Making the Most of Your Deductions

tax-deductionThe trick to saving money through smart tax deductions is to find the deductions that apply to the purchases you are already making. It makes no sense to spend money simply to deduct it later. However, if you are already paying an expense for the creation or upkeep of your business, you should seek out a way to deduct those costs. In most cases, you will find that most business-related bills or a portion of those bills can be deducted.

This guide has addresses just a few of the many business deductions available to small business owners. Many more deductions are available. Your business may not qualify for every possible deduction, but many may apply. By discussing your options in detail with your tax coach, you can identify the best opportunities to trim money from your annual tax bill.

Hiring a talented tax coach can be expensive, but the service is well worth the price. By finding deductions that will reduce your tax bill, you can keep more money in your pocket. In this way, paying for a tax coach can allow you to save far more money than you spend for the service. In reality, you can’t afford not to have a Certified Tax Coach on your team.

Shelly R. Johnson, CPA, CGMA, CTC From: Why didn't My CPA tell Me That?

Number of tax refunds nearly doubles compared to last year


It’s early in the 2015 tax season but Americans are already getting refunds — lots of them.

Nancy Vanden Houten of Stone & McCarthy Research went through the Internal Revenue Service data and notes 7.6 million refunds were issued through Jan. 30, almost double the number of refunds sent out through the end of January last year. getting refunds — lots of them.

But don’t take that as an indication that there are huge numbers of refunds on the way, she cautions.

“At this stage of the tax season, we still view the volume of refund issuance as a timing issue,” she wrote in a research note Tuesday, “rather than an indication that substantially more refunds will go out this year compared to last year.”

Tax returns were accepted starting Jan. 20 this year, compared to Jan. 30 last year. The later date in 2014 was due to  Continue reading

Obamacare’s 18 New Taxes

Dr. Uncle SamObamacare created a new entitlement through its exchange subsidies and vastly expanded another one, Medicaid. The Congressional Budget Office expects these two pieces of the law to cost over $1.8 trillion over the next decade.

To offset some of this new spending, the law includes 18 new or increased taxes and fees that are estimated to bring in nearly $800 billion in new revenue from 2013-2022.

Many of Obamacare’s taxes fall directly on the middle class, breaking the president’s promise to the contrary, while others will affect taxpayers indirectly through increased costs for goods, higher insurance premiums or lost wages.

Treasury and IRS Announce That All Legal Same-Sex Marriages Will Be Recognized For Federal Tax Purposes; Ruling Provides Certainty, Benefits and Protections Under Federal Tax Law for Same-Sex Married Couples

same-sex-marriage11Note: On Sept. 23, 2013 IRS issued Notice 2013-61 providing guidance for employers and employees to claim refunds or adjust overpayments of FICA taxes and employment taxes with respect to certain benefits and remunerations provided to same-sex spouses.

IR-2013-72, Aug. 29, 2013

WASHINGTON — The U.S. Department of the Treasury and the Internal Revenue Service (IRS) today ruled that same-sex couples, legally married in jurisdictions that recognize their marriages, will be treated as married for federal tax purposes. The ruling applies regardless of whether the couple lives in a jurisdiction that recognizes same-sex marriage or a jurisdiction that does not recognize same-sex marriage.
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Get The Fastest Possible Refund

tax-refundComing Soon! New for 2013. The Tax Practice will be offering the do-it-yourself tax return. Through this web site, you’ll get the fastest possible refund, and you will automatically get the lowest-priced solution for your tax situation.

We understand that taxes can be confusing, which is why we will offer an easy-to-use interview to help you fill out just the forms you need.

SEC XBRL Mandate

AreYouReadyForXBRLXBRL is a powerful and flexible version of XML which has been defined specifically to meet the requirements of business and financial information.  It enables unique identifying tags to be applied to items of financial data, such as ‘net profit’.  However, these are more than simple identifiers.  They provide a range of information about the item, such as whether it is a monetary item, percentage or fraction.  XBRL allows labels in any language to be applied to items, as well as accounting references or other subsidiary information.

The SEC now requires all private and publicly traded companys to report in XBRL, and those reports require XBRL software. You need to be ready. Phase 2 is comming, and it’s a big deal.

The Tax Practice has partnered with the XBRL experts at SEC Filings to bring you the complete XBRL based account option. Set up an appointment today and be ahead of the pack.