Time for Spring Cleaning- clean out your Tax closet!

By |April 26th, 2016|

Trees are in bloom, birds are chirping, and houses are being cleaned from the winter and various other reasons. So how about time to clean your tax closet?
Unfiled returns? Time to finally buckle down and get them filed.
Mistakes made during the last season? Or perhaps you want to talk to someone about something you remembered […]

April 15- are you ready? What if I’m not ready to file?

By |April 1st, 2016|

Your tax return is due April 15 (or close to that- it falls on a weekend so you have until Monday, April 18 at midnight), to file your tax return.
If you are just not ready, what then?

You have the option to prepare an extension, or we can file for you, which will grant you an […]

Case Study: Pro vs. Turbo

By |March 9th, 2016|

People ask me “why can’t I prepare taxes on my own, or use a discount preparer… and save a little cash?”
Here is an example that is a case in point, of a client that just came into my office today. She is an employee of a large company and is not being advised on how […]

An Audit? Or an Excuse?

By |March 2nd, 2016|

A professionals thought on the call for politicians to release income tax returns.
When one submits a tax return, it is assumed they have done their best job, to the best of their ability, to present information that is truthful and accurate to the American government, on their income and expenses. The predominant assumption is that […]

1040… I just don’t know…

By |February 16th, 2016|

I don’t want to (or don’t have the money to) file my 1040. Whats the worst that can happen?
Some of you think along these lines. There are ramifications to all decisions you make. Lets examine this decision.

If you choose not to file…You leave open the statute of limitations, which is an automatic 3 year period […]

There is no easy button…

By |February 16th, 2016|

An open letter from a professional accountant about
“The Value of Professional Relationships”

I value my relationships. Not only my personal relationships, but my professional relationships as well. I have been seeing the same doctor for 30 years, the same dentist for 40 years, and some medical professionals forever. I have the same lawyer who made up […]

Best Tax Law in YEARS

By |February 12th, 2016|

In 2015  an incredibly advantageous tax law pertaining to capital asset deductions was introduced…  and yet it slipped by virtually unnoticed.

In late November, The IRS passed a new law to raise the capitalization requirement (so called “de minimis” rule) for assets used in business, from a level of $500 to $2500.
To some people, this has no major […]

Roll with the Changes – Amending a Tax Return

By |January 27th, 2016|

Did you file a return incorrectly?
Did you forget to include a W-2? Or did you forget some major deductions?
Or do you just not feel comfortable with your preparer?
No problem. Just amend your return!
You have up to 3 years from the filing due date (the extended filing due date, if extended) to file an amended […]

KPR Fast Facts: Living outside the US

By |January 26th, 2016|

If you are a US resident living outside of the US temporarily, earning income, several rules can apply to you. Your facts and circumstances, and intent, determine the taxation rules that apply.

In some cases, where you are earning income as a US resident, you are entitled to a substantial foreign income exclusion.

This can be done […]

KPR Fast Facts: New Mileage rates

By |January 25th, 2016|

Mileage rates change annually.
Auto expenses can be deducted, based upon business usage- consult with your professional to find out if this applies to you.

Current rates are as follows for 2015

Business miles 57.5c
Charitable miles 14c
Medical & Moving Miles 23c

Preliminary rates are as follows for 2016

Business Miles 54c
Charitable miles 14c
Medical & Moving miles 19c