RSS Feed Take a look at our recent blog posts and client newsletter articles. en-us Wed, 04 Aug 2021 00:00:00 -0500 Wed, 04 Aug 2021 00:00:00 -0500 What GAAP Principles Mean for Your Business

Implementing GAAP accounting standards ensures accuracy and compliance, so you can be confident in running your business.

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Wed, 04 Aug 2021 00:00:00 -0500
Common Mistakes to Avoid When You Have Been Arrested Getting arrested is a stressful experience, and it’s very easy to make crucial mistakes if you are not properly informed. By responding in the wrong way, you could inadvertently increase your chances of being convicted of a crime or receiving a harsher sentence. Here are some common mistakes to avoid when you’ve been arrested: Resisting […] Tue, 03 Aug 2021 00:00:00 -0500 Which Educator Expenses Are Tax Deductible? Teachers and other educators should remember that they can deduct certain unreimbursed expenses such as classroom supplies, training, and travel on their tax returns to reduce the amount of tax owed. Sun, 01 Aug 2021 09:00:00 -0500 Retirement Plan Options for Small Businesses Employer-sponsored retirement plans are a key component of retirement savings. If you're like many small business owners in the United States, you may be considering the various retirement plan options available for your company. Sun, 01 Aug 2021 09:00:00 -0500 Opting Out of the Monthly Child Tax Credit Payment While many families will benefit from the extra money deposited into their bank accounts, some may want to opt out and instead take the Child Tax Credit when they file their tax return next spring. Sun, 01 Aug 2021 09:00:00 -0500 Minimizing Capital Gains Tax on Sale of a Home Learn how to avoid capital gains tax and why home improvements that qualify for the residential energy property credit can make a difference when selling your home. Sun, 01 Aug 2021 09:00:00 -0500 Key Tax Changes Could Affect Your Tax Situation in 2021 Key tax provisions in the American Rescue Plan Act of 2021 could affect your tax situation. Here's what you need to know. Sun, 01 Aug 2021 09:00:00 -0500 When Do You Need a Tax Attorney?

Working with a tax attorney can help you prevent further errors and ensure everything is submitted to the IRS as required.

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Wed, 28 Jul 2021 00:00:00 -0500
What To Do In Times Of Uncertainty This unsure feeling can feel the worst when it comes to our financial situation. When comfort there feels tenuous, it reaches into so many other aspects of our lives. That is why with so much of this shakeout still happening, I think it is important for everyone to take a personal look at what will make them feel best in their own situation Tue, 27 Jul 2021 09:00:00 -0500 5 Questions to Ask Before Hiring a Personal Injury Attorney When it comes to finding a personal injury attorney in the US, you might have noticed that the industry is quite crowded. It is irrefutable how tedious and overwhelming finding and hiring a personal injury lawyer can be, especially when you’re injured or experiencing the loss of a loved one. However, we cannot emphasize enough […] Tue, 27 Jul 2021 00:00:00 -0500 What Is the Net Investment Income Tax? The Net Investment Income Tax tends to affect wealthier individuals, but in certain circumstances, it can affect moderate-income taxpayers too. Thu, 01 Jul 2021 09:00:00 -0500 Small Business: Understanding Payroll Expenses Whether you're a small business owner who is just starting or one who has been in business for a while - ready to hire an employee or two - here is what you should know about withholding, reporting, and paying employment taxes. Thu, 01 Jul 2021 09:00:00 -0500 Settling Tax Debt With an IRS Offer in Compromise If you owe money to the IRS, an offer in compromise could be the answer. Thu, 01 Jul 2021 09:00:00 -0500 Employee Relocation: What Happens to Your Home? Employees and small business owners often have questions about what to do with an employee's home - and what the tax consequences might be - when they move to a new job location. Here are some answers. Thu, 01 Jul 2021 09:00:00 -0500 Advance Child Tax Credit Payments Start This Month More than 36 million American families may be eligible to receive monthly Child Tax Credit payments starting July 15, 2021. Here's what families need to know. Thu, 01 Jul 2021 09:00:00 -0500 How Newly Weds Can Prepare Your Financial Future Love is in the air. Which is also an appropriate time to make sure your finances are secure and in good shape. This includes preparing for combining your financial life with your partners. Wed, 30 Jun 2021 09:00:00 -0500 Benefits Of Charitable Donations You can use your charitable donations from a retirement plan, with additional benefits. Discover the power of a QCD and how to keep your paperwork in order to gain the most from this experience. Tue, 25 May 2021 09:00:00 -0500 What You Need To Know About The Child Tax Credit Payment Remember when the American Rescue Plan was passed and you heard about getting money every month just because you had a kid? This is the Child Tax Credit and it will have a significant impact on your taxes next year. Mon, 26 Apr 2021 09:00:00 -0500 Insights Into New Economic Impact Payments By this point many have already received their economic impact payments. After those $1,400 payments, the next biggest news seemed to be the child tax credit. Many people were now going to be looking forward to getting even more checks directly from the government starting later in the year. Thu, 25 Mar 2021 09:00:00 -0500 Significant Areas To Key In On For ERC Qualification When it comes to the stimulus packages, businesses may be leaving money on the table. A big part of that missed opportunity comes in the form of the Employee Retention Credit (ERC). That term may sound familiar because it was part of the original CARES Act that everyone paid more attention to. Wed, 24 Feb 2021 09:00:00 -0600 How To Avoid Unnecessary Surprises During Tax Time In a year of surprises, there are bound to be some new ones come tax filing time. For some, these are going to be unpleasant surprises. More people received unemployment compensation than usual in the last year, so it stands to reason that more people than usual are going to find out that that money is taxable income, and that they may not have had enough withheld to cover their obligation. Thu, 28 Jan 2021 09:00:00 -0600 Keys To Beating End-Of-Year Procrastination An easy lesson is that ending procrastination can help make things feel better. But of course, we all know that already. That is an easier-said-than-done situation. But what if you could think of it in another way? What if instead of thinking about how you should get it done but just donâ??t have the will for it, you had someone else do it? Sat, 19 Dec 2020 09:00:00 -0600 How To Use Uncertainty As A Learning Opportunity It is tough to tell someone not to overreact when they live with such fear. But we do not make good choices when they are based in fear. Even when it feels like there are no good choices, we must make calculated decisions to make our present the best we can while taking what steps we can to help ensure the future. Fri, 20 Nov 2020 09:00:00 -0600 How To Save Yourself From Financial Stress From 2020 Yes, we are all that ready to leave 2020 behind that the countdown can begin. So guess what that means now? Time is running short to make some changes to your tax picture for next year. Tue, 20 Oct 2020 09:00:00 -0500 Self-Employed Help For Making Estimated Tax Payments If you expect to owe $1,000 or more when you file your taxes for the year, the IRS expects some of that to be paid as the year goes on. Again, if enough is being withheld from your paycheck, there are no worries. Sat, 19 Sep 2020 09:00:00 -0500 Job & Employment Advice During COVID-19 Wed, 12 Aug 2020 09:00:00 -0500 Tax Secrets In The New Gig-Economy For Self-Employment In a time when many people are unsure of their job prospects, every little bit of income can help bridge the gap until things get a bit more back to normal. Mon, 20 Jul 2020 09:00:00 -0500 Keys To Opening Up After COVID-19 Everyone wants the world to continue to open up. This would help us achieve a sense of normalcy. What could you want more than that? But it is also confirmed that some areas are currently seeing a rise in COVID-19 cases. That makes it difficult to completely feel that opening up is the right step at this moment. You can take this in a couple of ways. It can obviously be frightening to think that after going through so much, we have not done enough to curtail a significant spread of this disease. Fri, 19 Jun 2020 09:00:00 -0500 How To Grow Your Business During COVID Quarantine Donâ??t give up on using this quarantine time productively if you still have some left. Many small businesses would have answered that hypothetical question with ways to improve their business. However many of them can't use this off time to grow because they cannot operate or open completely (at full capacity). Fri, 08 May 2020 09:00:00 -0500 Updates On The Nanny Tax To Key In On The tax essentially comes down to the fact that if you paid a household employee more than $2,100 in the year, they owe 7.65% in Social Security and Medicare taxes on those wages. That seems like a decent chunk of money when you think of it on the whole. But this only breaks down to about $40 a week. Thu, 02 Apr 2020 09:00:00 -0500 Expecting Changes This Year With Tax Rules The tax system is a complicated process and changing it takes time. Also, it is probably impossible to guess just what changes could be implemented. Each candidate has some idealized version of what they would like the system to be. They do not get to simply declare it from on high, however. With the TCJA, there was some sense of who would benefit from the plan. But there were still many surprises when it came to the â??how.â? Thu, 05 Mar 2020 09:00:00 -0600 Common Taxpayer Mistakes To Avoid When people come to work with us to do their tax return for the first time, there is often a palpable sense of relief. This isnâ??t necessarily because they couldnâ??t file their taxes themselves. Many of them have been for years. Instead it's a sense of comfort that comes from working with someone whose knowledge you trust. Wed, 05 Feb 2020 09:00:00 -0600 The Benefits Of A Trusty Guide There is tremendous value in having someone knowledgeable guiding you through the tax return process. A lot of this value comes in knowing what you can deduct on a tax return. It is usually simpler to get that initial number of the amount of money you earned in a year than it is to properly use deductions to lower how much of that number will be taxed â?? and thus the amount of tax you have to actually pay. Tue, 28 Jan 2020 09:00:00 -0600 An Ode To The End Of The Year Thu, 19 Dec 2019 09:00:00 -0600 Thankfulness Year-Round (And Especially Now) Wed, 27 Nov 2019 09:00:00 -0600 The Truth Behind Trying To Start A Perfect Business I think for many businesses, finding yourself battling a few of those 19 potential pitfalls is normal and inevitable. It is going to be a rare time when someone starts a perfect business at the perfect time that enters a perfect marketplace and becomes wildly profitable from the start. Wed, 06 Nov 2019 09:00:00 -0600 Utilizing The Valuable Tool Of Planning It is easy to hear people talk about things you can do to make your business work better (and it even happens in this space). It is easy then to agree in your mind that following those steps would help you grow and succeed. It is much more difficult, however, to put these things into action. This can be more easily accomplished with one thing Ã??Ã?¢?? planning. Fri, 18 Oct 2019 09:00:00 -0500 Why Self-Employment Is Growing & How The IRS Is Treating It More people are starting businesses than ever before. Technology helps make this easier. What does it mean to work for yourself instead of seeking employment? What are ways to safe-guard your investment in your new business? This blog article explains it all. Mon, 09 Sep 2019 09:00:00 -0500 How A Little Simplicity Can Go A Long Way In Tax Planning The IRS has not received any large increases in budget or staffing. Which means it should not be surprising that the number of audits on individual tax returns continues to decrease. This is a phenomenon that I know I mention from time to time, but seeing as audits will forever be a fear of the taxpayer, it must continue to be addressed Thu, 08 Aug 2019 09:00:00 -0500 IRS Warns Of Continuing Scams Against Taxpayers Tax-related scams continue to spread across the country. Some seem easy to recognize. But remember, scammers are constantly looking for ways to steal from you. Here are more tips to be aware of. Mon, 15 Jul 2019 09:00:00 -0500 How Recent News Stories Can Empower Your Financial Peace & Success The news is often full of depressing stories and scandals. But there are also nuggets of wisdom and inspiration that can be pulled from them. Here are 3 news stories with insights and wisdom to bring you personal and financial peace. Wed, 05 Jun 2019 09:00:00 -0500 Tax Check Up For Your Financial Health As I have also said before, tax law is complicated. It remains complicated even under the new system. A full reporting doesnâ??t really fit on a postcard (and yes, Iâ??ve said that before too). Itâ??s not something that you can hope to figure out without a deep look. Thu, 09 May 2019 09:00:00 -0500 Great Advice For Small Business Growth Wed, 01 May 2019 09:00:00 -0500 Two Words Just For You The end of tax season is always a bit heartening even through the exhaustion. To have clients that return to our organization year after year, especially in this world of increasing options, is uplifting. It allows us to feel the value of what we provide and to strengthen those bonds that we make with many of our clients, and dare I even say friends. Tue, 16 Apr 2019 09:00:00 -0500 Avoid Being Scammed: The Difference Between What The IRS Will And Won't Do I have often written here about tax scams and things that the IRS will not do. These articles are warranted. It has sadly become much more likely that you will hear from a tax scammer than from the IRS. However, I recently realized that I havenÃ??Ã?¢??t spent a lot of time on what the IRS will do, and I believe this deserves to be highlighted. Thu, 04 Apr 2019 09:00:00 -0500 Caution For Entrepreneurs Not Reporting Income This Tax Season Several entrepreneurs and self-employed people have not been reporting all their income for the given tax year. The amount of unreported income has been reported to be in the billions. The IRS is looking closer into this, which should be a warning to entrepreneurs to be sure to report all of your income to avoid a tax penalty. Wed, 20 Mar 2019 09:00:00 -0500 4 Tips On Making Financial Resolutions The start of the year can be a great time to make a financial resolutions. Here are some tips to make your new year stronger with solid financial decisions. Fri, 01 Feb 2019 09:00:00 -0600 How The IRS Is Handling The Government Shutdown The government may be partially shut down, but your tax planning and preparation cannot be. And this is the case no matter where your politics lie. Even as taxes and politics promise to remain intertwined with a divided congress. Wed, 09 Jan 2019 09:00:00 -0600 Security Tips For Protecting Your Information In an effort to protect client data in its ongoing fight against various security threats, the IRS and its Security Summit partners are spearheading an awareness campaign for tax professionals. Although our clientsÃ?¢?? security is something that we consider a high priority, many of the tips put out for professionals work on the personal level, as well. Thu, 13 Dec 2018 09:00:00 -0600 Why You Have A Greater Need For Tax Preparation Now One of the best parts of tax season is making people aware of things we can use in their tax return that they were not even aware of. For it is one thing to be the person who can make sure you put all the right numbers on all the right lines, but it is much more gratifying to add in new numbers on new lines that can lead to a bigger refund. And this is a dynamic that is not going to go away with a new set of tax rules. Mon, 03 Dec 2018 09:00:00 -0600 The Impact Of Tips On Taxes It is hard to believe that it has been almost a year since the Tax Cuts and Jobs Act was passed. Because of that, much of what has been discussed in tax circles throughout 2018 has been new rules. Today, it is worth giving some time to a very important issueâ?? tips. Fri, 16 Nov 2018 09:00:00 -0600 Why Ownership Culture Is Essential To Success In Any Business Those who take ownership in their role in business are more interested in how it plays out throughout the rest of the operation. More interest, more diligence, more follow-through, those are all traits that itâ??s easy to see as positives. Thu, 08 Nov 2018 09:00:00 -0600 New Insights Into The 2018 Tax Filing Before Year\'s End With the deadline to file your 2017 taxes passed (even if you filed for an extension), let's look at the 2018 tax filing. More specifically, let's look at just what the Tax Cuts and Job Act is going to make your tax return look like. Wed, 17 Oct 2018 09:00:00 -0500 The Jury Is Still Out On Tax Reform's Impact For Good Or Bad An article on Accounting Today reported that respondents, by about a two-to-one margin, believe that reform favors the rich. Breaking it down into just whether people approve of the measures passed, 45 percent of people were against the moves and 44 percent were in favor. That sounds like a good microcosm of our country right there. Wed, 26 Sep 2018 09:00:00 -0500 Why Your Company Culture Fuels Your Marketing To Success WHAT you market for your business is more important than how you do it. If you are a business, you should have one answer that covers your what. If someone asks you what you do, do you have a good answer prepared? If you donÃ??Ã?¢??t, then you should. And once you do, that is what you need to market. Fri, 07 Sep 2018 09:00:00 -0500 3 Business Lessons From The Success Of Amazon It is always good to look at those that have had success and currently there are not many companies in a tier with Amazon when it comes to growing and thriving. Sat, 25 Aug 2018 09:00:00 -0500 Tax Secrets For Summer Employment If you are picking up extra work this summer in addition to some larger wages being earned elsewhere in other months, that is a situation where you want to know if you should be having some extra money taken out of your check for tax obligations. Wed, 08 Aug 2018 09:00:00 -0500 How Long Should You Hold On To Past Years' Tax Returns? How long should you hold on to past yearsÃ?¢?? tax returns? ItÃ?¢??s a big question that weÃ?¢??re asked by our clients. LetÃ?¢??s have a look at record keeping for your taxes. Fri, 03 Aug 2018 09:00:00 -0500 News For The Summer: Online Sales Tax, Overtime Rules & More But hereÃ?¢??s a few thoughts I have on whatÃ?¢??s going on now. The biggest one of may be the Supreme CourtÃ?¢??s recent ruling in South Dakota v. Wayfair that will let states and local jurisdictions impose sales tax on online sales. For many, online purchases have been most wonderful because of their ease and convenience, but sometimes they came with the bonus of not needing to pay sales tax. Those days seem to be over. Wed, 11 Jul 2018 09:00:00 -0500 What Does The New IRS Form 1040 Postcard Look Like? Taxes really are going to be very different when it comes time to file next year. Politics aside, the increased standard deduction is going to mean that many people have a simpler tax return. This is a look at the new Postcard version of the form 1040. Fri, 06 Jul 2018 09:00:00 -0500 Understanding The Threat Of Cyber Crimes For All Generations The millennial generation is growing up in a world where more is being shared as a general way of operation. Technology has made it easier to keep in contact with more people than ever before, and social media is leading to more data and information being shared between those people than ever before. Thu, 20 Jul 2017 09:00:00 -0500 Why Summer Work Is A Boon For Everyone There are some people who may do most of their work over the summer, as many students take on summer jobs to either earn extra money or save enough to get through the rest of the year. If you are in this position, or know someone who is, itâ??s important that the tax implications of this work are understood. Thu, 13 Jul 2017 09:00:00 -0500 How To Create Multiple Paths To Success While it may appear that the best business-people do nothing but spend time on their business, the truth is a little more nuanced. Those who are the most successful take positive aspects from other areas of life and translate them into their business. Sun, 09 Jul 2017 09:00:00 -0500 How To Protect Yourself From Rising Tax Scams Scam artists play on fears. Each piece of this scam tries to build on the fear of reprisals while offering a way to make it end as quickly as possible. The sad thing is these scams are working for them to steal millions of dollars or they would not keep doing it. Here's how to protect yourself from the rising amount of tax scams Fri, 23 Jun 2017 09:00:00 -0500 Making Payroll Work Best For Your Business How little front-of-mind space payroll takes up is in opposition to how important it is to make sure that employees are paid. Businesses need to realize how critical it is when people are not paid correctly. Wed, 14 Jun 2017 09:00:00 -0500 Not Just Nannies-Explaining The Nanny Tax If you employ someone subject to the â??Nanny Tax,â? you aren't required to withhold federal income taxes from the employee's pay. You have to withhold only if your nanny asks you to and you agree to withhold. (In that case, have the nanny fill out a Form W-4 and give it to you, so you can withhold the correct amount.) However, you may be required to withhold social security and Medicare tax (FICA). Fri, 02 Jun 2017 09:00:00 -0500 Processing The Future Of Business Through Lost Celebrities So this past week I started to think of how all this was connected, and came to think that those whose deaths have the greatest effect are those we still wanted more from. This seems to be part of the response to the sudden death of musician Chris Cornell. We may not have known their answer to what was next for them, but we wanted to find out. Thu, 25 May 2017 09:00:00 -0500 How To Know What To Do Next With Your Small Business Although I do think it is important for us to spend time thinking about ways that we can improve our personal lives â?? in every area â?? it may be even more important for businesses to take this type of self-review. After all, the health and well-being of your business plays a giant role in the health and well-being of you as the business owner. This connection happens whether your business is a side hobby or if youâ??re at the head of a multi-million dollar corporation. Thu, 18 May 2017 09:00:00 -0500 More Tools To Help You Fight Against IRS Scams Tax season may be over, but news around it seems to linger. First, there is the impending debate and ensuing battle when it comes to the presidentâ??s desired tax reform. Here are 2 big tools to use in fighting against getting scammed. Mon, 15 May 2017 09:00:00 -0500 How To Celebrate The Joys Of Small Business As we look at National Small Business Week, we look at the great reasons why owning and running a small business brings us so much joy. We also look at ways to help your business grow. Thu, 11 May 2017 09:00:00 -0500 How Long To Keep Tax Paperwork For Individuals & Businesses You may wonder what to do with all the paperwork you gathered to file your return. For now, keep it. If supporting paperwork was necessary for your return, right down to every receipt. It is best to bundle everything together just in case you end up needing it. Sun, 07 May 2017 09:00:00 -0500 How To Have Fun Even In A Busy Season Not everyone works in an occupation where government-declared deadlines force a busy season upon you, but everyone has days that feel overwhelming. Everyone has moments when there is too much to do, not enough time to do it, and finding a way out seems impossible. Here's what we do to maintain our sanity during our busy season. Fri, 21 Apr 2017 09:00:00 -0500 How To Beat The Tax Deadline If you are one of the sizeable portion of the population that has been putting off filing your taxes, you better act quick if you still want an appointment before this yearâ??s April 18 deadline. Thu, 06 Apr 2017 09:00:00 -0500 How To Gear Up For April 15th Taxpayers eager to know when their refund will be arriving should use the "Where's My Refund" tool rather than calling the IRS and waiting on hold or ordering a tax transcript. Thu, 23 Mar 2017 09:00:00 -0500 Will The IRS Keep The Status Quo Under Trump? It wonâ??t surprise you to know there is a spot of convergence between those two worlds. After all, the future of the IRS does not appear as if it will remain status quo under the new administration. It also appears impossible to determine where its future lies. Fri, 10 Mar 2017 09:00:00 -0600 Help For When A Good CFO Is What You Need For most businesses, the role of Chief Financial Officer is played by either the business owner, the business manager, or someone facilitating the tasks of finance within the business. Here is a shortlist of roles a good CFO takes care of. Fri, 03 Mar 2017 09:00:00 -0600 Cool Accountants & The Ways We Help You Highlights of a few things that have come up in the tax world including amended tax returns, when you can get your tax refund, and the potential for discovering how cool your accountant is. Wed, 08 Feb 2017 09:00:00 -0600 Understanding 1099 Forms For Self-Employed Tax Filing When it comes to taxes, there are a number of different 1099 forms. Chances are good that at least one will be making its way into your mailbox (email and/or the post) over the coming weeks. These forms cover a large range of money that you may have received during the year. They include things from interest income to dividends to tax refunds to real estate transactions. Wed, 25 Jan 2017 09:00:00 -0600 Why Trusting Knowledge & Experience With Your Tax Prep Is The Best Option It is unfortunate how many taxpayers use those DIY and franchised methods for tax filing. I have seen many of those DIY & franchised returns containing errors, which end up costing more money in the long run. When it comes to making sure you save money on your taxes, trust the experience and knowledge of a tax professional. Thu, 05 Jan 2017 09:00:00 -0600 Let Auld Lang Syne With Your Taxes Let no acquaintance be forgot, particularly those pertaining to your resolutions and financial goals for the year. Thu, 05 Jan 2017 09:00:00 -0600 The IRS, Tax Dates & The Holidays The IRS put out a notice to get everyone prepped for tax season. The agency let it be known that their tax season begins on January 23, meaning that is the first day it will begin accepting electronic returns and processing paper returns. That does not mean that you cannot have your work done before that date, but the IRS will not look at it until then. Tue, 27 Dec 2016 09:00:00 -0600 Important Notice: IRS Tax Season Begins Jan 23rd Earlier this month, the IRS put out a notice to get everyone prepped for tax season. The agency let it be known that their tax season begins on January 23, meaning that is the first day it will begin accepting electronic returns and processing paper returns. Here is everything you need to know about that notice. Mon, 26 Dec 2016 09:00:00 -0600 Beware Of Tax Scams During The Holiday Season The IRS is raising awareness of tax scams during the holiday season. Here are key insights for you to pay attention to and action steps to take to protect yourself. Wed, 21 Dec 2016 09:00:00 -0600 5 Reasons Why Direct Deposit For Taxes Helps You As the tax filing deadline draws near, here are 5 reasons to consider choosing Direct Deposit for your tax return. Tue, 06 Dec 2016 09:00:00 -0600 The Affordable Care Act & Insurance In Post 2016 Elections Most are aware that the Affordable Care Act/Obamacare requires United States residents to have health care coverage or face financial penalties. One may also question whether the government should be involved in such areas, but they are and we occasionally have to talk about it. Sun, 20 Nov 2016 09:00:00 -0600 The Strange Ways Of Taxes Tax laws and policies are complicated, weird, and can be confusing for a lot of people. Here are some specific stories where the laws complicate how people are to respond to them. Tue, 15 Nov 2016 09:00:00 -0600 How To Use Technology To Not Get Left Behind In Business Yes, there are changes in the business world that you cannot avoid. The advent of email, websites and cell phones are all in recent memory. Yet these technology advances have already become indispensable to keeping any business current. The way that those new methods of communication and how we access information is still evolving at a rapid level. Tue, 25 Oct 2016 09:00:00 -0500 Politics, Elections & Your Taxes In election year, the politics and issues take center stage. This is especially true in 2016, amidst the backdrop of other issues that have taken the media spotlight. However, there are tax implications with both candidates worth looking at. Wed, 12 Oct 2016 09:00:00 -0500 Beware The Tax Ramifications Of Divorce Never - and this is because itâ??s rarely a joking matter - does one hear about the tax ramifications of a divorce, though. I do not want to be a downer (contrary to how other stereotypical jokes portray accountants), but wanted to spend a little time giving a few things to think about if you deal with a divorce. Fri, 07 Oct 2016 09:00:00 -0500 How Pokemon Go Shows Us What To Pay Attention To In Finances Discover some tax insights to the phenomenon that is Pokemon Go. Mon, 29 Aug 2016 09:00:00 -0500 The Path To Success Is Found In Unexpected Places From our work in Abilene with different clients in different industries, there are times when unexpected ideas create new paths to success. Here are a few we want to share with you. Fri, 29 Jul 2016 09:00:00 -0500 DIY Software Can Help But Only So Much Why the wisdom, knowledge and experience of an accountant can't be replaced by the latest software or app. Mon, 27 Jun 2016 09:00:00 -0500 3 Ways To Improve Your Credit Score Without Taking On Debt Regardless of the state of the economy, you can improve your credit score using these 3 easy methods so that you can have more peace with your money. Mon, 11 Jan 2016 09:00:00 -0600 Why Now Is The Best Time To Plan For Retirement ItÃ?¢??s said that the right time is the right time. When it comes to your retirement planning, the right time is now. Thu, 10 Sep 2015 09:00:00 -0500 How To Use The Saver's Credit On Your Tax Return There is a credit for individuals who have retirement contributions made during the tax year. It's called the Saver's Credit, and it has two key benefits: helping with savings for retirement and a reduction of the taxes owed. Wed, 22 Jul 2015 09:00:00 -0500 How Successful Entrepreneurs Achieve Success How Successful Entrepreneurs Achieve Success By Operating Outside Their Comfort Zone. Mon, 15 Jun 2015 09:00:00 -0500 IRS Continues To Warn Of On-going Phone Scams Every year taxpayers face many challenges during tax season. Unfortunately, some of these challenges involve scammers pretending to be the IRS and calling unsuspecting individuals. The IRS is warning of a continued use of phone scams this year to be aware of. Sun, 10 May 2015 09:00:00 -0500 The Reality Of Givling And Similar Student Loan Payoff Games New online games are being advertised as a way for people to payoff their student loans. Does that really work? We look at the realities of some of this games regarding student debt repayment. Fri, 08 May 2015 09:00:00 -0500 How To Tell If Your Income Is Taxable Some of our clients have said that some of their income isn't taxable due to......reasons they didn't know. We want to put to rest the notions of what is taxable and what isn't with your income. Mon, 23 Feb 2015 09:00:00 -0600 Five Reasons Why Direct Deposit For Taxes Benefits You One of the easiest ways to get your tax refund is by direct deposit. Here are five reasons to join the 84 million taxpayers who chose direct deposit last year. Fri, 20 Feb 2015 09:00:00 -0600 Education Is Resource We Lovingly Provide When we started Jerry Love CPA LLC, we made a goal to be a Teaching Firm. We are very proud of this aspect of our business model. Wed, 28 Jan 2015 09:00:00 -0600 Make Your Business Soar With Year End Tax Planning Aside from Section 179 expensing which covers the deduction of new equipment purchased in the taxable calendar year for use within your business, there are 4 key ways that you as a business owner can take advantage of year end tax planning to save money and end the year on better terms. Wed, 17 Dec 2014 09:00:00 -0600 Year End Tax Tip For Small Business Owners-New Equipment Deduction Get insights into Section 179 new equipment expensing for small business as you plan your taxes for 2014. Sun, 23 Nov 2014 09:00:00 -0600 Financial Planning Assistance In Abilene Texas Financial planning assistance is important. It helps you plan for the future. It also helps you manage your future wealth. Mon, 15 Sep 2014 09:00:00 -0500 Making The Shift To Abilene Self Employed Across the country and even here in Texas, the economy continues to experience dips in the employment rate. Some jobs have cut hours, while others have cut pay or not provided advancement for employees that were hoped for. Mon, 25 Aug 2014 09:00:00 -0500 Insight Into Rental Properties As Investment Vehicle Rental Properties as Investment can be a smart way to invest for the future. Learn tips on doing it right! Mon, 18 Aug 2014 09:00:00 -0500 Tips On Filing An Amended Tax Return If you discover a mistake on your tax report after filing, you should file an amended return. As you prepare to do so, here are some tips on filing an amended tax return before you send it to the IRS. Mon, 11 Aug 2014 09:00:00 -0500 Tips on Filing a Late Tax Return You should file a tax report to the IRS regardless of how much money you earned the previous year, and you should certainly file regardless of being late. Here are some tips on filing a late tax return. Tue, 05 Aug 2014 09:00:00 -0500 Small Business Myths On Tax Filing Business owners in Abilene, Texas (and across the country) face many challenges in keeping their lights on and doors open for business. Fri, 25 Jul 2014 09:00:00 -0500 How to Sell Your House And Keep The Profits (Pt 2) Previously, we looked at the IRS Home Sale Exclusion, which allows you to sell your home (up to a certain amount for single and married individuals) and retain the profits. Thu, 17 Jul 2014 09:00:00 -0500 How To Sell Your House And Keep The Profits (Part 1) As the housing market improves and more people look to relocate, you might consider selling your home in 2014. Thu, 10 Jul 2014 09:00:00 -0500 Understanding Estimated Taxes Is More Than Basic Math Estimated tax is something we should all be aware of for employers, Wed, 02 Jul 2014 09:00:00 -0500 Unemployed Tax Consequences Recent reports have stated that the unemployment rate is declining, new jobs are being added, and jobless reports are declining. However, if you are out of work or have other circumstances, you may be facing unemployment or utilizing unemployment compensation. If you receive (or have received) unemployment compensation, there are some important tax implications to be aware of. Tue, 17 Jun 2014 09:00:00 -0500 Don't Fear An Audit Most people fear being audited by the IRS, either in their personal tax records or with their business. Using a professional CPA to audit your books is something that can protect you from the fears associated with the IRS coming after you, as well as help you improve the structures of your accounting and record keeping. This is why itâ??s best you donâ??t fear an audit, and instead welcome it. Tue, 10 Jun 2014 09:00:00 -0500 CPA Business Plan Help Many people start new businesses every year. In planning for how the business will operate, and how it will earn revenue, business plans are created. New business start-ups turn to friends or colleagues for help setting up their business plan, but in doing so they are overlooking a great resource: their accountant or CPA. CPAs provide great business plan help. Tue, 03 Jun 2014 09:00:00 -0500 Are All Gifts Treated Equal? In Abilene, Texas, making charitable donations and gifts to organizations that benefit the community are more common than other parts of the state or country. With over 250 nonprofit organizations in Abilene and West Texas, there are many groups of people whose organizations are funded through individual donations. These types of gifts are considered tax deductions on your federal return and nonprofit entities are not taxed for receiving gifts from contributors. Are all gifts given treated equal by the IRS? Wed, 28 May 2014 09:00:00 -0500 Simple IRA For Self-Employed Small businesses look for ways to offer their employees the benefits of larger companies. But high administrative costs can keep many small businesses or self-employed from making a decision on retirement benefits. Of all the retirement plans available to small business owners, the SIMPLE IRA plan (Savings Incentive Match PLan for Employees) is the easiest to set up and the least expensive to manage. Tue, 20 May 2014 09:00:00 -0500 Tax Deductions For Vehicle Use Self-employed professions and those who are employees of a business both get the benefit of tax deductions if their car is used for business. When claiming deductions, there are two choices for the individual. Tue, 13 May 2014 09:00:00 -0500 The Facts On Injured Spouse Relief If you and your spouse file a joint tax return, here are some facts you may not be aware of concerning injured relief. If all or part of your portion of a refund was (or possibly could be) applied to your spouseâ??s legally enforceable past due financial obligations, you may be an injured spouse. Tue, 06 May 2014 09:00:00 -0500 5 Tips On Saving Old Tax Records It is a good idea to save your old tax records. This helps with documentation and substantiation should the IRS decide to audit your return. However, saving old tax records can increase your paperwork and add to the amount of stuff in your filing cabinet. Fortunately we have some tips to help you keep good records. Tue, 29 Apr 2014 09:00:00 -0500 5 Tax Tips for Summer Jobs in 2014 Are you planning on working this summer while school is on break for the summer? If so, or if this is your first job outside of your home, check out these seven tips on what you should know on your income this summer. Tue, 22 Apr 2014 09:00:00 -0500 Tips For Getting Paid On Time With the economy still struggling, it is likely that you will experience clients and customers who don't pay by their invoice due date. Accounts receivables can experience challenges collecting due income from billed clients. Here are some tips that will help your business tighten its credit and collection policies to improve cash flow., as well as give your business more financial stability. Wed, 16 Apr 2014 09:00:00 -0500 5 Ways to Get Out Of Debt Debt can be a debilitating thing. Once the initial glow of buying that new car, house, or even stereo system wears off, youÃ??Ã?¢??re left with the monthly payments and interest. Debt causes many people a lot of anxiety and stress, because not paying off debts leads to a lot of problems. Are you having trouble paying your debts? If so, take action now instead of later. Waiting to take care of your debt problem causes bigger issues such as damaging your credit report (important for the next big ticket item youÃ??Ã?¢??ll buy), bankruptcy, and even losing your assets and home. Wed, 09 Apr 2014 09:00:00 -0500 Keys To Financial Success In Business Can you point your company in the direction of financial success, step on the gas, and then sit back and wait to arrive at your destination? Not quite. You can't let your business run on autopilot and expect good results. Any business owner knows you need to make numerous adjustments along the way-decisions about pricing, hiring, investments, and so on. So, how do you handle the array of questions facing you? One way is through cost accounting. Wed, 02 Apr 2014 09:00:00 -0500 Ten Tax Tips For Selling Your Home If you are selling your main home this summer or sometime this year, the IRS has some helpful tips for you. Even if you make a profit from the sale of your home, you may not have to report it as income. Tue, 25 Mar 2014 09:00:00 -0500 Quickbooks Variety If QuickBooks were just one product, its appeal would be more limited than it is. Because thereÃ?¢??s an entire family of Windows desktop software applications (as well as five online versions and a Mac edition), the QuickBooks family has found a home in millions of small businesses, and it remains the market leader. However, the program does have a few drawbacks for businesses. We explain how you can work with and around those issues. Tue, 18 Mar 2014 09:00:00 -0500 What To Do If You Have Not Received Your W2 If you still have not received your W-2, contact your employer to find out if and when the W-2 was mailed. Make sure your employer has your correct address on file. If it was mailed, it may have been returned to your employer because of an incorrect address. After contacting your employer, allow a reasonable amount of time (usually a few days) for your employer to resend or to issue the W-2. Tue, 11 Mar 2014 09:00:00 -0500 More Tips For Protection From Refund Fraud Tax season is a busy time for everyone, including criminals. Criminals are increasing identity theft and theyÃ??Ã?¢??re using a variety of ways to do it. One method they use is sending a fake letter to you from the IRS. Be alert to possible identity theft if you receive a notice from the IRS. Here are some other ways that could mean you are a victim of Refund Fraud: Tue, 04 Mar 2014 09:00:00 -0600 Be Shielded Against Identity Theft During Tax Season Have you heard of Refund Fraud? Criminals have taken to using tax returns as a method of identity theft, and it is one of the fastest growing crimes nationwide. The IRS is working hard to prevent Refund Fraud and protect tax payers from its consequences. With more than 3,000 employees working on identity theft cases, the IRS is focused on preventing, detecting and resolving identity theft cases as soon as possible. Wed, 26 Feb 2014 09:00:00 -0600 Taxable and Non-Taxable Income Is there such a thing as non-taxable income? Yes there is, technically. However, the law has to specifically state that a certain portion of earned money is nontaxable to call under that exemption. How can you have a straight-forward answer on what is taxable and what is not? Read on. Tue, 18 Feb 2014 09:00:00 -0600 Warning Against Improper Tax Filing Have you ever thought, "I can write that off," even if you know it's something you shouldn't? Maybe you had a few too many meals at restaurants and decided to call it a "business meeting" on your taxes. In recent years, the IRS has started cracking down on large and small tax violations by increasing audits. Here are some staggering facts, and strong warnings, to keep you on the straight and narrow regarding your tax filings. Tue, 11 Feb 2014 09:00:00 -0600 Social Security Benefits and Your Taxes Some people must pay taxes on their Social Security benefits. If you get Social Security, you should receive a Form SSA-1099, Social Security Benefit Statement, by early February. The form shows the amount of benefits you received in the prior year. Tue, 04 Feb 2014 09:00:00 -0600 Business To-Do Before Jan 31st Small Business owners have several key dates memorized. Janurary 31st is a big one. Here is a thorough list of everything you need to have ready, printed, and available for your staff by the end of the first month of the year. Tue, 28 Jan 2014 09:00:00 -0600 List of Tax Changes in 2014 A new year doesn't always mean new changes in the tax law. But this year it does. From health savings accounts to retirement contributions and standard deductions, here's a checklist of tax changes to help you plan the year ahead. Tue, 21 Jan 2014 09:00:00 -0600 Tips for Tax Payers with Foreign Incomes If you are living or working outside the United States, you generally must file and pay your tax in the same way as people living in the U.S. (This includes people with dual citizenship). If you're a taxpayer with foreign income, here's what you should know. Mon, 13 Jan 2014 09:00:00 -0600 Three Most Common Budgeting Errors When it comes to creating a budget, it's essential to estimate your spending as realistically as possible. Here are three budget-related errors commonly made by small businesses, and some tips for avoiding them. Wed, 01 Jan 2014 09:00:00 -0600 Answering Client Question About Credit Card Debt A client had a recent question about how to pay off credit card debt. Their issue is similar to many others we encounter. These tips will help you find relief from the burden of credit card debt. Mon, 23 Dec 2013 09:00:00 -0600 10 Things To Know About Farm Income and Deductions If you earn money managing or working on a farm, you are in the farming business. Farms include plantations, ranches, ranges and orchards. Farmers may raise livestock, poultry or fish, or grow fruits or vegetables. Here are 10 things about farm income and expenses that the IRS wants you to know. Mon, 16 Dec 2013 09:00:00 -0600 Year End Tax Planning: Purchase New Equipment There are a number of end of the year tax strategies that businesses can use to reduce their tax burden for 2013. HereÃ?¢??s the lowdown on some of the best options including Section 179 Expensing. Wed, 11 Dec 2013 09:00:00 -0600 IRA and 401k Limits in 2014 The Internal Revenue Service announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for Tax Year 2014. Thu, 05 Dec 2013 09:00:00 -0600 Avoid A Tax Surprise Some people are surprised to learn they're due a large federal income tax refund when they file their taxes. Others are surprised that they owe more taxes than they expected. If this has happened to you, then it's time to check your federal tax withholding or payments. Here are some tips to help you bring the tax you pay during the year closer to what you'll actually owe--and avoid a tax surprise when you file your 2013 tax return next year. Tue, 03 Dec 2013 09:00:00 -0600 Year End Tax Planning For Individuals: Accelerating Income Accelerating income into 2013 is an especially good idea for taxpayers who anticipate being in a higher tax bracket next year or whose earnings are close to threshold amounts ($200,000 for single filers and $250,000 for married filing jointly) that make them liable for additional Medicare tax or NIIT. Mon, 25 Nov 2013 09:00:00 -0600 Business Or Hobby Entrepreneurs take ideas and turn them into products/services that make money. But how can you know if an idea or something you enjoy should be turned into a business? We look at questions to ask yourself to determine if starting a business around your hobby is the best idea. Tue, 19 Nov 2013 09:00:00 -0600 Audit Fairness for Small Businesses IRS Principal Deputy Commissioner Werfel recently gave testimony concerning fair treatment of small businesses. We spell out the three main points made in this testimony and what that means for small businesses. Tue, 12 Nov 2013 09:00:00 -0600 IRS Relaxes "Use It Or Lose It" Rule In a notice and accompanying fact sheet, IRS modified the "use-or-lose" rule for health flexible spending arrangements (health FSAs) in order to allow, at the plan sponsor's option, participating employees to carry over up to $500 of unused amounts remaining at year-end. Previously, any amounts that weren't used by year-end would be forfeited. Wed, 06 Nov 2013 09:00:00 -0600 IRS Warns of New Scam The IRS warns the public and businesses about a new scam targeting taxpayers, including immigrants, throughout the country. Fri, 01 Nov 2013 09:00:00 -0500 Changes To Home Office Deduction Rule If you use you residence as a place of business (or list it as your place of business on your taxes), there are some recent changes to the requirements you should know. Wed, 30 Oct 2013 09:00:00 -0500 More Expiring Tax Provisions in 2013 Several tax provisions affecting individuals and businesses are slated to expire at the end of this year. While a budget conference is underway between the House and Senate, there is no way to know whether any agreement resulting from such negotiations will extend any expiring tax provisions. Thu, 24 Oct 2013 09:00:00 -0500 Tax Provisions of the Affordable Care Act (Obamacare) The Patient Protection and Affordable Care Act of 2010, in concert with the enactment of the Health Care and Education Tax Credits Reconciliation Act of 2010, resulted in a number of changes to the US tax code. As such there are a number of tax implications for individuals and businesses. With healthcare exchanges open, it's time to take a closer look at what it all means for you. Tue, 22 Oct 2013 09:00:00 -0500 Sticker Shock on 2013 Tax Return While most tax practitioners are aware of the many tax changes that are effective for the 2013 tax year, many taxpayers may not be. Fri, 18 Oct 2013 09:00:00 -0500 Government Shutdown Affects Taxpayers The government shutdown has had noticeable affects on the economy, and furloughed workers in the military as well. But what are the effects on you and I, the taxpayer? We look at the direct and indirect impacts of the government shutdown on the common tax payer. Thu, 10 Oct 2013 09:00:00 -0500 Leaving A Business: Which Exit Plan Is Right For You? If you own a business, planning how you will exit as its primary decision-maker and transfer ownership is an important aspect of business. Here will examine the four options available as well as look at the pros and cons of each. Tue, 08 Oct 2013 09:00:00 -0500 Answering Client Question: What Do I Do About An Error On My Credit Report We've had clients that ask us how to deal with an error on their credit report. While this issue doesn't happen all the time, it does happen occasionally enough to address what your options are should it happen to you. Tue, 01 Oct 2013 09:00:00 -0500 Household Employees & The Nanny Tax If someone is employed to work for you in your home, it is important to understand the tax liabilities of this type of employment. We'll illustrate what type of employee qualifies as a household employee, what types don't, and help you understand your potential tax burden. Tue, 24 Sep 2013 09:00:00 -0500 Market Volatility Meets Retirement There are some things you can prepare for. Retirement is one of them. But what do you do if you face retirement during an economic downturn? Does timing play a factor in the longevity of your portfolio? It does, and we'll look at examples of how short-term and long-term vision in your planning make a significant difference. Sat, 14 Sep 2013 09:00:00 -0500 Safeguarding Your Financial Records It's easy (and natural) to assume that your important documents are always safe from disasters. But we know what happens when you assume. Here are some tips on how to protect your valuable documents. Tue, 06 Aug 2013 09:00:00 -0500 Make Your Vacation A Tax Deduction It is possible to take a trip and have fun, all the while still deducting most if not all of your travel expenses as business. To illustrate how to do this, we'll give you a story and point out tips along the way. Wed, 31 Jul 2013 09:00:00 -0500 7 Steps to Pay Off Debt Regardless of how much debt you have, there are smart ways of not only decreasing your debt, but removing it completely. Learn how you can retire debt and put more money in your pocket with these easy steps. Wed, 17 Jul 2013 09:00:00 -0500