It’s unfortunate but every once in a while I get a call or an email asking if a request is legitimate from the IRS. Most of the time, a taxpayer’s hunch is that they are not real and no information was given. Billions of U.S. tax monies are refunded due to these criminals ability to [...]
First, I say “dang it”. I hate that when that happens. Second, dont worry! Each year the IRS sends millions of letters and notices to taxpayers. Although some people may feel anxious when they receive one, many are easy to resolve (and many times they are wrong). Here’s what to do if you receive a [...]
I am pretty involved in my profession. I make it a habit of attending at least 2 conferences a year NOT in Arizona usually sponsored by the AICPA and the Thriveal CPA Network. I am categorized very nicely as a small practitioner in a small firm and I am usually grouped with other CPA’s that [...]
This is an interesting topic and one I have spent a lot of time thinking about the last two years. In 2012, at GMLCPA we changed our pricing structure from hourly billing to fixed price agreements and it’s been challenging to say the least. It’s a positive change but with all change there is a [...]
We hope this post helps you understand the Health Insurance Mandates. For family sizes larger than 4, increase the 100% rate by $4,020 for each additional child. Dollar amounts for Alaska and Hawaii are larger. Note that the table is condensed for this brochure and the actual percentage of poverty level will need to be [...]
Are you going back to school or have a student starting college? College is expensive. Here is a way to reduce those costs. The tax code provides tax credits for post-secondary (college) education tuition paid during the year for a taxpayer, spouse, or dependents. Taxpayers should make every attempt to take advantage of these benefits. [...]
As a newlywed you have likely experienced some wonderful and euphoric moments….. so why spoil it? Well reality has to set in sometime soon so here are a few moves that will help reduce your tax filing issues in the new year!!! If you got married during 2013, don’t forget to notify the Social Security [...]
Do you remember the show Extreme Makeover? I used to watch it every Sunday. It had such a great message of hope for these families who had very little and the whole community came out to support and love on the folks. They combined the love for design and function and decided to help people [...]
Unfortunately, we generally don’t know this term until it’s too late. Consequences require us to remember and then we have heart burn anytime we sell a stock. Yes, it’s important. Why you ask? Because: Basis is the point from which taxable gain or loss is measured Good basis records are required to minimize taxable gains [...]
2014 will be a challenging tax year for businesses and higher-income taxpayers. The following issues are concerns that may impact you and your company’s tax liability in the new year. Small Business Health Insurance Credit – The tax credit to small employers (25 or fewer equivalent full-time employees) that provide an affordable health insurance plan [...]