|
Dear Valued Client,
Wills - Do you have a Will or a Trust? If so, have you updated your documents recently? Have you moved to another state? If you do not have a Will, your estate passes "Intestate" & the court will decide how your assets will be distributed. Is that what you want? Massie & Reilly CPAs, PLLC Read This before Tossing Old Tax RecordsNow that you’ve completed your taxes for 2011, you are probably wondering what old records can be discarded. If you are like most taxpayers, you have records from years ago that you are afraid to throw away. To determine how to proceed, it is helpful to understand why the records needed to be kept in the first place.Read the article »
Big Changes Coming for Investors in 20132013 will bring some big changes for investors, and none of them for the better. Taxpayers affected by these upcoming changes may wish to consider taking actions in 2012 to mitigate the impact of these changes. The following are the changes that will affect investors in 2013.Read the article »
Identity Theft and Tax Fraud Are Growing ProblemsCyber criminals have been using stolen identities to file tax returns and obtain fraudulent refunds. Tax preparers have reported an increase in e-file rejections because the taxpayers’ or their children’s SSNs have already been used in a previously e-filed return, which results in the e-filed return being rejected.Read the article »
Is Your Child a Full-Time Student?If you have a qualified child you can claim an exemption for that child on your tax return, which results in a $3,800 deduction for 2012 (up from $3,700 in 2011). Depending upon your tax bracket, that deduction can produce a substantial tax savings. To be treated as a qualified child, a child must be under the age of 19 or a full-time student under the age of 24.Read the article »
Is Your Hobby a For-Profit Endeavor?The tax treatment for a hobby is substantially different than it is for a business, which sometimes makes it difficult to distinguish one from the other. The IRS provides appropriate guidelines when determining whether an activity is engaged in for profit, such as a business or investment activity, or is engaged in as a hobby.Read the article »
How Business Website Expenses Are DeductedWith the explosion of online businesses, one would think that there would be a standard method of deducting the cost of your business website. But some questions still exist as to what part of a website is considered software, and to date, the IRS has not fully clarified that issue for tax purposes.Read the article »
Cutting Expenses Key To Profitability, But How? Some TipsIt may seem like a no-brainer – cut expenses to make more money – but many small changes can result in significant savings.Read the article »
The Massie & Reilly CPAs, PLLC newsletter is available via e-mail on a free subscription basis. You can subscribe or unsubscribe at any time. For more information about - Massie & Reilly CPAs, PLLC, go to http://www.cpamassie.com. This message was sent using ClientWhys Persyst. View our permission marketing policy. Circular 230 Disclosure, United States Treasury regulations effective June 21, 2005 require us to notify you that to the extent of this communication, or any of its attachments, contains or constitutes advice regarding any U.S. Federal tax issue, such advice is not intended or written to be used, and cannot be used, by any person for the purpose of avoiding any penalties that can be imposed by the Internal Revenue Service.
|
Massie & Reilly CPAs, PLLC
(239) 768-2171 Phone (239) 768-6074 Fax www.cpamassie.com Charles Massie, CPA, CFP® charlesm@cpamassie.com Barbara A. Reilly, CPA barbara@cpamassie.com |
