Posts Tagged ‘Certified Public Accountant’


Happy Tax Freedom Day 2013 to Connecticut Taxpayers

 

Tax Freedom Day for the country was on April 18, 2013. This is the day when, on average, taxpayers have paid all of their taxes for the year and now begin to keep what they earn.  Tax Freedom Day in 2013 was 5 days later than last year. This is partially due to the American Taxpayer Relief Act passed in late December 2012.

Tax Freedom Day

The Tax Foundation calculates Tax Freedom Day. The … Continue reading »


5 Lessons Learned From Tax Season

Another Tax Season has come and gone.  Here are the 5 Lessons Learned from this Tax Season. 

1) Don’t Pass Tax Legislation on December 31

Congress passed the American Taxpayer Relief Act on December 31, 2012It’s clear that no one voting on it read it, much less understood it. The timing of this legislation was not good.  Due to the late passage of this bill the IRS was delayed with … Continue reading »


Where’s My K-1?

 

This question is asked frequently during tax season.

I suspect it will be asked even more this tax season.

There will likely be even more delays this year than in past years. Congress passed The American Taxpayer Relief Act of 2012 on the last day of 2012. President Obama signed this legislation on January 2, 2013. This has delayed the IRS, which will delay tax preparers.


6 Easy Steps to Navigate an IRS Audit and Save You (Tax) Money

1) Determine if this is an IRS Field, Office or Correspondence Audit

With a Field Audit, the audit will be done at your place of business. Most taxpayers requests that the audit be moved and done at your CPA’s office. The auditor however still has the right to visit your office.

In an Office Audit, the audit will be done at the local IRS office. You get to go see them.

In a Correspondence Audit, everything is done through … Continue reading »


4 Ways to Help Your CPA and Reduce Your Taxes

Here are 4 ways to Help Your CPA and Reduce Your Taxes:

1) Have a Year End Planning Meeting with Your CPA

This meeting can be in person or over the phone, it really doesn’t matter.  The only thing that matters is that it happens.  Most individual income taxpayers are on the cash basis.  This means, with some limited exceptions, for a taxpayer to take advantage of a tax strategy, it needs to happen in that tax year. … Continue reading »


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