty-free distributions from qualified retirement plans.
Services
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Individual and Corporate tax return preparation (Federal, State, Sales & Business Personal Property)
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Business Entity Selection
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Bookkeeping
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Corporate Cash Management
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Negotiation With Governmental Agencies
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Personal Financial Statements and Planning
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Eldercare
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Accounting systems setup for new business using Quickbooks
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IRS/VA representation