Browsing articles tagged with " tax return"

Where is my Tax Refund?

Mar 11, 2013   //   by Kevin Jimeno   //   Blog  //  No Comments


We have been receiving so many phone calls with questions about the status of your Tax Refund, that we decided make a YouTube Video with the easiest way to check on it.


Spanish Version:

Here is the direct link to the “Where is My Tax Refund” page


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3 clients this month filed taxes online lost their money..

Apr 22, 2012   //   by Kevin Jimeno   //   Blog  //  No Comments

Luckily they weren’t happy with the results and called us to double check their returns.  Sure enough they had made some crucial mistakes and we refiled and were able to get them the right amount back! 

They were happy and their bank account was thankful as well! 

From the IRS website  newsroom/article/0,,id=177063,  00.html

Helpful Hints When Choosing a Return Preparer

  • Be cautious of tax preparers who claim they can obtain larger refunds than other preparers.
  • Avoid preparers who base their fee on a percentage of the amount of the refund.
  • Use a reputable tax professional who signs your tax return and provides you with a copy for your records.
  • Consider whether the individual or firm will be around to answer questions about the preparation of your tax return months, or even years, after the return has been filed.
  • Review your return before you sign it and ask questions on entries you don’t understand.
  • No matter who prepares your tax return, you, the taxpayer, are ultimately responsible for all of the information on your tax return. Therefore, never sign a blank tax form.
  • Find out the person’s credentials. Only attorneys, certified public accountants (CPAs) and enrolled agents can represent taxpayers before the IRS in all matters including audits, collection and appeals. Other return preparers may only represent taxpayers for audits of returns they actually prepared.
  • Find out if the preparer is affiliated with a professional organization that provides its members with continuing education and resources and holds them to a code of ethics.
  • Ask questions. Do you know anyone who has used the tax professional? Were they satisfied with the service they received?

Reputable preparers will ask to see your receipts and will ask you multiple questions to determine your qualifications for expenses, deductions and other items. By doing so, they are trying to help you avoid penalties, interest or additional taxes that could result from an IRS examination.

Further, tax evasion is a risky crime, a felony, punishable by five years imprisonment and a $250,000 fine.

Call me now so we can double check if your leaving money with Uncle Sam!

(P.S. Yes, we are open Saturday’s to do your taxes)

Discover How Hiring Your Child Pays For College and Saves You Taxes….

Feb 23, 2012   //   by Kevin Jimeno   //   Blog  //  No Comments

A parent who owns a family business can hire his or her child to work for the business and shift income from the parent over to the child at a lower tax rate.  If the child makes deductible IRA contributions with wages earned, the parent and child can convert contributions to a college savings plan into a current tax deduction.  Future withdrawals from the IRA used for college avoid the 10% early withdrawal penalty and are generally subject to the child’s lower tax rate. Tax on the IRA withdrawals may also be offset by an education tax credit or deduction. 

Example #1:  John owns a lawn care service and employs his 16 year old daughter Mary to help.  She operates lawn mowing equipment and other legitimate services as an employee.  During her summer vacation in 2011, she earned $10,800 helping her dad in his business. Assume John is in a combined 30% federal and state income tax bracket.  The $10,800 in wages reduces his income tax liability by $3,240 and his self employment tax by $1,327, for a tax savings of $4,567.  Mary’s wages are not subject  to FICA of FUTA.  If Mary contributes $5,000 to an IRA, she pays zero income tax. 

      Mary’s wages………………………………………….……..$  10,800

      IRA contribution……………………………………………..$ ( 5,000)

      Standard deduction………………………………………….$ (5,800)

      Taxable income………………………………………………$       0 

Do you see the beauty of it,.  John saves $4,567 in taxes and  Mary already has a savings of $5,000 to pay for college education.

Uncle Sam Want’s My Lunch Money

Feb 2, 2012   //   by Kevin Jimeno   //   Blog  //  No Comments

If you’re like me than you know lunch or dinner is the best place to meet with clients.
It’s more convenient and since you both have to eat, it makes
sense to turn lunch into a business expense.

Bringing in lunch for your employees can also turn a meal into a business deduction. However don’t go cray
thinking every time you have lunch you can stiff Uncle Sam.
Knowing the difference can make a big difference in your $$$ Money!

Feeding Clients

The IRS generally classes dining expenses under the broader category of entertainment
expenses and makes them a little harder to write off than one might hope. Using logic, most meals aren’t
deductible — after all, you’d still be eating lunch if you didn’t own a business or had to make a sale.

But as long as lunch passes one of the two tests used by the IRS, it can
be either entirely or partially deductible.

The first test is whether the expense is directly
related to your business. You did engage in business with the person during the entertainment period;
You were trying to make some money!

The second test is proving that your expenses were associated with business. So show proof if happen directly
or right after some wheeling and dealing on your end.

In general, you can deduct only fifty percent of your meal and entertainment business expenses .
However, depending on what kind of business you may be able to take advantage of exceptions to the
fifty percent limit. For instance, meals and entertainment provided to the general public as part of a
marketing campaign can be deducted in full.

Feeding Your Employees

If you order out for employees working late or throw a catered party for your staff,
the expense is generally deductible — although your meal may not be. Though if you buy lunch often enough,
it may be considered more of a fringe benefit.

Track of Your Business “Good Time” Expenses

You must keep that record in the moment, though — trying to recreate such a
record from bank statements and receipts at the end of the year won’t do any good. Nor should you rely
on your receipts and scribbling a description of who you ate with and why. It’s too easy to lose receipts
or to be unable to interpret just what you wrote down.

The key is that they set up a system for recording and maintaining these records that will work for them
throughout the year. It doesn’t matter if it’s on a smartphone, excel, or even if you keep the records
in a notebook. The key is that the description of the expense and basic details need to be
recorded at the time of the expense.”

Your records need to include the time, date, location, participants and a description of what business was

A Business Based on Food

Lunch may not count but all the research you need to do does!!
All the food you try and test is part of your business cost but once again you need to prove it.

Your Own E Expenses

I know it can be confusing to know which one you does and doesn’t count. Since every situation
is different but tax professionals like Accounting Guide & Taxes are familiar with your business
and can give you more detailed advice about how to handle deducting your entertainment expenses.

Let us guide you in the right direction keeping more money in your pocket!

Call me now at 305-826-1711

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Accounting Guide & Taxes, Inc.
6135 Northwest 167th Street
Miami, FL 33015, USA

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