Tax Coach
Maximizing Your Refund One Deduction At A Time
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New Laws = Larger Refunds
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This year taxpayers have received the highest income tax returns EVER! Here are some of the reasons why:
Earned Income Credit for 2010:
$457 with no qualifying kids - income must not be higher than $13,440
($18,440 if married filing joint.)
$3043 with one qualifying child - income must not be higher than $35,463
($40,463 if married filing joint.)
$5028 with two qualifying kids - income must not be higher than $40,295
($45,295 if married filing joint.)
$5657 with three or more qualifying kids - income must not be higher than $43,279
($48,279 if married filing joint.)
Charitable Contributions:
Any contributions donated to Haiti whether by text, cash or check can be written off this tax year or next tax year. Non-cash donations that were given to an organization and not to a specific family can also be written off this year or next year.
Tuition & Fees:
Anyone who attended school in 2009 can deduct the cost of tuition and fees. The credit is limited to $4000.
Homebuyer Credit:
The homebuyer credit has been extended until the end of this tax season. Anyone purchasing a home for the first time or someone who has not owned a home in the last three years qualifies for the $8000.00 credit. (Cash)
Anyone who has occupied their present home for 5 consecutive years and purchase another home (primary residence) will qualify for $6,500.00. This is also a Cash credit.
For more tax tips follow us on Twitter (TheTaxCoach)
Owe Taxes or Didn't File Yet
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If you owe the IRS or have not filed your tax return yet you will incur some fees.
The failure to file penalty is 5 percent per month, or part of a month, of the balance due, up to a maximum of 25 percent.
If the tax return is more than 60 days late, the minimum penalty is $135 or the balance due, whichever is less.
If you have not filed and need to, please give us a call to arrange a time to assist you in filing your tax returns.
Purchasing a New Car in 2009
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The Internal Revenue Service announced that taxpayers who buy a new passenger vehicle this year may be entitled to deduct state and local sales and excise taxes paid on the purchase on their 2009 tax returns next year.
The deduction is limited to the state and local sales and excise taxes paid on up to $49,500 of the purchase price of a qualified new car, light truck, motor home or motorcycle.
The amount of the deduction is phased out for taxpayers whose modified adjusted gross income is between $125,000 and $135,000 for individual filers and between $250,000 and $260,000 for joint filers.
IRS also alerted taxpayers that the vehicle must be purchased after Feb. 16, 2009, and before Jan. 1, 2010, to qualify for the deduction.
The special deduction is available regardless of whether a taxpayer itemizes deductions on their return. The IRS reminded taxpayers the deduction may not be taken on 2008 tax returns.
It's Time for Tax Planning!
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How to Earn A Year's Salary in 4 Months
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Have you noticed the vast majority of tax offices opening only during tax season? Do you ever wonder what they are doing for the remainder of the year, since tax season is only seasonal? Most of them are relaxing, they travel back to their country or they take on a full time job for the rest of the year. Owning a tax business can be very lucrative as long as you spend the money wisely, you can take on a hobby for the rest of the year. I am open year round so I am always there for my clients when they have a question or concern.
As a seasoned tax preparer I have experienced the benefits of being a tax preparer. Tax preparation is a funny thing because you have to keep up with the tax laws in order to offer your clients the best advice that you can give them. You have to stay abreast of everything that you need to do in order to keep your clients coming back. If you want to earn a year's salary in 4 months, you should sign up for a tax class to learn everything from the basics to becoming an advanced tax preparer.
Visit http://www.eskindestaxschool.com
http://www.eskindesacctgandtax.com
http://www.thetaxcoach.com
Why are Celebrities Losing their Homes?
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I ask myself the question....why are so many celebrities losing their houses to FORECLOSURE! I would guess that its because of the mismanagement of funds.
I noticed that when contacting small business owners they are never willing to hire an Accountant, for some reason they think that an Accountant is the last person they need to hire. Well to be honest, an Accountant is the first person you should hire when starting a business, becoming famous, or having access to a large sum of money. We tend to shop, shop, shop and forget about our long term commitments. We go out and buy fancy cars, clothing and big houses that we know we can't afford if something was to happen and our fortune was taken away.
I recall watching the Keyshia Cole show when she bought that big house in Atlanta then was about to purchase a condo for her mom and sister. My first thought was NO!!!! that is not a smart move. Then they showed an episode with her talking to her Business Manager and he told her the exact same thing that I was thinking. At least someone is smart enough to consult a professional before making a major purchase.
Major purchases are good for tax purposes because you can write off the sales tax but thats a one time situation. Unless you pay cash for your purchase you still have a note to pay. You have to consider how long will it take to pay it off and if its wise to have a note that is higher than the normal salary can afford to pay. Stop buying items based on you and your spouse income, be wise! When purchasing a home get something that one of you can afford with just one income in case something happens and one of you get sick then you are not stuck struggling to pay a note that both of you was able to afford. Especially with the economy today you never know when you may lose your job.
Being an Accountant and loving what I do....my best advice is to consult with an Accountant before making major purchases. I know sometimes we don't want anyone to tell us what we can and cannot do, but this advice is priceless versus the consequences that you may later encounter.
For more information or a detailed tax plan that allows you to beat the IRS call me at 770-947-3667 or visit http://www.eskindesacctgandtax.com or http://www.thetaxcoach.com
Tax Planning
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Real tax planning isn't about record-keeping and receipts. It's about introducing, explaining, and implementing strategies that help clients hold on to more of their hard-earned cash.
Here are some of the things I can show you that could maximize your refund next year:
- Eight ways to avoid the alternative minimum tax
- The "S" Corporation strategy Senator John Edwards used to save $562,000 in self-employment tax
- Income-splitting strategies to cut family tax bills
- The 51-year old strategy that lets clients deduct family medical bills as business expenses
- Special investments to reward clients with tax credits
- Little-known depreciation strategies for real estate investors
- How to deduct children's "allowance"
- Smart tax strategies for buying, owning, and selling mutual funds
Contact me for a personalized tax plan at http://www.thetaxcoach.com or 770-947-3667
Can you Trust the Tax Preparer you are giving your personal information to?
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Year after year I service new clients who had their taxes prepared by someone whom they can no longer find. Why would you be so trusting to go to someone that you have not researched before handing them your personal information and most importantly your Social Security Number? With the increase in identity theft I would think that people would be more cautious than to just hand over their personal information so freely. Most of my clients found my company online, spoke to me over the phone and scheduled an appointment at my office to meet with me before hiring me. I have no problem with this process. In fact I want my clients to interview me because I do not have anything to hide.
If the person preparing your taxes is not authorized to e-file with the IRS and does not sign their name on your tax return you should be careful. Not to say that they can not be trusted, just be careful. I did not always sign my name on tax returns so it is not a major issue. Once you start preparing a large number of returns you really do not have much choice than to be authorized with the IRS because the software companies require you to have a professional tax identification number. But believe me, there are ways around getting those numbers.
Just because you go to a major well known company to have your taxes prepared does not mean that your taxes are being prepared by someone who has been through a background check with the IRS. Many companies hire clerks to come in during tax season and you are giving them your personal information. I know of an incident with someone that worked for a large tax firm and had been to jail multiple times for stealing and writing bad checks. Do you know the criminal background of the person you gave your information to last year?
Better yet, last year one of my clients called me in despair asking if I would promise to never give her son's social security number to anyone. I was confused and asked where was this coming from and she told me that she had just talked to a lady who told her she could sell her a child's social security number in order to receive a larger refund. Another incident I was made aware of was tax preparers issuing you a check from their personal bank account. The only check a tax preparer should be issuing you is a certified check from one of the banks that participate in tax returns and rapid refund programs. I think a person or company that does such things should be reported to the IRS. It is sad to think things have gotten this bad just for a RAPID REFUND!
If you want to be assured that you are protected visit the website of your tax preparer, all professionals should have one. Research your tax preparer to make sure that they are not a fly-by-night company. Find a professional that you can build a personal relationship with or at least a company that is open year-round and has been in business for a while. There are so many things to look for in a Tax Accountant. Take your time and most importantly be mindful of who you're giving your personal information to this year!
Does Your Tax Preparer Sign Your Tax Return?
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Does your tax preparer electronically file your tax return? THE IRS & STATE PREFER THAT YOU FILE ELECTRONICALLY. WE OFFER ELECTRONIC FILING TO OUR CLIENTS.
Does your tax preparer offer rapid refunds? WE DO! WE OFFER INSTANT RALS IN 3-4 MINUTES AND RAPID REFUNDS IN 24 HOURS.
Is your tax preparer authorized to E-file with the IRS? WE ARE!
Do you know what's required to become authorized to E-file with the IRS? SUBMITTING A FINGERPRINT CARD TO THE IRS FOR A BACKGROUND CHECK.
Is your tax preparer open year-round, or do they shut down after 4/15? WE ARE OPEN YEAR-ROUND AND OFFER OUR CLIENTS CONVENIENT AFTER-WORK AND WEEKEND APPOINTMENTS.
Does your tax preparer have credentials? I HAVE A BACHELOR'S DEGREE IN ACCOUNTING
Does your preparer accept credit cards? WE TAKE MASTERCARD, VISA, DISCOVER AND AMERICAN EXPRESS.
Does your tax preparer allow you to have your fees deducted from your tax return? WE DO!
Does your tax preparer promise a large refund? IF IT'S DONE CORRECTLY, ALL PREPARERS WILL COME TO THE SAME NUMBERS. INTERPRETATION IS FINE, AS LONG AS YOU STAY WITHIN THE LAW!
Does your tax preparer base his/her fee on your refund? OUR REASONABLE FEES ARE BASED ON THE COMPLEXITY OF YOUR RETURN, NOT ON YOUR REFUND.
Do you have more questions? VISIT OUR WEBSITE AT http://www.eskindesacctgandtax.com/ OR CALL THE OFFICE AT 770-947-3667.
Tax Time Is Here
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Ever wonder why every year there are ads everywhere recruiting individuals to take a tax class and work at our location? Do you realize that a 6 week course doesn't make you a specialist in the field. It took me 4 years to get a degree in Accounting, why is it only taking people 6 weeks to file your taxes. Your taxes! .....something that is very important and can cause you drama with the IRS for the rest of your life if not prepared correctly.
I get so many calls from people who have received letters from the IRS saying they owe money for this year because their taxes were filed incorrectly. However, I am not the person who filed their taxes. When I ask them about the person who filed their taxes, their response is "I cannot find him/her." Ok that's a problem! You should search for a Tax Preparer as you would search for a Nanny to come in your house and keep your kids. Now you wouldn't just let anyone come into your house would you....well you shouldn't let anyone do your taxes.
Come back later for Questions to Ask when Hiring a Tax Preparer......
