FORMS ARE NOW AVAIL UNDER CHECKLISTS
Don't forget, we are on FACEBOOK, there is a public storefront as well as a private group blog, please contact/friend Sandy Yerk to get added to the private side if you're not there already!!
We are unable to handle amended returns now until after 4/15/14 at which time years 2011, 2012 and 2013 can be completed.
WHERE'S MY REFUND?? Most recent update from IRS - they are NOT giving us dates that you should expect a refund. The only thing they are recommending is that once you receive notification from us that it has been accepted, is to wait 24hours and then try the "where's my refund" status update on their website. (https://sa2.www4.irs.gov/irfof/lang/en/irfofgetstatus.jsp)
We've already run a few early filers we had and all it says it that it is "being processed" and that the funds will be available within 21 days from our email to you....
If you either have not rec'd communication that your income taxes have been confirmed by the IRS/ie. your refund is on its way, please advise, there has been a little delay in getting word back from the IRS (i.e. some returns have taken longer than the typical 24-48hrs) this is especially true if you return was completed on or near a weekend.
Job Search Expenses Can be Tax Deductible
If you are looking for a new job that is in the same line of work, you may be able to deduct some of your job hunting expenses on your federal income tax return.
Here are seven things the IRS wants you to know about deducting costs related to your job search:
1. To qualify for a deduction, your expenses must be spent on a job search in your current occupation. You may not deduct expenses you incur while looking for a job in a new occupation.
2. You can deduct employment and outplacement agency fees you pay while looking for a job in your present occupation. If your employer pays you back in a later year for employment agency fees, you must include the amount you received in your gross income, up to the amount of your tax benefit in the earlier year.
3. You can deduct amounts you spend for preparing and mailing copies of your resume to prospective employers as long as you are looking for a new job in your present occupation.
4. If you travel to look for a new job in your present occupation, you may be able to deduct travel expenses to and from the area to which you travelled. You can only deduct the travel expenses if the trip is primarily to look for a new job. The amount of time you spend on personal activity unrelated to your job search compared to the amount of time you spend looking for work is important in determining whether the trip is primarily personal or is primarily to look for a new job.
5. You cannot deduct your job search expenses if there was a substantial break between the end of your last job and the time you begin looking for a new one.
6. You cannot deduct job search expenses if you are looking for a job for the first time.
7. In order to be deductible, the amount that you spend for job search expenses, combined with other miscellaneous expenses, must exceed a certain threshold. To determine your deduction, use Schedule A, Itemized Deductions. Job search expenses are claimed as a miscellaneous itemized deduction. The amount of your miscellaneous deduction that exceeds two percent of your adjusted gross income is deductible.
There are specific guidelines you must need to prove you are actually running it as a business and not a hobby.
1. Whether you carry on the activity in a businesslike manner. You must run it like a business and show an intent to make a profit. Keeping full and accurate records of all aspects of your business is critical.
2. Whether the time and effort you put into the activity indicate you intend to make it profitable. Put in lots of documented hours if you don't want to be classified as a hobby.
3. Whether you are depending on income from the activity for your livelihood.
4. Whether your losses are due to circumstances beyond your control or are normal in the start-up phase of your type of business.
5. Whether you change your methods of operation in an attempt to improve profitability.
6. Whether you, or your advisors, have the knowledge needed to carry on the activity as a successful business. Become an expert and surround yourself with experts.
7. Whether you were successful in making a profit in similar activities in the past. If this is your first time in a racing or breeding business, they will look at your past business experiences.
8. Whether the activity makes a profit in some years, and how much profit it makes.
9. Whether you can expect to make a future profit from the appreciation of the assets used in the activity.
10. To avoid automatically being classified as a hobby, you must show a profit in at least 2 out of every 7 years. If you don't you are sure to be audited and will likely have to spend lots of money on a tax lawyer to defend your claim of being a business.
Sandy will be traveling (to clients) now on Monday & Thursdays with Wednesday offering evening appts at the office. Elsa will also be avail on all but Tuesdays and Sundays.
IF THE SCHEDULE IS FULL ON DATES THAT YOU WANT YOU CAN ALWAYS SCAN/FAX OR MAIL YOUR DOCS TO US!!!!
DON'T FORGET IF YOU ARE FILING AND YOUR SPOUSE IS NOT WITH YOU, YOU WILL NEED A Power-of-Attorney signed! (we can provide one upon request beforehand)
We are now offering BOOKKEEPING SERVICES for businesses, if you are interesting please let us know and we can advise on rates, etc.
What if I didn’t get a Form W-2? Employers are required to send to their employees a Form W-2, Statement of Earnings, by January 31. If you don’t get a form W-2 by mid-February, you should first contact your employer to make sure they have your correct address on file. After exhausting all options with your employer, you may contact the IRS and we will send a letter to the employer. However, call after Presidents Day week to avoid long telephone wait times.
Why do some folks get BIG TAX REFUNDS
Earned Income Tax Credit. If you worked but earned less than $51,567 last year, you may qualify for EITC. If you have three qualifying children, you may get up to $6,044 as EITC when you file and claim it on your tax return.
Report Name Change before You File Taxes
Did you change your name last year? Did your dependent have a name change? If the answer to either question is yes, be sure to notify the Social Security Administration before you file your tax return with the IRS.
This is important because the name on your tax return must match SSA records. If they don’t, you’re likely to get a letter from the IRS about the mismatch. And if you expect a refund, this may delay when you’ll get it.
Be sure to contact SSA if: