Cox & Lucy CPA's

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Bookkeeping, Accountants-Certified Public, Accounting Services

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Today: 9:00 am - 5:00 pm

Tomorrow: 9:00 am - 5:00 pm

(360) 876-3838Call Visit WebsiteVisit Website Map & DirectionsDirections1590 Bay StPort Orchard, WA 98366

Hours

Regular Hours

Mon - Fri:	9:00 am - 5:00 pm

Places Near Port Orchard with Bookkeeping

Retsil (1 miles)
Bremerton (3 miles)
Manchester (6 miles)
South Colby (7 miles)
Tracyton (8 miles)
Southworth (10 miles)
Silverdale (12 miles)
Bainbridge Island (14 miles)
Burley (14 miles)
Olalla (14 miles)

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Does Your Tax Preparer Have an App.?!?

General Info: Welcome to Cox & Lucy, CPAs. If you are looking for a blend of personal service and expertise, you have come to the right place. We have built our practice one client at a time, and we promise that you will be more than a billing code to our firm. We have seasoned professionals who can assist you in any number of diverse services. Either email us, or give us a call and we will get started on serving you today! Tax preparation ( individual, corporate, partnership, fiduciary, gift tax, tax exempt entities )
Email: Email Business
Services/Products: Electronic Filing
Other Link: http://coxlucy.net
Categories: Bookkeeping, Accountants-Certified Public, Accounting Services, Financial Planning Consultants, Financial Services, Tax Return Preparation
Other Information: Certifications: Certified Public Accountants

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Details

Phone: (360) 876-3838

Address: 1590 Bay St, Port Orchard, WA 98366

Website: http://coxlucy.net

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Cox & Lucy CPA's

Tax Planning
The wash sale rule can deliver a nasty surprise at tax time. Contact us with questions as you’re contemplating year-end tax planning strategies for your investment portfolio.
Charitable Giving
You cannot deduct contributions made to specific individuals, political organizations and candidates, the value of your time or services and the cost of raffles, bingo, or other games of chance. To be deductible, contributions must be made to qualified organizations. Cash contributions must be substantiated by a bank record, or a receipt, letter or other written communication from the donee organization indicating the name of the organization, the date of the contribution, and the amount of the contribution. In addition, if the contribution is $250 or more, a written acknowledgement showing the amount of cash contributed, any property contributed, and a description and a good faith estimate of the value of any goods or services provided in return for the contribution or statement that no goods or services were provided in return for the contribution, is required. Non-cash contributions over $500 must be supported by an attachment to the return which states the kind of property contributed, along with the method used to determine its fair market value. Form 8283, Non-cash Charitable Contributions is required for contributions with a claimed value of more than $5,000. Contributions which exceed the 10% limitation can be carried over for five years.
Estate Taxes
IRS Representation
Professional representation can be vital during an audit, and our experience with tax authorities enables us to guide clients in their dealings with federal and state agencies.
Tax Services
Earlier is better when it comes to working on your taxes. The IRS encourages everyone to get a head start on tax preparation. Not only do you avoid the last-minute rush, early filers also get a faster refund.
Roth IRA
ROTH IRAs - Contributions to a ROTH IRA are not tax deductible but the qualified distributions, including earnings are tax-free.
Real Estate Taxes
Deductible real estate taxes are usually any state, local, or foreign taxes on real property. If a portion of your monthly mortgage payment goes into an escrow account and your lender periodically pays your real estate taxes to local governments out of this account, you can deduct only the amount actually paid during the year to the taxing authorities. Your lender will normally send you a Form 1098, Mortgage Interest Statement, at the end of the tax year with this information.
Form 1065
A partnership must file an information return, which is IRS Form 1065, “U.S. Return of Partnership Income.” On this form, the partnership separately identifies income, deductions, credits and other items. This is so partners can properly treat items that are subject to limits or other rules that could affect their treatment at the partner level.
Tax Deductions
Retirement Plans - Participate in your employer sponsored retirement plan, especially if there is a matching component. You will receive a current tax deduction and the tax-deferred compounding can add up to a large retirement savings.
Income Tax
Your business may be eligible to use the abbreviated Schedule C-EZ instead of the longer Schedule C when reporting business profit on your federal income tax return, according to the IRS. That's because the deductible business expense threshold for filing Schedule C-EZ of the Form 1040 is $5,000. This change allows an additional 500,000 small businesses to file the C-EZ rather than Schedule C.
Capital Gains Taxes
Maximum capital gains tax rate for taxpayers with adjusted net capital gain up to $78,750 for joint filers and surviving spouses, $52,750 for heads of household, $39,375 for single filers, $39,375 for married taxpayers filing separately, and $2,650 for estates and trusts

Mutual Funds
While it's important to keep year-end mutual fund and IRA contribution statements forever, you don't have to save monthly and quarterly statements once the year-end statement has arrived.
Bonds

Accounting Services
Accurate record-keeping is essential to a successful business yet can also be complicated and time consuming. can help you with the organization and day-to-day tasks of bookkeeping so that you can focus on your core business.
Payroll Services
Our payroll services can help you reduce the time spent on administration through developing and implementing a computerized payroll system that will facilitate processing, timely payment and preparation of tax returns.
Bookkeeping Services

Financial Planning
Please contact us to discuss your tax, accounting, or financial planning needs. Stop by our office, give us a call, or send an email using the contact information below.
Retirement Planning
When it comes to retirement planning, many people tend to focus on two things: opening a retirement savings account and then eventually drawing funds from it. However, there are other important aspects to truly doing everything you can to grow your nest egg.
Long Term Care
The costs of qualified long-term care (LTC), such as nursing home care, may be deductible as medical expenses to the extent they, along with other qualified expenses, exceed 7.5% of adjusted gross income (AGI). But keep in mind that the medical expense deduction is an itemized deduction. And itemizing deductions saves taxes only if total itemized deductions exceed the applicable standard deduction.
Asset Management
Our goal is to help you reach your financial goals and maintain financial independence through a comfortable retirement. We can guide you through tough decision-making processes such as asset allocation, investment performance monitoring, college education funding, retirement plans,insurance, and tax, estate, and business succession planning. Whether you are developing an investment strategy or evaluating current investments, we can ensure that your portfolio will take into account tax implications for an advantageous after-tax return.
College Funding
You also need to file if you made gifts to a Section 529 college savings plan and wish to accelerate up to five years’ worth of annual exclusions ($75,000) into 2019. Other reasons to file include making gifts...

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