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Clarity

Charles Hopkins

Austin, Texas Area

I'm an Experienced Tax Professional, and 90% of my clients are introduced to me through referrals. This is due to my intense focus on the customer experience. Want to avoid detrimental tax related pitfalls of most Start-Up Businesses? Allow me to help you succeed by finding out legal ways to save that you didn't even know existed.

$4.17/min

Charles donates to charity: water ($0.00)

32 Calls

18 Reviews

24 minutes
Avg. call

Finance Entrepreneurship Accounting Accounts Payable Financial Accounting Tax Accounting Tax Credits Tax Tax Preparation General Ledger

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15 Mins Could Save You $15,000 in Self Employment Tax

If you make at least 100k as a Freelancer, I can likely save you $8,000 - $10,000 in taxes In about 10-15 minutes.

What sets us apart from the competition is that we are client focused, and I actually care about our clients receiving great results.

In 2006 Charles Hopkins, founder of Hopkins Tax & Accounting started by working with the IRS on a volunteer basis. His friends and family knew of his IRS experience and began to ask for assistance with their taxes. His client base began to expand rapidly through satisfied business owners referring their friends. Finally, his business grew so much that he left his corporate accounting role role at Apple in September of 2015 in order to devote his full resources to the firm.

Answers 3
Reviews 18

Answers

Charles Hopkins answered

When forming a startup how do I account for use of equipment and supplies from my other company?

You mentioned that you have a newly incorporated Startup, and an incorporated Consulting Business how are they incorporated? As an S-Corp or a C-Corp?

If they are S corp then none of that matters because because of the businesses activities will flow through on your personal tax return anyway. If it is C-Corp then you could look at the transfer of assets if you wanted to keep the books clean.

Also depending on the type of equipment you have, some of them may have a useful life of 5-7 years. You should first find out how they are incorporated, if S-Corp then it's best to do nothing in my opinion, because it won't change anything.

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Accounting

Financial Accounting

Start-ups

Charles Hopkins answered

If a C Corp just launched a few months ago with a Dec year end, do they pay federal tax payments now or do they wait a year?

The IRS wants quarterly estimated tax payments based on an estimate of what the business will make that year. They want you to pay 100% of the previous year's tax over the course of 4 quarters or 90% of the current year's estimated income.

However, since this is their first year in business and they've only been operational for a few months it's possible to have your "under payment penalty" waived since it's their first year.

Their tax professional should be able to apply the waiver.

Best

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Accounting

Tax

Tax Preparation

Charles Hopkins answered

How do you get out of the rat race and build passive income?

I agree with Naeem. Do some research in companies that you believe in, and invest in them. Invest directly or through good growth stock mutual funds. A gradual increase in your saved money every year will start generate that passive income that people talk about.

The stock market's average since inception has been around 11.5%. For example, if you were to have $500k saved up, and you are earning 11.5% annually that could yield $57,500 (500k x .115) which would be considered passive income.

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Finance

Wealth Management

Reviews

Exactly what I hoped for =]

Levi Andersen Source: Clarity

Charles is very information and able to solve the question well! Thank you

May Syn Lai Source: Clarity

Charles is extremely knowledgeable and answered all my tax questions in great detail. I have a feeling that I'll learn something new every time I talk to him. Definitely plan to reach out to him whenever I need help in the future.

Lance Sun Source: Clarity

Charles was highly knowledgeable and helped me put together the puzzle pieces that I was familiar with but not fluent in. Great call and really helped me clear up a lot of gaps. Recommended!

Mike Bonadio Source: Clarity

Charles is great. Will definitely work with him again.

alex portera Source: Clarity

Charles simply GETS it. Our call was incredibly insightful and he was well-versed in a wide variety of financial services. His attitude was very positive and he was respectful of time as well. It's hard to find tax professionals or financial advisors with Charles' level of expertise backed by such a down-to-Earth personality.

Logan Dickerson Source: Clarity

My call with Charles was great. He quickly understood my scenario and provided great feedback and actionable suggestions. Highly recommend!

Chad Hutchins Source: Clarity

Phenomenal call. Charles helped me thoroughly with a nuanced situation. I'll be hiring him and his firm from here on out.

Perrin Carrell Source: Clarity

Charles answered all my questions clearly and comprehensively. He even went above and beyond by mentioning a few pitfalls to avoid. I highly recommend him!

Shir Aviv Source: Clarity

Always very helpful.

Randy Bock Source: Clarity

Charles was incredibly helpful in helping me understand how to properly fill out the tax returns for my LLC. This year is my first year in operation, so I had a lot of questions. 15 minutes quickly turned into 45, but Charles was very professional and helpful, especially given the fact that we scheduled a last minute call at the busiest time of the year for tax professionals. Will definitely reach out to Charles for any future questions.

Alex Portera Source: Clarity

Member since April 2013