The IRS has recently received reports of fake IRS tax bills sent to taxpayers. The tax bills that have begun to surface are CP2000 notices, which is a type of notice the IRS sends. The problem is the IRS notice is in relation to income being reported incorrectly NOT the Affordable Care Act. Ways to identify a fake IRS tax bill follow: Fake IRS Tax Bills: Use an Austin, TX address Are in regards to the Affordable Care Act, 2014 coverage The payment voucher lists the letter number as … [Read more...]
Vote Yes for Amendment 4
Vote Yes for Amendment 4 I will start by saying I typically don't push for people to vote one way or another; however, considering what the amendment is and how it would affect all of my clients in one way or another I felt that this subject might be worth mentioning to my followers. What is the Amendment? Amendment number 4 would amend the Missouri Constitution to eliminate the state or any local governments from collecting sales or use tax on services. We currently do not have sales tax … [Read more...]
Tax Planning Strategies for Retirees
We are pleased to be one of the featured presenters at an upcoming educational event — The 2016 Financial Expo. This event is geared towards individuals close to retirement and looking at planning for that next step in life. Scheduled for October 1, the course is free, you just need to sign up! We will be discussing various topics, such as: The importance of having the proper legal documents in place Planning for taxes at retirement Investment planning so you have income through … [Read more...]
Starting a New Business?
Are you thinking of starting a new business? I have had several clients with new businesses this year, and thought I would share some advice on what to do when you are ready to take that step. My best piece of advice is to contact an accountant and an attorney, while I know many of us automatically think that is going to cost a lot of money, it can save you money in the long run. You should learn all of the facts about how a certain type of company can limit your liability and how much … [Read more...]
Do you use direct deposit for your Tax Refund?
Have you thought about using direct deposit for your tax refund? Here are some benefits to consider. First it makes receiving your tax refund much quicker. The refund is the most efficiently received when you electronically file and select direct deposit. Second it is secure, the funds go directly to the account you specify and there is no chance of it getting lost in the mail. It is easy to provide your preparer with the bank information and then double check to make sure the bottom of the … [Read more...]
Suggestions for Selecting a Tax Return Preparer
This is the time that everybody is looking to get their returns filed, so I thought I would give you some suggestions for selecting a tax return preparer. Check the person's qualifications — First check to see that they have a Preparer Tax Identification Number (PTIN). This is a number the IRS has assigned to preparers who are register to file returns. Also check to see if the preparer has a license that requires continuing education such as a CPA, Registered Agent, or do they belong to … [Read more...]
Should I be receiving a 1095?
I have heard this same question many times in the last week: "Should I be receiving a 1095?". First off what is a 1095? The 1095 is a form you should receive from your insurance provider that will show what months you were covered by insurance. If you used the market place the form will also tell what subsidies you were allowed and what you paid. Those that used the market place in 2014 have already seen these forms since it was mandatory for the market place in 2014. However, an individual … [Read more...]
Tax Rates Today Compared to 1943
A few weeks ago I was given a set of instructions for filing the individual income tax return form 1040 from the tax year of 1943. I found reading the instructions very interesting compared to how we file returns today. The part I found most fascinating is that in 1943 the instructions were only four pages — yes, only four pages — now they are more 100 pages. This represents how much more complex our tax laws have become in the past 70 years. The instructions touched on several items that … [Read more...]
Are you passive or non-passive in regards to the K-1 you receive?
Are you passive or non-passive in regards to the K-1 you receive? First of all, why is it important to know which you are? Making this determination can determine if a loss is allowed or if it is a suspended loss. It also determines if the income is subject to the Net Investment Income Tax. Depending on your tax situation this determination can change your tax due and you should prepare for the effect it has on your tax when you become involved in an entity that you receive a K-1 from. Now … [Read more...]
Year End Tax Planning
Is there some year end tax planning you can do? Have you talked with your accountant regarding changes in employments, income, or your household? There may be ways you can save on your taxes and there are several reasons why now is a good time to call your accountant. Estimates: If you are one of the many who pay estimated taxes now is a good time to discuss changes in your income and get a good idea if your estimates will cover your tax or if you should save more back to cover the … [Read more...]
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