Documenting Your Charitable Donations

Posted by on Feb 15, 2017 in Advice Many people make donations to charities whose work they support, but if you are planning to take a tax deduction for your gift, you must have the proper paperwork. Assembling the right documentation can also be tricky because the requirements vary based on whether the donation is cash and on the value of your gift. If you donate less than $250 in cash, for example, a canceled check, credit card...
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Stamp Out Tax Season Stress!

Posted by on Feb 9, 2017 in Advice Are you ready for tax time? There are a couple of steps you can take now to alleviate some of the stress of filing your return. Plan to get organized early. Begin by putting together a tax folder with W-2s from your employer, 1099s for other income you may have earned, bank and other financial statements and receipts for things like medical bills and charitable donations.  Use our 2016 Tax...
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1099 Trouble? We Can Help

Posted by on Jan 24, 2017 in Advice It’s not unusual for taxpayers to be surprised—and perhaps more than a little confused—by some of the correspondence that is received from the IRS. Here’s a case in point: Many taxpayers have been puzzled by notices they have received related to 1099 forms. For example, problems have arisen in the past surrounding notices related to Forms 1099-K (Payment Card and Third Party Network...
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Avoid Refund Delays!

Posted by on Jan 17, 2017 in Advice Many people dread tax time, but it can be even more frustrating if you have to wait longer than you’d hoped for your refund. Unfortunately, the Internal Revenue Service is warning that patience may be necessary this year. For one thing, identity theft and tax refund scams have become significant concerns, so the Service is taking extra measures to spot fraudulent returns. The IRS is also...
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Is Your Will Up To Date?

Posted by on Jan 2, 2017 in Advice When was the last time you reviewed your will? People generally make wills to guarantee the proper disposition of their money and property, which is why it’s a good idea to consult your CPA when it’s time to create or update your will. We recommend that you revisit your will every time you experience a major life event, such as marriage, the birth of a child, retirement or other significant...
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Just Get Married?

Posted by on Dec 15, 2016 in Advice Getting married is not only a change of life but also can have a big impact on your income taxes.  We have prepared the attached Newlyweds tax tips to help you navigate and anticipate some of these changes.
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Record Keeping for Tax Purposes

Posted by on Dec 15, 2016 in Advice One of the most common questions we get is how long to keep your tax records.  The attached brochure can serve as a guide. Recordkeeping Brochure
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2017 Tax Update Letter

Posted by on Dec 15, 2016 in Advice 2017 Business Letter Please find the attached tax update letter we send to our clients to update them on rates and limits for 2017.  Please feel free to call us if we can assist you or answer any questions.  All please find the most up to date W4 forms available. Current IRS-W4 Current CT-W4
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Farming Schedule F

Posted by on Nov 15, 2016 in Advice Farmers have a lot of tax code written specifically to help them make our food more affordable. There are several tax breaks available to farmers that are not available to other industries. We help many family farms navigate the benefits provided to them. The IRS also provides extensive information on their website IRS Farmer Center.
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Statute of Limitations on Back Taxes

Posted by on Oct 22, 2016 in Advice If you owe back taxes, how long does the IRS have to assess and collect them? The answer varies based on the situation. In many cases, the IRS has three years from the date a return was due or when it was filed, whichever comes later, to assess how much you owe, and up to 10 years to collect that amount. When a very large item is omitted from the return, the assessment period can last up to six...
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