Happy Tax Filing Season to my Small Business Owners, This is just a friendly reminder that if you paid any person, vendor, or business order $600 or more throughout the entire year of 2016 for services performed, you are legally required to give them a 1099-misc form by January 31st, 2017. The IRS […]
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It’s Tax Time – What Do I Need?
You only do it once a year, so it can be difficult to remember what documents are needed. If I’m your tax preparer, start with this one 2016 Client Tax Questionnaire Client Tax Questionnaire, and provide a copy of your social security card and your state issued identification. Next, do the following: FIRST – — Verify the […]
2016 Tax Season Begins!
Hello Clients and Friends The 2016 Tax Season officially begins on January 19. I will officially begin working with clients on Friday, January 22nd. You may start sending your documents over at any time. In Addition To Your Normal Documents, Please Make Sure You Send: The attached questionnaire. Click here to download 2015 Client […]
2015 Affordable Care Act Open Enrollment Starts November 1st
Open Enrollment Period for Affordable Care Act insurance plans is November 1, 2015 – January 31, 2016. In ObamaCare TAX TALK here are some things you should expect to be different on your 2015 income tax return: The fee (penalty) for not having health coverage in 2016 will be the higher of these two amounts: […]
Is There a Fairer Tax System for America?
I’ve been a certified tax preparer since 2003, and the tax code has done nothing but get more complicated for everyone, less favorable for the low and middle class, and is down right unfair to people who actually saved for retirement via any tax-deferred savings account. The extreme poor, who benefit from the taxes we […]
Does the IRS ‘Really’ Expect Detailed Driving Records for My Automobile Expense Deduction???
Before I start-in on the answer to this question, please understand this article only pertains to individuals who use their personal vehicle for self-employed, freelance, or 1099 contract work. Any work you do for an employer from whom you receive a form w-2 does not apply; even if you are the owner. If you (as […]
What to do When You OWE the IRS and Cannot Afford to Pay
What should you do if you cannot pay now, neither do you believe you can afford to pay throuugh a stream-lined installment agreement? You can submit a Form 433-A for Wage Earners and Self-Employed (see instructions in IRS Pub 1854 – How to Prepare form 433-A) to appeal the collections process. Form 433-A is six […]
An Income Tax Preparers’ Secret Loves
I’m sitting here working on my clients taxes and thinking… There are a few things I LOVE to see and hear from my clients. I decided to share a few of them with you. I LOVE to see Form 1099-INT (Interest Income) that is independent from your to do with a home mortgage escrow account. […]
Can You Take the Tax Credit for Your New Electric Vehicle? For Some, But Not All
What a great sales and marketing scheme to move more electric vehicles off your sales lot! Tell you customers they can get a tax credit for it, and wallah! People will buy an eco vehicle even if they’re not concerned about their carbon footprint. So sorry… The bubble-buster is here to set the record straight […]
Affordable Care Act Penalty Examples – 2015 Income Tax Return
Yes… the penalty for not having medical insurance has increased this tax year. Whereas it was relatively painless on your 2014 income taxes, at about $95 per person, it’s much higher in 2015 and will be even higher in 2016. I will post various scenarios throughout this tax season; but for now, here are just […]