Accounting & Taxes Simplified

04/19/2022

As we wrap up the 2021 tax filing season, we wanted to share this report from the Taxpayer Advocate Service. If you have attempted to reach the IRS, this could explain why you are not getting through.

Also, we would like to thank you for your business. Share our page and spread the word.

02/12/2016

08/14/2015

Wanted to share this link passed along by one of my clients whom often brightens my day with humor.

https://youtu.be/xwEKL1Qevg0

Best Parks and Rec Accounting Jokes, you can account on them being good ;)

01/29/2015

As promised, today calls for the particularly factual post regarding marketplace health insurance. We'll save the comic relief for tomorrow to ease us into our weekend!

If you purchased health care insurance through the Marketplace for 2014, you should receive a Form 1095-A by early February. The information reported on Form 1095-A will be used to complete Form 8962, which is the form used to figure out how much of the premium tax credit you will get or, conversely, may have to pay back. If your 2014 income was less than you estimated when you signed up in the marketplace you will receive an extra tax credit. If your 2014 income is higher than you estimated you may have to pay some of that credit back on your return. So.....here's to hoping we all optimistically over-estimated our income when signing up for health insurance!!

01/23/2015

The Affordable Care Act has finally made its way to your tax return. If you don't have health insurance be prepared to pay the higher of $95 or 1% of income in penalties for 2014. In 2015 this penalty increases to 2% of income. To avoid the penalties for 2015 you must sign up for health insurance by February 15th! Check in next week for tips on reporting health insurance purchased through the marketplace.

01/21/2015

This quirky BBC comedy perfectly illustrates the pains of record-keeping as well as a less than ideal accountant-client relationship. Hope you enjoy!

Black Books Season 1 Epizode 1 - Cooking The Books: http://youtu.be/S1hg8LGGOhc

Subscribe for more British Humor! Tumb up , comment it and SHARE if you want to. Bernard is struggling to cope with getting down to menial but essential task...

01/20/2015

Business tax reporting has become (surprise, surprise) once again, more complicated. In 2014 if you have any depreciable assets, repairs and maintenance costs, and/or materials and supply costs you are required to have written policies in place and file formal elections or you will be prohibited from deducting normal repairs and maintenance and be required to depreciate even small dollar items over several years! Failure to comply will put you at risk for significant penalties. Contact your local CPA for more information on making the appropriate elections to avoid costly filing errors!!

01/15/2015

Since payroll is fresh on our minds with 4th Quarter returns, W-2's and 1099's being due at the end of the month following is a link for the basic 2015 wage and associated tax facts: http://www.adp.com/~/media/Compliance/2015%20Fast%20Wage%20and%20Tax%20Facts/2015FastFactsTN.ashx

01/15/2015

Our favorite time of year is upon us! It begins with W-2's and 1099's and continues to 1120's, 1065's, and 1040's until we pause to catch our breath on April 16th. We plan to make this the most interesting tax season yet with frequent posts of tax tips, comics and enlightening links. Join us to stay informed during 2015!