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 at 124 South Main Street in Arab Alabama

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 N. Bennett, ERO

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.

Cook & Co. sign in front of building at 124 South Main Street in Arab Alabama

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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

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.

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tax rate schedule 2023

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.



Calculators

Secure Self-Help Tools
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1040 Tax

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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.
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Required Minimum Distribution
Use this calculator to determine your Required Minimum Distributions (RMD) from your IRA for the current year.
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Estate Tax Planning

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Use this calculator to project the value of your estate, and the associated estate tax, for the next ten years.
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Mortgage Tax Savings
Use this calculator to determine how much your mortgage could save you in income taxes.
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Rule 72(t)

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Penalty free early withdrawals from retirement accounts. Calculate your allowable 72T Distribution.
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Financial

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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!

Accountant Gregory J. Cook
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

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
Buddy Fricke, EA

Buddy Fricke, EA

Enrolled Agent
Mary Penton, EA

Mary Penton, EA

Enrolled Agent
Dustin Toney, EA

Dustin Toney, EA

Enrolled Agent
Brett Carpenter

Brett Carpenter

Tax Accountant
Cook & Co. Tax Department

Our Enrolled Agents are licensed by the U.S. Treasury Department to represent taxpayers!

choice of business entity

Investments in oil and gas have potential for both income and tax benefits.

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What Is The Biggest Personal Expense You Will Incur In Your Lifetime?

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Nothing in Life is Certain, but... Everyone knows the old saying, right?