Micah Fraim, CPA

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Micah Fraim, CPA—Your Premiere Roanoke Tax Professional

Let’s face it, tax time may never be a time of year that you look forward to—but when you work with Micah Fraim, CPA he can ensure that your level of tax related stress is decreased.

Tax fascinates Micah, and is his true professional passion. In fact, he can be found talking about taxes in his off-time—but only in a good way!

Let him put his passion for tax to work for your Individual or Corporate taxes, by creating a tax plan that will make tax time easier next time around.

Online Services Fall Short

Just about everything can be accessed online these days, even tax preparation. What is important to remember—is that tax preparation, is not tax management. With the current IRS Tax Code counting in at over 73,000 pages—even the most reputable online tax services cannot accurately determine your tax obligations.

To ensure you have a full understating of the tax credits and deductions you are eligible for—working with a Certified Public Accountant will keep you up-to-date with applicable tax codes.

Take A Proactive Approach To Your Finances

Managing your taxes plays a large role in your short-term and long-term financial goals. Whether you are in need of personal or corporate tax and financial advice—he can assist with a wide range of services such as:

  • Financial Planning
  • Tax Planning
  • Business Consulting
  • Accounting
  • Bookkeeping
  • Payroll

If you live in or near Roanoke, VA—call Micah today day to begin planning your financial future!

Roanoke Tax Blog

Ongoing Training Essential For Remaining Competitive—Also A Tax Deductible Expense

Ongoing Training Essential For Remaining Competitive—Also A Tax Deductible Expense In order for your company to remain competitive in your industry, it is essential to invest in ongoing training and development for both you the business owner, and your individual employees. The types of training and development that will be the most beneficial depend on the industry, as well as your employee’s skill sets. Below are some methods of training to consider, some of which are easy for new businesses to access. As an added bonus—ongoing training is a qualified tax deduction. Group Training Check to see if there are any local group training facilities that offer professional training and development. This could include anything from improved communication, computer skills, critical thinking skills, or management development. Some training centers are even able to customize unique training programs to meet the specific needs of your team. Industry Conferences Keep an eye out for industry-specific conferences that will help you to remain on top of the latest breaking trends in your industry. Even if you cannot afford to send the entire team, you as the business owner should make it a priority to attend—along with your key players. Online Training If you are searching for a more cost-effective method of training, or a more cost-effective way of increasing your own or your team’s amount of annual training—consider online training courses. One of the many benefits to online training courses is that training can typically be completed at your leisure. To ensure that you accurately account for training and development tax deductions—such as training fees, meals, and travel expenses—give us a call... read more

3 Things You May Not Realize You Must Pay Taxes On

3 Things You May Not Realize You Must Pay Taxes On When tax time arrives, you likely gather all of the tax forms you receive from your employer, and head to your local tax professional. While preparing your taxes, you will be asked if you have any Miscellaneous Income to report. While your answer may be “no”, you might be surprised by some of the items you may be required to pay taxes on—such as the 3 items mentioned below. Online Income If you post household items online on eBay, sell crafts on Etsy, or offer freelancing services—you are required to report your income. In fact, if your online income results in even a couple hundred dollars each month, you may be surprised to learn that you have a substantial amount of tax you must pay on this year’s income. However, you may also qualify for new deductions related to your online income, such as office supplies. Financial Prizes And Gifts If a friend or family member has gifted you a large amount of money, or if you have won a large financial prize—such as cash, a new car, or a new home, you may be required to pay taxes on your gifts and prizes. The amount of the gift or prize will determine what you are required to pay. Gambling Income Just as you may be required to pay taxes on prizes and gifts, you may also be required to pay taxes on your gambling income. Depending on how much money you gamble, you may be able to offset your taxable gambling income with your annual gambling investment.... read more

2014 Tax Breaks

If You Are A Parent, You Want To Make Sure You Are Aware Of These 2014 Tax Breaks As a parent, you are always looking for a way to save a little extra money here and there, to put towards your general monthly expenses—or simply to save towards your child’s secondary education. One way to save a little extra money is to ensure that you are aware of the 2014 tax breaks below. While you are likely aware of the Dependent Exemption and Child Tax Credit that you qualify for, there may be a few other tax breaks that apply to you. Medical Mileage Deduction One tax break that no parent ever wishes they will have to account for is the Medical Mileage Deduction. This deduction is not designed for general doctors’ appointments, but if you have a sick child in need of increased medical attention, then this deduction may apply. Adoption Credit There are many expenses associated with adoption—such as attorney fees, court costs, and travel expenses. If you adopted a child, you may be eligible for a credit amount of up to $12,970 to help offset some of your expenses. While this credit may not cover all of your adoption expenses, it can drastically reduce the total amount of taxes you pay in 2014. Hiring Your Child In Your Small Business If you are the sole proprietor of a small business, you may be able to hire your child part time—and then write off their wages as a business deduction. As an added benefit, employees under the age of 18 are not required to pay any federal... read more

Why Choose A Private Firm For Your Tax Needs

Whether you are required to pay taxes quarterly or annually, when tax time rolls around, and you begin searching for someone to prepare and file your taxes—you may be wondering what benefit, if any, there is to working with a private tax firm opposed to a nationwide company. Below are just a few benefits of working with a private tax firm that you will not have access to when working with a nationwide firm—nor a general tax preparer. Work One-on-One With A Licensed Tax Professional When you choose a private firm for your tax needs, you will be working with a licensed tax professional who has in-depth knowledge of both State and Federal tax codes. If you have worked with nationwide firms in the past, the odds are you may have only been working with a general tax preparer whose comprehension of the 73,000 IRS Tax Codes pales in comparison to that of a licensed CPA. A Personalized Approach To Your Taxes When you hire a private firm, your tax professional will take a personalized approach to your tax needs. They will ask questions far beyond that of a general tax preparer to ensure that you are not paying more in taxes than required. Beyond preparing and filing your taxes, they will also give you suggestions as to how you can best prepare yourself for the next tax season. This includes any new credits or deductions that you may be eligible for, and how to accurately document your deductions. Access To Full-Service Tax And Financial Services Another advantage of working with a private tax firm is that you will... read more

The Truth About Nationwide Tax Firms

When tax time arrives, you will find pop-up offices by well-respected nationwide brands everywhere you look. While nationwide brands have the brand recognition, there are a few things you need to understand prior to hiring your tax professional. Below are a few questions you should ask before you make an appointment with a nationwide firm to prepare and file your taxes—and why a private firm may be more suitable for your needs. Will You Be Working With A Licensed CPA, Or A General Tax Preparer? A common assumption many of us make is that the individual they are meeting with at a nationwide tax firm is a Certified Public Accountant—when in many cases they are a “general tax preparer.” The difference between the two roles is significant. While general tax preparers have undergone basic tax preparation training, most only “do” taxes during tax season. They are also only familiar with the most basic of tax codes, and the software they utilize to prepare your taxes is comparable to free online tax software. A CPA renews their license annually to ensure that they are current with the most recent State and Federal tax codes. This means you can rest assured that all applicable credits and deductions will be fully accounted for. Do They Have A CPA You Can Work With? Nationwide tax firms do have CPAs, but most work only with corporate clients—or on personal tax cases for clients who earn over a specified amount of money each year. This is why when you call to schedule your appointment; you are asked a few questions to determine which services you... read more

Common Questions About Your Personal Taxes

If numbers aren’t your thing, or if your understanding of taxes is minimal—don’t worry because you are not alone! Below are answers to a few common tax questions, to help you gain a better understanding of some of the basics. How Often Do Tax Codes Change? Tax codes change each and every year—and are sometimes changed within the calendar year we are already in too. The current IRS Tax Code is over 73,000 pages long—and there are over 1,000 different tax forms in total. While not all tax codes will apply to you, it is essential to understand the codes that do. This is why many choose to work with a CPA to file their personal taxes. What Is A CPA? CPA is short for Certified Public Accountant. CPAs are licensed tax professionals who are required to have in-depth knowledge of both State and Federal tax codes. When you are searching for someone to help you prepare and file your annual taxes, it is important to understand if they are a “tax preparer” or a CPA. Tax preparers have a basic understanding of taxes, but are certainly not licensed tax experts. By turning to a CPA for your annual tax needs, you can rest assured that your taxes are properly prepared—and that you are aware of all applicable tax codes, meaning you can ensure all credits are accurately accounted for. How Can You Determine If You Are Going To Receive A Refund, Or If You Will Be Required To Pay More Taxes? There are many factors that determine which tax codes, credits, and deductions apply to you. Some of... read more

The Benefits Of Hiring A CPA For Your Corporate Tax Needs

If you own a business in the Roanoke, VA area—either a startup, growing business, or well-established business, there are many ways in which turning to a Certified Public Accountant for your tax needs is beneficial. Micah Fraim is a local CPA who can assist with your corporate tax needs, and so much more! All Tax Related Services When you turn to Micah Fraim as your Roanoke CPA, you have access to far more than preparing and filing your quarterly business corporate taxes. Micah will create a quarterly and annual tax plan for your business—and can provide all bookkeeping and accounting services too. He has extensive knowledge regarding the Internal Revenue Code (IRC), and will ensure you are in compliance with all applicable codes—while maximizing your deductions and credits. He will also create a tax plan to ensure you are setting aside enough money for your quarterly taxes, and that you time your investments to align with both your tax and financial goals. Business Planning And Consulting Services One of the main reasons many small businesses fail, or well-established businesses face financial hardship—is that there is not a solid business plan in place. Whether you are launching a new business, or need to strengthen the financial plan of a preexisting business—Micah will be the unbiased, advisor you require to get things right on track—and keep them there! He can work with your current business plan, or he can create a new one from scratch. Each quarter, or whichever timeframe you designate, Micah will help you to analyze your momentum—and further identify areas of opportunity for your business. He will also... read more

What Are The Benefits Of Creating A Tax Plan?

Whether speaking of personal or business taxes, you know that you must pay your taxes each and every year—so you must be wondering if creating a tax plan is essential? If you live in the Roanoke, VA area, CPA Micah Fraim will work with you to create a personalized tax plan to provide you with the following benefits. Ensure You Have Enough Money Set Aside For Taxes If your personal finances have reached a point where you no longer receive an annual refund, and are instead required to pay taxes—creating a tax plan can help you to determine how much you need to set aside each month, so that you are not scrambling when your taxes are due to come up with the money you owe. If you are a business owner or a self-employed freelancer, estimated quarterly taxes are due every 3 months—making tax planning even more important. Ensure You Are Managing Documents Required For Credits And Deductions Aside from ensuring you are setting aside enough for your taxes each month, tax planning includes the process of identifying the tax credits and deductions you are eligible for. Once those are determined, Micah will work with you to create a unique tax plan to track and manage the documents and information required for your credits and deductions. Assist You With Creating A Tax Payment Plan If You Are Not Able To Pay Your Taxes In Full If for some reason you are not able to pay the taxes that are due, your taxes must still be filed in a timely fashion. Micah will work with you to explore what... read more

Common Questions About Tax Planning

Paying your taxes is inevitable, so you may be wondering how turning to Roanoke CPA Micah Fraim to create your quarterly or annual tax plan can be beneficial. Below are some of the most common questions related to tax planning, for both your business and personal tax needs. What Is Tax Planning? Tax planning is a vital part of both your personal and professional financial plan. Even if your personal taxes have not yet reached a point in which you are required to pay taxes at the end of the year, tax planning insures that you identify all applicable credits and deductions that you qualify for. It is also essential for timing personal and professional purchases, as well as investments—and for determining what types of retirement plans are the most appropriate. Tax planning also includes setting aside money each month for your quarterly business taxes, or annual personal taxes—to ensure that you have an adequate amount of money set aside when you decide to file. Is Tax Planning Only Required For Businesses? A common misconception is that tax planning is only required for businesses. However, if your income has reached a point where you are required to pay taxes each year—then a tax plan is highly recommended. Tax planning will help you decide when the best time to make a large purchase is, such as buying a new home. Tax planning is also important if you have created or are managing trusts for your dependents. How Do I Know If I Will Benefit From Tax Planning? The goal of tax planning is to ensure that you are not paying... read more