Once you’ve chosen a school, your qualified education expenses (registration, tuition, books & supplies, and in some cases, activity fees) are generally tax advantageous unless those expenses were offset by a scholarship or grant of some kind. The two most applicable education credit options are the American Opportunity Credit and the Lifetime Learning Credit. There is also […]
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Calling the IRS? Expect Major Delays
Due to major budget cuts in the IRS you should expect: Delays in refunds are expected especially for taxpayers who are still filing paper returns Major sloooowwww downs on tax returns errors Extensive delays on getting questions answered on the phone due to the reduced number of IRS agents. I’m already hearing reports of people […]
It’s Tax Time 2015!
Hello Clients and Friends The 2015 Tax Season officially begins on January 20th. I will officially begin working with clients on Saturday, January 24th. In an effort to combat the rampant fraud, the IRS continues its crackdown on tax preparers. This will require me to ask even more questions and even obtain proof of certain […]
I don’t fight dirty and don’t want money from clients who want to fight dirty
I have had my small tax business since 2003; and over the years I’ve retained more clients than I lost. I’m glad to know that of the clients lost, most of them were due to my straight, by-the-book, no-nonsense approach to income tax preparation. My goal has been and will always be three-fold: To provide […]
Where’s My Adjusted Gross Income? AGI?
Sometimes, when completing forms such as those for financial assistance, you’ll be asked to provide your Adjusted Gross Income, also called your AGI. Adjusted Gross Income is defined as gross income minus adjustments to income. Where you’ll find it on your income tax forms depends on which form you filed. Here’s where you should look […]
W-2 Box 12 Codes
Yes, those codes in box 12 on your W-2 form really do have meaning. Sometimes using the right code on your income tax preparation can result in an added tax break for you. Other times, for example with code DD, you can see just how much your employer has paid out so that you could […]
Tax Season 2014 Has Begun – Yes, I’m Preparing Taxes this Year
Hello Clients and Friends I’m sure many of you have wondered just where is your dear tax lady Michelle. Well, I am still here and have been trying to figure out how to make this tax season work for us. I have many uncertainties and demands on my schedule, making it difficult (if not impossible) […]
How the Affordable Care Act Impacts Your Taxes
The 2014 tax year will look very similar to past years; but 2015 is when you’ll see the changes. You may: pay more taxes (especially for high income earners – ie those above $200,000/year) See forms and receive notices from the IRS that you’ve never seen before Receive tax forms from your health insurance company […]
When is the Soonest I Can Get My Taxes Prepared in 2014?
The 2014 tax season officially begins on January 31, 2014. That is the soonest you can get your taxes prepared IF you have all of your W-2, 1099 and other tax forms in your possession. A few years ago we saw a trend where tax preparers would prepare and e-file a client’s tax return using […]
Obamacare Open Enrollment Starts Now
Like it or not. Want it or not. Agree with it or not… #Obamacare is here and “Covered California” open enrollment begins OCTOBER 1ST, 2013. #Mandatory #healthcare coverage begins 1/1/14. Anyone who does not have health #insurance by 3/14/14 can expect to pay a fine when you do your 2014 income tax return. If you […]