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CPA Tax Tips on Fake IRS Calls!

I have tried to inform my clients about fake IRS calls. Still, their blood pressure goes up and my clients call me when they get one.  Today, I heard a story on the radio of the scammers’ desperation.  The taxpayer hung up the phone on the phony IRS agent.  This scammer then called 911 and … Continue reading CPA Tax Tips on Fake IRS Calls!

Episode #61 Is a Recession Coming? What You Can Do Now! (Part 1)

As the stock market decreases and bad economic news of China increases, some think we are heading into an economic recession.  You have two choices: 1) Ignore the signs and spend money as usual. Or 2) Take a good look at your earning and spending patterns and change them.  Today we’ll give you some tips … Continue reading Episode #61 Is a Recession Coming? What You Can Do Now! (Part 1)

CPA Guide to 2011 Charitable Contribution Documentation

Years ago, I went through great lengths to report and substantiate the tax deduction of a client’s Piccaso.  He supplied us with a rare expert to sign the qualified appraisal of Form 8283.  However, upon review by the IRS, I learned that the appraiser was the person my client purchased the art from.  Thus the … Continue reading CPA Guide to 2011 Charitable Contribution Documentation

CPA Tip: What Happens When You File Your Tax Return Late

As a CPA firm, we sometimes get new clients that have not filed a tax return in two or three years. Of course they seek the help of a CPA when the federal and State governments start sending threatening notices, or forcibly taking their money through a garnishment or a levy.  Obviously this puts the CPA … Continue reading CPA Tip: What Happens When You File Your Tax Return Late

What Medical Deductions Can I Take On My Tax Return?

We get questions every year about medical tax deductions. The IRS published this quick set of guidelines, in addition to an interactive tool, that can help you determine what medical and dental expenses you can deduct on your tax return.     Itemize. You can only claim your medical expenses that you paid for in 2015 … Continue reading What Medical Deductions Can I Take On My Tax Return?

How to Pick A Tax Preparer

Unfortunately over the last two decades as a CPA I have amended tax returns that other non-qualified “professionals” had prepared, sometimes amounting to large penalties and interest.  Though there are a few “types” of tax preparers, a CPA is versed in other areas.  For example, if you have a business, a CPA can help you … Continue reading How to Pick A Tax Preparer

Obamacare and Your 2015 Tax Return

There is still confusion about Obamacare among individuals, businesses, and maybe even politicians.  The IRS has been sending explanations about certain provisions. The following is an IRS release regarding the individual responsibility for your 2015 tax return.  Believe it or not, you might be exempt. The Affordable Care Act requires you, your spouse and your dependents to … Continue reading Obamacare and Your 2015 Tax Return

CPA Tip: Developing Habits to Protect Yourself from Identity Theft

It is now a fact of life, you or someone in your family will probably be a victim of identity theft in some form over the year.  However, you can reduce the impact of this happening by developing some routines that may discover the security breach early in its stages. My wife and I have a … Continue reading CPA Tip: Developing Habits to Protect Yourself from Identity Theft

CPA Tip: How to Protect Your Identity

Chances are, you or someone in your family has been a victim of identity theft. There are so many opportunities for thieves to obtain your personal data from sites that are outside your control.  (Remember the Anthem and Target data breaches?).  There isn’t much you can do about identity theft with the information you’ve given to … Continue reading CPA Tip: How to Protect Your Identity

CPA Tip: Don’t be fooled by IRS Tax Scammers Calling You on the Phone!

  I love to find messages on our answering machine from  guys speaking with a thick accent telling me that we are in tax trouble and gong to jail. I get emails from clients occasionally asking about these calls. Here are some tips by the IRS of how to spot scammers: • Scammers make unsolicited … Continue reading CPA Tip: Don’t be fooled by IRS Tax Scammers Calling You on the Phone!

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