Posts by elitecpas
Time running out for a do-over on your IRA distribution!
As our golfer friends say, time is running out for a mulligan on any IRA distributions that were required by 12/31/12. The fiscal cliff law signed by the President on January 2 has a retroactive provision that could help you out of a jam if you forgot to take a RMD (required minimum distribution) from…
Read MorePlanning or Just Playing Scrabble?
Retirement Planning – it’s more than a game of scrabble? Some of the 2013 retirement plan limits have changed. Good planning involves trying to max out these amounts every year. Stop playing a game of scrabble with your retirement and hoping for some lucky tiles to come your way. We can help you determine how much…
Read MoreUnlucky 4 digit numbers
Certain numbers can be unlucky for filing your tax return for 2012. Some of the 4 digits that are guaranteed to delay filing of your return until late February or even March are 3800, 4562, 5695 ,8582 to name just a few. We’re not getting these from a Chinese fortune cookie, but from the IRS website. Seems…
Read MoreBefore we get serious about 2013 . . .
With new changes coming on the home office deduction, reporting of savings accounts, how IRS has managed the new preparer requirements etc, perhaps we should have a quick bit of fun. There’s a lot of swearing in (and swearing at as well) of members of Congress and the President this month. Nothing strikes closer to…
Read MoreIRS releases revised E-File date
You may remember our post a few weeks ago where the IRS predicted that the fiscal cliff may cause filing delays until the end of March for complex returns. Due to a semi-solution by Congress, we now have IRS confirmation that January 30 is approved as the first day for E-Filing. Advanced returns will still be…
Read MoreUnderstanding the Free Market=Business Success
If you understand how the free markets should work, you’ll tend to do a lot better in business. Here’s one of the greatest living speakers on the subject – Dr. Walter Williams.
Read MoreIRS offers a clean slate for the past. . .
Last year’s tax returns included two new questions. They both pertain to 1099 payments and, if unanswered, prevented you from E-Filing. If you’ve worried about 1099 vs employee problems with the IRS, there’s now a chance to wipe the slate of the past clean and start over. IRS is willing to forgo the audit of…
Read MoreA Cliff Notes Summary of the Fiscal Cliff Law
We’ve reviewed the 157 page sorry excuse for a err I mean problem-solving bill Congress passed last night. Sorry that it is (raises taxes, but no spending cuts to speak of), we at least have an idea of what’s coming in 2013. Here are the main (but not all) areas that will effect your return…
Read MoreThe AMT monster is coming! See video below.
If you read nothing else this year . . .
be sure to read our letter to clients on how to plan for 2013. This link will take you there. See the effect on your family in 2013 (Click Here) or use our fiscal cliff calculator with the numbers from your 2011 return.
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