by Karla Dennis | Feb 19, 2014 | Blog
In this weeks webinar Karla continues her series on the Top 3 Tax Deductions the IRS Doesn’t Want You to Know About by going over the home office...
by Karla Dennis | Feb 12, 2014 | Blog
If you want to avoid an audit… Then pay in a little extra each time and Uncle Sam will ignore you… MYTH! Karla explains in this...
by Karla Dennis | Feb 6, 2014 | Blog
With tax season approaching it becomes more and more important to start preparing for tax preparation. Yes, you actually have to prepare to prepare your taxes, and it takes a little work on your part. The good news is that spending some time preparing to fill out your taxes can give you big returns. Here are four tax preparation tips to help you along the way. First, get organized. You can get a checklist of all the necessary paperwork so that you’ll have all of the information you need when you go in for that first appointment. Second, you should always triple-check important numbers. Even when you work with a tax preparation expert, you should make sure that all of the numbers on your return are correct. Your social security numbers and income are easy for you to check for accuracy, and you shouldn’t allow your tax return to be sent until you look at those numbers personally. Third, think about tax preparation all year long. Your tax preparation expert will be there for you when it comes to filing out your taxes by the April 15 deadline, but a lot of successful tax preparation will take place during the year. For example, if you buy an Energy-Star appliance for your home, you can claim a tax deduction, if you keep track of the paperwork. If you want to make filling out your taxes easy, file your paperwork all year long. Finally, know your deadlines. Most tax preparation experts will have mountains of paperwork to fill out, and it would be impossible to expect them to have your taxes...
by Karla Dennis | Feb 2, 2014 | Blog
Filing out your taxes can be stressful for anyone, even if you work with a tax preparation expert. When you are in the middle of tax preparation, it can be hard to remember all of paperwork that you need to be bring with you. To help in your quest for tax preparation readiness, here is a checklist of some commonly forgotten documentation you should bring to the tax preparation appointment. First, many people forget to bring copies of all of their medical bills. There are situations when you can actually deduct your medical bills from your taxes. You’ll never know if that is an option for you unless you bring all of your old bill stubs for the year and proof of payment. Second, if you purchased an Energy-Star approved appliance, you can receive a deduction on your taxes. When you visit your tax preparation expert, bring all of the documentation of the purchase and installation of the appliance so you can claim the credit. Third, if you moved during the year, you may be able to claim a deduction on all of your moving expenses. Your tax preparation expert can help you decide what expenses are tax deductible and will know what forms to fill out. All you have to do is bring in the information. Fourth, if you are paying off student loans, you can deduct the interest from those loans off of your taxes. All you have to do is bring in proof of the insurance you paid to your tax preparation expert’s office. There are a lot of instances where tax payers don’t claim the...
by Karla Dennis | Jan 29, 2014 | Blog
The IRS doesn’t take the filing of your taxes lightly, and neither should you. Many people want to make sure that their taxes are filled out correctly so they hire a tax preparation expert. Not only will they help you fill out your taxes correctly, but tax preparation experts may even help you save money by finding deductions you didn’t even know existed. Before you choose someone to fill out your taxes, here are some things to consider. First, does the tax preparation expert have credentials? Many tax organizations require that their members uphold a code of ethics and invest in continuing education. By law, any tax preparer, including lawyers and CPAs, have to apply for a Preparer Tax Identification Number from the IRS. Ask your tax preparer to show proof of this number before you hire him or her because it proves their legitimacy with the government. By requesting their credentials you can make sure that you’re hiring someone that is honest and knowledgeable. Second, the IRS counsels tax payers to always check with the tax preparation company about fees. You should always stay away from companies that request a certain percentage of your tax return or promise they can make you more money than any another company. Third, another good piece of advice for choosing a tax preparation expert is to find someone that will be accessible to your after tax season ends. You should be able to get a hold of them throughout the year should you or the IRS have questions about your taxes. Finally, you should never sign a blank return. It is a...
