IRS Issues Tax Scams Alerts

Posted by on Mar 15, 2017 in Advice The IRS has created a page to update consumers about the tactics used by various tax scammers.  These scams prey on taxpayers’ fears of the IRS and that $300 Goodwill donation you did not have a receipt for.  Most importantly, the IRS never initiates contact via mail or email.  An IRS agent would only call after several notices regarding an ongoing issue.  Do not provide any information at...
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SMB Internal Controls

Posted by on Mar 12, 2017 in Advice A lot of clients only have one person that handles all of their accounting functions.  Poor internal controls can permit intentional and accidental improprieties to go unnoticed.  There are some basic actions an owner can take to protect themselves: Review monthly bank and credit card statements: Look at the cancelled checks and EFT withdrawals and make sure you can identify them.  Be aware that...
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Higher 2017 HSA Contribution Limits for Individuals

Posted by on Feb 20, 2017 in Advice Do you contribute to a health savings account, or HSA, to help you cover your medical expenses? Taxpayers are allowed to make tax-deductible contributions to HSAs if they have health plans that have high deductibles, based on Internal Revenue Service guidelines. If you have an HSA, you’ll be happy to hear that the annual deductible contribution limit certain coverage has been raised for 2017....
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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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