© 2019 by Newport Financial Services.

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.

  • Personal exemptions are eliminated for tax years 2018 through 2025.

  • Child and Dependent Care Tax Credit was permanently extended for taxable years starting in 2013 and remained under tax reform.

  • 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).

  • The standard mileage rate in 2019 is 58 cents per business mile driven.

  • 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.

  • New penalty-free distributions from qualified retirement plans.

Services
  • Individual and Corporate tax return ​preparation  (Federal, State, Sales & Business Personal Property)

  • Business Entity Selection

  • Bookkeeping

  • Corporate Cash Management

  • Negotiation With Governmental Agencies

  • Personal Financial Statements and Planning

  • Eldercare

  • Accounting systems setup for new business using Quickbooks

  • IRS/VA representation

2020 Federal Tax Due Dates

January 15- 4th Quarter Estimated Tax Due (2019)

April 15- Tax Return Due (2019 Return)

April 15- 1st Quarter Estimated Tax Due (2020)

June 15- 2nd Quarter Estimated Tax Due (2020)

September 15- 3rd Quarter Estimated Tax Due ( 2020)

October 15- Extension Filing Due (2019 Return)

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