Tax Tips Archives - Marietta CPAs

12

Oct

Common IRS Notices and Their Purpose

In Tax Tips

If you receive a notice in the mail from the IRS, don’t panic. A simple notice does not automatically mean you are under an audit. Actually, your chances of audit are slim. However, the content of the notice is still important. Most IRS notices require a response quickly – typically...

10

Oct

What to Do After the IRS Contacts You

In Tax Tips

You open the mailbox, sort through your mail and toss the junk aside. Then, in big bold letters, you see the three scary letters – I-R-S. Last year, more than 1.6 million taxpayers received similar notices from the IRS. While most notifications are due to math errors, 1 million U.S....

17

Jul

IRS publishes help for ID theft

In Accounting News, Bookkeeping, Money Tips, Payroll, Tax Planning, Tax Preparation, Tax Tips

The IRS website contains useful information on how to avoid becoming a victim of identity theft, plus steps to take if you do become a victim. Here are the warning signs that you may have had your identity stolen: The IRS notifies you that more than one tax return was...

23

Jan

Update your beneficiary designations

In Accounting News, Bookkeeping, Money Tips, Payroll, Tax Planning, Tax Preparation, Tax Tips

Who have you designated as beneficiaries for your insurance policies and retirement accounts? If you can’t remember, you’re not alone. But it’s worth checking. If you make the wrong decision, it could affect who inherits those assets. In some cases, it could also change the taxes your beneficiaries will pay...

17

Sep

How to go into business with your spouse and succeed

In Accounting News, Bookkeeping, Money Tips, Tax Planning, Tax Preparation, Tax Tips

Starting and running a business is rarely a safe or simple process, and doing so with one’s spouse creates an additional layer of complexity. Whether that complexity will have a positive or negative effect depends on several factors. Here are some of the questions you need to discuss before going...

16

Sep

Avoid five common mistakes in your 401(k) plan

In Accounting News, Bookkeeping, Money Tips, Tax Planning, Tax Preparation, Tax Tips

Participating in a 401(k) or similar retirement plan is a tax-advantaged way to save for retirement. If you have the option of participating in a 401(k) plan, avoid these five common mistakes. * Failing to participate fully. Too many employees opt out of the plan or don’t contribute as much...

15

Sep

Dealing with finances after the death of a spouse

In Accounting News, Bookkeeping, Money Tips, Tax Planning, Tax Preparation, Tax Tips

The death of a spouse can be a devastating experience, both emotionally and financially. As the survivor, you’ll have to make important decisions while you’re in what could be the most vulnerable and distracted stage of your life. The suggestions that follow might at least help ease your financial stress....

2

Sep

Will business growth bring more profits?

In Accounting News, Bookkeeping, Money Tips, Tax Planning, Tax Preparation, Tax Tips

Question: My business has not been growing but it seems as though I add more people and equipment without increasing my net profit. What am I doing wrong? Answer: Let’s see what happens in a typical company as the business grows. Suppose that a company is netting $50,000 on total...

6

Feb

Parents can cut taxes with child-related credits

In Accounting News, Money Tips, Tax Planning, Tax Preparation, Tax Tips

Are you a parent? Give yourself some credit – a child-related tax credit, that is. Here are two that can reduce your 2013 federal income tax liability. Child tax credit. The child tax credit applies if your dependent children were age 16 or younger at the end of 2013. The...

5

Feb

The AMT: Will this tax apply to you?

In Accounting News, Money Tips, Tax Planning, Tax Preparation, Tax Tips

What’s your alternative minimum tax (AMT) preference? Though you might prefer to not think about the AMT, certain income and deductions, known as preference items, affect the way the tax will apply to you. Those amounts, along with others called “adjustments,” are added to or subtracted from the income shown...

Tax Resources

Common IRS Notices and Their Purpose

What to Do After the IRS Contacts You

IRS publishes help for ID theft

Update your beneficiary designations

How to go into business with your spouse and succeed

Avoid five common mistakes in your 401(k) plan

Dealing with finances after the death of a spouse

Will business growth bring more profits?

Parents can cut taxes with child-related credits

The AMT: Will this tax apply to you?

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