Author Archives: Mississippi Accountant CPA

Tips for Smart Holiday Shopping

The holiday season is a wonderful and special time of year yet financially, it can be incredibly stressful. between gifts, décor, travel, and entertaining, you may soon find yourself spending more than you planned. Many end up spending far more than they even imagined possible, turning this wonderful time of year into a financial nightmare. This year, there’s an opportunity to spend in a smart way and start your 2026 debt free and stress free! Watkins & Co is here with some tried-and-true tips on how to save during the holidays and to help you become a savvy holiday shopper. Plus, we’re here to help guide your financial planning and accounting needs all year long.

How to Save on Holiday Spending

By developing a clear plan and instilling the discipline to stick to it, you can take control of your holiday spending and keep your bottom line healthy while still sharing in holiday cheer.

Create a Holiday Spending Budget

It’s important to use a spreadsheet or budgeting app to break down your holiday budget into specific details, assigning limits to every category on your spreadsheet. You may also consider creating a dollar amount for gifts, decorations, entertainment, and travel. When you are listing out gifts, list every person for whom you want to purchase a gift and set a budget for each and every gift. When you are budgeting for parties, entertaining, and other holiday activities, plan out each event and set a limit on how much you will spend on that specific event. In terms of travel, make sure to include gas, flights (including luggage fees and transportation), accommodations, incidentals, meals, hostess gifts, and every other aspect you may need to consider for your travel costs. If you believe it would be helpful, it may be a good idea to create a cash envelope for each category and for each gift. Take only that cash with you when participating in each spending event so that you cannot go over your budget.

Start Early, Plan Ahead, and Look for Deals

One of the most impactful ways to save money during the holidays is to start your shopping early. Ideally, you could be gathering gifts all year long, purchasing as you find the perfect gift for those on your list. If that doesn’t happen, starting early still can help you save. If you strategically time your buying, you can save; it’s always helpful to track prices for major sale events like Black Friday, Cyber Monday, pre holiday sales, and other deals you come across. By planning ahead and having an idea of what you are going to spend, you are more readily able to purchase when you see a discount or sale.

Maximize Cash Savings and Credit Card Rewards

The same goes for credit card rewards and discounts; with a little planning, you can maximize credit card rewards by determining which of your credit cards offers discounts on which items and can utilize those savings when holiday shopping. If you’re spending, earning something back helps you save money. You can choose the credit card that offers cash back on retail purchases, points toward your holiday travel, or any other such credit card reward. Important note: This is only a method of saving if you can pay off the balance immediately. Otherwise, the high interest on credit cards will actually end up costing you more. Always avoid charging any gifts, travel, or entertainment to your credit card any time of year unless you are ready to pay it off immediately. Credit card debt can add up quickly, putting you into debt faster than you may imagine.

You can also search for bulk retailers or specialized websites that offer discounted gift cards. For instance, you may purchase a gift card that is valued at $100 but you only pay $85. You can either give these gift cards as your gift or use them to purchase your gifts.

Best CPA Services Near Me

Watkins & Co. has spent decades helping individuals and businesses across Mississippi with financial planning, tax planning, comprehensive tax services, CPA services, and other invaluable financial services. Just as a holiday budget can help you save, partnering with Watkins & Co helps you save on taxes and more, setting you up for long-term financial success.

Best Tax Planning Strategies

Is tax season an event that comes around every year, demanding your time and attention; one that you’re then happy to forget about until they come around again the next year? That is accurate for many Americans but the truth of the matter is that strategizing for taxes throughout the year can save you significant sums and reduce your tax burden. Rather than ignoring taxes until tax season, taking a proactive approach and implementing best tax savings practices will benefit your finances both in the short and long term.

How to Save on Taxes Year-Round

Track and bunch deductible expenses: It’s always a good idea to keep records of your tax-deductible expenses such as medical bills, donations to charities, business-related costs, and so on. If you are on the cusp of a standardized deduction, it can be a good idea to bunch your deductions into a single tax year. Planning ahead can help you arrange charitable donations, medical procedures that are not time-sensitive, and other deductible expenses into one year to gain the tax advantages.
Increase retirement contributions: It’s incredibly helpful to maximize on contributing to 401(k)s, IRAs, and any other tax-deferred accounts.
Review your W-4 for withholdings: Look over your paycheck and determine if the withholding amount is where it benefits you the most. Using your money all year long may benefit you more than a larger withholding, depending on your situation.
Use tax-advantaged accounts & credits: Reducing your taxable income helps you save on taxes over time fairly significantly. Seek out and use Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs), to name a few. Additionally, there are several tax credit opportunities for education, child and dependent care, energy-efficient home improvements, and other such ways to save on taxes. A Watkins & Co tax professional can help you discover which deductions and credits you’re entitled to.
Pay attention to capital gains and losses: It’s important to remember that the longer you hold an asset (usually more than a year), the lower the tax rate, so it’s wise to strategize your investment portfolio to reduce the tax you’ll owe on the profit. You may also want to consider strategizing a tax-loss harvesting plan to save on investments that have lost value when you’re selling other investments.
Work with a Jackson, MS tax planning accountant: Planning with a professional early on in the process can help you take advantage of every tax reduction, credit, account, and deferment. Our local tax advisors at Watkins & Co. can help you strategize for both your short and long term financial health.

Best Tax Advisors Jackson Ms

Watkins & Co. offers some of the best tax planning services in the state of Mississippi. Our tax CPAs and tax accountants in Jackson, MS have decades of experience in helping individuals and businesses in Jackson and beyond reduce tax burdens and save all year long. Besides reliable tax planning, we also offer comprehensive filing services so that you can simply rest easy and watch your financial strategizing pay off!

Contact Watkins & Co for our comprehensive tax services today and start getting some of these best practices working on your financial behalf!

How to Improve Your Credit Score

Your credit store is vitally important for a wide range of daily activities. Not only is it a reflection of your financial health but it also can earn you better loan rates, approval for mortgages and rentals, lower insurance premiums, and offer you financial opportunities with credit cards that you may not otherwise have. Yet millions of Americans have a credit score that is less than ideal. The good news is that you can improve your credit score with the right strategies and professional guidance. Watkins & Company is your reliable accounting firm in Jackson, Mississippi. We can help you learn strategies to improve your credit score and provide more financial options for yourself.

Ways to Increase Your Credit Score Quickly

Your credit score does matter and the aspects of your life it affects are loan approvals and interest rates, credit card limits and terms, mortgage eligibility, rental applications, job opportunities in specific industries. It’s important to maintain a good credit score and secure your long-term financial stability. If life’s twists and turns have taken you to a place where your credit score is less than perfect, there are ways to improve your credit score.

The steps to improve your credit score include:

Check your credit report regularly: You need to consistently review your credit report for mistakes or outdated information. These factors may seem inconsequential but correcting mistakes can give your credit score an instant increase.
Pay bills on time: Payment history of credit cards and other bills account for roughly 35% of your credit score. Set reminders or create automated payments to avoid missing any due dates. The fastest and most effective way to increase your credit score is to pay your bills in full and in a timely manner.
Reduce outstanding debt and keep your credit cards to a minimum: Credit is also based on the amount of credit used versus your ratio of available credit. This means that if you have a credit card with $10,000 available, you should only use about 30% of that amount, which is $3,000. Maintaining a lower credit ratio enables you to pay it off faster and builds your credit score quickly.
Maintain a responsible borrowing track record: The length of your credit history matters, accounting for about 15% of your credit score. If you have an older credit card that you are no longer using, don’t close it. Instead, maintain it and put a few small purchases that you can pay off immediately on that credit card. This can benefit your credit score greatly.
Diversify credit: It can be helpful to have a wide range of credit. That means having different types of credit such as a mortgage, car loan, credit card, and so forth. However, this is only effective if you can pay and maintain a positive track record with these various credits.
Limit new credit applications: Every time you apply for anything that runs a check on your credit, your credit score is lowered by roughly 10 points. Avoid opening too many accounts in a short period of time or having your credit checked regularly.

Best Accountant Jackson, MS

For reliable and knowledgeable credit advice and guidance, contact Watkins & Co today. Our skilled accounting team in Jackson, MS is standing by, ready to assist you in improving your credit score and opening up opportunities for your financial future.

5 Budgeting Tips for Families in Jackson

The truth of the matter is that saving money is always beneficial! Regardless of economic climate, personal needs, or market fluctuations, having a budget and planning out your finances can prove incredibly helpful. Whether you are saving for your future, planning for retirement, accounting for college tuition costs, saving to buy a new house, or any other financial incentive, budgeting in Mississippi can provide the funds you need.

Watkins & Co is here to help you with some budget friendly tips for families living in Jackson, Mississippi. With an extensive background in personal finance, we know the importance of managing your personal financial plans and we are here to provide experienced advice, guidance, and education for your financial needs.

How to Budget in Jackson, MS

Watkins & Co helps local families create budgets that work for your needs while keeping your long-term financial goals in mind. Our personal finance experts are here to share the ins and outs of budgeting, providing invaluable techniques and tips for budgeting successfully.

Track your Spending

The first step of creating a budget is knowing where your money goes. Before you begin to make a plan, keep a daily log of expenses. Include everything from major expenses, like mortgage, rent, car payments, credit card payments, and other expenses down to the simple coffee shop or fast food run. Make sure to include housing, utilities, transportation, hobbies and activities, healthcare and other such aspects of life. Every penny adds up and it’s important to be realistic when planning your budget.

Prioritize Essentials

Major, essential expenses are priority. Housing, utilities, groceries, gas, insurance and so forth should always be the first expenses listed in your budget. Only once you have allowed for all your daily living costs can you move on to hobbies, activities, and events.

Plan for Seasonal Expenses

Many people work out an extremely effective budget for day-to-day expenses, yet when it comes to holidays or birthdays, their budget goes out the window because they have not accounted for these extra expenses. When creating your budget, look ahead at the year. Build in methods of saving during the months when there are no extra expenses necessary. Account for seasonal spending needs in the quiet months and set that money aside to account for your holiday shopping, summer plans, and birthday activities.

Take Advantage of Deals

There are plenty of deals to be had out in Jackson, Mississippi today. You can easily save on groceries by shopping local deals. Take a look at flyers and farmer markets or check in your local community market for prices. Doing a little price comparison in shopping is always a good idea when you are trying to remain on budget for groceries. It may require going to a few different grocery stores to get the best deals for the week but those dollars will quickly add up as you price hunt over time. Similarly, there are many low cost family activities available. Plan your social calendar around what free activities are occurring that are interesting to you and your family. Reducing costs on hobbies and events can make a huge difference in your daily budget. This provides you more funds for the essentials and for your long-term saving goals.

Plan for Emergency Funds

It’s important to remember that life’s twists and turns are often costly. Whether it’s an unexpected illness or injury, a sudden maintenance repair on your home or vehicle, or even an unplanned cost for your child’s sports or school, having an emergency fund for the unexpected can make all the difference. Even if you only start at a few hundred dollars, setting aside a little each month toward your emergency fund can help you through the unplanned expenses that always seem to pop up.

Personal Accounting Company Jackson, MS

Watkins and Co. is here to help you create a realistic and manageable budget. Taking into account every expense and asset, along with your income, we can help you build a budget that will work in the long run. Adjusting your budget as necessary is an important part of a successful financial plan, as well as adhering to it even when times get tough. Watkins & Co. is your trusted partner in helping you achieve both your short term and long-term financial goals.

Give us a call today for budgeting advice, personal tax preparation, personal finance guidance, and any other financial needs you may have. Our experienced team is standing by ready to help!

Importance of Protecting Your Company’s Online Financial Data

Protecting your business’s financial data is imperative in today’s online world. One hacker, leak, or cyberattack can cost you everything, so it’s essential to take the steps to protect your information. Watkins & Co. can inform you on best practices and help you take the proper precautions to protect your business and everything you’ve worked so hard to accomplish.

Best Practices for Protecting Financial Data Online

Why is protecting your finances online important? Between emails, texts, cloud platforms, devices, and websites, there are many places for your financial data to live, even without you being aware of it. All it takes is one breach and your business could face serious consequences. If your business experiences a cyberattack, your company is at risk for theft, fraud, ransom payments, as well as damage to your credibility and reputation. A breach of your financial data can spell disaster for your company, impacting relationships with clients and vendors, delaying payments and payroll, and even shutting down operations. That’s not to mention if your client’s information is shared which leads to a whole host of legal and financial implications.

What are some of the most common cyberattacks on financial data? Business financial information faces various risks and methods of online attacks. Phishing is where staff members receive deceptive emails that may cause them to share private login information. These unintentional mistakes can compromise your client’s or company’s financial data. Ransomware is utilized by cyberattackers to lock you out of your systems until you pay a ransom to regain control. Perhaps the most common online threats to financial data are using weak passwords or having ineffective access control measures.

So how do you protect your company’s financial data online? There are several steps you can take to make your business a hard target for online criminals. Implementing these best practices for protecting your financial data online will keep your finances right where they should be: in your hands only.

Strong Access Controls: Limit access to financial data to only your leadership team. Anyone with administrative access should use multi-factor authentication and have training on creating strong passwords.
Encrypt Data: If your data is encrypted, even if all other methods of protection fail and your finances data is accessed, it will be unreadable.
Update Software: Software and system updates are often where vulnerabilities are fixed. Make sure that your operating systems, antivirus tools, and any accounting software you use are updated regularly to ensure you have the latest and greatest.
Secure Backup Data: It’s important to use only secure backup systems and locations to keep copies of your financial data.
Train Your Staff: Educate your employees on how to recognize phishing emails, as well as teaching methods of sharing files safely, creating logins, and best practices for handling sensitive information.

Best Accountant, CPA for Businesses Jackson, MS

One of the best things you can do is to rely on a trusted partner in business finance. Watkins & Co has offices conveniently located in Flowood, Madison, Jackson, and surrounding areas, and we incorporate effective avenues of cybersecurity to protect your online finances. Our experienced CPAs and accountants can assist you with assessing your current financial data protection practices and select secure financial systems that will make your information safe and secure – equipped to withstand today’s digital landscape.

Give Watkins & Co a call today for experienced business accounting, tax preparation assistance, payroll services, data protection, and much more!

Managing Debt: Strategies for Getting Out of the Red

If you feel completely overwhelmed by debt, you’re not alone. It can feel like a relentless shadow constantly hanging over your financial stability. Whether you have credit card debt, student loans, mortgage, medical debt, or tax, managing your debt effectively is crucial for organizing a successful financial future. Pond Law Firm is here to guide you through getting out of the red if you have found yourself settled with overwhelming debt. We have proudly provided expert bankruptcy guidance, legal representation, and financial counseling to residents across Mississippi for decades. It is our absolute honor to help our clients find the fresh finish start they deserve. Today, we’re bringing you tips and techniques for getting out from under debt provided by our experienced financial pros. Being proactive and taking action can save you from bankruptcy down the road.

Tips for Getting Out of Debt

The first step on your debt-busting journey is to take a complete stock of all your debts. Pay attention to outstanding balances on credit cards, interest rates, minimum payments, and gather details on any other debt you may have accumulated. Then you can consider your various options.

Debt Consolidation Options

Debt consolidation is one of the first things you can do to manage and eliminate debt – this is where you can combine multiple debts into a single new loan or credit card with a lower interest rate. Not only does this simplify your payment plan and help you keep track of what you owe, but it can also save you vast amounts of money on interest over time. Check into balance transfer credit cards that offer a 0% introductory APR. Then you can transfer your debt on the credit card and use the 0% interest timeframe to pay off and reduce the amount you owe. You could also try personal loans which typically have lower interest rates than credit cards. They also offer fixed monthly payments, which makes managing your debt and working it down much easier. You can also try to get a home equity loan (or HELOC) if you own your own home. You will essentially leverage your home equity to consolidate your debt. The risk here is that your home serves as collateral, making it a risky venture if you are not absolutely positive that you can eliminate your debt.

Budgeting Tips for Debt Management

Budgeting is an important step of eliminating debt. It all begins with creating a realistic budget that allows you to pay off debt, track your income and expenses, identify areas where you can cut back, and disperse more funds toward debt repayment. Follow the 50-30-20 rule which is where 50% of your income goes to your basic daily needs and essentials like housing and food, 30% goes to discretionary spending for fun and things you want, then 20% of your income goes to debt repayment and savings. This creates a manageable and easily tracked method of paying off debt. Another approach is zero-based budgeting. This is where every dollar of your income is assigned to a specific expense, saving, or debt repayment, leaving no unknowns or guesses on where your money is being used. One other method that works for many people is the cash only approach. This is where you withdraw cash and set it aside for a specific use. This includes bills, daily expenses, savings, repayment, savings, and repayment. Whatever cash you have set aside for discretionary and fun activities are gone when the cash is gone. This prevents you from spending more than you should on discretionary items. You can also apply debt pay off methods that you implement yourself. For instance, you could focus on paying off the smallest balance first to motivate yourself to continue lowering your debt. On the other hand, you could focus on paying off the debt with the highest interest rate so that you save money in the long run.

Financial Counseling for Debt Near Me

Financial counseling, perhaps one of the most effective ways of working out of debt, is where you seek the advice of a financial counselor like those at Watkins & Co. We are experts in our field and provide personalized financial advice based on your specific expenditures, debt, and income. We will help you create a debt management plan and connect you with resources for debt relief. Most importantly, we will help you adhere to your chosen repayment plan to get you the debt relief you so desperately deserve. Once you are out from under the overwhelming debt, we will help you stay on track from that point forward, enabling you to have a strong and secure financial future. To book a financial counseling appointment in Mississippi with Watkins & Co today, simply give us a call or click. We’re here to support you every step of the way and ensure that you get out of unmanageable debt!

4 Strategies for Staying Debt-Free

In these turbulent financial times, debt can sneak up on anyone, all it takes is an emergency expense, a missed bill here or there, and suddenly you realize that your financial footing is not as secure as you thought. Yet, you can remain on stable financial ground with some awareness, a little proactive planning, and smart strategy implementation. The team at Watkins & Co is here to provide valuable information on how to stay out of debt, along with expert guidance and financial planning services in Mississippi to keep you out of the red.

Smart Strategies for Avoiding Debt

Why does staying out of debt matter? Doing so provides you with valuable peace of mind and a far less stressful financial life. By building credit and saving, you’ll have greater access to future financing and the ability to build wealth rather than simply breaking even. It means that when the time comes to make big steps and invest in your life goals, you’ll have the ability to pursue those dreams – buy a house, start a business, take an important trip, support your child in college. So how do you accomplish staying debt-free?

Stick to a Budget

Controlling where your money goes and providing a purpose for every dollar can help you become more familiar with where and how you’re spending your money. Doing so can help you identify potential problem areas and help you recognize the red flag of debt before they become problematic. Watkins & Co can help you create a custom budget based on your financial objectives, lifestyle, and income. Our financial advisors across Mississippi will help you track spending, prioritize spending, and make the most out of your money.

Constantly Track Your Spending

It’s important to be aware of exactly what you’re spending in real time. Small, seemingly harmless spending in daily transactions can quickly add up and cost much more than anyone expects. Watkins & Co can connect you with tools for tracking your spending in real time so you know where your money is actually being spent. This will enable you to make a conscious decision on where to spend and where to save.

Using Credit Strategically

Many a financial downfall is a result of accrued credit card debt. It is best to either avoid credit cards completely or use them to your advantage. The only benefit credit cards offer is the building of credit. If you do decide to get a credit card, be sure to only allow an amount to build that you can quickly pay off. Always pay more than the minimum balance so that you can avoid interest build-up. Don’t fall for the “buy now, pay later” concept, especially for non-essential items. This is a trap that can quickly end in financial ruin.

Establish an Emergency Fund

An unexpected bill or emergency is sometimes the tipping point that slides people into debt. Whether your car breaks down, you have a surprise medical expense, or you lose your income suddenly, the expense of such events can wreak havoc on your financial life. Having an emergency fund can save you from sinking into the red. How much should you save for emergencies? It’s a good idea to have 3-6 months of living expenses saved. Watkins & Co. can help you save this protection gradually, showing you ways to save small amounts based on your current cash flow.

Best Financial Planning Services Near Me

For the expert financial guidance you deserve, visit us at Watkins & Co. We serve individuals and businesses in Flowood, Madison, Brandon, Jackson, and beyond. We’re here to help you stay out of debt and maintain your financial freedom!

Retirement Financial Planning Tips

Preparing for retirement is something that we rarely think of when we’re young and busy with life. Establishing a career, opening a business, raising a family, enjoying social engagements and other aspects of a busy life tend to become all-consuming. Yet retirement planning is crucial for financial stability and peace of mind later in life. When considering your golden years, you may have questions about how much you need to save, the best methods of financial planning for retirement, which investments are the most sound, and more. Watkins & Co. is your go-to partner in retirement financial planning, providing sound guidance and financial advice, as well as assisting you in carrying out an established plan.

How Much Should I Save for Retirement?

When thinking about how much you should save for retirement per month or how much should you have saved for retirement by age 55, or any other retirement-related question, you first have to assess your retirement needs and goals. You’ll want to plan for your expected retirement needs. This means you’ll need to estimate how much you’ll require annually for essential expenses such as housing, food, health care, utilities, transportation, and so forth. It’s also important to account for inflation, fluctuations in the market (if you’re not relying solely on savings in your bank account), cost of living increases, and for your life expectancy – it’s always wise to plan for living longer than expected, just to be safe. Then factor in any expenses for travel, hobbies, activities, family responsibilities, and other costs you’ll likely incur in retirement. Sound like a lot? You do not have to figure all this out on your own! You can use retirement calculators or consult with a Watkins & Co. financial planner to determine a specific savings target based on the above factors, your age, current savings, and expected retirement age.

What’s the key takeaway? Most financial advisors for retirement planning will tell you to save 10-15% of your income before tax. The ultimate goal would be to save this for at least 40 working years (for instance, when you are working from the ages of 25 to 45 years old).

The reality of the situation, however, is that many Americans have not saved for retirement in their younger years and you may find yourself close to retirement with little to no savings. Do not panic! Sitting down with a Watkins & Co. financial retirement advisor can help you determine how to proceed based on where you are currently. Every situation is unique and you will deeply benefit from the expertise and guidance of a certified financial planner for retirement. At Watkins & Co., we take a full accounting of your financial situation, retirement savings objectives, and savings thus far to help determine a sound course of action moving forward. We can help you implement a savings and/or investment plan from this point on that will provide you with financial stability for your retirement years.

Financial Planning Services for Retirement Jackson, MS

For the most reliable and best retirement financial planning services near Jackson, MS, stop by Watkins & Co. After decades of working in business and personal financial planning and accounting, our team has the qualifications and experience to help you achieve your financial goals for retirement. We are here to help pave the way to a smooth and enjoyable retirement! Give us a call today to learn more!

How to Maximize Your Tax Refund in 2025

Filing for taxes can be a stressful and daunting task even in the most straightforward of cases. Instead of losing sleep over filing, keep it stress-free with the assistance of the tax professionals at Watkins & Co.. After over 30 years of experience as a thriving accounting firm in Jackson, Mississippi, the tax pros at Watkins & Co. are your go-to local tax experts. We offer a comprehensive suite of accounting services designed to provide for every accounting need of individuals and businesses in the Jackson area.

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Mississippi Tax Law Changes 2025

A new year brings with it important changes in tax laws that are vital for every individual and business in Mississippi to know. With both federal and local state tax laws changing, individuals across every income bracket are likely to be affected, as well as businesses operating in the great Magnolia State. Not only is it important for you to know the new tax laws to ensure you’re in complete compliance with the IRS but it’s also crucial to be aware of when you’re doing any financial planning for the years ahead. Watkins & Co. has proudly provided businesses and individuals across Mississippi with experienced and knowledgeable tax services. Offering everything from financial planning to filing taxes for individuals, tax advice, estate planning, and serving as business tax accountants, we’ve helped our local community members navigate the tax world successfully. Our skilled tax accountants strive to keep you fully informed so that you can make the best decisions for your financial future.

What’s Changing in Mississippi’s Tax Laws in 2025

In addition to the federal tax changes in 2025, as discussed in the previous article, Mississippi’s new tax laws also hold several changes.

Mississippi is considering various tax reforms for 2025 that will affect residents and business owners across the state.

Individual income tax in Mississippi 2025: Mississippi has planned to eventually bring state income tax to a flat 4%, and with that goal in mind, has been conducting a phased reduction in individual income taxes. 2025 continues that process with a reduction of individual taxes with the top marginal rate decreasing to 4.4% (it was 4.7% in 2024).
Mississippi property tax law changes 2025: This year, Veterans who are 90 years or older will be exempt from ad valorem taxes on homestead properties.
Hazardous waste cleanup tax: This tax is applied on the sales of petroleum and petroleum products, and it will increase to 1.12% this year (up from 0.675 last year).
Corporate income tax law changes in MS 2025: Another tax aspect that the state of Mississippi is phasing out slowly is capital tax stock, although no changes have occurred this year.

What can you expect as upcoming changes in tax laws over the next several years?

As of now there is legislative interest in making changes to various aspects of Mississippi’s tax laws.

Sales tax: Currently, Misssippis has the highest grocery sales tax in the nation at 7%. Legislators are pushing to reduce this over the next several years.
Individual income taxes: The phase out will continue until these taxes are established at a flat rate of 4%. As of now, it is projected to end next year (2026) at a flat rate of 4%.

Best Tax Accountants Near Me

For experienced guidance in filing for taxes and tax planning for yourself of your business, visit Watkins & Co. Working with Watkins & Co. brings several advantages for you. As Mississippi natives, we are well-versed in Mississippi tax laws as well as federal tax requirements. We offer proactive planning designed to keep you fully informed and able to make wise financial decisions that adapt to the changing tax laws each year. From individual tax preparation to complicated business tax filing and planning, we offer comprehensive services that cover every aspect of your financial needs. Watkins & Co. is your knowledgeable, local tax accounting firm and you can rely on us to protect your financial interests for years to come.