Send Us A Message

Name

Email

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Message

We love working with Mary. She is very responsive and very honest with us. If she thinks what we are doing is not right for our books, she will tell us. And she is very easy to work with.

Ojibwa LLC

I do not know how to keep my accounting records. Mary helped me get organized and she keeps my books for me. She also answers my question within a reasonable time period.

Stan, Rounding Inc.

The proper handling of personal taxes is difficult and time consuming enough, but when mixed with even more complex corporate tax and accounting situations, the job can seem overwhelming. When this happens it is no time for part-time, strip mall tax preparers or do-it-yourself software programs. You need a professional with the education, training, experience, communication skills, dedication and attention to detail your case deserves. For the past several years I have trusted Mary Pang, CPA with the management of all my accounting needs and have received, in my opinion, the highest level of professional service available in the state. Mary Pang, CPA is definitely Oklahoma's rising star of accounting!

Bobby Woolslayer, P.I.

Quick response times and very easy to work with!

Brittany Sears

I felt this was a very simple process and loved being able to do it via email and internet. Since I was doing everything from the comfort of my home, if I needed any additional documents, it was quick, convenient and easy for me to get them, as opposed to having to leave a location to return home for missing documents. I felt that Mary was very friendly and prompt in everything that she did. I would definitely feel comfortable returning to her for my taxes.

Nicole

Mary has been preparing my family business' taxes for years now. She also handles my mother's and my tax returns as well. She is always friendly and professional with her clients and tries her best to understand our tax situation. She works well with my sister's CPA in Oregon (due to our family business return) and is always available to answer our questions. If she is not available, she normally gets back to us within 1 day. We are very thankful to have her as our CPA and she is wonderful to work with.

Alfred

I have been Mary's client for 8 years now. She is my personal QuickBooks guru that I could email or call if I have any questions. She normally gets back to me within one day. She would give me step by step instructions on how to get something done in QuickBooks and if it is too much for me to handle, she will log into my computer remotely and get it fixed herself. If she is unable to fix it, she will get QuickBooks support to fix it for me or she will learn how to get it done. The best thing about Mary is that she will admit her mistakes. I have not met a lot of accountants who will admit their mistake. To me, that means she is honest and is humble enough to know everyone makes mistakes.

Angie

I am thankful to have Mary as my CPA. I can be sure that everything is taken care of and that my tax return is done right. Just recently, I received letters from IRS & Oklahoma Tax Commission. I have no idea what to do so I took those letters to Mary. She got right to it and called IRS & Oklahoma Tax Commission and got the issue fixed for me. She then calls me to explain what the issue was and what has been done to correct the situation. I appreciate the effort she took to explain it to me in a way I could understand. Best of all, I did not have to do anything other than getting the information to Mary and letting her handle it.

Catherine

Mary helped me in saving a lot of money in my payroll issue with IRS. Before our company hired Mary, we were paying a lot of payroll tax penalties because I am always so busy with my business and do not have the time to pay my payroll taxes on time. Once we hired Mary, we no longer have to worry about not paying our payroll taxes on time. She logs onto our computer remotely and she schedules the payment every week. I also feel confident because she is always available to answer questions. I can call her up & she will get back to me within a day. If she does not know the answer to my question, she will say so & look it up for me. She will then call or email me back with the answers she found out. I am very thankful to find a CPA who helps me and who is not scared of admitting that she does not know everything.

George

You couldn't ask for a better "hand-holding", expertise thoroughness, HARD WORKER!!!, with personality plus and a lovely demeanor. She's considerate, thoughtful and the very best part for me is patient!!! I ask a lot of questions...detailed, sometimes nit-picky questions. She always went out of her way to respond quickly and with the utmost respect. I wish she would go out on her own, as I'd follow her anywhere! Oh, and if she doesn't know an answer, she freely admits it and gets back to you promptly with the answer when she gets it. She works well/coordinating with other CPA firms/office personnel, even if that can be tricky and often holds up her work for you!

Paula Fenster Brust

I had no idea how to keep my books. I just didn't know all that comes with owning my business. When I contacted Mary, she was so helpful in explaining a lot of concerns I had and have me fix some early mistakes I had done. I still don't understand a lot of what's going on, but every time I have questions Mary is just a phone call away. She also sends me a text every 15 days or so to let me know I'm doing okay, plus a full report every month. Letting a professional do what she does best has just alleviated one of my biggest headaches and I know it is getting done the right way.

Triton Bixby

Mary helped us with our QuickBooks set up. She answered all our questions regarding QuickBooks & she trained us in how to effectively use QuickBooks for our business. We also asked for her help in getting our books up to date. She managed to get it done in 1 day and all I have to do is keep it going. We love working with Mary. She is friendly, very helpful & very prompt in her responses.

Lisa Pally

I was so pleased with this class. Mary is very knowledgeable and is very thorough. She explains information in a way you can understand it very clearly. If you have questions, she is more than willing to show you how to get things done! Highly recommend her expertise.

Marti Jackson

Mary has been very helpful in setting up our accounting in a small business we have started. She is very knowledgeable and willing to help in any way needed. She is an accountant wiz whom I have received nothing but great advice. I am so happy I met her!

Leonor Carnoske

Mary saved my QuickBooks. Mary recently helped us get our QuickBooks in order. I was expecting it to take hours but she was able to get us taken care of in a little over an hour. It is clear that she is knowledgeable and professional. I highly recommend her services.

Sandra Baca

Mary is extremely personable and knowledgeable in accounting. I really enjoyed her personality and friendliness as we discussed my business specifics. She was able to answer so many questions and anything she needed to look into further, she got back to me in a very timely manner. Mary was thorough in reviewing my documents and information before preparing my return. I am thankful I met Mary and look forward to working with her in the future!

Jackie Roberts

3 traditional midyear tax planning strategies for individuals that hold up post-TCJA

With its many changes to individual tax rates, brackets and breaks, the Tax Cuts and Jobs Act (TCJA) means taxpayers need to revisit their tax planning strategies. Certain strategies that were once tried-and-true will no longer save or defer tax. But there are some that will hold up for many taxpayers. And they’ll be more effective if you begin implementing them this summer, rather than waiting until year end. Take a look at these three ideas, and contact us to discuss what midyear strategies make sense for you.

1. Look at your bracket

Under the TCJA, the top income tax rate is now 37% (down from 39.6%) for taxpayers with taxable income over $500,000 (single and head-of-household filers) or $600,000 (married couples filing jointly). These thresholds are higher than for the top rate in 2017 ($418,400, $444,550 and $470,700, respectively). So the top rate might be less of a concern.

However, singles and heads of households in the middle and upper brackets could be pushed into a higher tax bracket much more quickly this year. For example, for 2017 the threshold for the 33% tax bracket was $191,650 for singles and $212,500 for heads of households. For 2018, the rate for this bracket has been reduced slightly to 32% — but the threshold for the bracket is now only $157,500 for both singles and heads of households.

So a lot more of these filers could find themselves in this bracket. (Fortunately for joint filers, their threshold for this bracket has increased from $233,350 to $315,000.)

If you expect this year’s income to be near the threshold for a higher bracket, consider strategies for reducing your taxable income and staying out of the next bracket. For example, you could take steps to accelerate deductible expenses.

But carefully consider the changes the TCJA has made to deductions. For example, you might no longer benefit from itemizing because of the nearly doubled standard deduction and the reduction or elimination of certain itemized deductions. For 2018, the standard deduction is $12,000 for singles, $18,000 for heads of households and $24,000 for joint filers.

2. Incur medical expenses

One itemized deduction the TCJA has retained and — temporarily — enhanced is the medical expense deduction. If you expect to benefit from itemizing on your 2018 return, take a look at whether you can accelerate deductible medical expenses into this year.

You can deduct only expenses that exceed a floor based on your adjusted gross income (AGI). Under the TCJA, the floor has dropped from 10% of AGI to 7.5%. But it’s scheduled to return to 10% for 2019 and beyond.

Deductible expenses may include:

  • Health insurance premiums,
  • Long-term care insurance premiums,
  • Medical and dental services and prescription drugs, and
  • Mileage driven for health care purposes.

You may be able to control the timing of some of these expenses so you can bunch them into 2018 and exceed the floor while it’s only 7.5%.

3. Review your investments

The TCJA didn’t make changes to the long-term capital gains rate, so the top rate remains at 20%. However, that rate now kicks in before the top ordinary-income tax rate. For 2018, the 20% rate applies to taxpayers with taxable income exceeding $425,800 (singles), $452,400 (heads of households), or $479,000 (joint filers).

If you’ve realized, or expect to realize, significant capital gains, consider selling some depreciated investments to generate losses you can use to offset those gains. It may be possible to repurchase those investments, so long as you wait at least 31 days to avoid the “wash sale” rule.

You also may need to plan for the 3.8% net investment income tax (NIIT). It can affect taxpayers with modified AGI (MAGI) over $200,000 for singles and heads of households, $250,000 for joint filers. You may be able to lower your tax liability by reducing your MAGI, reducing net investment income or both.

Back

Send Us A Message

Name

Email

Phone

Message

We love working with Mary. She is very responsive and very honest with us. If she thinks what we are doing is not right for our books, she will tell us. And she is very easy to work with.

Ojibwa LLC

I do not know how to keep my accounting records. Mary helped me get organized and she keeps my books for me. She also answers my question within a reasonable time period.

Stan, Rounding Inc.

The proper handling of personal taxes is difficult and time consuming enough, but when mixed with even more complex corporate tax and accounting situations, the job can seem overwhelming. When this happens it is no time for part-time, strip mall tax preparers or do-it-yourself software programs. You need a professional with the education, training, experience, communication skills, dedication and attention to detail your case deserves. For the past several years I have trusted Mary Pang, CPA with the management of all my accounting needs and have received, in my opinion, the highest level of professional service available in the state. Mary Pang, CPA is definitely Oklahoma's rising star of accounting!

Bobby Woolslayer, P.I.

Quick response times and very easy to work with!

Brittany Sears

I felt this was a very simple process and loved being able to do it via email and internet. Since I was doing everything from the comfort of my home, if I needed any additional documents, it was quick, convenient and easy for me to get them, as opposed to having to leave a location to return home for missing documents. I felt that Mary was very friendly and prompt in everything that she did. I would definitely feel comfortable returning to her for my taxes.

Nicole

Mary has been preparing my family business' taxes for years now. She also handles my mother's and my tax returns as well. She is always friendly and professional with her clients and tries her best to understand our tax situation. She works well with my sister's CPA in Oregon (due to our family business return) and is always available to answer our questions. If she is not available, she normally gets back to us within 1 day. We are very thankful to have her as our CPA and she is wonderful to work with.

Alfred

I have been Mary's client for 8 years now. She is my personal QuickBooks guru that I could email or call if I have any questions. She normally gets back to me within one day. She would give me step by step instructions on how to get something done in QuickBooks and if it is too much for me to handle, she will log into my computer remotely and get it fixed herself. If she is unable to fix it, she will get QuickBooks support to fix it for me or she will learn how to get it done. The best thing about Mary is that she will admit her mistakes. I have not met a lot of accountants who will admit their mistake. To me, that means she is honest and is humble enough to know everyone makes mistakes.

Angie

I am thankful to have Mary as my CPA. I can be sure that everything is taken care of and that my tax return is done right. Just recently, I received letters from IRS & Oklahoma Tax Commission. I have no idea what to do so I took those letters to Mary. She got right to it and called IRS & Oklahoma Tax Commission and got the issue fixed for me. She then calls me to explain what the issue was and what has been done to correct the situation. I appreciate the effort she took to explain it to me in a way I could understand. Best of all, I did not have to do anything other than getting the information to Mary and letting her handle it.

Catherine

Mary helped me in saving a lot of money in my payroll issue with IRS. Before our company hired Mary, we were paying a lot of payroll tax penalties because I am always so busy with my business and do not have the time to pay my payroll taxes on time. Once we hired Mary, we no longer have to worry about not paying our payroll taxes on time. She logs onto our computer remotely and she schedules the payment every week. I also feel confident because she is always available to answer questions. I can call her up & she will get back to me within a day. If she does not know the answer to my question, she will say so & look it up for me. She will then call or email me back with the answers she found out. I am very thankful to find a CPA who helps me and who is not scared of admitting that she does not know everything.

George

You couldn't ask for a better "hand-holding", expertise thoroughness, HARD WORKER!!!, with personality plus and a lovely demeanor. She's considerate, thoughtful and the very best part for me is patient!!! I ask a lot of questions...detailed, sometimes nit-picky questions. She always went out of her way to respond quickly and with the utmost respect. I wish she would go out on her own, as I'd follow her anywhere! Oh, and if she doesn't know an answer, she freely admits it and gets back to you promptly with the answer when she gets it. She works well/coordinating with other CPA firms/office personnel, even if that can be tricky and often holds up her work for you!

Paula Fenster Brust

I had no idea how to keep my books. I just didn't know all that comes with owning my business. When I contacted Mary, she was so helpful in explaining a lot of concerns I had and have me fix some early mistakes I had done. I still don't understand a lot of what's going on, but every time I have questions Mary is just a phone call away. She also sends me a text every 15 days or so to let me know I'm doing okay, plus a full report every month. Letting a professional do what she does best has just alleviated one of my biggest headaches and I know it is getting done the right way.

Triton Bixby

Mary helped us with our QuickBooks set up. She answered all our questions regarding QuickBooks & she trained us in how to effectively use QuickBooks for our business. We also asked for her help in getting our books up to date. She managed to get it done in 1 day and all I have to do is keep it going. We love working with Mary. She is friendly, very helpful & very prompt in her responses.

Lisa Pally

I was so pleased with this class. Mary is very knowledgeable and is very thorough. She explains information in a way you can understand it very clearly. If you have questions, she is more than willing to show you how to get things done! Highly recommend her expertise.

Marti Jackson

Mary has been very helpful in setting up our accounting in a small business we have started. She is very knowledgeable and willing to help in any way needed. She is an accountant wiz whom I have received nothing but great advice. I am so happy I met her!

Leonor Carnoske

Mary saved my QuickBooks. Mary recently helped us get our QuickBooks in order. I was expecting it to take hours but she was able to get us taken care of in a little over an hour. It is clear that she is knowledgeable and professional. I highly recommend her services.

Sandra Baca

Mary is extremely personable and knowledgeable in accounting. I really enjoyed her personality and friendliness as we discussed my business specifics. She was able to answer so many questions and anything she needed to look into further, she got back to me in a very timely manner. Mary was thorough in reviewing my documents and information before preparing my return. I am thankful I met Mary and look forward to working with her in the future!

Jackie Roberts

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