Lyle & Associates CPA

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Certified Public Accountants

Located in Chagrin Falls, Ohio, the firm was founded in 1989 to provide accounting and tax planning and preparation services to closely-held companies and their owners. As our business grew, we discovered that our clients were in need of good advice on a variety of business and personal financial planning issues such as cash flow forecasting, process improvement, retirement and education funding, and estate planning, just to name a few.
We have invested resources—time, education and money—to become specialists in helping clients strategically manage and achieve their business and personal goals. In addition to our other services we perform business valuations and conduct forensic accounting engagements.

Forensic accounting and litigation support
Business valuation for transactions, family law and shareholder disputes, as well as estate and gift tax, and other purposes
Strategic and business planning
Succession planning and ownership transition strategies
Employee compensation and benefits plan design & consulting
Accounting systems design & implementation

2010 Mid-Year Tax Planning Letter
On 06.15.10, In 2010 Tax Planning, Personal Accounting, by Kathy Lyle

Mid-year tax planning for 2010 may require an understanding of one of the most complicated tax years in recent memory.
The 2010 tax year represents a critical time to ascertain and identify any tax traps while maximizing opportunities for dramatic tax savings. Next year may truly be too late …
There have been many changes to tax law already this year, and more changes are anticipated. As always, the key is to be able to project your anticipated income levels not only for 2010 but also for the next two to three years.
Although the typical tax planning wisdom has been to avoid paying any taxes for as long as possible, this strategy may have to be dramatically altered. On the other hand, deductions may be worth a great deal more in a year or two.
Unfortunately, any tax projections can require you to predict a series of unknown future events. But, despite the difficulties involved, you will need to make educated guesses and reasonable assumptions. Remember, no tax strategy is cast in stone until the time for changing strategies has passed. Tax planning is a dynamic process, and the earlier you start, the better.
Here are some basic principles that can help guide your overall thinking:

If you expect your tax rate will be higher next year, you may want to accelerate income into this year and defer deductions into next year
If you think your tax rate might be lower in 2011, consider deferring income to next year and accelerating deductions into this year

Remember to pay careful attention to your marginal tax rate the highest rate at which your last, or marginal, dollar of income will be taxed.
Overall tax rates are scheduled to rise in 2011. However, if your income in 2011 will be substantially lower than in 2010, your marginal tax rate may actually decrease.
Download the full 2010 Mid-year Tax Planning Letter (PDF)

Located in Chagrin Falls, Ohio, the firm was founded in 1989 to provide accounting and tax planning and preparation services to closely-held companies and their owners.

"Lyle & Associates has really helped my small business to get organized and become more profitable. Their tax preparation is second-to-none!"