Step into the batting cage with us!

Don’t fall for newest IRS scam

Don’t shoot the messenger, but Congress has done it again!

Tax Reform opens a new door for your child’s education

Why you should work through a local charity

Will you get a tax cut next year?

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.

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.

From SCA to you

Plan now for next year’s larger amounts.

To check the likelihood of your data being breached, Click Here

IRS provides relief from filing deadlines.

As Shakespeare said . . . “Neither a borrower or a lender be.”

Say sayonara to your passport

Why a 1031 exchange is a great tax planning idea

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 – this one can cost you 50%

If you’ve been inconvenienced with the IRS assigning you a PIN you’ll be encouraged to know . . .

The members of the IRA family are very different from each other.

What the 2016 tax law changes mean to you.

Here are some popular deductions that will die on 12/31/16

Tax Planning for the new year.

Here’s the real reason that companies leave American soil and what it costs you!

How to save taxes with year-end planning.

What to do if you’re the victim of ID theft. Take these steps asap.

How a new President may change the tax laws.

Can you deduct the loss on your rental property? Here’s the answer.

Doe the EC still serve a useful purpose? The answer is surprising!

Watch out for these tax monsters on Halloween!

Confused about the Obamacare shared responsibility payments? Here’s help.

The problem with social security . . .

Only certain types of moving expenses are deductible. Here’s an overview.

Plug in your income and compare the Presidential tax plans.

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.

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…

The only tax shelter that you can deduct contributions and not be taxed on distributions.

Just how free are you? It may depend on where you live.

The other tax date in April – this one can cost you 50!

How the “wash sale” rules can cancel your current year write-off

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 . . . how much state tax is due?

How the government redistributes your income

Here are the average tax deductions by income level according to the IRS

A magic trick by Congress!

Confused about the tax tools for retirement planning? Here’s some help.

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.

During the season of giving, you can (tax-wise) accomplish some effective giving as well.

Well . . . it’s technically not a “gift” but it will help you lower your taxable income for 2014.

Tax advantages just for veterans

One of the scariest things you’ll ever see.

Georgia ranks among the lowest in debt per capita

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.

Need money from your IRA but want to avoid the 10% penlalty?

Combining two incomes may more than double your tax bill! Here’s how to fight back.

Expect Obamacare penalties to get worse next year.

Just how free are you? It may depend on where you live.

  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…

Donations to slain Police Officer’s families can be backdated to 2014.

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.

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

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.…

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…

You may still have to file a tax return if you live outside the United States and maintain your US citizenship.

Well . . . it’s technically not a “gift” but it will help you lower your taxable income for 2014.

All of our existing clients have access to our SCA Secure client portals at no additional charge.

During the season of giving, you can (tax-wise) accomplish some effective giving as well.

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…

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 how to start.

Who gets the money from a ROTH-IRA?

Here are the answers to the two most often asked questions we get on the subject of Roth accounts.

  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…

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…

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…

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…

    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…

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…

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…

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,…

  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…

A visual summary of Tax Planning areas for 2014

If you’re the DIY (do it yourself) type, here are the tools.

Many folks will get a severe case of sticker shock in 2013. Here’s why.

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…

Certain deductions are scheduled to vanish in 2014!

Figures don’t lie but IRS Commissioners do.

We give you the steps to combat the ever-present danger of ID Theft

Calculating the home office deduction just got easier in 2013

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 you at retirement? Our chart will give you an answer.

A timeline for some of the new taxes in the President’s 2014 budget and Obamacare

See the Star Trek and Gilligan’s Island parody videos that cost $70,000 of the taxpayers’ money

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…

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…

This is one of our older posts, but it’s still good advice!

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.…

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…

  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…

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…

  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…

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…

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…

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…

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. 

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…

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 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…

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…

  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,…

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 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…

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)…

With apologies to Charles Dickens, here’s an easy to understand graphic of how the upcoming tax plans measure up. Source: www.backtaxeshelp.com

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…

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…

CPA gives 3 minute summary of the new Medicare tax

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…

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.

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%…

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…

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.…

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…

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…

  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…

  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…

    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…

Why wouldn’t we let them pay?  The non-payers (but still voters) have almost reached 51%  

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…

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…

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…

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…

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…

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…

  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,…

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…

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. …

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 •…

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…

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…

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…

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.

What IRS got from the new spending bill

IRS expands bonus depreciation for tax year 2017

Has the deduction for business entertainment been eliminated?

Who must file form 1099?

Remember our “95% rule” in your 22017 planning

Our advice on buying a business auto now or next year

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

In husband-wife businesses – who takes the money can make a big difference.

How to use the AFR to save taxes.

The many faces of tax-based costs

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 “supersize” your deduction for meals

Are loans from your company a good idea?

Is your business network at risk for a cyber attack?

Hiring family members may save your company some payroll taxes!

Hiring your children can save taxes for your business and your family

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.

Reimbursing employees for education expenses can both strengthen the capabilities of your staff and help you retain them.

Operating in another state means possibly being subject to taxation in that state.

Bartering might seem like something that happened only in ancient times, but the practice is still common today

Quick Tax Facts for 2017

These are your personal “safe zones” from the tax man when you use depreciation.

Guest Editor Dr. Walter Williams’ commentary on starting a business

How to save taxes by smart hiring.

Tax credits reduce tax liability dollar-for-dollar, making them particularly valuable. One of them might not be available after 2017.

SEPs are sometimes regarded as the no-brainer for high-income small-business owners who don’t currently have tax-advantaged retirement plans.

We explain an oft-overlooked deduction.

Why bonus depreciation can be very helpful.

Small businesses get a break for helping with employee’s healthcare.

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.

Should you buy business assets in December?

Here’s how to deduct the expense now but pay it later.

How to use the IRS per-diem amounts for travel expense.

Are you being tax-smart to trade in your old business vehicle?

Selling your business? Installment reporting may save both time and tax.

The new overtime rules- a one page sumary.

As a shareholder and an employee. your corporation pays you a salary. Is it reasonable in the eyes of the IRS?

what’s the real effect on wage earners?

If you combine a business trip with a vacation – what can you deduct?

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Your company may be responsible for preparing the 1095. See below to find out if you’re responsible.

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.

Bookmark this page for a quick reference to the numbers you’ll need this year.

How to use the AFR to save taxes.

What’s the big deal with 1099s?

A magic trick by Congress!

Despite Obamacare, there is a way that you may be able to reimburse your employee’s medical costs.

Urban legends abound on this subject. Here are the current rules.

Got a problem with your accounting software. Get remote support instantly!

Occasionally IRS will surprise you and do something that actually makes common sense for our small business clients.

New IRS regs add time and expense to every business’ depreciation calculation.

Here’s an update on the changes in the Minimum Wage amounts for the coming year.

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.

Here’s the good news – as of December 19, 2014, IRS has updated their website with specific instructions on this topic.

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.

Do you have the concept of Excel Pivot Tables but need help in creating reports? This video can help.

[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

If you have a family business – here’s how to save taxes and keep profits in the family circle.

Need to know when the Obamacare provisions may effect your business? Here’s the answer!

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…

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…

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…

Here’s a belated holiday gift from Georgia and Washington to employers.

A dollar released from taxation will create a new job-JFK

IRS publishes new depreciation guidelines for 2014!

We show you how to avoid pitfalls and traps in Obamacare.

With just one employee you could have an Obamacare report due!

  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,…

How IRS’ misuse of a credit card affects your tax planning

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.

A great business quote from the author of Good to Great

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.

Hover your mouse over the chart for a long-term analysis.

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.

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.  

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…

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…

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…

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…

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…

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…

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.

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:

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…

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.

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…

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…

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.

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…

  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…

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…

  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…

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…

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…

  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…

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…

How to work faster with large excel sheets

Our November Newsletter.

Keep a watchful eye on Congress with your cell phone!

How to search for one email among thousands.

Brad Edger teaches how to freeze rows and columns

Dr Walter Williams answers this question

Can’t make the numbers align on your report? This will help.

What can you buy for $100? It depends upon which state you spend it in.

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.

Bookmark this page for a quick reference to the numbers you’ll need this year.

Find the difference between before and after tax yields with our interactive spreadsheet!

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…

What do you do if the free market fails to work?

Excel expert Tom Fragale shows you how to use Pivot Tables to analyze your sales.

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…

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.  …

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…

Learn some of the benefits of Excel tables in sixty seconds!

Learn to use Excel Pivot Tables Part I

If you needed the proof in writing …here it is.

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.

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…

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…

[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…

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…

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…

   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…

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).  [SlideDeck2 id=1947]

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…

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…

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…

  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…

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…

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) 

  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

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…

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.

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.  

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…

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.  

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 below) will not only make sure you have the vital estate documents, but will help your heirs to locate…

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…

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…

. . .You find the best argument you could ever desire for Federal term limits.

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.  

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.

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.

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…

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

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.…

Common pitfalls in applying for Medicare.

When does money have to be paid from an IRA? The answers may surprise you.

Just ask Maureen Mangiardi. Ten years after her father passed away the IRS came to the door asking for her IRA.

This is the reason we recommend tax-deferred growth for your Investments.

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.)

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.

. . .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…

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.

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…

For estate tax purposes, there are some terrible states to die in this coming year (2013). Hover over the selected states in the map below and you’ll see what we mean.