Scam Phone Calls Continue; IRS Identifies Five Easy Ways to Spot Suspicious Calls

The Internal Revenue Service issued a consumer alert today providing taxpayers with additional tips to protect themselves from telephone scam artists calling and pretending to be with the IRS.

These callers may demand money or may say you have a refund due and try to trick you into sharing private information. These con artists can sound convincing when they call. They may know a lot about you, and they usually alter the caller ID to make it look like the IRS is calling. They use fake names and bogus IRS identification badge numbers. If you don’t answer, they often leave an “urgent” callback request.  Read More

IRS Urges Public to Stay Alert for Scam Phone Calls

The IRS continues to warn consumers to guard against scam phone calls from thieves intent on stealing their money or their identity. Criminals pose as the IRS to trick victims out of their money or personal information. Here are several tips to help you avoid being a victim of these scams:

If you know you don’t owe taxes or have no reason to believe that you do, report the incident to the Treasury Inspector General for Tax Administration (TIGTA) at 1.800.366.4484 or at www.tigta.gov. You can file a complaint using the FTC Complaint Assistant; choose “Other” and then “Impostor Scams.”  Read More

5 changes needed for your tax return

By Teresa Mears | US News and Word Report Contributor March 17, 2016

As you prepare this year’s tax return, you might wonder if anything has changed since you did last year’s return.

For most people, the answer is no, aside from a few small changes in numbers. But Congress did make a couple of notable changes last year, including making permanent some tax breaks that had been extended year to year.

“We’ve had 50 major tax law changes in the last 13 years,” says Jeff Schnepper, a tax attorney in Cherry Hill, New Jersey, and the author of “How to Pay Zero Taxes 2016: Your Guide to Every Tax Break the IRS Allows.” “Our tax code is a disaster. It’s thousands of words dancing without rhythm.”  Read More

Tax and Accounting for 2016

The 10 top tax issues that matter most in 2016

Avoid Tax Issues in 2016 and stay on top of new rules.

By Kay Bell • Bankrate.com

Tax Issues that matter most.  There were no major tax law changes in 2015. That’s generally good news, meaning taxpayers don’t have to worry about how new laws might affect them. However, Congress did manage to make some relatively small tax changes.

The IRS is continuing to implement prior tax measures is increasing its efforts to stop identity theft. There are new tax deadlines which mean that a lot taxpayers will encounter at least a few new tax matters in the new year.  Minimize complications and avoid tax issues that many encounter.  Read More 

 

Overlooked Tax Deductions

Don’t let a knowledge gap prevent you from getting your full share of all of these money-saving tax breaks.

Years ago, the fellow who was running the IRS at the time told Kiplinger’s Personal Finance magazine that he figured millions of taxpayers overpaid their taxes every year by overlooking just one of the money-savers listed here.  Read More

5 Tax Deductions That Could Save You Big Bucks in 2016

Even if you haven’t filed your 2015 tax return yet, there’s little you can do at this point to increase your tax refund or reduce your tax liability — aside from contributing to an IRA. However, it’s not too early to start thinking about your 2016 taxes. Some of the moves you make now could save you lots of money when the next tax season rolls around, and here are five tax breaks that can be especially lucrative.  Read More

IRS Announces 2015 Tax Year

The Internal Revenue Service has announced the annual inflation adjustments for a number of provisions for the year 2015, including tax rate schedules, tax tables and cost-of-living adjustments for certain tax items. These are the applicable numbers for the tax year 2015 – in other words, effective January 1, 2015. They are NOT the numbers and rates that you’ll use to prepare your 2014 tax returns in 2015 . These numbers and rates are those you’ll use to prepare your 2015 tax returns in 2016. Got it? Good.  Read More

Hire the Right Accountant

Why the Right Accountant Could Be the Most Important Hire for Your Small Business

Financial integrity is everything when you’re starting a small business, or even if you’ve been operating for a couple of years. Yet, the temptation is great to think that if you’re the owner or office manager, you can handle all the accounting functions yourself is great. Isn’t that what QuickBooks is for?

The truth is, there may be more effective ways to handle this crucial aspect of your business, namely hiring an accountant.  Read More

The Benefits of Hiring a Small Business Accountant

Owning a small business can mean the difference between financial freedom and financial disaster. Getting a professional small business accountant can help you to stay on track with your business’ financial development while foreseeing potential financial risks.

Running a successful small business requires making smart decisions. Unfortunately, many small business owners have wonderful talent and expertise in their trade but do not have the financial accounting knowledge necessary to make a business run smoothly. Having a professional small business accountant help you streamline your business is a priceless asset.  Read More

When to Hire a Bookkeeper or Accountant

Entrepreneurs thrive on a DIY mentality: Do everything you can yourself and don’t pay for anything new until you have absolutely have to. It’s especially difficult to justify hiring financial help like a bookkeeper.

With user-friendly software such as QuickBooks available, many business owners feel they should be able to do keep their records on their own, even as they wrestle with finding the time and wonder if they’re doing things correctly.  

Deciding about “hiring a bookkeeper is something I struggle with all the time,” says Randy Mitchelson, owner of National Web Leads, an Internet marketing company in Estero, Fla. While he finds basic accounting easy to do, it takes him away from working on his business. Meanwhile, his accounting and tax planning have become only more complicated in the six years since he founded his business.  Read more

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