Top Seven Things People Spend Their Tax Refund On
Date: Jan 16, 2020
Category: Goal Setting
Some people want to "break even" at tax time. Others prefer to over withhold as a financial planning tool so they can save up for some thing big. That may work for some people, others not so much. These are the top 7 things my informal survey reveals people save their refunds for: 1) Pay Back […]
Learn MoreBecoming A Self Serve Nation...
Date: Jan 07, 2020
Category: Goal Setting
I just finished cleaning up and/or closing down a series of corporations opened by a client who had used one of the on-line incorporating sites. It's not the first time I've had to clean up and change a LLC to an S Corp a C Corp to a LLC or an LLC to a S […]
Learn MoreLess Risk of Being Audited?
Date: Jan 06, 2020
Category: Goal Setting
The IRS funding was cut again for 2015. The budget of the IRS now stands at about the level it did in 2008! The tax payer service's budget actually increased a puny 1.6% but that won't be enough to decrease the insane wait times we now all experience to get through or to reinstate any […]
Learn MoreIRS Data Breach Gets Me Blogging Again...
Date: May 29, 2015
Category: Goal Setting
WOW. I haven't updated this blog since April Fools Day! This last news bit made me do it. The IRS has reported that 104,000 tax payers data may have been hacked through the IRS' very cool "Get Transcipt" on-line application tool. Worse the Identity Thieves already had data on these tax payers in order to […]
Learn MoreWhoops They Did It Again...
Date: Feb 14, 2015
Category: Goal Setting
Clients started coming in with their 1095-A forms that report their payments and subsidies for the Affordable Care Act these past few weeks. Since we did both our clients tax returns and their health applications, I was just beginning to pat myself on the back for getting within $10 of forecasting their 2014 subsidies correctly […]
Learn MoreTax Accountants--Expect Long Delays
Date: Jan 30, 2015
Category: Goal Setting
A recent Bloomberg article states that the IRS will answer fewer than half the calls it receives this year. Hold times will be 30 minutes or longer. My tax accountant friends and myself are reporting hold times of over 2 hours when the voice announcements says 30 minutes to one hour. The IRS’ ability to […]
Learn MoreWhoops I blew It Part II
Date: Jan 27, 2015
Category: Goal Setting
No one who has ever received a letter from the IRS can deny how it makes your heart race and go pitty pat super-fast! Here are another 5 common mistakes that can result in a “nasty gram” from the IRS letter generating machine: 8. Not taking education credits because tax payer “didn’t pay for the […]
Learn MoreWhoops I Blew It--5 Mistakes People Make on Their Tax Returns Part I
Date: Jan 21, 2015
Category: Goal Setting
The H&R Block campaign says that Americans on average leave behind $500 in refund money, while trying to save money by doing it themselves. I agree--maye not every year, but collectively over the years, the average person will make either one big mistake/over site or the same small mistake every year. Here are the mistakes I […]
Learn MoreCovered by Covered California? Watch for Form 1095-A
Date: Jan 11, 2015
Category: Goal Setting
Form 1095-A will begin being mailed out starting January 20th. This form will serve as proof of insurance for tax payers as well as specify how much federal subsidies they received for their health insurance. If there were months you didn't have coverage and you believe it to be the fault of the exchange or […]
Learn MoreSurprises in store re Penalties and Obamacare
Date: Jan 11, 2015
Category: Goal Setting
There was so much misinformation out there last year as folks were signing up for insurance through Covered California courtesy of the Affordable Care Act. Surprises are going to be in-store for some good citizens in the form of health care penalties as a result. For example, just Friday, a client came in and got […]
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