Read This before Tossing Old Tax Records
Now that you’ve completed your taxes for 2011, you are probably wondering what old records can be discarded. If you are like most taxpayers, you have records from years ago that you are afraid to throw away. To determine how to proceed, it is helpful to understand why the records needed to be kept in the first place.
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Is Your Hobby a For-Profit Endeavor?
The tax treatment for a hobby is substantially different than it is for a business, which sometimes makes it difficult to distinguish one from the other. The IRS provides appropriate guidelines when determining whether an activity is engaged in for profit, such as a business or investment activity, or is engaged in as a hobby.
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Identity Theft and Tax Fraud Are Growing Problems
Cyber criminals have been using stolen identities to file tax returns and obtain fraudulent refunds. Tax preparers have reported an increase in e-file rejections because the taxpayers’ or their children’s SSNs have already been used in a previously e-filed return, which results in the e-filed return being rejected.
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Big Changes Coming for Investors in 2013
2013 will bring some big changes for investors, and none of them for the better. Taxpayers affected by these upcoming changes may wish to consider taking actions in 2012 to mitigate the impact of these changes. The following are the changes that will affect investors in 2013.
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How Business Website Expenses Are Deducted
With the explosion of online businesses, one would think that there would be a standard method of deducting the cost of your business website. But some questions still exist as to what part of a website is considered software, and to date, the IRS has not fully clarified that issue for tax purposes.
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Are You Taking New Clients?
We have seen incredible growth in the last four years, growing from 325 clients to almost 700 going into this tax filing season. We know most of this growth has come from referrals. We are truly grateful for that confidence.
I think we have hit the point that we have to say “when”.
We will not be accepting new clients for the 2011 filing season. Our existing clients come first. If someone needs representation, past-due returns, or filing under extension, we would be happy to look into helping them starting in May.
If we are able to accept new clients in the future, we will post that on our website and newsletters.
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Our Key Principles
- Knowledge through years of experience and continuous learning
- Accuracy and thoroughness always, never haste and assumptions
- Ethical business practices for ourselves and our family of clients
- Fair pricing for exceptional service
- Highest level of client service, honoring our fiduciary responsibility, and ensuring that our services and practices consider the best interests of our clients
- Superior quality tax return preparation, accounting and bookkeeping; incorporating planning, technology, research, education, and audit compliance
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