Consult Your Tax Advisor
Cook & Co. Tax Advisors
Tax Department
Have you ever received a tax document that has bold print that reads "CONSULT YOUR TAX ADVISOR"? Bring it to us!
- Public Accounting, Tax and Financial Services since 1957
Tax Department
News from Cook and Company in Arab, Alabama
Amanda Nichols has been with the firm since 2018. During the last five years she has been responsible for compliance and accuracy, reviewing data keyed by all of the advisors in the Tax Department. For the 2023 tax filing season and going forward, Amanda will be replacing Kaley Warren who left the firm for a career in corporate cost accounting.
Amanda B. Nichols, Tax Accountant
Amanda has been preparing tax returns in addition to her other duties as ERO over the last five years. In fact, she has worked on many of the more complicated business returns along with Greg. Schedule with Amanda early, as her schedule will fill-up quickly. Greg will be working closely with her and Brett this coming season.
Shelby Bennett Earns Accounting Degree
Shelby Bennett has been promoted to Electronic Return Originator (ERO) and will be assuming Amanda's prior duties reviewing all tax returns prior to transmitting them electronically.
Shelby came to work with Cook & Co. Tax Advisors in October of 2020. After receiving her Associates Degree in Accounting from Wallace State Community College in Hanceville, she immediately enrolled at Athens State to pursue ha Batchelors Degree.
Little LogBook-Electronic Mileage Logbook-No Monthly or Annual Fees
Little LogBook is an automated electronic GPS trip logbook solution that takes away the responsibility and inaccuracy of manually recording trip logs.
@tax_advisor
Most of the new tax breaks for 2023 are related to energy saving expenditures.
My standard tax advice about spending money just to save taxes, has always been "don't do it." Historically I say only spend the money on a tax deduction if it is something that you would spend the money on even if it were not tax deductible.
Alternatively, I say spending money on a tax deduction is always a good idea if the expenditure makes you more productive, makes life easier or is something you feel you just cannot do without. When it comes to energy savings that also generate a tax credit, I wholeheartedly endorse them!
IRC Sec. 336(e)
Buying or selling a business? If you are considering either buying or selling a business, my staff and I can assist with valuation and structuring the transaction for the best tax benefit.
Inflation Reduction Act of 2022
Buying a Clean Vehicle doesn't have to be about saving the planet, saving money or even just because your nine-year-old granddaughter has you wrapped around her finger.
Divorce & Taxes
In a property settlement, the tax basis must be considered when dividing the assets.
Vehicle Expenses
Tax write-offs for trucks, vans, SUVs and passenger vehicles can be tricky.
The Things Kids Say
Some time ago I was asked to speak to a Sixth Grade School Class on CAREER DAY.
Planning is the key to successfully and legally reducing your tax liability.
We go beyond tax compliance and proactively recommend tax saving strategies to maximize your after-tax income.
Calculators
Secure Self-Help Tools
1040 Tax
Calculator
Based on your projected tax withholding for the year, we can also estimate your tax refund or amount you may owe the IRS next April.
Top Bracket: 37%
Over: $612,350 MFJ
RMD Current Year
Required Minimum Distribution
Use this calculator to determine your Required Minimum Distributions (RMD) from your IRA for the current year.
Born Before 06/30/1949: Age 70.5
Born On/After 06/30/1949: Age 72
Estate Tax Planning
Death Tax
Use this calculator to project the value of your estate, and the associated estate tax, for the next ten years.
Tax Rate: 40%
Exemption: $11.58 mil
Calculator
Mortgage Tax Savings
Use this calculator to determine how much your mortgage could save you in income taxes.
Cap: $750,000
Rule 72(t)
Calculator
Penalty free early withdrawals from retirement accounts. Calculate your allowable 72T Distribution.
Financial
Calculators
These self-help tools are for your independent use and are not intended to provide investment or tax advice.
Just Because Someone You Know Did it on their taxes, doesn't make it right!
What is appropriate on one persons taxes, may not be appropriate at all on yours. Circumstances vary. In addition, what another person does on their taxes may be wrong. They may or may not get away with it for long. It usually takes the IRS two years to send a letter. They are that far behind.
What Clients Say
We use Cook & Co to do our personal and business tax filings. All of our questions are answered and we walk away from the visit feeling confident with our current business tax strategies.
Client
***** ***** goes beyond expectations. He even told us what would happen in 2018 when the new tax law takes effect. And gave us some more options that we did not know.
Client
I met with Cook & Co. yesterday for the first time. What a pleasant experience! Their ability to discuss tax law in a way that I could understand it was much appreciated. I'm glad I switched!
New Client
As usual our tax return was completed quickly and efficiently. We had a few different items to add through inheritance from my wife's father. As expected, **** knew exactly what to do. She has been doing our tax return for several years, and we expect to continue to use her in the future.
Client
Great firm...bright, quality return preps, very user friendly, have your best interests at heart...short and long term. Used for over 15+ years. THEY DO NOT DISAPPOINT and will definitely save you tax $$ and unwanted adverse implications.
Client
Cook Accounting is the most reliable accounting service I have ever used. Everyone who works there understands and is absolutely competent. Unequivocally recommend Cook's.
Client
We have been using Cook & Co for almost 3 decades. They are professional, personable, and always up-to-date on the latest tax codes. Highly recommend. Not only do they prepare your taxes, but also support you if audited.
Client
I have used Cook and Company for 27 years. They have always done excellent work, answered all my questions and I leave there feeling confident that my tax return was done right. I've never been audited but feel sure that they would represent me well should that ever occur. I highly recommend them. It is very worth the drive to Arab.
Client
I have been using Cook and Co for over 15 years now and I would not even think to go elsewhere. This team is second to none. Period
Client
Retirement Income
Distributions from Defined Benefit Retirement Plans that have provided confirmation to the state are not taxable by the State of Alabama. This list was updated November 20, 2019.
Meet Our Advisors
Tax Department
Cook & Co. Tax Department
Our Enrolled Agents are licensed by the U.S. Treasury Department to represent taxpayers!
Investments in oil and gas have potential for both income and tax benefits.
By Gregory J. Cook, EA, CPA | February 6, 2021
What Is The Biggest Personal Expense You Will Incur In Your Lifetime?
By Gregory J. Cook, EA, CPA | January 9, 2019
Nothing in Life is Certain, but... Everyone knows the old saying, right?
By Gregory J. Cook, EA, CPA | December 7, 2019