Vance Economic Services

01/23/2015

TAX SEASON HAS BEGUN !!!

03/20/2014

I'm in California but I get all over !

02/08/2012

The attack on the middle class keeps coming from the Republican Party as they set their eyes on the biggest tax deduction for the middle class, the Home Mortgage Interest Deduction. I was all ways wondering why the Republicans would try to attack such a popular deduction until I looked at who received the most benefit.

It seems like only a choice few areas in the United States all of which are democratic receive the bulk of the benefits from the home mortgage interest deduction, New York, Los Angeles, and San Francisco. These three areas receive over 75% of the tax deduction. As you who live in the San Francisco Bay Area know, a medium house will cost you $500K and up and that will cost you $25K to $40K in interest expense each year. That is like the government giving you $10,000 right in your hand. It is a grand tax benefit for the home owners and a great marketing benefit for the real estate industry.

Each year I tell some clients who have no schedule “A” deductions and have a household income of over $100,000, that they should get a home to live in and stop paying rent. When we do the math it usually comes down to that the government, because of the mortgage interest and property tax deduction, will pay three months of your mortgage each year. This is a no brainer!

01/26/2012

As they say, "This is a FREE Country", and it is a Capitalistic Country. The government says Yes to anyone starting a business. All you have to do in your business is try to make money, and if you do that then the IRS looks at you as part of the Capitalistic plan. You can have a profit or a loss! With a profit you pay a portion in taxes and with a loss you can reduce your taxes. The Big boys have been doing it for years: might as well get in on it! More to come on how to start your Business!!!!!! Making Art, and collecting Art can be a business: "Lilly on Pond" Acrylic on canvas.

01/20/2012

Where is my refund? Well a lot of the answer depends on how you filed your tax return. The best way to receive a quick refund is to e-file and ask for a direct deposit from the IRS, which is FREE. If everything falls into place your refund could be in your bank account within 10 days from filing. But there are a few things you must be careful about. I have a lot of clients that want their refunds back very quickly and they speed their W-2 to me the minute they receive it. I get the info and then ask them, "Has anything from last year changed and do you have any other income, interest, dividends, or stock sales?" Without a breath they usually say NO! I start on their tax return and two days latter they call and say, "I got something in the mail. I'll fax it to you!" I tell them, "We talked yesterday about your completed tax return and you said it was OK." At this point their refund could take 30 days or more to correct.

Make sure you tell your tax preparer of any changes in address. Recheck your Social Security number on your W-2s and make sure your Bank and routing number are correct. I know speed is important but accuracy like the "Blue Angles" is very important in receiving your tax refund quickly.

01/13/2012

It is time to get an idea of what your tax liability will be this year. There are many ways to reduce your taxes. Let Vance Economic Services give you a free estimate. We do taxes all over the U.S., in every state. Give us a call... 415-387-7417

01/04/2012

To start off the tax season the IRS wants you to have 2 more days to procrastinate over your income taxes. The due date for 2011 taxes will be April 17, 2012. April 15th falls on a Sunday and April 16th is a Holiday in D.C. Can anybody guess what holiday it is?

01/03/2012

Visit Vance Economic Services on Facebook for Tax information.... ask questions and get answers.... click on "Like this"..... be the first...... come on over.....

TAX SEASON 2012 HAS BEGUN

01/03/2012

TAX SEASON 2012 HAS BEGUN

01/13/2011

You have until Monday the 17th to submit your 4th quarter estimated tax payment for the tax year 2010. If you will owe taxes an estimated tax payment might eliminate any penalties owed. If you need any information on how to get it done, give me a call.

01/12/2011

If you are receiving a refund, the best way to get it into your hands is to tell the IRS to put it into your checking account. It is the fastest and easiest way and it is FREE. No Checks to deposit. Yeah, then lets go to the US Open!

01/12/2011

Vance Economic Services (VES) provides high quality business, tax, financial planning and consulting services. At VES, a trained professional will carefully analyze your business and tax situation to provide you with the most customized strategy and solution for you or your business. We also