The Washington Business Journal featured MCB principal Cindi Park, among other CPAs in the area, in its recent article titled, “Greater Washington accountants discuss the worst tax mistakes you can make.” The article focused on mistakes accountants have seen business owners make with respect to filing taxes. Park was quoted as recommending that business and personal income and expenses be kept separate, from the very start. “All business income and related expenses should be run through the business account,” she cautioned. Not only can this practice lead to an accurate and efficient tax return at the end of the year, it can also avoid a potentially “sticky” audit situation.
Park also suggested that businesses take the time to inquire and understand all states in which they should be filing their returns. It’s a common mistake that business owners assume they only need to file in the state where they live, but that’s not necessarily the case.
The article also featured insider tips on reducing taxable income. Read the entire article here.
Cindi Park, CPA is a Principal of Matthews, Carter & Boyce and is the Director of the firm’s Tax Department. She has more than 20 years of experience as a tax CPA in Fairfax, VA providing professional tax services and consulting to investment companies, government contractors and closely held businesses. She helps ensure compliance with federal, state and local taxation while implementing tax efficient strategies and provides services to a broad range of clients from individuals to large consolidated corporations. She may be reached at [email protected].