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6 Ways to Get the Most Out of Social Security
Social Security took a cut out of every paycheck we ever earned, and the money was used to pay benefits to our grandparents, parents and older siblings. Now, finally, it’s our turn, and it’s only natural that we want our benefits, too. Yet the rules for collecting Social Security are … Continue reading
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How to Weed Out a Good Financial Advisor From the Bad
Posted on March 30, 2013 | No CommentsWe’re often looking for articles that describe perfectly our sentiments on various topics. This one in particular sorts out the good, the bad about financial advisors. By Aaron Shepherd Recently, I’ve been looking at the pros and cons of working with a financial advisor. I’ve met with a couple of … Continue reading -
Your Tax Refund: It’s Not in The Mail
Posted on March 27, 2013 | No CommentsJust an FYI to our loyal clients: A software glitch caused more than 600,000 2012 tax returns to be filed incorrectly, delaying refunds by as long as six weeks, the Internal Revenue Service said. H&R Block, the nations’s largest tax preparer, confirmed that its software failed to fill out a … Continue reading -
Outright Adds Mileage Tracking and Receipt Capture to iPhone App
Posted on March 15, 2013 | No CommentsVia the great By Seth Fineberg Free online bookkeeping and tax software maker Outwright.com is offering a new version of its mobile iPhone app with automated gas mileage tracking and receipt picture saving and storing capabilities. With the new gas mileage feature, users can now track the number of miles they … Continue reading -
Accountable Plans Explained
Posted on March 10, 2013 | No CommentsA recent article from the IRS helps us better understand what an “Accountable Plan” really is. Check this out. Definition: An accountable plan is an employee reimbursement allowance arrangement or a method for reimbursing employees for business travel expenses that complies with IRS regulations. The accountable plan also must include a plan by … Continue reading -
IRS Warns of Problems with Education Credit Filings
Posted on March 4, 2013 | No CommentsFrom Accounting Today: By Michael Cohn The Internal Revenue Service said Wednesday that it has observed problems with the filings for education tax credits that could be delaying processing of the tax returns. “We have observed instances in which the Form 8863, Education Credits, attached to the Form 1040 and 1040A … Continue reading -
7 Tips for Getting the Most Out of Volunteering
Posted on February 12, 2013 | No CommentsBy Joanne Fritz, About.com Guide Do you volunteer? If so, congratulations! Volunteerism is one of the most cherished of American values. You are one of the nearly 62.8 million Americans who volunteer every year, and the worth of your volunteer time has reached $21.79 per hour. If you are looking … Continue reading -
What Is The First Step Of A 1031 Tax Deferred Exchange?
Posted on February 10, 2013 | No CommentsConfused about the wide world of 1031 Tax Deferred property exchanges? This article from ExchangeSmart.com lays it out for you. Article posted on Exchange Smart.com WHAT’S THE FIRST STEP? Always discuss a §1031 tax deferred exchange with your tax and/or legal advisors. Call Asset Preservation for a free consultation at … Continue reading -
7 New Social Security Rules for 2013
Posted on February 5, 2013 | No CommentsTaking social security? Emily Brandon of US News and World Report shares the changes that have arrived in 2013 in this very informative article. By Emily Brandon | U.S.News & World Report LP The Social Security Administration has implemented a variety of new rules and features for 2013. The two-year … Continue reading -
IRS Offers Advice for Coping with Delayed Tax Season
Posted on February 1, 2013 | No CommentsThe Internal Revenue Service provided advice to taxpayers Wednesday on dealing with the late opening of tax season on January 30 that could also prove helpful to tax preparers. For the first time this tax season, the “Where’s My Refund?” tool will provide personalized refund timelines for taxpayers. The IRS … Continue reading -
IRS Steps Up Enforcement and Audits of High-Income Taxpayers
Posted on January 29, 2013 | No CommentsMaking millions? Be ready for an audit–check out this article we found in Accounting Today by Michael Cohn. By Michael Cohn, As seen in Accounting Today The Internal Revenue Service reported that audits of individuals topped 1 million in fiscal year 2012 for the sixth year in a row, a … Continue reading
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What to Bring to Your Tax Prep Appointment
Posted on January 15, 2013 | No CommentsBy Charles Green, eHow Contributor You can help your tax preparer by bringing the required information with you. If you plan to have an accountant or tax preparing professional handle your taxes this year, you need to bring with you pertinent documentation to expedite the filing process. Omit one or … Continue reading -
It’s here: Form 1099-K
Posted on January 10, 2013 | No CommentsBy Jim Buttonow: As seen in the Accounting Today Newsletter The internal Revenue Service has always been able to match individual returns against information statements and propose under-reporter adjustments that come in the form of CP2000 notices. But things are changing, and a new era is upon us. Now, the … Continue reading -
Fiscal Cliff – Holding My Tongue
Posted on January 3, 2013 | No CommentsI had a dream of writing this blog on December 31st. Below is how I was going to rant: It is sad news that today is December 31 and we still do not have a resolution to this fiscal cliff dilemma. the accounting community is calling us Taxmageddon. This issue … Continue reading -
Employers Hiring Veterans by Year’s End May Get Expanded Tax Credit
Posted on December 26, 2012 | No CommentsIRS Special Edition Tax Tip 2012-14 Employers planning to claim an expanded tax credit for hiring certain veterans should act soon, according to the IRS. Many businesses may qualify to receive thousands of dollars through the Work Opportunity Tax Credit, but only if the veteran begins work before the new … Continue reading -
IRS Warns Congress Tax Season Might Be Delayed until March or Later without AMT Patch
Posted on December 26, 2012 | No CommentsWhat’s this? Tax season could be delayed? I found this article in the Accounting Today newsletter and thought it was quite informative. Here’s my take on this issue as well: Without knowing what the laws are, the IRS cannot finish the 1040 forms, and without those, no one can file! … Continue reading -
IRS Extends Deadline for Complying with Service Charge Treatment Rules
Posted on December 21, 2012 | No CommentsWashington, D.C. (December 13, 2012) By Daniel Hood The Internal Revenue Service has given businesses an extra year to make sure they are compliant with new rules on how to treat service charges. The rules were released in Revenue Ruling 2012-18 last summer, with guidance included in Announcement 2012-25, to … Continue reading -
Seven End-Of-Year Payroll Tips For Small Business Owners via Fox Business
Posted on December 19, 2012 | No CommentsSeven End-of-Year Payroll Tips for Small Business Owners via Fox Business By Bonnie Lee, Fox Business The holiday season is upon us and now is the time for small business owners to finalize their year-end tax planning. There are ways to minimize the tax hit that often comes at this … Continue reading -
IRS Encourages Use of Saver’s Credit for Retirement
Posted on December 17, 2012 | No CommentsI found this post by Michael Cohn on Accounting Today to be useful for various income situations I run across in our practice. Check out his detailed information on how folks in lower tax brackets can save for retirement. By Michael Cohn; posted on Accounting Today The Internal Revenue Service … Continue reading -
A Guide For Hobby Businesses: The IRS Wants You
Posted on December 10, 2012 | No CommentsBy Mark E Battersby, Costco Connection Magazine, Originally printed in the December 2012 edition Click here to read! Thanks to today’s tough economy, more and more people are people are using their hobbies and other enjoyable pursuits to generate badly needed income. Unfortunately, few hobbyists may be aware this income … Continue reading -
Managing Your Arizona Properties From Another State?
Posted on December 5, 2012 | 1 CommentManaging your Arizona properties from another state? What you need to know to avoid fines! Over the last two years we have seen a flood of investors that have re-entered the Phoenix metro market taking advantage of great homes at low prices. Many of these investors have decided to take … Continue reading
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BBB Offers Charitable Giving Tips
Posted on December 1, 2012 | No CommentsThe Better Business Bureau offers these tips for charitable giving this holiday season– Many of us will want to help the victims of Hurricane Sandy. This is also the time of year when we see an increase in appeals for charitable donations. Unfortunately, the intersection of these events creates a … Continue reading -
Employers Hiring Veterans by Year’s End May Get Expanded Tax Credit via IRS
Posted on November 27, 2012 | No CommentsThis information is directly from the latest IRS newsletter and we thought it would be beneficial to share! Hire those VETS! IRS Special Edition Tax Tip 2012-14 Employers planning to claim an expanded tax credit for hiring certain veterans should act soon, according to the IRS. Many businesses may qualify … Continue reading -
Tax Write-Offs For Your Business Start-Up
Posted on November 12, 2012 | No CommentsStarted a business this year? Looking to start one? This article by Article by Tom Stemmy for The Capital Gazette.com gives you some great tips for getting started in the wide world of tax write-offs. As the gloomy economy lingers on, more Americans are giving thought to going out on their own … Continue reading -
Finances: How to get things in order for the end of the year via Seacoast Online
Posted on November 8, 2012 | No CommentsThe election is over–now what? Here’s some tips by By Katherine Fredette as posted on Seacoast Online for getting your own financial house in order by year end. Tip 1: Participating in an employer’s retirement plan, or contributing to your own IRA, reduces taxable income, which reduces taxes due, but the money … Continue reading -
Fall Tax tips from the IRS
Posted on November 5, 2012 | No CommentsBy Internal Revenue Service as posted in North Texas e- News Fall is the time of year that brings cooler weather and the chance to get outside, clean up the lawn or organize the garage or attic. The Internal Revenue Service wants to remind taxpayers that fall is also a … Continue reading -
11 Simple Ways to Create Genuine Connections With People Who Make Failure Impossible
Posted on October 31, 2012 | No CommentsI absolutely LOVE this blog from Scott Dinsmore–check this out! By Scott Dinsmore who is the founder of Live Your Legend 11 Simple Ways to Connect with the People Who Make Failure Impossible 1. Know the impact you want to have. Connection starts long before the first interaction. Be the … Continue reading -
2013 Tax Planning: 5 Reasons to Start Now via Accounting Today
Posted on October 29, 2012 | No CommentsI really enjoyed these tips from accounting firm Blum & Shapiro on Accounting Today! Read the Full article here! 1. The 2013 Tax Season Is Closer than You Think Industry experts generally agree that proper tax planning takes an average of six months – the time it often takes experts … Continue reading -
2013 Tax Planning: 5 Reasons to Start Now Via Accounting Today
Posted on October 16, 2012 | No CommentsI came across a great article in Accounting Today and wanted to share it! Check this out! It may feel like you’ve just closed the book on the 2012 tax season and planning for 2013 is far off, but the time for you and your clients to start tax planning … Continue reading -
Breaking Down the Taxpaying Population: Where Do You Fit In via Employee Financial Boot Camp
Posted on October 5, 2012 | No CommentsThanks again to Matt Wilson of Employee Financial Boot Camp for compiling and analyzing these IRS stats and helping us to demystify who really pays taxes in the USA! Every quarter, the Statistics of Income Division of the Internal Revenue Service (IRS) publishes financial statistics obtained from tax and information … Continue reading -
Four Retirement Planning Mistakes to Avoid via Employee Financial Boot Camp
Posted on October 1, 2012 | 1 CommentI recently read this article and found it to be a great recap of avoiding common mistakes when planning for your retirement. Hat tip to financial planner Matt Wilson of Employee Financial Boot Camp for these suggestions! Here’s what I pulled out that I thought was very accurate: 1. Putting off … Continue reading