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. This is where most of the heavy lifting is done, with the tax planning.    more…

Form 709, is required to be filed if a gift is made to someone for more than $13,000 in one year.  Gifts between spouses are not required to file.  Gifts can be made to an unlimited number of people in a year provided they are below the $13,000 per person annual exclusion. more…

The statute of limitations limits the time during which an action can be brought by the IRS for an audit and the time for IRS tax collection activities.  Generally, there is a 3-year period for the IRS to give you a refund, three years to audit your tax return, and ten years to collect any tax due. more…

It’s that time of year again….time to file your income tax return.

What if you can’t get it done or don’t have all of your material to prepare it?

File for an extension.

To file an extension, complete Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return.  This must be completed and filed by the due date, April 18, 2011. The extension is granted automatically if it is filed completely and on time.  The extension is for six months and allows for the returns to filed up until October 17, 2011. more…

Another year has gone by. 

It's time to begin gathering my material for my taxes to be prepared.

Then it dawned on you, why hasn’t my accountant called me to discuss some possible strategies? If these are questions you are having, it may be time to consider a new CPA. The following are some reasons to consider whether you should find a new accountant: more…