Will you be prepared? The IRS will begin accepting tax returns electronically on January 19, 2017. Paper tax returns will begin processing at the same time. Will you be ready? “Nothing in life is to be feared, it is only to be understood. Now is the time to understand more, so that we may fear less.” -Marie Curie* Plan now for the approaching tax season. It is upon us! Review the prior year tax return to glean details on the statements you should expect to receive and any

It is that time of year to wrap-up your accounting and prepare for 2015. Is your accounting ready for Uncle Sam? Do your ending balances in the temporary accounts begin 2015 with zero balances? The checklist below contains some of the important items that need your attention to ensure you are ready to submit your tax return with no surprises. Reconcile all bank, credit card and petty cash accounts Reconciling is a matching process that ensures the accuracy of your accounts

Unfortunately, life doesn’t always work out as planned. One day, love is in the air, flowers are blooming and vows are promised. The next day, the couple is in court dividing property down to who gets Fido! What happens to the tax return - part of the year, the couple was married, the other part they weren’t? Are they able to file a joint tax return since they were married part of the year? Can they file married filing separate? Who gets to claim the child? These are ver

Does Your Child Qualify? Taxpayers are allowed one exemption for each person claimed as a dependent on their tax return. An exemption in 2016 is a deduction of $4,050 barring any income phaseouts. This can equal substansive savings on taxes. There are two types of dependents - Qualifying Child and Qualifying Relative. In both cases, the person must be a U.S. citizen, a U.S. national, a U.S. resident, or a resident of Canada or Mexico. They may not be a dependent of another p