Buying Business — Questions to Ask

Published: 5/5/2018 5:45:52 PM

Each year I learn about the disasters that occur when my clients or others either buy or start a business. Why do the disasters happen? Many times the problems start because of consulting the attorney and the banker, but not consulting their tax professional. Why is it necessary to consult their tax professional? Many tax issues can be properly planned and dealt with by working with a tax professional even before buying or starting a business. If you wait until tax season to inform your tax professional, you could then be facing a large tax bill that could have been

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Divorced or Single and Have Children Living With You?

Published: 5/5/2018 5:44:00 PM

One of the biggest complaints I get during tax season is from custodial parents who have not claimed their children in past years, because the noncustodial parent efiled and claimed the children first. These parents have been told by other tax preparers that there is nothing that can be done since the children have already been claimed. We specialize in helping such parents and have helped several of these parents get the credits, deductions, and refunds they deserve. In most cases we also have to correct the custodial parent's filing status from single to head-of-household. When we get an

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Court Order Says My Ex Claims the Children

Published: 5/5/2018 5:39:42 PM

Many tax prepares misinterpret court orders and tax law when preparing tax returns. Since 2009 the IRS has taken the position that a county court cannot tell the IRS how exemptions are claimed on a tax return. Attaching copies of a divorce decree are not sufficient to claim the exemption on a child who does not live with you. Basicly, the parent who has the child in their home for more than half the year and provides 50% or more of the support (this does not include child support) is the parent that can claim the child as an exemption.

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Child Claimed on Another Tax Return?

Published: 5/5/2018 5:38:26 PM

Several times during tax season we electronically file a client's tax return, only to learn that one of the client's legal dependents was claimed falsely on another tax return. Sometimes this is due to identity theft, which will be discussed in another blog. More often this situation arises because an ex-spouse, a grandparent, or another ineligible family member has the child's information and claims the child, even though they did not have the child for at least 6 months or provide 50% or more of the child's support. Unfortunately, many tax preparers simply tell their clients that there is nothing

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Summertime is a Great Time to Check Your Tax Withholding

Published: 5/5/2018 5:36:17 PM

Have you had a change in family status this year? Did you get married or will you get married? Have you welcomed a new child into the family? Have you changed jobs? Has your income changed? Each of these various life events can and will have an impact on your taxes. A review of your withholding at this time would be good to especially avoid surprises when you files your taxes next year. To help you to make or adjust your plan, here are some suggestions:. If you start a new job, properly complete a new W-4 form. We suggest

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Why Should I Think About Taxes Now?

Published: 5/5/2018 5:35:20 PM

With football season underway and the holidays just around the corner it seems like an unusual time to think about taxes. However, as we go into the last quarter of the year now is an excellent time to check on your potential tax liability, especially if you are self-employed. Also, it would be good to review if you may be able to itemize your deductions, instead of taking the standard deduction. Planning now helps to avoid surprises in the spring If you received a raise this year, it is important to bring in your most recent paycheck stub to review

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Tips for Choosing a Tax Preparer

Published: 5/5/2018 5:33:24 PM

It’s the time of the year when many taxpayers choose a tax preparer to help file a tax return. These taxpayers should choose their tax return preparer wisely. This is because taxpayers are responsible for all the information on their income tax return. That’s true no matter who prepares the return. Here are ten tips for taxpayers to remember when selecting a preparer: Check the Preparer’s Qualifications. Use the IRS Directory of Federal Tax Return Preparers with Credentials and Select Qualifications. This tool helps taxpayers find a tax return preparer with specific qualifications. The directory is a searchable and sortable

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6 Reasons Why Your Business Needs an Accountant

Published: 4/27/2018 6:13:09 PM

We often with speak with small business owners who rely upon DIY accounting programs. They say the program works good for them and makes operating their business a breeze. What we often find though is that even with the use of such programs, many business owners do not know the true profitability of their business. Or, if they have more that one office, they do not know which office is truly making money and which office is possibly losing money. Sometimes income and expenses are not being properly entered or categorized. Having an accountant help your company to grow, move

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Reasons to Use Direct Deposit for a Tax Refund

Published: 3/27/2018 7:03:55 PM

We recommend taxpayers consider a Direct Deposit of any refunds due. It’s easy, safe, fast — and the best way to get a refund. That’s why 80% of taxpayers choose it every year. IRS Direct Deposit: Is Fast. The quickest way to get your refund is to electronically file your federal tax return and use direct deposit. Is Secure. Since refunds go right into a bank account, there’s no risk of having a paper check stolen or lost. This is the same electronic transfer system that deposits nearly 98 percent of all Social Security and Veterans Affairs benefits into millions

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