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Right now, you may be more focused on what you’ll owe (or receive as a refund) when you file your 2024 tax return in April than on tax planning for the new year. However, as you work through your annual...Read More →

There is never a wrong time to take action on your taxes. Here at John Pharr CPA, we strive to assist you in all of your tax and accounting needs. Call us anytime Monday through Friday from 9 a.m. to...Read More →

How to make the most of a Roth IRA conversion.  A Roth IRA conversion may be right for you if you have a year where either your taxable income is lower than normal or your income is too high to...Read More →

Here’s how you can save big money:

Buying a home is a significant financial commitment, often leaving potential buyers feeling financially constrained. If you find yourself in this situation, you might consider withdrawing funds from your traditional IRA to help finance the purchase. However, this decision requires...Read More →

Are you starting a business or considering changing your business structure? If so, you’ll need to determine the best way to organize your company. Should you operate as a C corporation or choose a pass-through entity like a partnership, limited...Read More →

The Roth IRA is highly regarded as a retirement savings account. While contributions are made with after-tax dollars, Roth IRAs allow for tax-free withdrawals of both contributions and earnings in retirement, provided the account holder is at least 59½ years...Read More →

Discover How HSAs Can Enhance Your Retirement Planning Tax-Efficiently Health savings accounts (HSAs) are commonly known for covering healthcare costs with pre-tax dollars. However, this tax-efficient savings option can also serve as a valuable tool for retirement savings. An HSA...Read More →

It is not certain that you will owe significant taxes on inherited property, but it is crucial to understand the potential tax liabilities associated with inherited assets. There are three main types of taxes that may apply to inheritances: Inherited...Read More →

Saving $1 million or more by retirement age might seem daunting, but the process can be manageable if you begin early. Rather than concentrating on the total amount saved, focus on your savings rate. This rate represents the percentage of...Read More →