Happy back-to-school season! Did you get your checkbook ready yet for all those expensive books, tuition, parking fees, lab fees, etc., etc., etc.? Not so fast! There are lots of options out there that will help you decrease your expenses. First, let’s take a look at everyone’s favorite American Opportunity Credit. If you or your [...]
Year after year this is a question that I wonder about. As a service company we obviously think about retention of current customers. Marketers and consultants use the lifetime value of a customer as a reason to try to keep all the customers you currently have. It’s a simple calculation. Amount you are paid annually [...]
If you have been procrastinating on filing your 2013 tax return or have other prior year returns that have not been filed, you should consider the consequences. The April 15 due date for the 2013 returns is just around the corner. That is also the last day to file a 2010 return and be able [...]
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 [...]
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 [...]
Customer whole big picture view is not an easy task. We as CPA’s spend a ton of time trying to see what was done, by whom and when to put together facts for the whole picture. Sometimes we are missing relevant information that is held onto by the “bookkeeper” or even the owner who prepares [...]
There is nothing worse than paying a penalty when you could plan better, right? That’s exactly what this is all about. There are several ways they creep up on you so beware below……. Article Highlights Taxpayers can be hit with underpayment penalties if their withholding and estimated payments are too low. Underpayment penalties can be [...]