If you’ve ever been in a batting cage to practice your hitting, you know that the baseballs come fast and furious. We’re the equivalent of a tax-planning batting cage. Just pick your area of interest and every 15 seconds, we’ll throw you a new idea. You can use the pause,back, and forward buttons to review the ideas.
For Individuals
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The SECURE ACT – New Rules for Retirees:
A last minute Christmas surprise from Washington
New Law Extends Key Tax Breaks into 2020 — aka How Congress tries to upset your year-end planning Just when it seemed like Congress was too distracted by impeachment proceedings and national security to worry about taxes, they throw curveballs into our year-end tax planning. The Extenders and Secure (Retirement) Act are just a…
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Business Reading List for the Holidays:
Increase your profits by learning the basics of ecomomics
To succeed in business, it’s necessary to learn some economic theory. Don’t worry – this doesn’t mean you have to have a degree in Econ studies – it just means you grasp some principles of how free markets work. Some of the best reads that I’ve ever found are described in our video review below.…
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Christmas giving and tax deductions:
How to let Uncle Sam help your favorite charity
In the case of non-cash charitable gifts you need to be careful not to fall into several tax traps that may limit your deduction.
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Chrisley knows best — except for taxes:
Things Todd should never tweet about
There have always been a number of things you can do to get on the IRS’ bad side and (in the Christmas vernacular) their “naughty list.” This article from Forbes is a great checklist of things you should never, ever, do when dealing with an IRS audit. Published by Tax Attorney Robert Wood in Forbes…
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Get a 30 Percent Tax Credit for Residential Solar Panels:
Act quickly if you want this credit
Only a few months left to Claim a Tax Credit for Residential Solar Panels If you’ve decided that you want to go the Solar Energy route, here are some unique tax advantages to help pay for it. The 30 percent residential solar credit: drops to 26 percent for tax year 2020, drops to 22 percent…
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Roth vs Traditional IRA – Which is better:
We crunch the numbers and give you an answer to the raging debate
Roth IRA versus Traditional IRA: Which Is Better for You? I can’t think of a more heated tax debate than this topic has been over the years. This debate is akin to the feud between the Hatfields and McCoys, the Montague and Capulets, the Union and the South, etc. Accountants tend to be split…
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Red Alert – Data Breach:
If you have a capital One Credit Card - Take some precautions
Two years ago, we published this alert about the Equifax data breach and the steps you should take. Today, it’s happened again! This time it’s about 100 million Capital One credit card application’s info that may be exposed. We’ll quote an article from PC World: “On Monday night, Capital One revealed that more than 100…
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Numbers that we should remember
There are many numbers (tax rates, investment percentages, etc.) that we like for clients to remember, but as we approach Independence Day, we ought to refocus on some numbers that are just as important. Our broker friends have provided them in the video below.
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The US national debt:
Should you care about it?
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Should you be paying “your fair share”:
We destroy another tax myth with facts
How taxes really work
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Cliff notes of the new tax law:
Our cheat sheet guide to tax reform
Most clients don’t really need to know all the aspects of Tax Reform. But a quick reference guide can be helpful. From the new rules on alimony to 529 plans to mortgage interest limitations to meals and entertainment and the new 20% business income deduction – here’s the tip sheet you’ll want to print and keep…
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Where your money really goes!:
It's not for food, clothing, and shelter!
I’m putting this under the category of tax humor but, arguably, it’s not that funny. There used to be a cliche that nothing has changed due to technology and that we still spend most of our income on food, clothing, and shelter. There is something that has grown faster than real estate costs or inflation. That’s the…
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Guarding your ID:
Follow the link for ID security tips
Guard your ID carefully. Here are some tips.
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Charting the effects of tax reform on your return:
Existing clients can get a free detailed report on the topics below
Buckle your seat belt because the road to tax savings just got bumpier. We’ll be covering the major changes for tax year 2018 below. Existing clients can obtain a free detailed report on each area by clicking this link and referencing the phrase in the topic column in the subject line of your email.
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What a difference a name makes!:
Are you a dealer or investor? Here's how to tell the difference!
How you define “Real Estate Investor” and “Real Estate Dealer” can make a huge difference in your taxes. Let’s take a look at how big a difference you can make in the tax bite. Say you have a $90,000 profit on the sale of a property. • Dealer taxes could be as high as $46,017. •…
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Does everybody really get a tax cut in 2018?:
In almost all cases, the answer is yes!
This is because the tax rates are less than in 2017 for every income bracket. Although there is always the exception the proves the general rule, here are the new reduced rates for tax year 2018. Existing clients are welcome to email us for an estimate of just how much savings you may realize.
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Questions from our clients on the new tax law:
Free advice to actual client questions
The following questions are ones that we get asked every week at this time of year. Below are the answers that factor in the new tax law that will affect the 2018 returns. Will I be able to save on taxes if I prepay my January 2019 mortgage bill before the end of the year in…
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From SCA to you:
Happy Thanksgiving!
From SCA to you
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Tax Reform in picture format:
Our infographic explains 10 key elements of tax reform
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IRS Amnesty Program ends September 28!:
Non-reported foreign bank accounts will cost you dearly
Warning- IRS penalty forgiveness for foreign bank accounts is about to expire! Although most clients are aware that earnings from a foreign bank account are reportable on a US citizen’s tax return they may not realize the danger of non-disclosure of foreign accounts – even if they produce no income! The various penalties run the gamut from 10,000…
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A Tax Court decision you’re going to hate:
Joint Returns Valid Despite Wife's Forged Signature
Joint filing can save a lot of tax -except when it makes you guilty of your spouse’s fraud!
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Tax Reform in a Picture Format:
10 Major areas of tax reform via our infographic
Educators tell us that we retain knowledge better when it’s associated with pictures. We’ve taken our Top Ten Items of Tax Reform for this week and created an infographic to help you better remember areas for 2018 tax planning. To discuss the specific impact on your own return, just email us for a projection of your…
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The worst IRS scam ever!:
Don't fall for newest IRS scam
Don’t fall for newest IRS scam
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Tax Reform Strikes Again!:
New tax provisions hidden in February budget bill
Don’t shoot the messenger, but Congress has done it again!
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How to use your 529 Plan for private high school education costs:
Tax Reform opens a new door for your child's education
Tax Reform opens a new door for your child’s education
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Freeloader Nation:
Why you should give through a local charity
Why you should work through a local charity
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Will you get a tax cut next year?:
Take a look at how some of our clients will fare.
Will you get a tax cut next year?
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Tax Reform progress – Part II:
Congress battles to get an agreement by year end.
It seems that, much like the Atlanta weather, if you don’t like today’s tax law -just hang on and it’ll be different next week.
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Tax Reform progress – as of today:
Congress battles to get an agreement by year end.
It seems that, much like the Atlanta weather, if you don’t like today’s tax law -just hang on and it’ll be different next week.
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From SCA to you:
Happy Thanksgiving!
From SCA to you
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New 2018 limits on deductions for retirement:
Plan now for next year's larger amounts
Plan now for next year’s larger amounts.
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Equifax data breach:
Find out if you are affected
To check the likelihood of your data being breached, Click Here
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Special tax relief for Hurricane Harvey victims:
IRS authorizes extended due dates and exceptions to retirement plan loans
IRS provides relief from filing deadlines.
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As Shakespeare said:
"Neither a borrower nor a lender be."
As Shakespeare said . . . “Neither a borrower or a lender be.”
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Owe a large tax bill?:
Say sayonara to your passport
Say sayonara to your passport
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Why a 1031 exchange is a great tax-planning idea
Why a 1031 exchange is a great tax planning idea
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Ways to pay the IRS
Sometimes, in spite of all the planning, you may wind up owing more than you expected to the IRS.
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The other tax date in April:
April 1 could be the date you incur a tax of 50%!
The other tax date in April – this one can cost you 50%
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ID Theft and the IRS
If you’ve been inconvenienced with the IRS assigning you a PIN you’ll be encouraged to know . . .
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Meet the entire IRA family:
The members of this family are very different from each other.
The members of the IRA family are very different from each other.
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Hacking the code – what the 2016 tax law changes mean to you
What the 2016 tax law changes mean to you.
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Are some of your deductions dying?:
Here are some popular deductions that will die on 12/31/16
Here are some popular deductions that will die on 12/31/16
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Tax Planning for the new year
Tax Planning for the new year.
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Why you should care about corporate inversions:
Here's the real reason that companies leave American soil and what it costs you!
Here’s the real reason that companies leave American soil and what it costs you!
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Year-end Tax Planning
How to save taxes with year-end planning.
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Identity theft – It may be a matter of when, not if.
What to do if you’re the victim of ID theft. Take these steps asap.
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Trump-etting the new tax law
How a new President may change the tax laws.
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Can you deduct your rental losses?:
in tax matters, the answer is "it depends."
Can you deduct the loss on your rental property? Here’s the answer.
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The Electoral College – should we eliminate it?:
Watch the video to learn the history and purpose the Founding Fathers had for the EC:
Doe the EC still serve a useful purpose? The answer is surprising!
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Scary tax personel:
Watch out for these tax monsters on Halloween!
Watch out for these tax monsters on Halloween!
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Every 100 years or so . . .
Confused about the Obamacare shared responsibility payments? Here’s help.
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The problem with Social Security:
it's based on simple math
The problem with social security . . .
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Moving expenses:
only certain types of expenses can be deducted
Only certain types of moving expenses are deductible. Here’s an overview.
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How the new President’s tax plan will affect your wallet:
enter your income and see what you'll pay.
Plug in your income and compare the Presidential tax plans.
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IRS Funding under fire:
Congress to cut budget by 236 million dollars
The IRS was in damage control mode Tuesday after an audit revealed that it paid bonuses to employees who were in trouble over tax issues themselves.
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A tax break for Seniors:
Sometimes Congress actually gets something right.
Sometimes Congress actually gets something right! This happens so rarely that I wanted to write a special blog post on it. Clients who have followed our advice over the years tend to retire with no mortgage debt and few out-of-pocket medical expenses. This leaves their charitable contributions as the main source of itemized deductions to…
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A tax shelter like no other:
This is the only tax entity that is pretax on money in and out!
The only tax shelter that you can deduct contributions and not be taxed on distributions.
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Freedom in Georgia declines by 25%:
Tax Freedom Day update
Just how free are you? It may depend on where you live.
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Did you think the 50% tax rate was gone?:
April 1 could be the date you incur a tax of 50%!
The other tax date in April – this one can cost you 50!
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Don’t let your deduction get washed out:
How the "wash sale" rules can cancel your current year write-off!
How the “wash sale” rules can cancel your current year write-off
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What simple math can tell you about Social Security:
another reason to save and invest well!
You don’t have to be a genius to know what simple math ratios indicate is happening to social security. Just take a look at the chart below, and you’ll know why you can’t trust Social Security exclusively for your retirement. Planning now is always better than panicking later. Remember that we’re just a click away…
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If you win the powerball lottery . . .:
which state will tax you the most?
If you win the powerball . . . how much state tax is due?
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The long, long, arm of Uncle Sam:
how the Fed redistributes your income
How the government redistributes your income
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Does it ever pay to be just average?:
Sometimes it's ok to be average.
Here are the average tax deductions by income level according to the IRS
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Now you see it . . .now you don’t:
How Congress is making last year's deductions disappear
A magic trick by Congress!
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A Planning Tool for 2016 and beyond:
Make sure that you've utilized your retirement plan to the max!
Confused about the tax tools for retirement planning? Here’s some help.
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No good deed (or charitable donation) goes unpunished
In the case of non-cash charitable gifts you need to be careful not to fall into several tax traps that may limit your deduction.
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Christmas gifts and the Federal Gift Tax:
how to use gifting to the max
During the season of giving, you can (tax-wise) accomplish some effective giving as well.
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Our Christmas gift to clients – more deductions for year end!:
how to obtain a deduction for items paid next year
Well . . . it’s technically not a “gift” but it will help you lower your taxable income for 2014.
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Remembering Veteran’s Day:
see below for a list of tax advantages for those who have served their country:
Tax advantages just for veterans
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Forget about Halloween: here’s something that’s truly scary!
One of the scariest things you’ll ever see.
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Why it’s good to be number 44 out of 50:
Georgia ranks among the lowest in debt per capita
Georgia ranks among the lowest in debt per capita
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Your most important job:
whether owner or employee, this is the most important thing you do
It may be a speech for your product or service, or just to promote the goodwill of your company – but it’s important to do it well.
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Ways to get money out of your IRA:
WITHOUT paying the 10% penalty
Need money from your IRA but want to avoid the 10% penlalty?
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May-June marriages can bring April tax bills:
We explain the tax-related "marriage penalty."
Combining two incomes may more than double your tax bill! Here’s how to fight back.
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If you paid a penalty for no insurance coverage in 2014:
then you're going to be really unhappy in 2015
Expect Obamacare penalties to get worse next year.
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Free at last! Free at last!:
Tax Freedom Day update
Just how free are you? It may depend on where you live.
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IRS-Based Scams
IRS internet scams are famous (or infamous) and have been around a long time. The post below is a warning of these e-mail and call scams that we published months ago. However, among professional con men there’s an old saying – “there’s no scam like an old scam.” What they mean by this…
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IRS approves April 2015 deduction on your 2014 return::
Donations to slain Police Officer's families can be backdated on your tax return.
Donations to slain Police Officer’s families can be backdated to 2014.
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Are you a “real estate professional”?
During tax season, we get a lot of questions about the deductibility of rental real estate losses. There is not a single “sound bite” type of answer as it can depend upon your income level, type of property, and the degree to which you share in the management responsibilities.
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“To Sell or Not to Sell -that is the question.” – William Shakespeare [edited]:
"The tax rate can be mightier than the sword."
Although we don’t give investment advice, we thought a simple math formula that helps you maximize your stock gains might be useful.
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How to E-Sign your individual tax return:
It's quick and easy
How to E-Sign your individual tax return
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Myths about Taxable Income:
What you don't know can hurt you (a lot).
My Social Security benefits aren’t taxable. Depending on the amount of other income that a taxpayer has to report, their benefits may be taxable – but the maximum amount of Social Security benefits that must be included is 85 percent. I don’t need to report stock sales if I bought other stocks with the proceeds.…
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Why tax year 2014 requires more work:
New Obamacare requirements
In March, 2010. President Obama signed the Affordable Care Act. One provision of the Act required that in 2014 all Americans must have qualified health insurance or face a “Shared Responsibility Payment,” more commonly known as the Health Care Penalty. A lesser known amendment to the Act allowed insurance providers and large employers a one-year…
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Working outside the USA? Don’t forget about these IRS requirements!
You may still have to file a tax return if you live outside the United States and maintain your US citizenship.
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Our Christmas gift to clients – more deductions for 2014!
Well . . . it’s technically not a “gift” but it will help you lower your taxable income for 2014.
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A Year-End tip that always helps in tax planning
All of our existing clients have access to our SCA Secure client portals at no additional charge.
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Christmas gifts and the Federal Gift Tax
During the season of giving, you can (tax-wise) accomplish some effective giving as well.
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Thanksgiving Items
Our clients are some of the most grateful people we know. It seems appropriate on this holiday to document the things that we’re most thankful for and the persons responsible for them. We’re always thankful for you, our clients, and look forward to serving you in 2015! Feel free to use our form below to…
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No good deed (or charitable donation) goes unpunished
In the case of non-cash charitable gifts you need to be careful not to fall into several tax traps that may limit your deduction.
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Haven’t filed a return for a few years? Here’s some options that you can use.
Haven’t filed a return for a few years? Here’s how to start.
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Who gets your Roth-IRA money? (Part IV of Keeping it All in the Family)
Who gets the money from a ROTH-IRA?
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Roth-IRAs demand equal time! (Keeping it all in the family Part III)
Here are the answers to the two most often asked questions we get on the subject of Roth accounts.
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The other side of the coin
After 172 posts and 81 pages written and published on our site, nothing has drawn the reaction of this post entitled Who pays the Federal Income Tax. Given that the stats quoted were from the IRS, you’d think that no one could argue about an empirical fact (the top 10% pay over 70% of…
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Uploading your data with SCA secure
With our encrypted portals uploading your data couldn’t be much safer or much easier. Have a look as one of our clients uploads tax information to us. It’s safe, quick, and easy! Steps demonstrated in the video Login Click on File Exchange in left sidebar Click on the Upload Data folder Click the Upload icon…
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Executive Summary of Timeline for Obamacare provisions
Editor’s Note: There have been substantial changes in the ACA law since we published this post. See our current newsletter for updated information. The Cliff Notes version (detailed explanation below) 2010 – 2011 Small business tax credit Adult dependent insurance coverage Return information disclosure Restrictions on use of HSA and FSA funds 2012 Information reporting…
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Can the “Fonz” drive in reverse?
Henry Winkler (a/k/a “The Fonz” on the Happy Days TV series) can be currently seen on television advertising for senior citizens to sign up for a reverse mortgage. Before you can make a financial decision on anything, you need to know: How does it work, and How does it help (or hurt) me financially? How…
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What our email footer really means!
IRS Circular 230 Disclosure – What Does all the legalese really mean? Our SCA team prides itself in looking after each client’s tax affairs as if they were our own. We leave no tax deduction aside you’re legally entitled to take. Reliance on professional advice has usually been the only thing required…
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When we say it’s secure – we mean it!
We talk a lot about the importance of keeping your data secure. Three years ago we offered our SCA secure portals which use a transparent 256bit encryption. The problem is that most of us don’t take our computer with us when we visit our banker or stockbroker. To fix this inconvenience for our clients, we’ve…
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When it’s OK to be average
Here are the average deductions, by level of income, based on the latest available IRS stats. The following are preliminary figures released by the IRS (their reports lag behind the current tax year because of the time needed to compile figures). These are averages only. [Editor’s note: Remember that there is no “average” amount that…
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What’s my tax rate? Here’s why that can be a hard question.
Clients are sometimes surprised that we need to call them back with an answer to the above question. The chart below explains why this can require some analysis to answer. On this client’s 2013 return, he has encountered no less than six rate structures. Since you can’t effectively plan without knowing your real marginal rate,…
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Can you deduct the cost of a Skybox used for business entertainment?
The answer is yes – for the most part. Here’s a letter we wrote to a client explaning how this works. Dear [name redacted] You’ve asked us to review the tax limitations on deducting the expenses of renting a skybox or other private luxury box at a sporting event. Skybox rentals are subject to…
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Areas for Tax Planning in 2014 & 2015
A visual summary of Tax Planning areas for 2014
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DIY tools and why you may not want to use them.
If you’re the DIY (do it yourself) type, here are the tools.
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Sticker shock awaits many clients on their 2013 tax return
Many folks will get a severe case of sticker shock in 2013. Here’s why.
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Beware of these (alleged) IRS E-Mails
Among professional con men there’s an old saying – “there’s no scam like an old scam.” What they mean by this is that the basic appeal of the con is the same although the technology to deliver the scam may improve. Nowhere is this more true than with scams that appear to be emails from the…
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IRS magic tricks – Deductions that will disappear on December 31!
Certain deductions are scheduled to vanish in 2014!
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What’s in a name? Let’s ask IRS!
Figures don’t lie but IRS Commissioners do.
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Identity theft – IRS posts thousands of social security numbers on its website!
We give you the steps to combat the ever-present danger of ID Theft
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New Home Office rules for 2013 – IRS makes it easier to calculate the deduction.
Calculating the home office deduction just got easier in 2013
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Happy 100th Birthday – Not! A taxing history of the US
This year marks the tax code’s 100th birthday. So-what do you get for the Tax Code that has (quite literally) everything under the sun already?
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How much will Social Security pay me when I retire?
How much will Social Security pay you at retirement? Our chart will give you an answer.
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Why you’ll pay more tax in 2013 and beyond
A timeline for some of the new taxes in the President’s 2014 budget and Obamacare
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IRS, Star Trek, and Gilligan’s Island
See the Star Trek and Gilligan’s Island parody videos that cost $70,000 of the taxpayers’ money
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Why Mark Zuckerberg really hates April 15
If you’re dreading April 15 due to a big tax bill- it could be worse. Facebook’s IPO made founder Mark Zuckerberg a billionaire — but left him with a tax bill likely to top $1 billion. Here’s the story from the CNN news feed. Facebook’s stock market debut left founder and CEO Mark Zuckerberg with a…
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Simple in Six – How to enter Excel data just one time!
Do you ever get frustrated formatting a yearly spreadsheet and then entering data in 12 tabs for monthly projections, budgets,etc? What’s really irritating is when something has to be added and you’re faced with 12 tabs to update. Thanks to Excel expert Tom Fragale (@PhillyTom), we have a way to enter your data just once…
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Tax Advice for Valentine’s Day
This is one of our older posts, but it’s still good advice!
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Can you guess what’s coming next?
Laura Saunders has a great exercise in predictive logic in the tax section of the Wall Street Journal. Most clients’ largest tax benefit may soon be under attack if she’s right! ” When you receive your W-2 for 2012, pay attention to a surprising new number on the form, especially if you are an upper-income-bracket taxpayer.…
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How to add forms to your tax organizer
I’ve always liked being able to substitute items on a restaurant menu. That way you get exactly what you want. Why should your tax organizer be any different? Although the organizer is customized based upon your prior year return, things can often change from last year. If you switched jobs, opened a new brokerage account, opened a new Health…
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When does it pay to be average?
Sometimes being average is not a bad thing. The data below (for illustrative purposes only) shows what the IRS has calculated as average deductions by income level. When a tax return varies too far from the average, something called a DIF ( Discriminant Income Function) score flags the return for audit. However, IRS uses more…
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Time running out for a do-over on your IRA distribution!
As our golfer friends say, time is running out for a mulligan on any IRA distributions that were required by 12/31/12. The fiscal cliff law signed by the President on January 2 has a retroactive provision that could help you out of a jam if you forgot to take a RMD (required minimum distribution) from…
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Planning or Just Playing Scrabble?
Retirement Planning – it’s more than a game of scrabble? Some of the 2013 retirement plan limits have changed. Good planning involves trying to max out these amounts every year. Stop playing a game of scrabble with your retirement and hoping for some lucky tiles to come your way. We can help you determine how much…
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Unlucky 4 digit numbers
Certain numbers can be unlucky for filing your tax return for 2012. Some of the 4 digits that are guaranteed to delay filing of your return until late February or even March are 3800, 4562, 5695 ,8582 to name just a few. We’re not getting these from a Chinese fortune cookie, but from the IRS website. Seems…
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IRS releases revised E-File date
You may remember our post a few weeks ago where the IRS predicted that the fiscal cliff may cause filing delays until the end of March for complex returns. Due to a semi-solution by Congress, we now have IRS confirmation that January 30 is approved as the first day for E-Filing. Advanced returns will still be…
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A Cliff Notes Summary of the Fiscal Cliff Law
We’ve reviewed the 157 page sorry excuse for a err I mean problem-solving bill Congress passed last night. Sorry that it is (raises taxes, but no spending cuts to speak of), we at least have an idea of what’s coming in 2013. Here are the main (but not all) areas that will effect your return…
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The AMT monster is coming! See video below.
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If you read nothing else this year . . .
be sure to read our letter to clients on how to plan for 2013. This link will take you there. See the effect on your family in 2013 (Click Here) or use our fiscal cliff calculator with the numbers from your 2011 return.
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IRS to Washington – Get your act together or no returns processed until March
You have to admire one thing about acting IRS Director Steve Miller. As the head of IRS, he warned Congress that certain tax returns will not be processed until March of 2013. Why make this threat? Because twice in the past when the AMT patch has expired, it has been reinstated retroactively. The IRS made…
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The fiscal cliff effect by age groups
Whether you are single, married, working your way through college, or settled in your career. This infographic from today’s Wall Street Journal shows the financial loss you’ll feel in 2013. Begin your tax planning now to avoid a painful new year. Be aware that these are averages. Your tax effect may be larger. [Be sure to click…
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For advanced clients only
For our clients who have advanced knowledge of the dangers starting January 1 (to join this group, Click Here and read the section of fiscal cliff articles) we offer a “Cliff Notes” version of the individual effects of the fiscal cliff. You can access this summary graphic by clicking this link. Remember there’s still plenty…
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The fiscal cliff in graphic form
Hollywood’s Friday the 13th and Freddy Kruger can’t begin to compare to how scary this picture promises to be. Coming to a country (very) near you on January 1, 2013. Clients can E-mail us for a special video presentation with specific details on what’s involved. We’ve also compiled a listing of helpful articles which can…
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Specific info on the Fiscal Cliff
Detailed information of the peaks and valleys of the Fiscal Cliff Our last newsletter (see this link) contained general information and warnings about the financial and tax disaster referred to by the media as the “fiscal cliff.” We’ve been deluged with requests for more specific details on the effects of this scheduled legislation. Remember,…
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The Dark Knight vs. H&R Block
Bruce Wayne (aka Batman) may be out to get Block (H & R), not the villainous Bain. Seems like H&R did a tax return comparison between the wealthy Mr. Wayne and a competing super-hero and made a 17- million- dollar mistake on his tax projection. In the first calculation (now pulled from their website) Block had Bruce Wayne reducing…
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Is there a way to deduct my political donation?
Is there a way to deduct a political donation? The answer may surprise you. More than most tax questions, the answer to this one really is – “It depends.” It depends upon whether the donation was given to: a social welfare group, a trade association, a PAC, a so-called Super PAC, or…
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Breaking tax news for 2013!
IRS just announced the new (and higher) limits on 401(k) plans etc. Here’s a summary for use in 2013 tax planning. The inflation-adjustments for 2013 include: Gift Tax Exemption: $14,000 (up $1,000 from 2012) Contribution Limit for 401(k)/403(b)/457 Plans: $17,500 (up $500 from 2012) Catch-Up Contribution Limit (Age 50+) for 401(k)/403(b)/457 Plans: $5,500 (same as 2012)…
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A Tale of Two Tax Plans
With apologies to Charles Dickens, here’s an easy to understand graphic of how the upcoming tax plans measure up. Source: www.backtaxeshelp.com
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Back to School, Back to Practice: What You Need to Know About Your Insurance as a Volunteer Coach
As children return to school across the country, families know that can also mean a return to the practice field, whether through school sports teams or community sports programs and often parents may find themselves on the sidelines as a volunteer coach. It can be especially rewarding to teach children the skill sets of a…
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How to avoid payroll taxes
Wouldn’t it be helpful with your company’s cash flow if you could just not remit the social security and medicare withholding taxes? We don’t recommend this as a strategy but, according to the US Inspector General, it’s working pretty well for some Federal agencies. These Federal agencies owe over 14 million of back payroll taxes…
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The Anti-Investment tax of 2013! We explain how and when it applies.
CPA gives 3 minute summary of the new Medicare tax
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Do corporations have to issue 1099s?
As with most tax questions it depends. Although (as a general rule) corporations are exempt from this requirement, there are some exceptions. See the list below and be sure to E-Mail us if questions. Reportable payments to corporations. The following payments made to corporations generally must be reported on Form 1099-MISC. Medical and health care payments…
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Just what a sagging stock market needs to recover
Let’s have a 289% increase on dividend earnings. That’ll really make people want to [sarcasm intended] buy into American business. Actually, there is nothing that will damage the market performance worse than this. If you own investments and would like them to increase in value, I’d make my voice known on this.
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Who really pays their “Fair Share” -Part II
Looks like the argument for the rich paying their “fair share” is getting weaker and weaker. Hover your mouse over the chart to see the graphic proof of who really pays their fair share-Part I. Facts are stubborn things and the fact is that the top 5% of earners have gone from shouldering about 28%…
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Who really pays the Income Tax?
I get asked this question almost every week. Here’s some helpful stats from our friends at the National Taxpayer’s Union. Remember this question. If a quarter of the income paying almost 90% of the tax bite is not “Fair”, then what is Fair? 98%? 115% Pro-rata cuts benefit all taxpayers equally – and that’s as…
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Think your CD rates are bad? How about a French T-Bill with negative interest?
We always like to look at the positive side of things. As bad as CD rates in the US are for investors, you could have to deal with French T-Bills which sell at a negative interest rate! I know that’s hard to believe, but here’s the AP news release: “. . . France, the No.…
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Some folks will see a 74% increase in the tax rates in 2013-(from the WSJ)
We’re not kidding about the higher part as the new capital gain rates (remember the “capital” in capitalism). Just put your mouse over the picture to see proof that capital gains could go as high as 25% in 2013 ( a 67% increase)! The Wall St Journal says it best in their July 2, 2012…
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Will Smith becomes a capitalist
The text of this conversation is printed below. Will Smith: I have no issue with paying taxes and whatever needs to be done for my country to grow. I believe very firmly that my ability to sit here—I’m a black man who didn’t go to college, yet I get to travel around the world and…
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If we did Financial Statements like the White House and Congress . . .
We would simply overstate your net income by 384%! Not surprisingly, the White House and Congress speak of the yearly deficit in amounts of 1.3 trillion. However, if we use the same accounting rules that your business and my business are required to follow, the numbers change to roughly 5 trillion. Most financial…
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How “Qualified” are your relatives?
One of the tests to claim a dependent is that the person must be a qualifying child or relative. Like most things with IRS, the meaning of their terms is never simple. Here are some of the tests used to qualify your dependent as a write-off. Tests To Be a Qualifying Child Tests To…
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Downside of Online: Cyber Crime & Stolen Data
by Rick Viall (Guest Editor) How safe is private information when stored electronically? You may not want to know the answer to that question. But if you’re just a bit curious, consider visiting privacyrights.org/data-breach. The site allows you to scroll through a frequently updated chronological list of reported breaches of private…
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Let the rich guys pay this tax bill
Why wouldn’t we let them pay? The non-payers (but still voters) have almost reached 51%
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Intuit solves the wrong problem with a new Quickbooks option
For clients using Quickbooks, here’s a useful tip from one of our most trusted sources for software training. The instructors at K2 Enterprises will walk you through the process of limiting your Quickbooks data file to the current year. This will make QB run faster and more efficiently, but this does not solve the IRS…
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Does Volunteering Your Time Mean Volunteering Your Insurance?
by Guest EditorRick Viall rviall@viallins.com Millions of Americans donate time—their most valuable asset—to serve as a volunteer board member on non-profits, booster clubs, churches, PTAs and civic organizations, just to name a few. The decisions these folks make can have a dramatic impact on their respective organization—and not always for the better. If a volunteer…
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Downside of Online: Cyber Crime & Stolen Data
by Guest EditorRick Viall rviall@viallins.com How safe is private information when stored electronically? You may not want to know the answer to that question. But if you’re just a bit curious, consider visiting privacyrights.org/data-breach. The site allows you to scroll through a frequently updated chronological list of reported breaches of private data. Some data are…
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Sounds too Good to be True: Downloading Illegal Music
by Guest EditorRick Viall rviall@viallins.com Remember the days of curling up to the radio on a Saturday night, torturing yourself through commercials and lame tunes just to be able to crank it when Mr. DJ played your favorite song? No longer does one require the patience to spend an entire evening anticipating the next round…
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Customer no-service from IRS gets even worse!
As if things weren’t bad enough, now the less-than-sterling level of IRS service just got worse. It’s not just my opinion, check out this eye-opening article from “Forbes.” IRS Gone Bad: Are Things About to Get Even Worse? The details aren’t all that important. Basically, I called the IRS to discuss a client’s tax…
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Special Tax Deductions for Special Education via the WSJ
This Wall Street Journal Article contains a good overview of the tax breaks available for special education costs. “More than six million children in the U.S. fall into the “special needs” category, and their ranks are expanding. The number of those affected by one developmental disability alone—autism—grew more than 70% between 2005 and 2010. The…
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Why annuities may not be a good fit for senior citizens
This article highlights difficulties that some senior citizens have had with annuities. Arizona seniors lost millions in annuity fees, lawsuits say Lawsuits highlight risks for elderly of investment choices by Robert Anglen – Nov. 7, 2011 12:00 AM-The Arizona Republic Hundreds of Arizona senior citizens cashed in their retirement investments and paid millions of dollars in unnecessary fees,…
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The theory of relativity is in the tax code
This is not the theory discovered by Einstein, but the one that states that certain tax advantages may be disallowed if you sell an asset to someone (or a company) that the tax code calls a “related party.” Simply put, selling a capital asset at a loss to any of the following entities will cause the loss…
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Even Rodney may need an advanced degree to understand this.
Not only are there several different types of tax credits and deductions for education, but they can vary according to status within college (Freshman,Senior, etc.) and your level of income. This article from the Wall Street Journal gives a basic overview of what’s available. As always, contact us before acting on this or any tax credit. …
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What you can learn by adding (and subtracting) 8 zeros
Putting things into perspective by removing 8 zeros It’s amazing what simple math can show: An analysis of the numbers below reveals why the average household budget is far better managed than the budget in Washington! -Why S&P downgraded the US credit rating • U.S. Tax revenue: $2,170,000,000,000 • Fed budget: $3,820,000,000,000 •…
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What could happen without a Will?
Sadly, this could be the legacy you leave to your heirs. Think about the results this would produce and then email us for some solutions. What Happens With No Will? LAST WILL AND TESTAMENT OF JOHN DOE (WHO DIED WITHOUT A WILL) I, John Doe, of Nimrod, Missouri, hereby do make, publish and declare this…
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The one time that it’s good to be average
Here are the average deductions, by level of income, based on the latest available IRS stats. Average Itemized Deductions Adjusted Gross Income Medical Expenses Taxes Interest Charitable Contributions $15,000 to $30,000 $7,074 $3,147 $9,245 $2,189 $30,000 to $50,000 $6,153 $3,830 $9,055 $2,189 $50,000 to $100,000 $7,102 $6,050 $10,659 $2,693 $100,000 to…
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Planning for the unexpected in the chess game of Life
A Will to Live by It’s never too early to make a living will. Have you started one? By Rosemary Carlson • Bankrate.com [Breaking news- The Georgia State Bar has made available a free sample medical directive for your use. E-mail us for a free copy.] It could happen at any time. Walk across the street and…
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Can you deduct more than you paid for something?
Most of the time we’re stuck with tax cost being what we paid for a stock, asset, real estate, etc… but sometimes this can change.
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The SECURE ACT – New Rules for Retirees:
A last minute Christmas surprise from Washington
New Law Extends Key Tax Breaks into 2020 — aka How Congress tries to upset your year-end planning Just when it seemed like Congress was too distracted by impeachment proceedings and national security to worry about taxes, they throw curveballs into our year-end tax planning. The Extenders and Secure (Retirement) Act are just a…
Business Reading List for the Holidays:
Increase your profits by learning the basics of ecomomics
To succeed in business, it’s necessary to learn some economic theory. Don’t worry – this doesn’t mean you have to have a degree in Econ studies – it just means you grasp some principles of how free markets work. Some of the best reads that I’ve ever found are described in our video review below.…
Christmas giving and tax deductions:
How to let Uncle Sam help your favorite charity
In the case of non-cash charitable gifts you need to be careful not to fall into several tax traps that may limit your deduction.
Chrisley knows best — except for taxes:
Things Todd should never tweet about
There have always been a number of things you can do to get on the IRS’ bad side and (in the Christmas vernacular) their “naughty list.” This article from Forbes is a great checklist of things you should never, ever, do when dealing with an IRS audit. Published by Tax Attorney Robert Wood in Forbes…
Get a 30 Percent Tax Credit for Residential Solar Panels:
Act quickly if you want this credit
Only a few months left to Claim a Tax Credit for Residential Solar Panels If you’ve decided that you want to go the Solar Energy route, here are some unique tax advantages to help pay for it. The 30 percent residential solar credit: drops to 26 percent for tax year 2020, drops to 22 percent…
Roth vs Traditional IRA – Which is better:
We crunch the numbers and give you an answer to the raging debate
Roth IRA versus Traditional IRA: Which Is Better for You? I can’t think of a more heated tax debate than this topic has been over the years. This debate is akin to the feud between the Hatfields and McCoys, the Montague and Capulets, the Union and the South, etc. Accountants tend to be split…
Red Alert – Data Breach:
If you have a capital One Credit Card - Take some precautions
Two years ago, we published this alert about the Equifax data breach and the steps you should take. Today, it’s happened again! This time it’s about 100 million Capital One credit card application’s info that may be exposed. We’ll quote an article from PC World: “On Monday night, Capital One revealed that more than 100…
Numbers that we should remember
There are many numbers (tax rates, investment percentages, etc.) that we like for clients to remember, but as we approach Independence Day, we ought to refocus on some numbers that are just as important. Our broker friends have provided them in the video below.
The US national debt:
Should you care about it?
Should you be paying “your fair share”:
We destroy another tax myth with facts
How taxes really work
Cliff notes of the new tax law:
Our cheat sheet guide to tax reform
Most clients don’t really need to know all the aspects of Tax Reform. But a quick reference guide can be helpful. From the new rules on alimony to 529 plans to mortgage interest limitations to meals and entertainment and the new 20% business income deduction – here’s the tip sheet you’ll want to print and keep…
Where your money really goes!:
It's not for food, clothing, and shelter!
I’m putting this under the category of tax humor but, arguably, it’s not that funny. There used to be a cliche that nothing has changed due to technology and that we still spend most of our income on food, clothing, and shelter. There is something that has grown faster than real estate costs or inflation. That’s the…
Guarding your ID:
Follow the link for ID security tips
Guard your ID carefully. Here are some tips.
Charting the effects of tax reform on your return:
Existing clients can get a free detailed report on the topics below
Buckle your seat belt because the road to tax savings just got bumpier. We’ll be covering the major changes for tax year 2018 below. Existing clients can obtain a free detailed report on each area by clicking this link and referencing the phrase in the topic column in the subject line of your email.
What a difference a name makes!:
Are you a dealer or investor? Here's how to tell the difference!
How you define “Real Estate Investor” and “Real Estate Dealer” can make a huge difference in your taxes. Let’s take a look at how big a difference you can make in the tax bite. Say you have a $90,000 profit on the sale of a property. • Dealer taxes could be as high as $46,017. •…
Does everybody really get a tax cut in 2018?:
In almost all cases, the answer is yes!
This is because the tax rates are less than in 2017 for every income bracket. Although there is always the exception the proves the general rule, here are the new reduced rates for tax year 2018. Existing clients are welcome to email us for an estimate of just how much savings you may realize.
Questions from our clients on the new tax law:
Free advice to actual client questions
The following questions are ones that we get asked every week at this time of year. Below are the answers that factor in the new tax law that will affect the 2018 returns. Will I be able to save on taxes if I prepay my January 2019 mortgage bill before the end of the year in…
IRS Amnesty Program ends September 28!:
Non-reported foreign bank accounts will cost you dearly
Warning- IRS penalty forgiveness for foreign bank accounts is about to expire! Although most clients are aware that earnings from a foreign bank account are reportable on a US citizen’s tax return they may not realize the danger of non-disclosure of foreign accounts – even if they produce no income! The various penalties run the gamut from 10,000…
A Tax Court decision you’re going to hate:
Joint Returns Valid Despite Wife's Forged Signature
Joint filing can save a lot of tax -except when it makes you guilty of your spouse’s fraud!
Tax Reform in a Picture Format:
10 Major areas of tax reform via our infographic
Educators tell us that we retain knowledge better when it’s associated with pictures. We’ve taken our Top Ten Items of Tax Reform for this week and created an infographic to help you better remember areas for 2018 tax planning. To discuss the specific impact on your own return, just email us for a projection of your…
Tax Reform Strikes Again!:
New tax provisions hidden in February budget bill
Don’t shoot the messenger, but Congress has done it again!
How to use your 529 Plan for private high school education costs:
Tax Reform opens a new door for your child's education
Tax Reform opens a new door for your child’s education
Freeloader Nation:
Why you should give through a local charity
Why you should work through a local charity
Will you get a tax cut next year?:
Take a look at how some of our clients will fare.
Will you get a tax cut next year?
Tax Reform progress – Part II:
Congress battles to get an agreement by year end.
It seems that, much like the Atlanta weather, if you don’t like today’s tax law -just hang on and it’ll be different next week.
Tax Reform progress – as of today:
Congress battles to get an agreement by year end.
It seems that, much like the Atlanta weather, if you don’t like today’s tax law -just hang on and it’ll be different next week.
New 2018 limits on deductions for retirement:
Plan now for next year's larger amounts
Plan now for next year’s larger amounts.
Equifax data breach:
Find out if you are affected
To check the likelihood of your data being breached, Click Here
Special tax relief for Hurricane Harvey victims:
IRS authorizes extended due dates and exceptions to retirement plan loans
IRS provides relief from filing deadlines.
As Shakespeare said:
"Neither a borrower nor a lender be."
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Why a 1031 exchange is a great tax-planning idea
Why a 1031 exchange is a great tax planning idea
Ways to pay the IRS
Sometimes, in spite of all the planning, you may wind up owing more than you expected to the IRS.
The other tax date in April:
April 1 could be the date you incur a tax of 50%!
The other tax date in April – this one can cost you 50%
ID Theft and the IRS
If you’ve been inconvenienced with the IRS assigning you a PIN you’ll be encouraged to know . . .
Meet the entire IRA family:
The members of this family are very different from each other.
The members of the IRA family are very different from each other.
Hacking the code – what the 2016 tax law changes mean to you
What the 2016 tax law changes mean to you.
Are some of your deductions dying?:
Here are some popular deductions that will die on 12/31/16
Here are some popular deductions that will die on 12/31/16
Why you should care about corporate inversions:
Here's the real reason that companies leave American soil and what it costs you!
Here’s the real reason that companies leave American soil and what it costs you!
Identity theft – It may be a matter of when, not if.
What to do if you’re the victim of ID theft. Take these steps asap.
Can you deduct your rental losses?:
in tax matters, the answer is "it depends."
" width="240" height="240" />Can you deduct the loss on your rental property? Here’s the answer.
The Electoral College – should we eliminate it?:
Watch the video to learn the history and purpose the Founding Fathers had for the EC:
Doe the EC still serve a useful purpose? The answer is surprising!
Scary tax personel:
Watch out for these tax monsters on Halloween!
Watch out for these tax monsters on Halloween!
Every 100 years or so . . .
Confused about the Obamacare shared responsibility payments? Here’s help.
The problem with Social Security:
it's based on simple math
The problem with social security . . .
Moving expenses:
only certain types of expenses can be deducted
Only certain types of moving expenses are deductible. Here’s an overview.
How the new President’s tax plan will affect your wallet:
enter your income and see what you'll pay.
Plug in your income and compare the Presidential tax plans.
IRS Funding under fire:
Congress to cut budget by 236 million dollars
The IRS was in damage control mode Tuesday after an audit revealed that it paid bonuses to employees who were in trouble over tax issues themselves.
A tax break for Seniors:
Sometimes Congress actually gets something right.
Sometimes Congress actually gets something right! This happens so rarely that I wanted to write a special blog post on it. Clients who have followed our advice over the years tend to retire with no mortgage debt and few out-of-pocket medical expenses. This leaves their charitable contributions as the main source of itemized deductions to…
A tax shelter like no other:
This is the only tax entity that is pretax on money in and out!
The only tax shelter that you can deduct contributions and not be taxed on distributions.
Freedom in Georgia declines by 25%:
Tax Freedom Day update
Just how free are you? It may depend on where you live.
Did you think the 50% tax rate was gone?:
April 1 could be the date you incur a tax of 50%!
The other tax date in April – this one can cost you 50!
Don’t let your deduction get washed out:
How the "wash sale" rules can cancel your current year write-off!
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What simple math can tell you about Social Security:
another reason to save and invest well!
You don’t have to be a genius to know what simple math ratios indicate is happening to social security. Just take a look at the chart below, and you’ll know why you can’t trust Social Security exclusively for your retirement. Planning now is always better than panicking later. Remember that we’re just a click away…
If you win the powerball lottery . . .:
which state will tax you the most?
If you win the powerball . . . how much state tax is due?
The long, long, arm of Uncle Sam:
how the Fed redistributes your income
How the government redistributes your income
Does it ever pay to be just average?:
Sometimes it's ok to be average.
Here are the average tax deductions by income level according to the IRS
Now you see it . . .now you don’t:
How Congress is making last year's deductions disappear
A magic trick by Congress!
A Planning Tool for 2016 and beyond:
Make sure that you've utilized your retirement plan to the max!
Confused about the tax tools for retirement planning? Here’s some help.
No good deed (or charitable donation) goes unpunished
In the case of non-cash charitable gifts you need to be careful not to fall into several tax traps that may limit your deduction.
Christmas gifts and the Federal Gift Tax:
how to use gifting to the max
During the season of giving, you can (tax-wise) accomplish some effective giving as well.
Our Christmas gift to clients – more deductions for year end!:
how to obtain a deduction for items paid next year
Well . . . it’s technically not a “gift” but it will help you lower your taxable income for 2014.
Remembering Veteran’s Day:
see below for a list of tax advantages for those who have served their country:
Tax advantages just for veterans
Forget about Halloween: here’s something that’s truly scary!
One of the scariest things you’ll ever see.
Why it’s good to be number 44 out of 50:
Georgia ranks among the lowest in debt per capita
Georgia ranks among the lowest in debt per capita
Your most important job:
whether owner or employee, this is the most important thing you do
It may be a speech for your product or service, or just to promote the goodwill of your company – but it’s important to do it well.
Ways to get money out of your IRA:
WITHOUT paying the 10% penalty
Need money from your IRA but want to avoid the 10% penlalty?
May-June marriages can bring April tax bills:
" class="themeblvd-lightbox mfp-image tb-thumb-link slide-thumbnail-link image">We explain the tax-related "marriage penalty."
" width="542" height="312" />Combining two incomes may more than double your tax bill! Here’s how to fight back.
If you paid a penalty for no insurance coverage in 2014:
then you're going to be really unhappy in 2015
Expect Obamacare penalties to get worse next year.
Free at last! Free at last!:
Tax Freedom Day update
Just how free are you? It may depend on where you live.
IRS-Based Scams
IRS internet scams are famous (or infamous) and have been around a long time. The post below is a warning of these e-mail and call scams that we published months ago. However, among professional con men there’s an old saying – “there’s no scam like an old scam.” What they mean by this…
IRS approves April 2015 deduction on your 2014 return::
Donations to slain Police Officer's families can be backdated on your tax return.
Donations to slain Police Officer’s families can be backdated to 2014.
Are you a “real estate professional”?
During tax season, we get a lot of questions about the deductibility of rental real estate losses. There is not a single “sound bite” type of answer as it can depend upon your income level, type of property, and the degree to which you share in the management responsibilities.
“To Sell or Not to Sell -that is the question.” – William Shakespeare [edited]:
" target="_self" class="tb-thumb-link slide-thumbnail-link post">"The tax rate can be mightier than the sword."
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" width="350" height="312" />Although we don’t give investment advice, we thought a simple math formula that helps you maximize your stock gains might be useful.
How to E-Sign your individual tax return:
It's quick and easy
How to E-Sign your individual tax return
Myths about Taxable Income:
What you don't know can hurt you (a lot).
My Social Security benefits aren’t taxable. Depending on the amount of other income that a taxpayer has to report, their benefits may be taxable – but the maximum amount of Social Security benefits that must be included is 85 percent. I don’t need to report stock sales if I bought other stocks with the proceeds.…
Why tax year 2014 requires more work:
New Obamacare requirements
In March, 2010. President Obama signed the Affordable Care Act. One provision of the Act required that in 2014 all Americans must have qualified health insurance or face a “Shared Responsibility Payment,” more commonly known as the Health Care Penalty. A lesser known amendment to the Act allowed insurance providers and large employers a one-year…
Working outside the USA? Don’t forget about these IRS requirements!
You may still have to file a tax return if you live outside the United States and maintain your US citizenship.
Our Christmas gift to clients – more deductions for 2014!
Well . . . it’s technically not a “gift” but it will help you lower your taxable income for 2014.
A Year-End tip that always helps in tax planning
All of our existing clients have access to our SCA Secure client portals at no additional charge.
Christmas gifts and the Federal Gift Tax
During the season of giving, you can (tax-wise) accomplish some effective giving as well.
Thanksgiving Items
Our clients are some of the most grateful people we know. It seems appropriate on this holiday to document the things that we’re most thankful for and the persons responsible for them. We’re always thankful for you, our clients, and look forward to serving you in 2015! Feel free to use our form below to…
No good deed (or charitable donation) goes unpunished
In the case of non-cash charitable gifts you need to be careful not to fall into several tax traps that may limit your deduction.
Haven’t filed a return for a few years? Here’s some options that you can use.
Haven’t filed a return for a few years? Here’s how to start.
Who gets your Roth-IRA money? (Part IV of Keeping it All in the Family)
Who gets the money from a ROTH-IRA?
Roth-IRAs demand equal time! (Keeping it all in the family Part III)
Here are the answers to the two most often asked questions we get on the subject of Roth accounts.
The other side of the coin
After 172 posts and 81 pages written and published on our site, nothing has drawn the reaction of this post entitled Who pays the Federal Income Tax. Given that the stats quoted were from the IRS, you’d think that no one could argue about an empirical fact (the top 10% pay over 70% of…
Uploading your data with SCA secure
With our encrypted portals uploading your data couldn’t be much safer or much easier. Have a look as one of our clients uploads tax information to us. It’s safe, quick, and easy! Steps demonstrated in the video Login Click on File Exchange in left sidebar Click on the Upload Data folder Click the Upload icon…
Executive Summary of Timeline for Obamacare provisions
Editor’s Note: There have been substantial changes in the ACA law since we published this post. See our current newsletter for updated information. The Cliff Notes version (detailed explanation below) 2010 – 2011 Small business tax credit Adult dependent insurance coverage Return information disclosure Restrictions on use of HSA and FSA funds 2012 Information reporting…
Can the “Fonz” drive in reverse?
Henry Winkler (a/k/a “The Fonz” on the Happy Days TV series) can be currently seen on television advertising for senior citizens to sign up for a reverse mortgage. Before you can make a financial decision on anything, you need to know: How does it work, and How does it help (or hurt) me financially? How…
What our email footer really means!
IRS Circular 230 Disclosure – What Does all the legalese really mean? Our SCA team prides itself in looking after each client’s tax affairs as if they were our own. We leave no tax deduction aside you’re legally entitled to take. Reliance on professional advice has usually been the only thing required…
When we say it’s secure – we mean it!
We talk a lot about the importance of keeping your data secure. Three years ago we offered our SCA secure portals which use a transparent 256bit encryption. The problem is that most of us don’t take our computer with us when we visit our banker or stockbroker. To fix this inconvenience for our clients, we’ve…
When it’s OK to be average
Here are the average deductions, by level of income, based on the latest available IRS stats. The following are preliminary figures released by the IRS (their reports lag behind the current tax year because of the time needed to compile figures). These are averages only. [Editor’s note: Remember that there is no “average” amount that…
What’s my tax rate? Here’s why that can be a hard question.
Clients are sometimes surprised that we need to call them back with an answer to the above question. The chart below explains why this can require some analysis to answer. On this client’s 2013 return, he has encountered no less than six rate structures. Since you can’t effectively plan without knowing your real marginal rate,…
Can you deduct the cost of a Skybox used for business entertainment?
The answer is yes – for the most part. Here’s a letter we wrote to a client explaning how this works. Dear [name redacted] You’ve asked us to review the tax limitations on deducting the expenses of renting a skybox or other private luxury box at a sporting event. Skybox rentals are subject to…
DIY tools and why you may not want to use them.
If you’re the DIY (do it yourself) type, here are the tools.
Sticker shock awaits many clients on their 2013 tax return
Many folks will get a severe case of sticker shock in 2013. Here’s why.
Beware of these (alleged) IRS E-Mails
Among professional con men there’s an old saying – “there’s no scam like an old scam.” What they mean by this is that the basic appeal of the con is the same although the technology to deliver the scam may improve. Nowhere is this more true than with scams that appear to be emails from the…
IRS magic tricks – Deductions that will disappear on December 31!
Certain deductions are scheduled to vanish in 2014!
Identity theft – IRS posts thousands of social security numbers on its website!
We give you the steps to combat the ever-present danger of ID Theft
New Home Office rules for 2013 – IRS makes it easier to calculate the deduction.
Calculating the home office deduction just got easier in 2013
Happy 100th Birthday – Not! A taxing history of the US
This year marks the tax code’s 100th birthday. So-what do you get for the Tax Code that has (quite literally) everything under the sun already?
How much will Social Security pay me when I retire?
How much will Social Security pay you at retirement? Our chart will give you an answer.
Why you’ll pay more tax in 2013 and beyond
A timeline for some of the new taxes in the President’s 2014 budget and Obamacare
IRS, Star Trek, and Gilligan’s Island
See the Star Trek and Gilligan’s Island parody videos that cost $70,000 of the taxpayers’ money
Why Mark Zuckerberg really hates April 15
If you’re dreading April 15 due to a big tax bill- it could be worse. Facebook’s IPO made founder Mark Zuckerberg a billionaire — but left him with a tax bill likely to top $1 billion. Here’s the story from the CNN news feed. Facebook’s stock market debut left founder and CEO Mark Zuckerberg with a…
Simple in Six – How to enter Excel data just one time!
Do you ever get frustrated formatting a yearly spreadsheet and then entering data in 12 tabs for monthly projections, budgets,etc? What’s really irritating is when something has to be added and you’re faced with 12 tabs to update. Thanks to Excel expert Tom Fragale (@PhillyTom), we have a way to enter your data just once…
Can you guess what’s coming next?
Laura Saunders has a great exercise in predictive logic in the tax section of the Wall Street Journal. Most clients’ largest tax benefit may soon be under attack if she’s right! ” When you receive your W-2 for 2012, pay attention to a surprising new number on the form, especially if you are an upper-income-bracket taxpayer.…
How to add forms to your tax organizer
I’ve always liked being able to substitute items on a restaurant menu. That way you get exactly what you want. Why should your tax organizer be any different? Although the organizer is customized based upon your prior year return, things can often change from last year. If you switched jobs, opened a new brokerage account, opened a new Health…
When does it pay to be average?
Sometimes being average is not a bad thing. The data below (for illustrative purposes only) shows what the IRS has calculated as average deductions by income level. When a tax return varies too far from the average, something called a DIF ( Discriminant Income Function) score flags the return for audit. However, IRS uses more…
Time running out for a do-over on your IRA distribution!
As our golfer friends say, time is running out for a mulligan on any IRA distributions that were required by 12/31/12. The fiscal cliff law signed by the President on January 2 has a retroactive provision that could help you out of a jam if you forgot to take a RMD (required minimum distribution) from…
Planning or Just Playing Scrabble?
Retirement Planning – it’s more than a game of scrabble? Some of the 2013 retirement plan limits have changed. Good planning involves trying to max out these amounts every year. Stop playing a game of scrabble with your retirement and hoping for some lucky tiles to come your way. We can help you determine how much…
Unlucky 4 digit numbers
Certain numbers can be unlucky for filing your tax return for 2012. Some of the 4 digits that are guaranteed to delay filing of your return until late February or even March are 3800, 4562, 5695 ,8582 to name just a few. We’re not getting these from a Chinese fortune cookie, but from the IRS website. Seems…
IRS releases revised E-File date
You may remember our post a few weeks ago where the IRS predicted that the fiscal cliff may cause filing delays until the end of March for complex returns. Due to a semi-solution by Congress, we now have IRS confirmation that January 30 is approved as the first day for E-Filing. Advanced returns will still be…
A Cliff Notes Summary of the Fiscal Cliff Law
We’ve reviewed the 157 page sorry excuse for a err I mean problem-solving bill Congress passed last night. Sorry that it is (raises taxes, but no spending cuts to speak of), we at least have an idea of what’s coming in 2013. Here are the main (but not all) areas that will effect your return…
If you read nothing else this year . . .
be sure to read our letter to clients on how to plan for 2013. This link will take you there. See the effect on your family in 2013 (Click Here) or use our fiscal cliff calculator with the numbers from your 2011 return.
IRS to Washington – Get your act together or no returns processed until March
You have to admire one thing about acting IRS Director Steve Miller. As the head of IRS, he warned Congress that certain tax returns will not be processed until March of 2013. Why make this threat? Because twice in the past when the AMT patch has expired, it has been reinstated retroactively. The IRS made…
The fiscal cliff effect by age groups
Whether you are single, married, working your way through college, or settled in your career. This infographic from today’s Wall Street Journal shows the financial loss you’ll feel in 2013. Begin your tax planning now to avoid a painful new year. Be aware that these are averages. Your tax effect may be larger. [Be sure to click…
For advanced clients only
For our clients who have advanced knowledge of the dangers starting January 1 (to join this group, Click Here and read the section of fiscal cliff articles) we offer a “Cliff Notes” version of the individual effects of the fiscal cliff. You can access this summary graphic by clicking this link. Remember there’s still plenty…
The fiscal cliff in graphic form
Hollywood’s Friday the 13th and Freddy Kruger can’t begin to compare to how scary this picture promises to be. Coming to a country (very) near you on January 1, 2013. Clients can E-mail us for a special video presentation with specific details on what’s involved. We’ve also compiled a listing of helpful articles which can…
Specific info on the Fiscal Cliff
Detailed information of the peaks and valleys of the Fiscal Cliff Our last newsletter (see this link) contained general information and warnings about the financial and tax disaster referred to by the media as the “fiscal cliff.” We’ve been deluged with requests for more specific details on the effects of this scheduled legislation. Remember,…
The Dark Knight vs. H&R Block
Bruce Wayne (aka Batman) may be out to get Block (H & R), not the villainous Bain. Seems like H&R did a tax return comparison between the wealthy Mr. Wayne and a competing super-hero and made a 17- million- dollar mistake on his tax projection. In the first calculation (now pulled from their website) Block had Bruce Wayne reducing…
Is there a way to deduct my political donation?
Is there a way to deduct a political donation? The answer may surprise you. More than most tax questions, the answer to this one really is – “It depends.” It depends upon whether the donation was given to: a social welfare group, a trade association, a PAC, a so-called Super PAC, or…
Breaking tax news for 2013!
IRS just announced the new (and higher) limits on 401(k) plans etc. Here’s a summary for use in 2013 tax planning. The inflation-adjustments for 2013 include: Gift Tax Exemption: $14,000 (up $1,000 from 2012) Contribution Limit for 401(k)/403(b)/457 Plans: $17,500 (up $500 from 2012) Catch-Up Contribution Limit (Age 50+) for 401(k)/403(b)/457 Plans: $5,500 (same as 2012)…
A Tale of Two Tax Plans
With apologies to Charles Dickens, here’s an easy to understand graphic of how the upcoming tax plans measure up. Source: www.backtaxeshelp.com
Back to School, Back to Practice: What You Need to Know About Your Insurance as a Volunteer Coach
As children return to school across the country, families know that can also mean a return to the practice field, whether through school sports teams or community sports programs and often parents may find themselves on the sidelines as a volunteer coach. It can be especially rewarding to teach children the skill sets of a…
How to avoid payroll taxes
Wouldn’t it be helpful with your company’s cash flow if you could just not remit the social security and medicare withholding taxes? We don’t recommend this as a strategy but, according to the US Inspector General, it’s working pretty well for some Federal agencies. These Federal agencies owe over 14 million of back payroll taxes…
The Anti-Investment tax of 2013! We explain how and when it applies.
CPA gives 3 minute summary of the new Medicare tax
Do corporations have to issue 1099s?
As with most tax questions it depends. Although (as a general rule) corporations are exempt from this requirement, there are some exceptions. See the list below and be sure to E-Mail us if questions. Reportable payments to corporations. The following payments made to corporations generally must be reported on Form 1099-MISC. Medical and health care payments…
Just what a sagging stock market needs to recover
Let’s have a 289% increase on dividend earnings. That’ll really make people want to [sarcasm intended] buy into American business. Actually, there is nothing that will damage the market performance worse than this. If you own investments and would like them to increase in value, I’d make my voice known on this.
Who really pays their “Fair Share” -Part II
Looks like the argument for the rich paying their “fair share” is getting weaker and weaker. Hover your mouse over the chart to see the graphic proof of who really pays their fair share-Part I. Facts are stubborn things and the fact is that the top 5% of earners have gone from shouldering about 28%…
Who really pays the Income Tax?
I get asked this question almost every week. Here’s some helpful stats from our friends at the National Taxpayer’s Union. Remember this question. If a quarter of the income paying almost 90% of the tax bite is not “Fair”, then what is Fair? 98%? 115% Pro-rata cuts benefit all taxpayers equally – and that’s as…
Think your CD rates are bad? How about a French T-Bill with negative interest?
We always like to look at the positive side of things. As bad as CD rates in the US are for investors, you could have to deal with French T-Bills which sell at a negative interest rate! I know that’s hard to believe, but here’s the AP news release: “. . . France, the No.…
Some folks will see a 74% increase in the tax rates in 2013-(from the WSJ)
We’re not kidding about the higher part as the new capital gain rates (remember the “capital” in capitalism). Just put your mouse over the picture to see proof that capital gains could go as high as 25% in 2013 ( a 67% increase)! The Wall St Journal says it best in their July 2, 2012…
Will Smith becomes a capitalist
The text of this conversation is printed below. Will Smith: I have no issue with paying taxes and whatever needs to be done for my country to grow. I believe very firmly that my ability to sit here—I’m a black man who didn’t go to college, yet I get to travel around the world and…
If we did Financial Statements like the White House and Congress . . .
We would simply overstate your net income by 384%! Not surprisingly, the White House and Congress speak of the yearly deficit in amounts of 1.3 trillion. However, if we use the same accounting rules that your business and my business are required to follow, the numbers change to roughly 5 trillion. Most financial…
How “Qualified” are your relatives?
One of the tests to claim a dependent is that the person must be a qualifying child or relative. Like most things with IRS, the meaning of their terms is never simple. Here are some of the tests used to qualify your dependent as a write-off. Tests To Be a Qualifying Child Tests To…
Downside of Online: Cyber Crime & Stolen Data
by Rick Viall (Guest Editor) How safe is private information when stored electronically? You may not want to know the answer to that question. But if you’re just a bit curious, consider visiting privacyrights.org/data-breach. The site allows you to scroll through a frequently updated chronological list of reported breaches of private…
Let the rich guys pay this tax bill
Why wouldn’t we let them pay? The non-payers (but still voters) have almost reached 51%
Intuit solves the wrong problem with a new Quickbooks option
For clients using Quickbooks, here’s a useful tip from one of our most trusted sources for software training. The instructors at K2 Enterprises will walk you through the process of limiting your Quickbooks data file to the current year. This will make QB run faster and more efficiently, but this does not solve the IRS…
Does Volunteering Your Time Mean Volunteering Your Insurance?
by Guest EditorRick Viall rviall@viallins.com Millions of Americans donate time—their most valuable asset—to serve as a volunteer board member on non-profits, booster clubs, churches, PTAs and civic organizations, just to name a few. The decisions these folks make can have a dramatic impact on their respective organization—and not always for the better. If a volunteer…
Downside of Online: Cyber Crime & Stolen Data
by Guest EditorRick Viall rviall@viallins.com How safe is private information when stored electronically? You may not want to know the answer to that question. But if you’re just a bit curious, consider visiting privacyrights.org/data-breach. The site allows you to scroll through a frequently updated chronological list of reported breaches of private data. Some data are…
Sounds too Good to be True: Downloading Illegal Music
by Guest EditorRick Viall rviall@viallins.com Remember the days of curling up to the radio on a Saturday night, torturing yourself through commercials and lame tunes just to be able to crank it when Mr. DJ played your favorite song? No longer does one require the patience to spend an entire evening anticipating the next round…
Customer no-service from IRS gets even worse!
As if things weren’t bad enough, now the less-than-sterling level of IRS service just got worse. It’s not just my opinion, check out this eye-opening article from “Forbes.” IRS Gone Bad: Are Things About to Get Even Worse? The details aren’t all that important. Basically, I called the IRS to discuss a client’s tax…
Special Tax Deductions for Special Education via the WSJ
This Wall Street Journal Article contains a good overview of the tax breaks available for special education costs. “More than six million children in the U.S. fall into the “special needs” category, and their ranks are expanding. The number of those affected by one developmental disability alone—autism—grew more than 70% between 2005 and 2010. The…
Why annuities may not be a good fit for senior citizens
This article highlights difficulties that some senior citizens have had with annuities. Arizona seniors lost millions in annuity fees, lawsuits say Lawsuits highlight risks for elderly of investment choices by Robert Anglen – Nov. 7, 2011 12:00 AM-The Arizona Republic Hundreds of Arizona senior citizens cashed in their retirement investments and paid millions of dollars in unnecessary fees,…
The theory of relativity is in the tax code
This is not the theory discovered by Einstein, but the one that states that certain tax advantages may be disallowed if you sell an asset to someone (or a company) that the tax code calls a “related party.” Simply put, selling a capital asset at a loss to any of the following entities will cause the loss…
Even Rodney may need an advanced degree to understand this.
Not only are there several different types of tax credits and deductions for education, but they can vary according to status within college (Freshman,Senior, etc.) and your level of income. This article from the Wall Street Journal gives a basic overview of what’s available. As always, contact us before acting on this or any tax credit. …
What you can learn by adding (and subtracting) 8 zeros
Putting things into perspective by removing 8 zeros It’s amazing what simple math can show: An analysis of the numbers below reveals why the average household budget is far better managed than the budget in Washington! -Why S&P downgraded the US credit rating • U.S. Tax revenue: $2,170,000,000,000 • Fed budget: $3,820,000,000,000 •…
What could happen without a Will?
Sadly, this could be the legacy you leave to your heirs. Think about the results this would produce and then email us for some solutions. What Happens With No Will? LAST WILL AND TESTAMENT OF JOHN DOE (WHO DIED WITHOUT A WILL) I, John Doe, of Nimrod, Missouri, hereby do make, publish and declare this…
The one time that it’s good to be average
Here are the average deductions, by level of income, based on the latest available IRS stats. Average Itemized Deductions Adjusted Gross Income Medical Expenses Taxes Interest Charitable Contributions $15,000 to $30,000 $7,074 $3,147 $9,245 $2,189 $30,000 to $50,000 $6,153 $3,830 $9,055 $2,189 $50,000 to $100,000 $7,102 $6,050 $10,659 $2,693 $100,000 to…
Planning for the unexpected in the chess game of Life
A Will to Live by It’s never too early to make a living will. Have you started one? By Rosemary Carlson • Bankrate.com [Breaking news- The Georgia State Bar has made available a free sample medical directive for your use. E-mail us for a free copy.] It could happen at any time. Walk across the street and…
Can you deduct more than you paid for something?
Most of the time we’re stuck with tax cost being what we paid for a stock, asset, real estate, etc… but sometimes this can change.
For Business
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SBA Disaster Loans- Are they right for your business?:
We'll show you how they work
Due to the Coronavirus problems, we’ve received a bunch of questions from business owners about SBA Loans. The slide show below will walk you thru: Who can qualify, What are the requirements, What are the terms, and how we can help you apply
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Small Business Alert!:
New rules apply to certain unemployment claims!
Don’t fall for newest IRS scam
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The truth about price-cutting- it’s not what you think:
Watch as we crunch the numbers - you'll be shocked
Sales are down, so we need to cut prices right? Not necessarily! The truth illustrated in the video below shows that price-cutting is almost never the way to grow profits. The video shows that, at a 35% profit margin, a 10% price cut means you must increase sales by 40% just to stay even. Hard…
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Out with the old – in with the new 2020 mileage rates:
Deduction rates change for 2020!
It’s easy to forget about the business use of your personal car. Here’s how to calculate this deduction for all your business miles.
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Christmas gifts and their tax benefits:
how to let Uncle Sam help with your giving
Holiday parties and gifts can help show your appreciation and provide tax breaks With Thanksgiving behind us, the holiday season is in full swing. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties. It’s a good idea to understand…
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Hitting the target with the Business Income Deduction:
also known as QBI (Qualified Business Income)
The new deduction of 20% of qualified business income (QBI) has been a source of confusion for clients (and accountants as well). But given that this is a deduction that you can obtain without spending additional money from your business, it’s well worth some effort to understand. You can find what defines a SSTB (see…
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Sell your C-Corp business and pay no tax?:
It's possible under Section 1202
Section 1202 allows you to sell qualified small business stock (QSBS) on a tax-free basis! Now, add to this no-tax-on-sale benefit to the 21 percent corporate tax rate from the Tax Cuts and Jobs Act, and you have a significant tax planning opportunity. Let’s just suppose the following: You sell your C corporation stock. The…
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Barter – Yes, it’s taxable:
But, the after-tax profit may be greater than you realize
Bartering: A taxable transaction even if your business exchanges no cash It’s good to read the above sentence a couple of times before proceeding to the rest of this post. A small local business may find it beneficial to barter for goods and services instead of paying cash for them. If your business engages in…
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Wayfair-you’ve got just what I don’t need:
Why you're paying sales tax on internet purchases
I doubt there’s a more common question that I get from business owners that sell a product than -“How does the Supreme Court Wayfair decision affect me collecting sales tax from the products that I sell outside of Georgia?” Books have been written on this, but the short version is that until the recent Supreme…
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Know your enemy’s plan- Read his audit guide:
What if you could read the IRS' audit guide
In chess (as in business), it’s good to be able to think three moves ahead. This is especially true when dealing with IRS auditors. Wouldn’t it be nice if you could read the plan on how they’ll review your books weeks before they came for their appointment? Well wish no more – this information…
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Methods of Asset Protection:
specific steps you can take today
We ought to be always learning about most everything in life. But it’s especially important to keep current on ways to protect the assets that you’ve worked so hard for over the years. It today’s litigious climate you can’t be too careful. The audio podcast below describes how to do this. Although intended for Doctors,…
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Tax Reform’s effect on meal deductions:
12 different types of business meals
We’ve published a lot of this topic but sometimes less is more. On the chart below, we take 12 different types of business meals and show how tax reform affects your tax deduction. Remember, you still need to document the 5 W’s to make the deduction withstand IRS scrutiny: Who What (dollar amount and…
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Cliff notes of the new tax law:
Our cheat sheet guide to tax reform
Most clients don’t really need to know all the aspects of Tax Reform. But a quick reference guide can be helpful. From the new rules on alimony to 529 plans to mortgage interest limitations to meals and entertainment and the new 20% business income deduction – here’s the tip sheet you’ll want to print and keep…
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The biggest no-brainer for 2019 tax planning:
It's never too early to start saving 2019 taxes
We’re in the new year now. and it’s never too early to start saving taxes. The reason we call this the “no-brainer” of tax planning is simple. Amounts that are timely contributed to your Simple-IRA, 401(k), SEP-IRA, etc. are fully deductible, These amounts enjoy tax-deferred growth (the 8th wonder of the financial…
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What a difference a name makes!:
Are you a dealer or investor? Here's how to tell the difference!
How you define “Real Estate Investor” and “Real Estate Dealer” can make a huge difference in your taxes. Let’s take a look at how big a difference you can make in the tax bite. Say you have a $90,000 profit on the sale of a property. • Dealer taxes could be as high as $46,017. •…
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Is it too late to accrue a bonus for last year?:
Not if done correctly
Is there still time to pay 2018 bonuses and deduct them on your 2018 return? [Editor’s note: This post pertains to bonuses paid to your employees and non-owners. Special rules apply to related parties, so be sure to contact us before venturing into that area. That said, let’s discuss how to reward your team members…
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Common sense year-end planning:
Don't forget these basic moves at year end
7 last-minute tax moves for your business Postpone invoices. If your business uses the cash method of accounting, and it would benefit from deferring income to next year, wait until early 2019 to send invoices. Accrual-basis businesses can defer recognition of certain advance payments for products to be delivered or services to be provided next…
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Tis the season to deduct Holiday gifts and parties:
Make sure you follow these rules to lock down your deduction
When holiday gifts and parties are deductible or taxable The holiday season is a great time for businesses to show their appreciation for employees and customers by giving them gifts or hosting holiday parties. Before you begin shopping or sending out invitations, though, it’s a good idea to find out whether the expense is tax…
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Out with the old – in with the new 2019 mileage rates:
Deduction rates go up for 2019!
It’s easy to forget about the business use of your personal car. Here’s how to calculate this deduction for all your business miles.
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Hiring your child in your business:
It pays to keep it all in the family
How it pays to keep it all in the family!
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What did the IRS get from the 1.3 trillion Omnibus Bill?:
2,232 pages =$528,000,000 spending per page
What IRS got from the new spending bill
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How about a bonus for 2017?:
IRS expands bonus depreciation for tax year 2017
IRS expands bonus depreciation for tax year 2017
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Has the deduction for business entertainment been eliminated?:
In some cases, the answer is yes
Has the deduction for business entertainment been eliminated?
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What if I don’t file a 1099?:
New 2017 penalties apply
Who must file form 1099?
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Summary of key provisions of tax reforms:
Remember our "95% rule"
Remember our “95% rule” in your 22017 planning
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Should you buy a business vehicle before year end?:
Our advice on buying a business auto now or next year:
Our advice on buying a business auto now or next year
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Out with the old – in with the new 2018 mileage rates:
Deduction rates go up for 2018!
It’s easy to forget about the business use of your personal car. Here’s how to calculate this deduction for all your business miles.
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Great advice for every business owner:
You can't say it any better than this.
Great advice for every business owner
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How a spouse-owned business can reduce your tax bill:
In husband-wife businesses - who takes the money can make a big difference.
In husband-wife businesses – who takes the money can make a big difference.
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How to find the AFR. . .PDQ:
how knowing the IRS' AFR can save you money
How to use the AFR to save taxes.
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The many faces of tax-based costs:
There actually are times that you can deduct more than you paid for an asset.
The many faces of tax-based costs
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Help from the last place you’d expect it:
IRS website contains valid warning on ransomware
Most of us have heard about ransomware and the damage it can cause. The newest phishing malware purports to be a questionnaire from the IRS and FBI. Contrary to what you’d expect, the IRS’ website has a helpful description and warning which is reproduced below. WASHINGTON — The Internal Revenue Service today warned people to avoid a…
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How to avoid (in some cases) the 50% reduction on meals.:
Tax Court reveals how to "supersize" your deduction for meals
How to “supersize” your deduction for meals
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Loans from your company:
Are they really a good idea?
Are loans from your company a good idea?
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Cyber security – is your network at risk:
Get the latest news from our podcast.
Is your business network at risk for a cyber attack?
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Hiring your children – Part II
Hiring family members may save your company some payroll taxes!
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Keeping it all in the family – Part 1:
Hiring your children can save taxes for your business and your family.
Hiring your children can save taxes for your business and your family
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Commuting vs Business mileage
We get a lot of questions about what constitutes business mileage (deductible) and what is defined as a commuting expense (non-deductible) – here’s some answers.
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Paying for employee education:
What are the most tax-advantaged ways to reimburse employees’ education expenses?
Reimbursing employees for education expenses can both strengthen the capabilities of your staff and help you retain them.
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Do you have a Nexus:
It's not a new car, but a business presence.
Operating in another state means possibly being subject to taxation in that state.
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Bartering – cash free, but is it tax free?
Bartering might seem like something that happened only in ancient times, but the practice is still common today
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Quick Tax Facts for 2017
Quick Tax Facts for 2017
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Safe harbors from the IRS storm:
These are your personal "safe zones" from the tax man
These are your personal “safe zones” from the tax man when you use depreciation.
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A primer on basic economics in starting a business:
Guest Editor Dr. Walter Williams' commentary on starting a business
Guest Editor Dr. Walter Williams’ commentary on starting a business
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Tax Credits for Employers
How to save taxes by smart hiring.
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Tax credits for small businesses:
If you're eligible, these credits could equal huge savings!
Tax credits reduce tax liability dollar-for-dollar, making them particularly valuable. One of them might not be available after 2017.
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Retro-active tax planning after the year ends:
It's not only possible but, in some cases, quite easy!
SEPs are sometimes regarded as the no-brainer for high-income small-business owners who don’t currently have tax-advantaged retirement plans.
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Extra deductions for (certain types) of production:
We explain an oft-overlooked deduction.
We explain an oft-overlooked deduction.
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Why 2016 may be a good tax year to take bonus depreciation:
another way SCA is looking out for you!
Why bonus depreciation can be very helpful.
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HSAs reborn for 2017
Small businesses get a break for helping with employee’s healthcare.
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Out with the old – in with the new mileage rates:
IRS thinks your deduction is too high!
It’s easy to forget about the business use of your personal car. Here’s how to calculate this deduction for all your business miles.
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More year-end strategies to reduce your tax bill:
Should you buy business assets in December?
Should you buy business assets in December?
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Get a year-end deduction now and pay for it next year!
Here’s how to deduct the expense now but pay it later.
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How to deduct travel & meals with an IRS guaranteed-dollar amount:
IRS announces new per-diem rates for travel deductions for 2017
How to use the IRS per-diem amounts for travel expense.
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Replacing a business vehicle?:
we'll show you the tax-smart way to switch autos
Are you being tax-smart to trade in your old business vehicle?
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Selling your business?:
Installment sale reporting can defer a major portion of the tax.
Selling your business? Installment reporting may save both time and tax.
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New overtime rules – summarized in one page:
What you don't know can hurt you (a lot).
The new overtime rules- a one page sumary.
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Salaries for owners of S-Corporations:
just what is meant by reasonable compensation?
As a shareholder and an employee. your corporation pays you a salary. Is it reasonable in the eyes of the IRS?
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The new overtime law:
what's the real effect on wage earners?
what’s the real effect on wage earners?
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Combining business and vacation travel:
What can you deduct?
If you combine a business trip with a vacation – what can you deduct?
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The 4 Ways to Grow Your Business
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The most confusing IRS form of this tax season:
Your company may be responsible for preparing the 1095.
Your company may be responsible for preparing the 1095. See below to find out if you’re responsible.
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Out with the old – in with the new mileage rates:
2016 mileage rate decreases
It’s easy to forget about the business use of your personal car. Here’s how to calculate this deduction for all your business miles.
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Tax Facts:
bookmark this page for a quick reference
Bookmark this page for a quick reference to the numbers you’ll need this year.
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How to find the AFR. . .PDQ:
how knowing the IRS' AFR can save you money
How to use the AFR to save taxes.
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Why 1099s are a big deal:
new steeper penalties in effect for this year
What’s the big deal with 1099s?
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Now you see it . . .now you don’t:
How Congress is making last year's deductions disappear
A magic trick by Congress!
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Understanding the alphabet soup of retirement planning:
A guide to HSAs, HRAs,HRPs, and FSAs
Despite Obamacare, there is a way that you may be able to reimburse your employee’s medical costs.
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Half Truths about your W-2:
What you don't know can hurt you.
Urban legends abound on this subject. Here are the current rules.
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Get remote support instantly with ScaSecure.
Got a problem with your accounting software. Get remote support instantly!
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IRS allows a “mulligan” on Obamacare penalties:
Stay of execution until July, 2015, for small-business clients!
Occasionally IRS will surprise you and do something that actually makes common sense for our small business clients.
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Repair Expenses:
It just got really complicated . . .
New IRS regs add time and expense to every business’ depreciation calculation.
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Minimum Wage Changes for 2014:
Have you checked your payroll?
Here’s an update on the changes in the Minimum Wage amounts for the coming year.
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Out with the old – in with the new mileage rates:
2015 boasts higher mileage rates!
It’s easy to forget about the business use of your personal car. Here’s how to calculate this deduction for all your business miles.
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S-Corp Owners – IRS rules in your favor!
Here’s the good news – as of December 19, 2014, IRS has updated their website with specific instructions on this topic.
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Year-End Planning Information for 2014 & 1015
Here’s a complete list of qualified plan limitations, You may want to bookmark this page in your browser for use now and next year.
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Pivot Table and Reports
Do you have the concept of Excel Pivot Tables but need help in creating reports? This video can help.
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Update on Corporate inversions – President blames accountants!
[Editor’s note:] To fully understand why accountants react strongly to being blamed for corporate inversion, please read Part I – Corporate Inversion the new buzz word of the statist. Well,well,well. It seems like Washington is keeping their buck-passing deceptive skills honed to a sharp edge. The President has gone so far as to blame CPAs and…
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Corporate inversions – the new buzz word of the statist
Corporate inversions – the new buzz word of the statist
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Keeping it “All in the Family” Part I
If you have a family business – here’s how to save taxes and keep profits in the family circle.
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Timeline of Obamacare changes – It’s not an easy task
Need to know when the Obamacare provisions may effect your business? Here’s the answer!
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Tutorial of Tax-Sheltered Savings Plans for 2014
Some of the most powerful planning tools are the tax-sheltered savings plans available to almost every business. But these tools won’t help you if you don’t know how they work. We’ve published an executive summary for you below. If you’d like to pay less tax and increase your retirement fund, review the chart below. We…
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Does your “heartbleed” for Google & Yahoo?
The newest computer bug that could enable hackers to obtain your password, credit card data, and other encrypted data is known as the Heartbleed SSL exploit. Among those affected are Google, Google Plus, Yahoo, and a host of other major players in the web services market. You can read about what it is at this…
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Could America learn from this country’s workers?
French citizens speak out about the economic reforms that they see hurting their nation. The young, the productive, and the entrepreneurial types seem to be deserting France in large numbers and relocating to more free-market based countries. We wonder if America (as it begins to pass similar reforms) will learn from the testimony of those…
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Georgia’s default gives business owners a year-end surprise
Here’s a belated holiday gift from Georgia and Washington to employers.
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JFK -Advocate of tax cuts to create jobs
A dollar released from taxation will create a new job-JFK
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Do you still have to depreciate that thumb drive?
IRS publishes new depreciation guidelines for 2014!
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Hidden traps in Obamacare for 2013
We show you how to avoid pitfalls and traps in Obamacare.
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Have under 50 employees? You still have an Obamacare deadline October 1!
With just one employee you could have an Obamacare report due!
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More tax deductions that you may have missed
Since our first post on deductions that you may have missed, several more items have come to mind that we find clients tend to forget or just don’t know that they’re existent. Most clients either volunteer for some charity work, serve on the boards of private or public foundations, help out at a shelter,…
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This post is rated PG (Public Guidance & Oversight for IRS Abuses).
How IRS’ misuse of a credit card affects your tax planning
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Why many cities are going broke
Detroit is in the news since their bankruptcy filing, but the bigger question that we should be asking is why large cities are having problems.
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Words of wisdom from a business owner
A great business quote from the author of Good to Great
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A tax deduction that you may have missed
It’s easy to forget about the business use of your personal car. Here’s how to calculate this deduction for all your business miles.
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Under the Items for next year’s budget category . . .
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Sequestration – Numbers show the truth
Hover your mouse over the chart for a long-term analysis.
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Why your 401(k) is only the beginning!
A 401(k) is just the beginning of the good things that you can do for your employees and for yourself. Take a look at the data below.
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Understanding the Free Market=Business Success
If you understand how the free markets should work, you’ll tend to do a lot better in business. Here’s one of the greatest living speakers on the subject – Dr. Walter Williams.
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IRS offers a clean slate for the past. . .
Last year’s tax returns included two new questions. They both pertain to 1099 payments and, if unanswered, prevented you from E-Filing. If you’ve worried about 1099 vs employee problems with the IRS, there’s now a chance to wipe the slate of the past clean and start over. IRS is willing to forgo the audit of…
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Doing business away from your home state? Here’s a handy tool for all 50 states,
Did you ever wish that when you do business in another state, you could quickly check the forms, filing requirements, etc. for that state with one click? The tool below should be just what you need. Using the scroll bars, find the state you wish to check and then click on it. You’ll be linked…
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Small business dodges an IRS bullet
It might be more appropriate to say that we small business owners dodged a boomerang because this issue is coming back in 2014. Our regular readers know that we sent a red alert out a few weeks ago about the most harmful tax regs that we’ve seen in a long time. You can refresh your…
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Will your Key Data survive a disaster?
By Guest Editor Rick Viall rviall@viallins.com A good friend of mine who is a claims adjuster is seeing it over and over. People have lost their business data in hurricane Sandy. Even if they can dry out their place of business and get restocked they will not be able to file a tax return and…
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5 Years to write off a $100 thumb drive? We’re not kidding on this one.
Now is the time to “repair” the deduction for repairs! You’ll have a hard time believing this one, but here are the facts. We’ve sent our business clients the following letter to help them understand the problem they face for 2012 taxes. To all business property owners: I am told the 2010 US Census reports…
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Your Cheating Chart (from the Journal of Accountancy)
To paraphrase the country western song, your cheating chart is going to tell on you! Fellow CPA Carlton Collins shows common ways that data presentation via charts can be unethically manipulated to change the reader’s conclusions Don’t be fooled by government (or other) data that sounds too good to be true. Learn to be discerning…
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IRS begins a “Hiring Frenzy”
See the second video if you still believe it’s possible to administer the health care debacle. Here’s just how easy it is to calculate.
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A tutorial for business owners on the new Medicare tax
An individual is liable for Additional Medicare Tax if the individual’s wages, other compensation, or self-employment income
(together with that of his or her spouse if filing a joint return) exceed the threshold amount for the individual’s filing status:
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Hire a Vet? Time is running out for tax credit.
Employers Need to Act Soon to Get Expanded Credit for Hiring Vets Special Edition Tax Tip 2012-11 Employers that hired unemployed veterans during late 2011 and early 2012 had an expanded period to request the required certification for claiming the expanded Work Opportunity Tax Credit (WOTC). That expanded period ends on Tuesday, June…
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Why budgets have no value
You heard us right-they have no value. Jack Welch the brilliant CEO of General Electric agrees with me (don’t confuse him with the current clown at the head of GE). Welch did away with all the wasted weeks of the budget process and focused on creating projections instead. He then held the departments accounting to the projection of income and expense that they participated in creating.
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Hidden provisions in the Extended Payroll Tax Cut
Payroll Tax Cut Extended for All of 2012 On February 22, 2012, the Temporary Payroll Tax Cut Continuation Act of 2011 was permanently extended for all of 2012. This extends the two percentage point payroll tax cut for employees, continuing the reduction of their social security tax withholding rate from 6.2 percent to 4.2…
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Independent Contractor vs. Employee – IRS throws a bargaining chip into the mix
The IRS has launched a new program that may help employers to resolve past worker classification issues (Independent Contractor vs. Employee) at a relatively low tax cost by voluntarily reclassifying their workers. As regular readers know, IRS’ attitude on this issue has been less than helpful in the past. Personally, I do not know of…
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Peachtree users – Here’s how to add the owner’s health insurance to the W-2
Clients with S-Corps – Don’t forget that you cannot deduct your health insurance costs without loading them onto your W-2. Here’s how to do it.
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IRS targets Quickbooks and Peachtree users and makes outrageous demands!
We’ve known for some time of the IRS’ stated intent to educate at least one member of every audit team with advanced knowledge of Quickbooks and Peachtree Accounting. Given that these two programs have over 80% of the small business software market, one could understand this goal. The unsettling news is that IRS intends to…
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The one place that you should never borrow money from
Here’s some good advice from the iowabiz.com site about the worst place to borrow money. [The 2% IRS penalty referred to below is equal to an APR of about 25% on a 30 day loan!] by Joe KristanDecember 1, 2011 Every entrepreneur struggling to stave off hungry creditors has probably taken a wistful look…
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The theory of relativity is in the tax code
This is not the theory discovered by Einstein, but the one that states that certain tax advantages may be disallowed if you sell an asset to someone (or a company) that the tax code calls a “related party.” Simply put, selling a capital asset at a loss to any of the following entities will cause the loss…
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New tax credit for hiring vets
President Obama has signed into law increased tax credits for hiring certain veterans. The credits are part of the Work Opportunity Credit, which requires that employers certify through state jobs agencies that employees qualify for the credits. The credit rules, effective for veterans hired as new employees: – A maximum $4,800 credit (40% of the…
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Why most clients are in violation of their Quickbooks license and don’t even realize it!
As if the IRS wasn’t enough to deal with, now Quickbooks owners have another hidden trap that Intuit is just waiting for you to stumble into. The trap centers around the wording in the licensing agreement. Simply put, it’s not a per user license like most multi-user software. Instead, it’s a per person license. Let…
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Tax breaks of C Corporations
Income splitting. The government taxes the first $50,000 of corporate profits at a lower rate than the individual owners’ tax rates. Therefore, you one should split your C corporation’s income between yourself (or your S Corp) and the C corporation. This allows you to pay taxes on the salary you pay yourself at your individual…
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US Treasury indicates about 70% of millionaires to be hit with new tax are small business owners.
Depending on which definition you choose of what defines a “small business owner,” any new “millionaire tax” is going to disproportionately affect the group that creates the most new jobs in our country. A new US Treasury study indicates that over 70% percent of so-called millionaires hit with this type of tax are small business owners. Almost every business…
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Can you use your 401(k) to start a business?
The answer is a very qualified yes. However, it’s not as simple as writing a check from your IRA. This Wall Street Journal article gives some basic guidelines. As the article clearly states, don’t do this on your own. Call us for professional help.Article excerpt “There are ways to use IRA and 401(k) funds to finance…
SBA Disaster Loans- Are they right for your business?:
We'll show you how they work
Due to the Coronavirus problems, we’ve received a bunch of questions from business owners about SBA Loans. The slide show below will walk you thru: Who can qualify, What are the requirements, What are the terms, and how we can help you apply
Small Business Alert!:
New rules apply to certain unemployment claims!
Don’t fall for newest IRS scam
The truth about price-cutting- it’s not what you think:
Watch as we crunch the numbers - you'll be shocked
Sales are down, so we need to cut prices right? Not necessarily! The truth illustrated in the video below shows that price-cutting is almost never the way to grow profits. The video shows that, at a 35% profit margin, a 10% price cut means you must increase sales by 40% just to stay even. Hard…
Out with the old – in with the new 2020 mileage rates:
Deduction rates change for 2020!
It’s easy to forget about the business use of your personal car. Here’s how to calculate this deduction for all your business miles.
Christmas gifts and their tax benefits:
how to let Uncle Sam help with your giving
Holiday parties and gifts can help show your appreciation and provide tax breaks With Thanksgiving behind us, the holiday season is in full swing. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties. It’s a good idea to understand…
Hitting the target with the Business Income Deduction:
also known as QBI (Qualified Business Income)
The new deduction of 20% of qualified business income (QBI) has been a source of confusion for clients (and accountants as well). But given that this is a deduction that you can obtain without spending additional money from your business, it’s well worth some effort to understand. You can find what defines a SSTB (see…
Sell your C-Corp business and pay no tax?:
It's possible under Section 1202
Section 1202 allows you to sell qualified small business stock (QSBS) on a tax-free basis! Now, add to this no-tax-on-sale benefit to the 21 percent corporate tax rate from the Tax Cuts and Jobs Act, and you have a significant tax planning opportunity. Let’s just suppose the following: You sell your C corporation stock. The…
Barter – Yes, it’s taxable:
But, the after-tax profit may be greater than you realize
Bartering: A taxable transaction even if your business exchanges no cash It’s good to read the above sentence a couple of times before proceeding to the rest of this post. A small local business may find it beneficial to barter for goods and services instead of paying cash for them. If your business engages in…
Wayfair-you’ve got just what I don’t need:
Why you're paying sales tax on internet purchases
I doubt there’s a more common question that I get from business owners that sell a product than -“How does the Supreme Court Wayfair decision affect me collecting sales tax from the products that I sell outside of Georgia?” Books have been written on this, but the short version is that until the recent Supreme…
Know your enemy’s plan- Read his audit guide:
What if you could read the IRS' audit guide
In chess (as in business), it’s good to be able to think three moves ahead. This is especially true when dealing with IRS auditors. Wouldn’t it be nice if you could read the plan on how they’ll review your books weeks before they came for their appointment? Well wish no more – this information…
Methods of Asset Protection:
specific steps you can take today
We ought to be always learning about most everything in life. But it’s especially important to keep current on ways to protect the assets that you’ve worked so hard for over the years. It today’s litigious climate you can’t be too careful. The audio podcast below describes how to do this. Although intended for Doctors,…
Tax Reform’s effect on meal deductions:
12 different types of business meals
We’ve published a lot of this topic but sometimes less is more. On the chart below, we take 12 different types of business meals and show how tax reform affects your tax deduction. Remember, you still need to document the 5 W’s to make the deduction withstand IRS scrutiny: Who What (dollar amount and…
Cliff notes of the new tax law:
Our cheat sheet guide to tax reform
Most clients don’t really need to know all the aspects of Tax Reform. But a quick reference guide can be helpful. From the new rules on alimony to 529 plans to mortgage interest limitations to meals and entertainment and the new 20% business income deduction – here’s the tip sheet you’ll want to print and keep…
The biggest no-brainer for 2019 tax planning:
It's never too early to start saving 2019 taxes
We’re in the new year now. and it’s never too early to start saving taxes. The reason we call this the “no-brainer” of tax planning is simple. Amounts that are timely contributed to your Simple-IRA, 401(k), SEP-IRA, etc. are fully deductible, These amounts enjoy tax-deferred growth (the 8th wonder of the financial…
What a difference a name makes!:
Are you a dealer or investor? Here's how to tell the difference!
How you define “Real Estate Investor” and “Real Estate Dealer” can make a huge difference in your taxes. Let’s take a look at how big a difference you can make in the tax bite. Say you have a $90,000 profit on the sale of a property. • Dealer taxes could be as high as $46,017. •…
Is it too late to accrue a bonus for last year?:
Not if done correctly
Is there still time to pay 2018 bonuses and deduct them on your 2018 return? [Editor’s note: This post pertains to bonuses paid to your employees and non-owners. Special rules apply to related parties, so be sure to contact us before venturing into that area. That said, let’s discuss how to reward your team members…
Common sense year-end planning:
Don't forget these basic moves at year end
7 last-minute tax moves for your business Postpone invoices. If your business uses the cash method of accounting, and it would benefit from deferring income to next year, wait until early 2019 to send invoices. Accrual-basis businesses can defer recognition of certain advance payments for products to be delivered or services to be provided next…
Tis the season to deduct Holiday gifts and parties:
Make sure you follow these rules to lock down your deduction
When holiday gifts and parties are deductible or taxable The holiday season is a great time for businesses to show their appreciation for employees and customers by giving them gifts or hosting holiday parties. Before you begin shopping or sending out invitations, though, it’s a good idea to find out whether the expense is tax…
Out with the old – in with the new 2019 mileage rates:
Deduction rates go up for 2019!
It’s easy to forget about the business use of your personal car. Here’s how to calculate this deduction for all your business miles.
Hiring your child in your business:
It pays to keep it all in the family
How it pays to keep it all in the family!
What did the IRS get from the 1.3 trillion Omnibus Bill?:
2,232 pages =$528,000,000 spending per page
What IRS got from the new spending bill
How about a bonus for 2017?:
IRS expands bonus depreciation for tax year 2017
IRS expands bonus depreciation for tax year 2017
Has the deduction for business entertainment been eliminated?:
In some cases, the answer is yes
Has the deduction for business entertainment been eliminated?
Summary of key provisions of tax reforms:
Remember our "95% rule"
" width="542" height="292" />Remember our “95% rule” in your 22017 planning
Should you buy a business vehicle before year end?:
Our advice on buying a business auto now or next year:
Our advice on buying a business auto now or next year
Out with the old – in with the new 2018 mileage rates:
Deduction rates go up for 2018!
It’s easy to forget about the business use of your personal car. Here’s how to calculate this deduction for all your business miles.
Great advice for every business owner:
You can't say it any better than this.
Great advice for every business owner
How a spouse-owned business can reduce your tax bill:
In husband-wife businesses - who takes the money can make a big difference.
In husband-wife businesses – who takes the money can make a big difference.
How to find the AFR. . .PDQ:
how knowing the IRS' AFR can save you money
How to use the AFR to save taxes.
The many faces of tax-based costs:
There actually are times that you can deduct more than you paid for an asset.
The many faces of tax-based costs
Help from the last place you’d expect it:
IRS website contains valid warning on ransomware
Most of us have heard about ransomware and the damage it can cause. The newest phishing malware purports to be a questionnaire from the IRS and FBI. Contrary to what you’d expect, the IRS’ website has a helpful description and warning which is reproduced below. WASHINGTON — The Internal Revenue Service today warned people to avoid a…
How to avoid (in some cases) the 50% reduction on meals.:
Tax Court reveals how to "supersize" your deduction for meals
" width="542" height="312" />How to “supersize” your deduction for meals
Loans from your company:
Are they really a good idea?
Are loans from your company a good idea?
Cyber security – is your network at risk:
Get the latest news from our podcast.
Is your business network at risk for a cyber attack?
Hiring your children – Part II
Hiring family members may save your company some payroll taxes!
Keeping it all in the family – Part 1:
Hiring your children can save taxes for your business and your family.
Hiring your children can save taxes for your business and your family
Commuting vs Business mileage
We get a lot of questions about what constitutes business mileage (deductible) and what is defined as a commuting expense (non-deductible) – here’s some answers.
Paying for employee education:
What are the most tax-advantaged ways to reimburse employees’ education expenses?
Reimbursing employees for education expenses can both strengthen the capabilities of your staff and help you retain them.
Do you have a Nexus:
It's not a new car, but a business presence.
Operating in another state means possibly being subject to taxation in that state.
Bartering – cash free, but is it tax free?
Bartering might seem like something that happened only in ancient times, but the practice is still common today
Safe harbors from the IRS storm:
These are your personal "safe zones" from the tax man
" width="542" height="292" />These are your personal “safe zones” from the tax man when you use depreciation.
A primer on basic economics in starting a business:
Guest Editor Dr. Walter Williams' commentary on starting a business
Guest Editor Dr. Walter Williams’ commentary on starting a business
Tax credits for small businesses:
If you're eligible, these credits could equal huge savings!
Tax credits reduce tax liability dollar-for-dollar, making them particularly valuable. One of them might not be available after 2017.
Retro-active tax planning after the year ends:
It's not only possible but, in some cases, quite easy!
SEPs are sometimes regarded as the no-brainer for high-income small-business owners who don’t currently have tax-advantaged retirement plans.
Extra deductions for (certain types) of production:
We explain an oft-overlooked deduction.
We explain an oft-overlooked deduction.
Why 2016 may be a good tax year to take bonus depreciation:
another way SCA is looking out for you!
Why bonus depreciation can be very helpful.
Out with the old – in with the new mileage rates:
IRS thinks your deduction is too high!
It’s easy to forget about the business use of your personal car. Here’s how to calculate this deduction for all your business miles.
More year-end strategies to reduce your tax bill:
Should you buy business assets in December?
Should you buy business assets in December?
Get a year-end deduction now and pay for it next year!
Here’s how to deduct the expense now but pay it later.
How to deduct travel & meals with an IRS guaranteed-dollar amount:
IRS announces new per-diem rates for travel deductions for 2017
How to use the IRS per-diem amounts for travel expense.
Replacing a business vehicle?:
we'll show you the tax-smart way to switch autos
Are you being tax-smart to trade in your old business vehicle?
Selling your business?:
Installment sale reporting can defer a major portion of the tax.
Selling your business? Installment reporting may save both time and tax.
New overtime rules – summarized in one page:
What you don't know can hurt you (a lot).
The new overtime rules- a one page sumary.
Salaries for owners of S-Corporations:
just what is meant by reasonable compensation?
As a shareholder and an employee. your corporation pays you a salary. Is it reasonable in the eyes of the IRS?
The new overtime law:
what's the real effect on wage earners?
what’s the real effect on wage earners?
Combining business and vacation travel:
What can you deduct?
If you combine a business trip with a vacation – what can you deduct?
The most confusing IRS form of this tax season:
Your company may be responsible for preparing the 1095.
Your company may be responsible for preparing the 1095. See below to find out if you’re responsible.
Out with the old – in with the new mileage rates:
2016 mileage rate decreases
It’s easy to forget about the business use of your personal car. Here’s how to calculate this deduction for all your business miles.
Tax Facts:
bookmark this page for a quick reference
Bookmark this page for a quick reference to the numbers you’ll need this year.
How to find the AFR. . .PDQ:
how knowing the IRS' AFR can save you money
How to use the AFR to save taxes.
Why 1099s are a big deal:
new steeper penalties in effect for this year
What’s the big deal with 1099s?
Now you see it . . .now you don’t:
How Congress is making last year's deductions disappear
A magic trick by Congress!
Understanding the alphabet soup of retirement planning:
A guide to HSAs, HRAs,HRPs, and FSAs
Despite Obamacare, there is a way that you may be able to reimburse your employee’s medical costs.
Half Truths about your W-2:
What you don't know can hurt you.
Urban legends abound on this subject. Here are the current rules.
Get remote support instantly with ScaSecure.
Got a problem with your accounting software. Get remote support instantly!
IRS allows a “mulligan” on Obamacare penalties:
Stay of execution until July, 2015, for small-business clients!
Occasionally IRS will surprise you and do something that actually makes common sense for our small business clients.
Repair Expenses:
It just got really complicated . . .
New IRS regs add time and expense to every business’ depreciation calculation.
Minimum Wage Changes for 2014:
Have you checked your payroll?
Here’s an update on the changes in the Minimum Wage amounts for the coming year.
Out with the old – in with the new mileage rates:
2015 boasts higher mileage rates!
It’s easy to forget about the business use of your personal car. Here’s how to calculate this deduction for all your business miles.
S-Corp Owners – IRS rules in your favor!
Here’s the good news – as of December 19, 2014, IRS has updated their website with specific instructions on this topic.
Year-End Planning Information for 2014 & 1015
Here’s a complete list of qualified plan limitations, You may want to bookmark this page in your browser for use now and next year.
Pivot Table and Reports
Do you have the concept of Excel Pivot Tables but need help in creating reports? This video can help.
Update on Corporate inversions – President blames accountants!
[Editor’s note:] To fully understand why accountants react strongly to being blamed for corporate inversion, please read Part I – Corporate Inversion the new buzz word of the statist. Well,well,well. It seems like Washington is keeping their buck-passing deceptive skills honed to a sharp edge. The President has gone so far as to blame CPAs and…
Corporate inversions – the new buzz word of the statist
Corporate inversions – the new buzz word of the statist
Keeping it “All in the Family” Part I
If you have a family business – here’s how to save taxes and keep profits in the family circle.
Timeline of Obamacare changes – It’s not an easy task
Need to know when the Obamacare provisions may effect your business? Here’s the answer!
Tutorial of Tax-Sheltered Savings Plans for 2014
Some of the most powerful planning tools are the tax-sheltered savings plans available to almost every business. But these tools won’t help you if you don’t know how they work. We’ve published an executive summary for you below. If you’d like to pay less tax and increase your retirement fund, review the chart below. We…
Does your “heartbleed” for Google & Yahoo?
The newest computer bug that could enable hackers to obtain your password, credit card data, and other encrypted data is known as the Heartbleed SSL exploit. Among those affected are Google, Google Plus, Yahoo, and a host of other major players in the web services market. You can read about what it is at this…
Could America learn from this country’s workers?
French citizens speak out about the economic reforms that they see hurting their nation. The young, the productive, and the entrepreneurial types seem to be deserting France in large numbers and relocating to more free-market based countries. We wonder if America (as it begins to pass similar reforms) will learn from the testimony of those…
Georgia’s default gives business owners a year-end surprise
Here’s a belated holiday gift from Georgia and Washington to employers.
JFK -Advocate of tax cuts to create jobs
A dollar released from taxation will create a new job-JFK
Do you still have to depreciate that thumb drive?
IRS publishes new depreciation guidelines for 2014!
Hidden traps in Obamacare for 2013
We show you how to avoid pitfalls and traps in Obamacare.
Have under 50 employees? You still have an Obamacare deadline October 1!
With just one employee you could have an Obamacare report due!
More tax deductions that you may have missed
Since our first post on deductions that you may have missed, several more items have come to mind that we find clients tend to forget or just don’t know that they’re existent. Most clients either volunteer for some charity work, serve on the boards of private or public foundations, help out at a shelter,…
This post is rated PG (Public Guidance & Oversight for IRS Abuses).
How IRS’ misuse of a credit card affects your tax planning
Why many cities are going broke
Detroit is in the news since their bankruptcy filing, but the bigger question that we should be asking is why large cities are having problems.
Words of wisdom from a business owner
A great business quote from the author of Good to Great
A tax deduction that you may have missed
It’s easy to forget about the business use of your personal car. Here’s how to calculate this deduction for all your business miles.
Sequestration – Numbers show the truth
Hover your mouse over the chart for a long-term analysis.
Why your 401(k) is only the beginning!
A 401(k) is just the beginning of the good things that you can do for your employees and for yourself. Take a look at the data below.
Understanding the Free Market=Business Success
If you understand how the free markets should work, you’ll tend to do a lot better in business. Here’s one of the greatest living speakers on the subject – Dr. Walter Williams.
IRS offers a clean slate for the past. . .
Last year’s tax returns included two new questions. They both pertain to 1099 payments and, if unanswered, prevented you from E-Filing. If you’ve worried about 1099 vs employee problems with the IRS, there’s now a chance to wipe the slate of the past clean and start over. IRS is willing to forgo the audit of…
Doing business away from your home state? Here’s a handy tool for all 50 states,
Did you ever wish that when you do business in another state, you could quickly check the forms, filing requirements, etc. for that state with one click? The tool below should be just what you need. Using the scroll bars, find the state you wish to check and then click on it. You’ll be linked…
Small business dodges an IRS bullet
It might be more appropriate to say that we small business owners dodged a boomerang because this issue is coming back in 2014. Our regular readers know that we sent a red alert out a few weeks ago about the most harmful tax regs that we’ve seen in a long time. You can refresh your…
Will your Key Data survive a disaster?
By Guest Editor Rick Viall rviall@viallins.com A good friend of mine who is a claims adjuster is seeing it over and over. People have lost their business data in hurricane Sandy. Even if they can dry out their place of business and get restocked they will not be able to file a tax return and…
5 Years to write off a $100 thumb drive? We’re not kidding on this one.
Now is the time to “repair” the deduction for repairs! You’ll have a hard time believing this one, but here are the facts. We’ve sent our business clients the following letter to help them understand the problem they face for 2012 taxes. To all business property owners: I am told the 2010 US Census reports…
Your Cheating Chart (from the Journal of Accountancy)
To paraphrase the country western song, your cheating chart is going to tell on you! Fellow CPA Carlton Collins shows common ways that data presentation via charts can be unethically manipulated to change the reader’s conclusions Don’t be fooled by government (or other) data that sounds too good to be true. Learn to be discerning…
IRS begins a “Hiring Frenzy”
See the second video if you still believe it’s possible to administer the health care debacle. Here’s just how easy it is to calculate.
A tutorial for business owners on the new Medicare tax
An individual is liable for Additional Medicare Tax if the individual’s wages, other compensation, or self-employment income
(together with that of his or her spouse if filing a joint return) exceed the threshold amount for the individual’s filing status:Hire a Vet? Time is running out for tax credit.
Employers Need to Act Soon to Get Expanded Credit for Hiring Vets Special Edition Tax Tip 2012-11 Employers that hired unemployed veterans during late 2011 and early 2012 had an expanded period to request the required certification for claiming the expanded Work Opportunity Tax Credit (WOTC). That expanded period ends on Tuesday, June…
Why budgets have no value
You heard us right-they have no value. Jack Welch the brilliant CEO of General Electric agrees with me (don’t confuse him with the current clown at the head of GE). Welch did away with all the wasted weeks of the budget process and focused on creating projections instead. He then held the departments accounting to the projection of income and expense that they participated in creating.
Hidden provisions in the Extended Payroll Tax Cut
Payroll Tax Cut Extended for All of 2012 On February 22, 2012, the Temporary Payroll Tax Cut Continuation Act of 2011 was permanently extended for all of 2012. This extends the two percentage point payroll tax cut for employees, continuing the reduction of their social security tax withholding rate from 6.2 percent to 4.2…
Independent Contractor vs. Employee – IRS throws a bargaining chip into the mix
The IRS has launched a new program that may help employers to resolve past worker classification issues (Independent Contractor vs. Employee) at a relatively low tax cost by voluntarily reclassifying their workers. As regular readers know, IRS’ attitude on this issue has been less than helpful in the past. Personally, I do not know of…
Peachtree users – Here’s how to add the owner’s health insurance to the W-2
Clients with S-Corps – Don’t forget that you cannot deduct your health insurance costs without loading them onto your W-2. Here’s how to do it.
IRS targets Quickbooks and Peachtree users and makes outrageous demands!
We’ve known for some time of the IRS’ stated intent to educate at least one member of every audit team with advanced knowledge of Quickbooks and Peachtree Accounting. Given that these two programs have over 80% of the small business software market, one could understand this goal. The unsettling news is that IRS intends to…
The one place that you should never borrow money from
Here’s some good advice from the iowabiz.com site about the worst place to borrow money. [The 2% IRS penalty referred to below is equal to an APR of about 25% on a 30 day loan!] by Joe KristanDecember 1, 2011 Every entrepreneur struggling to stave off hungry creditors has probably taken a wistful look…
The theory of relativity is in the tax code
This is not the theory discovered by Einstein, but the one that states that certain tax advantages may be disallowed if you sell an asset to someone (or a company) that the tax code calls a “related party.” Simply put, selling a capital asset at a loss to any of the following entities will cause the loss…
New tax credit for hiring vets
President Obama has signed into law increased tax credits for hiring certain veterans. The credits are part of the Work Opportunity Credit, which requires that employers certify through state jobs agencies that employees qualify for the credits. The credit rules, effective for veterans hired as new employees: – A maximum $4,800 credit (40% of the…
Why most clients are in violation of their Quickbooks license and don’t even realize it!
As if the IRS wasn’t enough to deal with, now Quickbooks owners have another hidden trap that Intuit is just waiting for you to stumble into. The trap centers around the wording in the licensing agreement. Simply put, it’s not a per user license like most multi-user software. Instead, it’s a per person license. Let…
Tax breaks of C Corporations
Income splitting. The government taxes the first $50,000 of corporate profits at a lower rate than the individual owners’ tax rates. Therefore, you one should split your C corporation’s income between yourself (or your S Corp) and the C corporation. This allows you to pay taxes on the salary you pay yourself at your individual…
US Treasury indicates about 70% of millionaires to be hit with new tax are small business owners.
Depending on which definition you choose of what defines a “small business owner,” any new “millionaire tax” is going to disproportionately affect the group that creates the most new jobs in our country. A new US Treasury study indicates that over 70% percent of so-called millionaires hit with this type of tax are small business owners. Almost every business…
Can you use your 401(k) to start a business?
The answer is a very qualified yes. However, it’s not as simple as writing a check from your IRA. This Wall Street Journal article gives some basic guidelines. As the article clearly states, don’t do this on your own. Call us for professional help.Article excerpt “There are ways to use IRA and 401(k) funds to finance…
Tools & Software
-
The truth about price-cutting- it’s not what you think:
Watch as we crunch the numbers - you'll be shocked
Sales are down, so we need to cut prices right? Not necessarily! The truth illustrated in the video below shows that price-cutting is almost never the way to grow profits. The video shows that, at a 35% profit margin, a 10% price cut means you must increase sales by 40% just to stay even. Hard…
-
Other firms give you a list but we give you a tool
A list of your assets is great for estate planning but, in addition, what your heirs will appreciate is a map to find the items they need after you’re gone. This downloadable form (see the link at the bottom of the page) will not only make sure you have the vital estate documents but will…
-
Working faster in Excel:
A large spreadsheet doesn't have to slow you down
How to work faster with large excel sheets
-
November Newsletter:
Check out our tax, excel, and business tips
Our November Newsletter.
-
Text Updates from the SCA blog:
Keep a watchful eye on Congress with your cell phone!
Keep a watchful eye on Congress with your cell phone!
-
How to find that one email you thought was lost:
Tips to use in Outlook
How to search for one email among thousands.
-
How to Freeze Rows/Columns in Excel:
Brad Edger teaches Excel Tips
Brad Edger teaches how to freeze rows and columns
-
Is Capitalism Moral?:
Dr Walter Williams answers this question
Dr Walter Williams answers this question
-
Excel – what to do when the numbers don’t line up:
Guest writer Carlton Collins expains the quick fix to this problem:
Can’t make the numbers align on your report? This will help.
-
What does $100 buy?:
it all depends upon the state in which your purchase is made
What can you buy for $100? It depends upon which state you spend it in.
-
Does capitalism cause selfishness:
What are the effects of socialism vis a vis capitalism on human nature?
Some times it’s difficult to tell whether Washington is the cause or the effect of so many people believing that they are entitled to more and more government benefits.
-
Tax Facts:
bookmark this page for a quick reference
Bookmark this page for a quick reference to the numbers you’ll need this year.
-
Tax Free Yield calculator:
Find the difference between before-and after-tax yields
Find the difference between before and after tax yields with our interactive spreadsheet!
-
Another free service for our existing clients:
and it's built into your existing portal
We’re adding a free service to our client portals. Sometimes you need a template for a business transaction and you need it quickly. It might be to document an employee loan or to specify the Internet Use Policy (a wise idea) for your employees. It could be that you need that employee manual that you…
-
If the Free Market fails:
do you need more government?
What do you do if the free market fails to work?
-
Simple in Six – Using Excel Pivot Tables to analyze sales
Excel expert Tom Fragale shows you how to use Pivot Tables to analyze your sales.
-
Simple in Six – Make your Pivot Tables do more
As useful as Excel Pivot Tables can be (see this post on creating pivot tables), sometimes you need to perform calculations on the data that’s inside the table. The normal Excel functions don’t work well for this, but our friend Tom Fragale show us how to force specific calculations on the data inside the Pivot…
-
Going for the max! Qualified plan limits for 2014
When a financial move helps you, it’s best to go for the max. Here are the new limits for your 401(k), IRA, Roth-IRA, and several other types of tax-qualified plans for this year. Need some help in deciding on the type of plan? Remember that we’re just a click away when you need help. …
-
Using cloud software to organize your life and business
New Year’s Resolutions: Stay Organized in 2014 (by Jay Garner of the Smith Conley team) As we all get ready to set our New Year’s resolutions, we should all take a moment to look back over the current year and try to identify the single biggest time waster that prevented you and/or your business…
-
Simple in Sixty – Excel Tables
Learn some of the benefits of Excel tables in sixty seconds!
-
Simple in Six – Excel Pivot Tables Part I
Learn to use Excel Pivot Tables Part I
-
IRS Exposed! The official report of the Inspector General
If you needed the proof in writing …here it is.
-
Simple in Six – Excel Tables
Arguably, one of the most powerful features in Excel 2007 & 2010 is the new table formatting option. You can learn the basics in less than 5 minutes with the tutorial below.
-
Doing business away from your home state? Here’s a handy tool for all 50 states,
Did you ever wish that when you do business in another state, you could quickly check the forms, filing requirements, etc. for that state with one click? The tool below should be just what you need. Using the scroll bars, find the state you wish to check and then click on it. You’ll be linked…
-
Like what you see? Here’s how you can QR a friend.
If you’re seeing this, you already know how to reach our web site with its many free services. If you like what you’ve seen then forward this link to a friend who likes to save on taxes. Your friends can click the picture (for an enlarged view) and then scan the QR code to sign…
-
How to send us your documents – It’s safe and easy
[Editor’s Note]- We’ve changed the look of the client portals after the date of this post. The portals are now in a facebook-type look and feel and are much easier to navigate. We’ve replaced the old video with an updated one of your humble CPA’s demonstrating how to upload your data. After you send us…
-
Search our site like a pro!
Answers – It’s what clients pay for and it’s what make your customers happy as well. We’ve designated this page to help you get answers and, when necessary, the knowledge to determine if you need to ask more detailed questions. We suggest that, in addition to your search terms, you pick an item from the…
-
Wow- that stimulus stuff is really working!
Look no further than this chart for proof of how little effect the stimulus money has on the price of GM (Government Motors). Ford took no government bailout while GM took billions of your hard-earned dollars. I would say that it’s not much of a return on the taxpayer’s investment. It’s good to remember that except…
-
Free and secure internet storage for our clients!
One overlooked feature of the internet portals that we provide to clients is their use as a secured storage vault. You may have noticed the icon that looks like a bank vault under the File Exchange section of your SCA portal. We suggest that this vault be used as storage for a copy of…
-
Turn off the TV and watch some moving images that will save you time and dollars
It’s not as entertaining as Hawaii Five-0, but our suggestions just might add a 0 (zero) to your cash flow or net income. (Click the slide for details.) For a bigger TV screen (click here).
-
How to use Facebook for Business
Most of us spend some amount of time on Facebook. Did you ever wish that you could better use your Facebook “friends” to grow your business? Wouldn’t it be great if there was a way to make someone your business friend without exposing all your personal posts? Look no further. Guest author and Excel expert…
-
How long does a business need to keep its records?
Does your office tend to look like our Fayette county landfill with tons of old paperwork? Although there is no single statute of limitations for the many categories of records a business needs to retain, we can offer some guidelines. Here’s our suggested schedule for record retention. In the case of special circumstances, legal action(s), or…
-
American Exceptionalism
Some politicians in Washington may say American Exceptionalism doesn’t exist, but don’t you believe it! Here’s some proof. The photo on the left is a new IBM computer (from 1954). It was considered exceptional because it could store 5 megabytes of data and had a cost (in 1954 dollars) that was beyond the reach of almost…
-
Payroll tax cuts – Are we really robbing the Social Security Piggy Bank?
Our left-leaning friends are often quite surprised at our position on continuing the payroll tax cuts. The reasoning goes something like this, “you call yourself a fiscal conservative yet you want to keep on raiding the social security trust fund? I just can’t believe you would do that!” What most fail to understand is…
-
Don’t like the “rich” getting lower capital gain rates? Don’t worry; it’s going up 67%!
Before the anti-capitalists rejoice too much . . . Just remember that, in our capitalistic system, all economic benefits for both rich and poor are driven by the formation of capital. If it becomes harder to hang on to your capital, then there will be less fuel for the economy’s engine. That said, here’s where the highest capital gain…
-
USA Debt per Capita
You can measure a nation’s relative economic strength by a ratio of debt per capita. This is not our proudest economic moment as a country. (Source Senate Budget Committee)
-
Asset Protection Advice
This initial podcast was intended for doctors but it’s applicable to others as well. Asset protection expert Martin Shenkman gives advice on how to keep your net worth secure. https://www.cpatax.net/audio/assetprotection.mp3
-
Changing the Password on your SCA portal
Security professionals advise changing passwords from time to time. Here’s how you do it with the client portal that we provide. There are only two steps. Click on your name in the upper right corner. Then click Update Password. If desired, you can also change your login from the default (your email address) for even…
-
Peachtree users – Here’s how to add the owner’s health insurance to the W-2
Clients with S-Corps – Don’t forget that you cannot deduct your health insurance costs without loading them onto your W-2. Here’s how to do it.
-
How to keep score in 2012
Congress has once again adjusted the dollar amount of allowabe mileage,social security limits,estate rates, and a host of other deductions. Here’s a handy scorecard for 2012.
-
New tax limits for retirement plans
It’s still early in 2012, but for our clients wanting to start their tax planning here are the updated numbers for this year. Retirement Plans Limits Plan Limit Limit with Catchup Simple 11,500 14,000 401(k) 17,000 22,500 Roth 401(k) 17,000 22,500 IRA 5,000 6,000 Roth IRA 5,000 6,000 403(b) 17,000 22,500 Roth 403(b) 17,000 22,500…
-
Another Peachtree tip for year-end accounting
When moving to the beginning of your tax year in Peachtree Accounting, be sure to adjust for the new state unemployment rate. This will insure the accuracy of Peachtree’s calculation of the amount you’ll pay at the end of the first quarter.
-
How to safely close the year in Peachtree Accounting
For our clients using Peachtree Accounting: If you own one of the Premium versions of Peachtree Accounting, you’ll get the following screen during the year-end close at period 24. By checking the Archive Company box, you’ll cause the system to create an extra company and preserve the ability to view all reports of prior…
-
This group fails their audit 92% of the time.
One way to determine the power of any organization is to take a look at their numbers. Without commenting on the good accomplished or the harm done, one has to grant the Unions are powerful forces in the social and political structure of America. Need some proof? Here are some convincing stats. Take special notice…
-
When you do the math. . .
. . .You find the best argument you could ever desire for Federal term limits.
-
What’s in your wallet …(or on your copier)?
I’ve always liked the Capital One credit card commercial that closes with the line “What’s in your wallet?” We’re asking, “What’s on your copier?” The amount of confidential data that’s stored forever on your business copier might surprise and come back to haunt you. Need proof? Check out this video.
-
Land of the free and home of the subsidized?
Under the “department of statistics that really scare me” , here are some charts that show the rapid growth of Americans on the government dole. Here’s the same information showing which departments are the most culpable.
-
How to determine your “real” yield- a free spreadsheet
Things are rarely what they appear to be in the financial markets.Sometimes your real yield is what is left after the taxes have been paid. E-mail us for the free spreadsheet below to determine the effective yield ofa tax-free investment vs one that is fully taxable.
-
No time for professional reading? We can help!
As we find useful articles on marketing your company, etc., we’ll post a review on your individual portal. Here’s a sample of a great book I recently read on common sense marketing [See this Link]. You’ll receive an email from us telling you that we added information to your portal and a Flag (like the…
-
Small business bookkeeping tool
For the small business, this one tool will track present a financial picture of all checks, deposits, wire transfers, and balance of your business accounts. Use this link. [Requires Excel 2007 or greater.]Small Business Record Keeping
The truth about price-cutting- it’s not what you think:
Watch as we crunch the numbers - you'll be shocked
Sales are down, so we need to cut prices right? Not necessarily! The truth illustrated in the video below shows that price-cutting is almost never the way to grow profits. The video shows that, at a 35% profit margin, a 10% price cut means you must increase sales by 40% just to stay even. Hard…
Other firms give you a list but we give you a tool
A list of your assets is great for estate planning but, in addition, what your heirs will appreciate is a map to find the items they need after you’re gone. This downloadable form (see the link at the bottom of the page) will not only make sure you have the vital estate documents but will…
Working faster in Excel:
A large spreadsheet doesn't have to slow you down
How to work faster with large excel sheets
Text Updates from the SCA blog:
Keep a watchful eye on Congress with your cell phone!
Keep a watchful eye on Congress with your cell phone!
How to find that one email you thought was lost:
Tips to use in Outlook
How to search for one email among thousands.
How to Freeze Rows/Columns in Excel:
Brad Edger teaches Excel Tips
Brad Edger teaches how to freeze rows and columns
Is Capitalism Moral?:
Dr Walter Williams answers this question
Dr Walter Williams answers this question
Excel – what to do when the numbers don’t line up:
Guest writer Carlton Collins expains the quick fix to this problem:
Can’t make the numbers align on your report? This will help.
What does $100 buy?:
it all depends upon the state in which your purchase is made
What can you buy for $100? It depends upon which state you spend it in.
Does capitalism cause selfishness:
What are the effects of socialism vis a vis capitalism on human nature?
Some times it’s difficult to tell whether Washington is the cause or the effect of so many people believing that they are entitled to more and more government benefits.
Tax Facts:
bookmark this page for a quick reference
Bookmark this page for a quick reference to the numbers you’ll need this year.
Tax Free Yield calculator:
Find the difference between before-and after-tax yields
Find the difference between before and after tax yields with our interactive spreadsheet!
Another free service for our existing clients:
and it's built into your existing portal
We’re adding a free service to our client portals. Sometimes you need a template for a business transaction and you need it quickly. It might be to document an employee loan or to specify the Internet Use Policy (a wise idea) for your employees. It could be that you need that employee manual that you…
If the Free Market fails:
do you need more government?
What do you do if the free market fails to work?
Simple in Six – Using Excel Pivot Tables to analyze sales
Excel expert Tom Fragale shows you how to use Pivot Tables to analyze your sales.
Simple in Six – Make your Pivot Tables do more
As useful as Excel Pivot Tables can be (see this post on creating pivot tables), sometimes you need to perform calculations on the data that’s inside the table. The normal Excel functions don’t work well for this, but our friend Tom Fragale show us how to force specific calculations on the data inside the Pivot…
Going for the max! Qualified plan limits for 2014
When a financial move helps you, it’s best to go for the max. Here are the new limits for your 401(k), IRA, Roth-IRA, and several other types of tax-qualified plans for this year. Need some help in deciding on the type of plan? Remember that we’re just a click away when you need help. …
Using cloud software to organize your life and business
New Year’s Resolutions: Stay Organized in 2014 (by Jay Garner of the Smith Conley team) As we all get ready to set our New Year’s resolutions, we should all take a moment to look back over the current year and try to identify the single biggest time waster that prevented you and/or your business…
Simple in Sixty – Excel Tables
Learn some of the benefits of Excel tables in sixty seconds!
IRS Exposed! The official report of the Inspector General
If you needed the proof in writing …here it is.
Simple in Six – Excel Tables
Arguably, one of the most powerful features in Excel 2007 & 2010 is the new table formatting option. You can learn the basics in less than 5 minutes with the tutorial below.
Doing business away from your home state? Here’s a handy tool for all 50 states,
Did you ever wish that when you do business in another state, you could quickly check the forms, filing requirements, etc. for that state with one click? The tool below should be just what you need. Using the scroll bars, find the state you wish to check and then click on it. You’ll be linked…
Like what you see? Here’s how you can QR a friend.
If you’re seeing this, you already know how to reach our web site with its many free services. If you like what you’ve seen then forward this link to a friend who likes to save on taxes. Your friends can click the picture (for an enlarged view) and then scan the QR code to sign…
How to send us your documents – It’s safe and easy
[Editor’s Note]- We’ve changed the look of the client portals after the date of this post. The portals are now in a facebook-type look and feel and are much easier to navigate. We’ve replaced the old video with an updated one of your humble CPA’s demonstrating how to upload your data. After you send us…
Search our site like a pro!
Answers – It’s what clients pay for and it’s what make your customers happy as well. We’ve designated this page to help you get answers and, when necessary, the knowledge to determine if you need to ask more detailed questions. We suggest that, in addition to your search terms, you pick an item from the…
Wow- that stimulus stuff is really working!
Look no further than this chart for proof of how little effect the stimulus money has on the price of GM (Government Motors). Ford took no government bailout while GM took billions of your hard-earned dollars. I would say that it’s not much of a return on the taxpayer’s investment. It’s good to remember that except…
Free and secure internet storage for our clients!
One overlooked feature of the internet portals that we provide to clients is their use as a secured storage vault. You may have noticed the icon that looks like a bank vault under the File Exchange section of your SCA portal. We suggest that this vault be used as storage for a copy of…
Turn off the TV and watch some moving images that will save you time and dollars
It’s not as entertaining as Hawaii Five-0, but our suggestions just might add a 0 (zero) to your cash flow or net income. (Click the slide for details.) For a bigger TV screen (click here).
How to use Facebook for Business
Most of us spend some amount of time on Facebook. Did you ever wish that you could better use your Facebook “friends” to grow your business? Wouldn’t it be great if there was a way to make someone your business friend without exposing all your personal posts? Look no further. Guest author and Excel expert…
How long does a business need to keep its records?
Does your office tend to look like our Fayette county landfill with tons of old paperwork? Although there is no single statute of limitations for the many categories of records a business needs to retain, we can offer some guidelines. Here’s our suggested schedule for record retention. In the case of special circumstances, legal action(s), or…
American Exceptionalism
Some politicians in Washington may say American Exceptionalism doesn’t exist, but don’t you believe it! Here’s some proof. The photo on the left is a new IBM computer (from 1954). It was considered exceptional because it could store 5 megabytes of data and had a cost (in 1954 dollars) that was beyond the reach of almost…
Payroll tax cuts – Are we really robbing the Social Security Piggy Bank?
Our left-leaning friends are often quite surprised at our position on continuing the payroll tax cuts. The reasoning goes something like this, “you call yourself a fiscal conservative yet you want to keep on raiding the social security trust fund? I just can’t believe you would do that!” What most fail to understand is…
Don’t like the “rich” getting lower capital gain rates? Don’t worry; it’s going up 67%!
Before the anti-capitalists rejoice too much . . . Just remember that, in our capitalistic system, all economic benefits for both rich and poor are driven by the formation of capital. If it becomes harder to hang on to your capital, then there will be less fuel for the economy’s engine. That said, here’s where the highest capital gain…
USA Debt per Capita
You can measure a nation’s relative economic strength by a ratio of debt per capita. This is not our proudest economic moment as a country. (Source Senate Budget Committee)
Asset Protection Advice
This initial podcast was intended for doctors but it’s applicable to others as well. Asset protection expert Martin Shenkman gives advice on how to keep your net worth secure. https://www.cpatax.net/audio/assetprotection.mp3
Changing the Password on your SCA portal
Security professionals advise changing passwords from time to time. Here’s how you do it with the client portal that we provide. There are only two steps. Click on your name in the upper right corner. Then click Update Password. If desired, you can also change your login from the default (your email address) for even…
Peachtree users – Here’s how to add the owner’s health insurance to the W-2
Clients with S-Corps – Don’t forget that you cannot deduct your health insurance costs without loading them onto your W-2. Here’s how to do it.
How to keep score in 2012
Congress has once again adjusted the dollar amount of allowabe mileage,social security limits,estate rates, and a host of other deductions. Here’s a handy scorecard for 2012.
New tax limits for retirement plans
It’s still early in 2012, but for our clients wanting to start their tax planning here are the updated numbers for this year. Retirement Plans Limits Plan Limit Limit with Catchup Simple 11,500 14,000 401(k) 17,000 22,500 Roth 401(k) 17,000 22,500 IRA 5,000 6,000 Roth IRA 5,000 6,000 403(b) 17,000 22,500 Roth 403(b) 17,000 22,500…
Another Peachtree tip for year-end accounting
When moving to the beginning of your tax year in Peachtree Accounting, be sure to adjust for the new state unemployment rate. This will insure the accuracy of Peachtree’s calculation of the amount you’ll pay at the end of the first quarter.
How to safely close the year in Peachtree Accounting
For our clients using Peachtree Accounting: If you own one of the Premium versions of Peachtree Accounting, you’ll get the following screen during the year-end close at period 24. By checking the Archive Company box, you’ll cause the system to create an extra company and preserve the ability to view all reports of prior…
This group fails their audit 92% of the time.
One way to determine the power of any organization is to take a look at their numbers. Without commenting on the good accomplished or the harm done, one has to grant the Unions are powerful forces in the social and political structure of America. Need some proof? Here are some convincing stats. Take special notice…
When you do the math. . .
. . .You find the best argument you could ever desire for Federal term limits.
What’s in your wallet …(or on your copier)?
I’ve always liked the Capital One credit card commercial that closes with the line “What’s in your wallet?” We’re asking, “What’s on your copier?” The amount of confidential data that’s stored forever on your business copier might surprise and come back to haunt you. Need proof? Check out this video.
Land of the free and home of the subsidized?
Under the “department of statistics that really scare me” , here are some charts that show the rapid growth of Americans on the government dole. Here’s the same information showing which departments are the most culpable.
How to determine your “real” yield- a free spreadsheet
Things are rarely what they appear to be in the financial markets.Sometimes your real yield is what is left after the taxes have been paid. E-mail us for the free spreadsheet below to determine the effective yield ofa tax-free investment vs one that is fully taxable.
No time for professional reading? We can help!
As we find useful articles on marketing your company, etc., we’ll post a review on your individual portal. Here’s a sample of a great book I recently read on common sense marketing [See this Link]. You’ll receive an email from us telling you that we added information to your portal and a Flag (like the…
Small business bookkeeping tool
For the small business, this one tool will track present a financial picture of all checks, deposits, wire transfers, and balance of your business accounts. Use this link. [Requires Excel 2007 or greater.]Small Business Record Keeping
Estate Planning
-
What happens when the heirs lose the Will?:
Here's what one family was forced to do.
What happens when you know there’s a will but no one can find it? Our thanks to attorney Ira Leff’s tax blog (we’ve included a download link at the bottom) for the information below. Here’s one family’s course of action when unable to produce the will of a widow with no children. For more estate and asset…
-
How to navigate the Medicare maze:
Savvy Medicare Planning can save you money!
Common pitfalls in applying for Medicare.
-
Who gets your IRA? It’s not always a simple decision!
When does money have to be paid from an IRA? The answers may surprise you.
-
Can IRS make you pay someone else’s tax 10 years later?
Just ask Maureen Mangiardi. Ten years after her father passed away the IRS came to the door asking for her IRA.
-
Why we recommend tax-deferred growth!
This is the reason we recommend tax-deferred growth for your Investments.
-
The best reason to do Financial Planning-leaving a positive legacy.
It’s not just about you and me. Planning is about leaving a positive legacy for our children. This tongue-in-cheek video shows one very sound reason why you’d want to do this. Concerned about your financial goals? Contact us for help. (Click here if your screen doesn’t show the video.)
-
Estate Tax Rates for 2013 and beyond
The zero-hour fiscal cliff law raised the top estate tax rates to 40 percent.
Here’s a table with the new rates for 2013 and beyond.
-
Where there’s a Will . . .
. . .there are usually some opportunities for tax and estate planning. Most people don’t appreciate the importance of a will, especially if they think their estate is below the level of the estate tax exemption. Even people who recognize the need for a will often don’t have one, perhaps due to procrastination or the lack of…
-
5 Benefits from the new tax law
There actually are some helpful things that emerged from the midnight-hour law signed by President Obama on January 2. Here’s our pick of the top 5.
-
Two words that can change your child’s inheritance
Knowing a little Latin can save you a lot of money. In this case, a little Latin in not a short resident of Greece, but an important legal term that you may see in your will. The term per stirpes, along with its legal cousin, per capita, refers to how an estate is passed along…
What happens when the heirs lose the Will?:
Here's what one family was forced to do.
What happens when you know there’s a will but no one can find it? Our thanks to attorney Ira Leff’s tax blog (we’ve included a download link at the bottom) for the information below. Here’s one family’s course of action when unable to produce the will of a widow with no children. For more estate and asset…
How to navigate the Medicare maze:
Savvy Medicare Planning can save you money!
Common pitfalls in applying for Medicare.
Who gets your IRA? It’s not always a simple decision!
When does money have to be paid from an IRA? The answers may surprise you.
Can IRS make you pay someone else’s tax 10 years later?
Just ask Maureen Mangiardi. Ten years after her father passed away the IRS came to the door asking for her IRA.
Why we recommend tax-deferred growth!
This is the reason we recommend tax-deferred growth for your Investments.
The best reason to do Financial Planning-leaving a positive legacy.
It’s not just about you and me. Planning is about leaving a positive legacy for our children. This tongue-in-cheek video shows one very sound reason why you’d want to do this. Concerned about your financial goals? Contact us for help. (Click here if your screen doesn’t show the video.)
Estate Tax Rates for 2013 and beyond
The zero-hour fiscal cliff law raised the top estate tax rates to 40 percent.
Here’s a table with the new rates for 2013 and beyond.Where there’s a Will . . .
. . .there are usually some opportunities for tax and estate planning. Most people don’t appreciate the importance of a will, especially if they think their estate is below the level of the estate tax exemption. Even people who recognize the need for a will often don’t have one, perhaps due to procrastination or the lack of…
5 Benefits from the new tax law
There actually are some helpful things that emerged from the midnight-hour law signed by President Obama on January 2. Here’s our pick of the top 5.
Two words that can change your child’s inheritance
Knowing a little Latin can save you a lot of money. In this case, a little Latin in not a short resident of Greece, but an important legal term that you may see in your will. The term per stirpes, along with its legal cousin, per capita, refers to how an estate is passed along…
Tax Humor
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If Alexa were made by Southerners . . .
Sometimes during the final deadlines of the 1040 tax season, you just need a good laugh. Thus, in the spirit of tax humor, we present – What if Alexa was built by Southern folks? To view, click on the play button, and the speaker icon for sound. If Alexa was Southern The future has arrived,…
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March madness-tax humor:
Bracket can be in the eye of the beholder
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The one sure way to know if we’ll have a government shutdown:
A bit of humor at Congress' expense
With all the stress of the holiday season, we thought you could use a little humor at Congress’ expense. Therefore, we have developed our infallible flow-chart to determine in the government has really shut down or not.
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World Cup & Tax Rates
With all the tension of the world cup this weekend – a little tax humor might help.
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Reacting to the stock market drop . .:
an example of what not to do
During tax season you often need some humor to help relieve the stress.
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Is Windows 10 watching you?
Is Windows 10 spying on you?
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Even geniuses can have trouble with income taxes.
Even geniuses can have trouble with income taxes.
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What if IRS did more than tax collections?
What if IRS did more than tax collections?
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Their customer service is still better than the IRS:
some tax humor on filing day
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Which ancient culture accepted wild animals as tax payment?:
Tax humor before the deadline
Which ancient culture accepted wild animals as tax payment?
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Is it really theirs?
“Without property rights, no other rights are possible.” – Ayn Rand
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If you need help on a game of Trivial Pursuit:
Accountants have an eclectic sense of humor
Accountants have an eclectic sense of humor
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New ideas for a new tax year
Washington hasn’t asked for our input, but here’s a novel thought.
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Where did that withholding on your check come from?
It’s too bad that our grandparents didn’t realize what a Pandora’s Box they were about to open!
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Brexit:
How to view the British leaving the EU
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What do the letters IRS really stand for?:
our readers offer their suggestions
Our readers offer their suggestions.
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Reasons clients like to visit our office
Reasons to visit our office
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Political Insanity – Taxing your use of the cloud:
Chicago to impose 9% Netflix entertainment tax
If you’re an elected official, it seems like there are just never enough taxes to make you happy. When Chicago’s mayor (the infamous Rahm Emanuel) proposed a 9% “Amusement Tax” on the act of watching Netflix and other cloud services, the good people of Cook County reached their limit of tolerance. Bear in mind this…
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What happens if the Net Neutrality law is approved.
Fairness and neutrality sure sound like good ideas, but when they’re administrated by Washington – here’s what’s likely to happen:
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While you’re struggling with your budget . . .
We thought you’d like to know some of the things Washington is doing with your money.
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What if you spent like the Federal government?
What if you spent like the Federal government?
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What Congress doesn’t know . . .
. . . and can’t seem to figure out!
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Why you should let us go to your IRS audit
Clients should never represent themselves in an IRS audit. Here’s why.
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Old-fashioned Accounting and a free prize!
Our existing clients can win a holiday prize by guessing the name of this famous story.
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How the debt ceiling really works!
A tongue-in-cheek look at the debt ceiling with some hard numbers.
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How the banking system really works
Sometimes you just need to laugh a little. After our video parody of stockbrokers, and the IRS’ self-made spoof of Star Trek, we felt equal time was due to the banking industry. This video is a bit of tongue-in-cheek humor on how the banking system really works! Joking aside, a good banker and stockbroker are…
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Taxing Humor -Featuring Jon Stewart
Details of recent IRS events can be confusing. Here’s reporter Jon Stewart with a special update.
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Before we get serious about 2013 . . .
With new changes coming on the home office deduction, reporting of savings accounts, how IRS has managed the new preparer requirements etc, perhaps we should have a quick bit of fun. There’s a lot of swearing in (and swearing at as well) of members of Congress and the President this month. Nothing strikes closer to…
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The new way to buy car insurance in 2013
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How to understand the stimulus tax bill
Knowing tax law can be difficult to read, we offer the following visual aid.
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If the census people were honest . . .
This is what they would say . . .
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The real effect of a federal “Stimulus” tax law
We took our SCA hidden camera inside the corporate boardrooms of America and, more often than not, found this reaction by upper management to the federal incentives within the tax stimulus bills. Remember, if it doesn’t make good economic sense, it won’t matter how many tax incentives a law may contain.
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A great time to invest?
Our tongue-in-cheek humor as we look at the reporting and sale of investments.
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Congressional Calculator only $9.99!
One of our clients is offering these retrofitted calculators. If you’ve followed the current budget -you’ll know why. Since the cash for clunker law was a disaster, maybe we could have calculators for Congress!
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An example of evil greed
Who’s really being greedy here?
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40 million dollars for a few less IRS agents? What a deal!
The problem is that it’s a deal for the government employees and not the taxpayers. An IRS early buyout program of up to $25,000 per individual will be offered to 5,400 employees with plans to accept about 1,600 individuals. Some may debate that fewer agents are worth the price tag, but I wonder if…
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What do the letters IRS really stand for?
During tax season, one of the most oft asked questions is – What do the initials in IRS mean? We offer the following ideas. Feel free to send us your own.
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Beware who defines “your fair share.”
Beware whom you permit to define what is your “fair share.” The definition will always be dependent on just how hungry the croc is when he finds you and your wallet.
If Alexa were made by Southerners . . .
Sometimes during the final deadlines of the 1040 tax season, you just need a good laugh. Thus, in the spirit of tax humor, we present – What if Alexa was built by Southern folks? To view, click on the play button, and the speaker icon for sound. If Alexa was Southern The future has arrived,…
The one sure way to know if we’ll have a government shutdown:
A bit of humor at Congress' expense
With all the stress of the holiday season, we thought you could use a little humor at Congress’ expense. Therefore, we have developed our infallible flow-chart to determine in the government has really shut down or not.
World Cup & Tax Rates
With all the tension of the world cup this weekend – a little tax humor might help.
Reacting to the stock market drop . .:
an example of what not to do
During tax season you often need some humor to help relieve the stress.
Even geniuses can have trouble with income taxes.
Even geniuses can have trouble with income taxes.
Which ancient culture accepted wild animals as tax payment?:
Tax humor before the deadline
Which ancient culture accepted wild animals as tax payment?
If you need help on a game of Trivial Pursuit:
Accountants have an eclectic sense of humor
Accountants have an eclectic sense of humor
New ideas for a new tax year
Washington hasn’t asked for our input, but here’s a novel thought.
Where did that withholding on your check come from?
It’s too bad that our grandparents didn’t realize what a Pandora’s Box they were about to open!
What do the letters IRS really stand for?:
our readers offer their suggestions
Our readers offer their suggestions.
Political Insanity – Taxing your use of the cloud:
Chicago to impose 9% Netflix entertainment tax
If you’re an elected official, it seems like there are just never enough taxes to make you happy. When Chicago’s mayor (the infamous Rahm Emanuel) proposed a 9% “Amusement Tax” on the act of watching Netflix and other cloud services, the good people of Cook County reached their limit of tolerance. Bear in mind this…
What happens if the Net Neutrality law is approved.
Fairness and neutrality sure sound like good ideas, but when they’re administrated by Washington – here’s what’s likely to happen:
While you’re struggling with your budget . . .
We thought you’d like to know some of the things Washington is doing with your money.
What if you spent like the Federal government?
What if you spent like the Federal government?
Why you should let us go to your IRS audit
Clients should never represent themselves in an IRS audit. Here’s why.
Old-fashioned Accounting and a free prize!
Our existing clients can win a holiday prize by guessing the name of this famous story.
How the debt ceiling really works!
A tongue-in-cheek look at the debt ceiling with some hard numbers.
How the banking system really works
Sometimes you just need to laugh a little. After our video parody of stockbrokers, and the IRS’ self-made spoof of Star Trek, we felt equal time was due to the banking industry. This video is a bit of tongue-in-cheek humor on how the banking system really works! Joking aside, a good banker and stockbroker are…
Taxing Humor -Featuring Jon Stewart
Details of recent IRS events can be confusing. Here’s reporter Jon Stewart with a special update.
Before we get serious about 2013 . . .
With new changes coming on the home office deduction, reporting of savings accounts, how IRS has managed the new preparer requirements etc, perhaps we should have a quick bit of fun. There’s a lot of swearing in (and swearing at as well) of members of Congress and the President this month. Nothing strikes closer to…
How to understand the stimulus tax bill
Knowing tax law can be difficult to read, we offer the following visual aid.
The real effect of a federal “Stimulus” tax law
We took our SCA hidden camera inside the corporate boardrooms of America and, more often than not, found this reaction by upper management to the federal incentives within the tax stimulus bills. Remember, if it doesn’t make good economic sense, it won’t matter how many tax incentives a law may contain.
A great time to invest?
Our tongue-in-cheek humor as we look at the reporting and sale of investments.
Congressional Calculator only $9.99!
One of our clients is offering these retrofitted calculators. If you’ve followed the current budget -you’ll know why. Since the cash for clunker law was a disaster, maybe we could have calculators for Congress!
40 million dollars for a few less IRS agents? What a deal!
The problem is that it’s a deal for the government employees and not the taxpayers. An IRS early buyout program of up to $25,000 per individual will be offered to 5,400 employees with plans to accept about 1,600 individuals. Some may debate that fewer agents are worth the price tag, but I wonder if…
What do the letters IRS really stand for?
During tax season, one of the most oft asked questions is – What do the initials in IRS mean? We offer the following ideas. Feel free to send us your own.
Beware who defines “your fair share.”
Beware whom you permit to define what is your “fair share.” The definition will always be dependent on just how hungry the croc is when he finds you and your wallet.