tag:blogger.com,1999:blog-6392172005906794212024-02-06T21:43:59.980-05:00The Tax FactorThe Tax Factor was created to educate individuals and small-business owners about taxes. Let’s face it, nothing in life is guaranteed except death and taxes. Okay, maybe that sounded pretty depressing but the goal of this blog is to help you find the information to learn how to make taxes work for you. Taxes can be extremely complicated but knowing about deductions and credits can save you thousands of dollars per year.Jamaal Solomon, EAhttp://www.blogger.com/profile/08819660786376120265noreply@blogger.comBlogger229125tag:blogger.com,1999:blog-639217200590679421.post-49564082844408156412013-12-09T09:00:00.000-05:002013-12-09T09:00:09.317-05:00Things I can learn about taxes from a Newborn child: Part #2<div style="-webkit-text-stroke-width: 0px; color: #333333; font-size-adjust: none; font-stretch: normal; font: 300 15px/24px "Helvetica Neue", Helvetica, Arial, sans-serif; letter-spacing: normal; margin-bottom: 1.62em; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
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<strong style="color: inherit; font-family: "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 15px; font-style: inherit; font-variant: normal; font-weight: bold; line-height: 1.625;">“I’m not opposed to new people, I just don’t like their packaging (diapers).”<span class="Apple-converted-space"> </span></strong><br style="color: inherit; font-family: "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 15px; font-style: inherit; font-variant: normal; font-weight: inherit; line-height: 1.625;" /><strong style="color: inherit; font-family: "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 15px; font-style: inherit; font-variant: normal; font-weight: bold; line-height: 1.625;">― Jarod Kintz, </strong></div>
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As I'm typing this blog post, it is Monday 5:30 a.m.. I just changed my two-week old daughter's diaper at 4:15 a.m. I can understand why she feels that I must drop everything to cater to her needs. She can't help herself so I must help her. What got me mad while I was changing her diaper was not the time of day. I was mad that a potential client called me on Sunday afternoon requesting a conference call due to an "emergency!" I woke up the next day mad that someone would call me with such foolishness. I avoided the person call on Saturday but then the person called again on Sunday. In addition, the person didn't tell me the details on the voice mail. Just in case you're wondering how this person had my cell number, we had previous meetings.</div>
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Let me be clear, tax accountants are great but we are not policemen, firemen or doctors. There is no such thing as a "tax emergency" that needs to be handle on a Sunday afternoon. The nerve of any potential or current client stalking you on the weekend. Especially, if you haven't even talk about money. Now, if Bill Gates called me on a Sunday afternoon, I will be on the next flight out to the west coast during a snow storm.</div>
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I must admit that I'm a sucker for calling back the person. However, the person really thought that I was a big sucker talking about "emergency." I told him that I'm not in the right state of mind to talk business. I was in my sweat pants enjoying the company of my growing family. My advice to taxpayers is to "grow the hell up!" The world doesn't revolve around you (unless you paying me "drop everything" money). Stop acting like a damn baby! My advice to tax professionals is that don't treat your clients like newborn babies. Don't be scared to tell them "this is not that serious, I'll call you during business hours." I'm going to start to tell some disrespectful taxpayers that "Tricks are for kids, silly rabbit!" </div>
Jamaal Solomon, EAhttp://www.blogger.com/profile/08819660786376120265noreply@blogger.com8tag:blogger.com,1999:blog-639217200590679421.post-54732294552934134382013-12-02T09:00:00.000-05:002013-12-02T09:00:05.127-05:00Things I can learn about taxes from a Newborn child: Part #1<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi-vUrt5p3YjjDFb6ygRxfU-JGAXyqLvr2uDcJVrukQjXphDL1Hke-asS_SQtktT9E-Go6nm41H81k3hJG2PlpIGXHKOEdIxc06DReTzqBgJXq9Wzn8toEb2YfERoR4L8-EGS_ohTanGVA/s1600/frowning+pictures.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi-vUrt5p3YjjDFb6ygRxfU-JGAXyqLvr2uDcJVrukQjXphDL1Hke-asS_SQtktT9E-Go6nm41H81k3hJG2PlpIGXHKOEdIxc06DReTzqBgJXq9Wzn8toEb2YfERoR4L8-EGS_ohTanGVA/s1600/frowning+pictures.jpg" /></a></div>
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<span class="bqQuoteLink"><a href="http://www.brainyquote.com/quotes/quotes/s/stefanolan414564.html" title="view quote"><span style="color: #003399;">If my life were a song the title would be 'The Comeback Kid.'</span></a></span><br /><span class="bodybold"><a href="http://www.brainyquote.com/quotes/authors/s/stefano_langone.html" title="view author"><span style="color: #003399;">Stefano Langone</span></a></span> <br /><span>Read more at <a href="http://www.brainyquote.com/quotes/keywords/comeback.html#U6JtH3yp89GT53oj.99" style="color: #003399;">http://www.brainyquote.com/quotes/keywords/comeback.html#U6JtH3yp89GT53oj.99</a></span></div>
<div id="r1PostCPBlock" style="background-color: white; border-image: none; border: currentColor; color: black; left: -99999px; overflow: hidden; position: absolute; text-align: left; text-decoration: none;">
<span class="bqQuoteLink"><a href="http://www.brainyquote.com/quotes/quotes/s/stefanolan414564.html" title="view quote"><span style="color: #003399;">If my life were a song the title would be 'The Comeback Kid.'</span></a></span><br /><span class="bodybold"><a href="http://www.brainyquote.com/quotes/authors/s/stefano_langone.html" title="view author"><span style="color: #003399;">Stefano Langone</span></a></span> <br /><span>Read more at <a href="http://www.brainyquote.com/quotes/keywords/comeback.html#U6JtH3yp89GT53oj.99" style="color: #003399;">http://www.brainyquote.com/quotes/keywords/comeback.html#U6JtH3yp89GT53oj.99</a></span></div>
<div id="r1PostCPBlock" style="background-color: white; border-image: none; border: currentColor; color: black; left: -99999px; overflow: hidden; position: absolute; text-align: left; text-decoration: none;">
<span class="bqQuoteLink"><a href="http://www.brainyquote.com/quotes/quotes/s/stefanolan414564.html" title="view quote"><span style="color: #003399;">If my life were a song the title would be 'The Comeback Kid.'</span></a></span><br /><span class="bodybold"><a href="http://www.brainyquote.com/quotes/authors/s/stefano_langone.html" title="view author"><span style="color: #003399;">Stefano Langone</span></a></span> <br /><span>Read more at <a href="http://www.brainyquote.com/quotes/keywords/comeback.html#U6JtH3yp89GT53oj.99" style="color: #003399;">http://www.brainyquote.com/quotes/keywords/comeback.html#U6JtH3yp89GT53oj.99</a></span></div>
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Recently, I finished publishing my first e-book and my second child was born. Now, you know why I have disappeared from the face of the tax blogging world for the last three months. After months of hard work, my book currently sold less than 10 copies. I still believe that my book is the world's funniest tax advice book. Who knows maybe Oprah might discover my book and I will become an instant millionaire. To ease the pain from disappointing book sales, God (and my wife) blessed me with my first daughter. I already have one three-year old son. My daughter was born on November 18th and I already see the world differently. Could it be that my view of taxes change too?<br />
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Since, I'm now sleep deprived, it is only right to compare taxes and taxpayers with a newborn. My first lesson is that no matter how hard you try to satisfy a newborn, he or she will still cry in less than two hours. As a tax accountant, I must stop trying to change the world. Let's face it, people will never stop complaining about taxes. I can find many different ways to teach people how to minimize their taxes and two hours later they become too lazy to learn from my lesson. My newborn daughter gets fed and then falls asleep. Two hours later, my daughter acts like nothing happened before she fell asleep! I can't sleep-train a newborn and I can't force a taxpayer to listen to my advice!<br />
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Just like newborns, taxpayers only listen to what they want to hear. It is so easy to hate the IRS but it is these corrupt politicians that make the tax laws. Any time I tell people about this fact, they look at me like I'm retarded. They want me to bash and talk lowly about the IRS. Any parent with a newborn knows that you can't reason with their newborn child. Just like my newborn daughter, I care for my readers but it may be unreasonable to believe that all of them will learn from me. Most taxpayers believe they have grown with age but in reality they are just as bad as newborn baby. Taxpayers hate taxes but don't want to get up and vote! Due to their laziness, we continue to have the same lame politicians year after year. We can't spark a tax revolution by just yelling at a TV! Yelling at Bill O'Reilly will not lower taxes for the middle class. Wake up America!<br />
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The truth is sometimes hard to hear or read. As usual, whether right or wrong, I will share my honest opinions about taxes and taxpayers. There will be more lessons about newborns and taxes. Matter of fact, expect a separate series comparing toddlers and taxes. No more Mr. Nice Tax Guy. If you want textbook tax answers.....google it!<br />
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I'M BACK!!!!<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj76Ujlbr_A_3y98j-DJK0H-6vgzIv_hbAJ535vMiuEYRHVDyEt6wW1mWlo4jwTdbNokDYPtCijLIJxyNFytAfMgRhFTZFGQE5DOmfJ-rff69N2iwNAxyI8D6ucibg-xP_cCupOJQ6DZho/s1600/book_cover2.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj76Ujlbr_A_3y98j-DJK0H-6vgzIv_hbAJ535vMiuEYRHVDyEt6wW1mWlo4jwTdbNokDYPtCijLIJxyNFytAfMgRhFTZFGQE5DOmfJ-rff69N2iwNAxyI8D6ucibg-xP_cCupOJQ6DZho/s320/book_cover2.png" width="266" /></a></div>
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The world funniest tax advice book is available at <a href="http://www.amazon.com/dp/B00FMGH9P6">http://www.amazon.com/dp/B00FMGH9P6</a>Jamaal Solomon, EAhttp://www.blogger.com/profile/08819660786376120265noreply@blogger.com2tag:blogger.com,1999:blog-639217200590679421.post-83952081201206765412013-09-25T05:44:00.001-04:002013-09-25T05:44:19.692-04:00A Good Guy Tax Journey Book Trailer<iframe allowfullscreen="" frameborder="0" height="344" src="//www.youtube.com/embed/mWOkITWJQxM" width="459"></iframe><br />
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<div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-size: 14pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><span style="font-family: Arial;">If you’re like most people, getting a letter from the IRS is something you dread.<o:p></o:p></span></span></div><br />
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<div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-size: 14pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><span style="font-family: Arial;">What’s going to happen?<o:p></o:p></span></span></div><br />
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<div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-size: 14pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><span style="font-family: Arial;">How much is this going to cost me?<o:p></o:p></span></span></div><br />
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<div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-size: 14pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><span style="font-family: Arial;">Author Jamaal “The Tax Guy” Solomon takes the fear out of doing your taxes and dealing with the IRS with his empowering new book, A Good Guy’s Tax Journey: Part I.<o:p></o:p></span></span></div><br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-size: 14pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><span style="font-family: Arial;">Forget about boring tax advice or legalese. Follow the engaging story of Will and Sally as they navigate the waters of the Internal Revenue Service.<o:p></o:p></span></span></div><br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-size: 14pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><o:p><span style="font-family: Arial;"> </span></o:p></span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-size: 14pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><span style="font-family: Arial;">A Sample of Topics You’ll learn:<o:p></o:p></span></span></div><br />
<div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Symbol; font-size: 14pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-size: 14pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><span style="font-family: Arial;">How to understand your IRS notice or letter.<o:p></o:p></span></span></div><br />
<div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Symbol; font-size: 14pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-size: 14pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><span style="font-family: Arial;">When you should file a tax extension.<o:p></o:p></span></span></div><br />
<div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Symbol; font-size: 14pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-size: 14pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><span style="font-family: Arial;">How a special type of tax professional can help you deal with even the toughest IRS situations.<o:p></o:p></span></span></div><br />
<div class="MsoListParagraphCxSpLast" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Symbol; font-size: 14pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-size: 14pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><span style="font-family: Arial;">Important tax terms every citizen needs to know.<o:p></o:p></span></span></div><br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-size: 14pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><span style="font-family: Arial;">Don’t wait until it’s too late. Read A Good Guy’s Tax Journey now and get control of your taxes today.<o:p></o:p></span></span></div><br />
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<div class="MsoNormal" style="margin: 0in 0in 0pt;"><b style="mso-bidi-font-weight: normal;"><span style="font-size: 14pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><span style="font-family: Arial;">Who Is The Tax Guy?</span></span></b></div><br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-size: 14pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><span style="font-family: Arial;">Jamaal “The Tax Guy” Solomon is an Enrolled Agent (EA) — the only federally licensed tax practitioners who have unlimited rights to represent taxpayers before the IRS. He holds a Master’s Degree in Taxation and is the founder of J.S. Tax Corporation. He has written several articles on taxes, and volunteers for numerous mentoring, career, and financial literacy programs. The Tax Guy lives on Long Island with his loving wife and son.<o:p></o:p></span></span></div><br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-size: 14pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><o:p><span style="font-family: Arial;"> </span></o:p></span></div>Jamaal Solomon, EAhttp://www.blogger.com/profile/08819660786376120265noreply@blogger.com9tag:blogger.com,1999:blog-639217200590679421.post-18548655549438894642013-09-09T14:38:00.000-04:002013-09-09T14:38:26.131-04:00Proof That Tax Accountants Have Hearts #1<div style="-webkit-text-stroke-width: 0px; color: #333333; font-size-adjust: none; font-stretch: normal; font: 13px/19px Georgia, "Times New Roman", "Bitstream Charter", Times, serif; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
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“Life is short, live it. Love is rare, grab it. Anger is bad, dump it. Fear is awful, face it. Memories are sweet, cherish it.” –<span class="Apple-converted-space"> </span><em><strong>Unknown</strong></em></h5>
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Sometimes people act like tax accountants are number geeks who have no personal life. I can't blame the stereotype because by nature we are "just the facts" type of professionals. Well, let me tell you that tax accountants are normal human beings with feelings, hopes and dreams.</div>
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Last year, I lost my favorite Uncle to Leukemia. Just writing the previous sentence almost brings tears to my eyes. He fought Leukemia with absolute courage. Since I was a toddler, I was always excited to hear that my Uncle Jimmy was coming to visit. Even in my twenties and thirties, we had some wild adventures together.</div>
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On October 19, I will be participating in the Light the Night charity walk to raise funds for the Leukemia & Lymphoma Society.Please visit my team page to see how you can contribute to my cause. Thank you!</div>
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<a data-mce-href="http://pages.lightthenight.org/nj/Verona13/JSolomon" href="http://pages.lightthenight.org/nj/Verona13/JSolomon">http://pages.lightthenight.org/nj/Verona13/JSolomon</a></div>
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If you are a tax accountant and have a charitable cause that you want to fund-raise, please let me know. I will post your charitable cause in one of my "Proof that tax accountants have hearts" post. It can be any cause from global warming, homeless animals, etc. I'm not here to judge on what you are passionate about. I just won't post political causes because politicians have enough money! We should all help each other!</div>
Jamaal Solomon, EAhttp://www.blogger.com/profile/08819660786376120265noreply@blogger.com1tag:blogger.com,1999:blog-639217200590679421.post-47574836965555263722013-08-21T11:00:00.000-04:002013-08-21T11:00:00.981-04:00IRS Website Explains Tax Provisions of the Health Care Law<a data-mce-href="http://thetaxfactor.com/wp-content/uploads/2013/04/Photo-7.jpg" href="http://thetaxfactor.com/wp-content/uploads/2013/04/Photo-7.jpg"><img alt="" class="size-thumbnail wp-image-318 aligncenter" data-mce-src="http://thetaxfactor.com/wp-content/uploads/2013/04/Photo-7-150x150.jpg" height="150" src="http://thetaxfactor.com/wp-content/uploads/2013/04/Photo-7-150x150.jpg" width="150" /></a><br />
<br />
<h4>
Here is a word from the Goodfellas at the IRS:</h4>
<h4>
IRS Health Care Tax Tip 2013-01</h4>
<br />
The IRS has launched a new Affordable Care Act Tax Provisions website at <a data-mce-href="http://links.govdelivery.com:80/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTMwODE1LjIyMDM3OTgxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDEzMDgxNS4yMjAzNzk4MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODkxNTM0JmVtYWlsaWQ9anNvbG9tb24xOTExQGhvdG1haWwuY29tJnVzZXJpZD1qc29sb21vbjE5MTFAaG90bWFpbC5jb20mZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&128&&&http://www.irs.gov/uac/Affordable-Care-Act-Tax-Provisions-Home" href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTMwODE1LjIyMDM3OTgxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDEzMDgxNS4yMjAzNzk4MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODkxNTM0JmVtYWlsaWQ9anNvbG9tb24xOTExQGhvdG1haWwuY29tJnVzZXJpZD1qc29sb21vbjE5MTFAaG90bWFpbC5jb20mZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&128&&&http://www.irs.gov/uac/Affordable-Care-Act-Tax-Provisions-Home" target="_blank" title="">IRS.gov/aca</a> to educate individuals and businesses on how the health care law may affect them. The new home page has three sections, which explain the tax benefits and responsibilities for individuals and families, employers, and other organizations, with links and information for each group. The site provides information about tax provisions that are in effect now and those that will go into effect in 2014 and beyond.<br />
<br />
Topics include premium tax credits for individuals, new benefits and responsibilities for employers, and tax provisions for insurers, tax-exempt organizations and certain other business types.<br />
Visitors to the new site will find information about the law and its provisions, legal guidance, the latest news, frequently asked questions and links to additional resources.<br />
<br />
Several other federal agencies have a role in implementing the health care law, including the Department of Health and Human Services, which has primary responsibility. To help locate additional online resources from the <a data-mce-href="http://links.govdelivery.com:80/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTMwODE1LjIyMDM3OTgxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDEzMDgxNS4yMjAzNzk4MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODkxNTM0JmVtYWlsaWQ9anNvbG9tb24xOTExQGhvdG1haWwuY29tJnVzZXJpZD1qc29sb21vbjE5MTFAaG90bWFpbC5jb20mZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&129&&&https://www.healthcare.gov/" href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTMwODE1LjIyMDM3OTgxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDEzMDgxNS4yMjAzNzk4MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODkxNTM0JmVtYWlsaWQ9anNvbG9tb24xOTExQGhvdG1haWwuY29tJnVzZXJpZD1qc29sb21vbjE5MTFAaG90bWFpbC5jb20mZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&129&&&https://www.healthcare.gov/" target="_blank" title="">Department of Health and Human Services</a>, the <a data-mce-href="http://links.govdelivery.com:80/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTMwODE1LjIyMDM3OTgxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDEzMDgxNS4yMjAzNzk4MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODkxNTM0JmVtYWlsaWQ9anNvbG9tb24xOTExQGhvdG1haWwuY29tJnVzZXJpZD1qc29sb21vbjE5MTFAaG90bWFpbC5jb20mZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&130&&&http://www.dol.gov/ebsa/healthreform/" href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTMwODE1LjIyMDM3OTgxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDEzMDgxNS4yMjAzNzk4MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODkxNTM0JmVtYWlsaWQ9anNvbG9tb24xOTExQGhvdG1haWwuY29tJnVzZXJpZD1qc29sb21vbjE5MTFAaG90bWFpbC5jb20mZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&130&&&http://www.dol.gov/ebsa/healthreform/" target="_blank" title="">Department of Labor</a> and the <a data-mce-href="http://links.govdelivery.com:80/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTMwODE1LjIyMDM3OTgxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDEzMDgxNS4yMjAzNzk4MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODkxNTM0JmVtYWlsaWQ9anNvbG9tb24xOTExQGhvdG1haWwuY29tJnVzZXJpZD1qc29sb21vbjE5MTFAaG90bWFpbC5jb20mZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&131&&&http://www.sba.gov/healthcare" href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTMwODE1LjIyMDM3OTgxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDEzMDgxNS4yMjAzNzk4MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODkxNTM0JmVtYWlsaWQ9anNvbG9tb24xOTExQGhvdG1haWwuY29tJnVzZXJpZD1qc29sb21vbjE5MTFAaG90bWFpbC5jb20mZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&131&&&http://www.sba.gov/healthcare" target="_blank" title="">Small Business Administration</a>, the IRS has issued a new Web-based flyer - Healthcare Law Online Resources (<a data-mce-href="http://links.govdelivery.com:80/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTMwODE1LjIyMDM3OTgxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDEzMDgxNS4yMjAzNzk4MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODkxNTM0JmVtYWlsaWQ9anNvbG9tb24xOTExQGhvdG1haWwuY29tJnVzZXJpZD1qc29sb21vbjE5MTFAaG90bWFpbC5jb20mZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&132&&&http://www.irs.gov/pub/irs-pdf/p5093.pdf" href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTMwODE1LjIyMDM3OTgxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDEzMDgxNS4yMjAzNzk4MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODkxNTM0JmVtYWlsaWQ9anNvbG9tb24xOTExQGhvdG1haWwuY29tJnVzZXJpZD1qc29sb21vbjE5MTFAaG90bWFpbC5jb20mZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&132&&&http://www.irs.gov/pub/irs-pdf/p5093.pdf" target="_blank" title="">Publication 5093</a>).<br />
<br />
Visit <a data-mce-href="http://links.govdelivery.com:80/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTMwODE1LjIyMDM3OTgxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDEzMDgxNS4yMjAzNzk4MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODkxNTM0JmVtYWlsaWQ9anNvbG9tb24xOTExQGhvdG1haWwuY29tJnVzZXJpZD1qc29sb21vbjE5MTFAaG90bWFpbC5jb20mZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&128&&&http://www.irs.gov/uac/Affordable-Care-Act-Tax-Provisions-Home" href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTMwODE1LjIyMDM3OTgxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDEzMDgxNS4yMjAzNzk4MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODkxNTM0JmVtYWlsaWQ9anNvbG9tb24xOTExQGhvdG1haWwuY29tJnVzZXJpZD1qc29sb21vbjE5MTFAaG90bWFpbC5jb20mZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&128&&&http://www.irs.gov/uac/Affordable-Care-Act-Tax-Provisions-Home" target="_blank" title="">IRS.gov/aca</a> for more information regarding the tax provisions of the Affordable Care Act.<br />
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<strong>IT'S COMING......</strong><br />
<a data-mce-href="http://thetaxfactor.com/wp-content/uploads/2013/03/Journey.jpg" href="http://thetaxfactor.com/wp-content/uploads/2013/03/Journey.jpg"><img alt="Available on Itunes®" class="alignleft size-full wp-image-1052" data-mce-src="http://thetaxfactor.com/wp-content/uploads/2013/03/Journey.jpg" height="170" src="http://thetaxfactor.com/wp-content/uploads/2013/03/Journey.jpg" width="105" /></a>Jamaal Solomon, EAhttp://www.blogger.com/profile/08819660786376120265noreply@blogger.com2tag:blogger.com,1999:blog-639217200590679421.post-86658011697325562762013-08-20T11:00:00.000-04:002013-08-20T11:00:05.757-04:00Back-to-School Tax Tips for Students and Parents<h2>
<a data-mce-href="http://thetaxfactor.com/wp-content/uploads/2013/04/Photo-6.jpg" href="http://thetaxfactor.com/wp-content/uploads/2013/04/Photo-6.jpg"><img alt="Photo-6" class="size-medium wp-image-309 aligncenter" data-mce-src="http://thetaxfactor.com/wp-content/uploads/2013/04/Photo-6-300x210.jpg" height="210" src="http://thetaxfactor.com/wp-content/uploads/2013/04/Photo-6-300x210.jpg" width="300" /></a></h2>
<h4>
Here is a word from the Goodfellas at the IRS:</h4>
<h4>
IRS Summertime Tax Tip 2013-19</h4>
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Going to college can be a stressful time for students and parents. The IRS offers these tips about education tax benefits that can help offset some college costs and maybe relieve some of that stress.<br />
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• <strong>American Opportunity Tax Credit. </strong>This credit can be up to $2,500 per eligible student. The AOTC is available for the first four years of post secondary education. Forty percent of the credit is refundable. That means that you may be able to receive up to $1,000 of the credit as a refund, even if you don’t owe any taxes. Qualified expenses include tuition and fees, course related books, supplies and equipment. A recent law extended the AOTC through the end of Dec. 2017.<br />
<br />
• <strong>Lifetime Learning Credit. </strong> With the LLC, you may be able to claim up to $2,000 for qualified education expenses on your federal tax return. There is no limit on the number of years you can claim this credit for an eligible student.<br />
<br />
You can claim only one type of education credit per student on your federal tax return each year. If you pay college expenses for more than one student in the same year, you can claim credits on a per-student, per-year basis. For example, you can claim the AOTC for one student and the LLC for the other student.<br />
<br />
You can use the IRS’s Interactive Tax Assistant tool to help determine if you’re eligible for these credits. The tool is available at IRS.gov.<br />
<br />
• <strong>Student loan interest deduction. </strong> Other than home mortgage interest, you generally can’t deduct the interest you pay. However, you may be able to deduct interest you pay on a qualified student loan. The deduction can reduce your taxable income by up to $2,500. You don’t need to itemize deductions to claim it.<br />
<br />
These education benefits are subject to income limitations and may be reduced or eliminated depending on your income.<br />
<br />
For more information, visit the Tax Benefits for Education Information Center at IRS.gov. Also, check Publication 970, Tax Benefits for Education. The booklet’s also available at IRS.gov or by calling 800-TAX-FORM (800-829-3676).<br />
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<strong>IT'S COMING......</strong><br />
<a data-mce-href="http://thetaxfactor.com/wp-content/uploads/2013/03/Journey.jpg" href="http://thetaxfactor.com/wp-content/uploads/2013/03/Journey.jpg"><img alt="Available on Itunes®" class="alignleft size-thumbnail wp-image-1052" data-mce-src="http://thetaxfactor.com/wp-content/uploads/2013/03/Journey-105x150.jpg" height="154" src="http://thetaxfactor.com/wp-content/uploads/2013/03/Journey-105x150.jpg" width="105" /></a>Jamaal Solomon, EAhttp://www.blogger.com/profile/08819660786376120265noreply@blogger.com0tag:blogger.com,1999:blog-639217200590679421.post-7368557932600396312013-08-19T11:00:00.000-04:002013-08-19T11:00:06.935-04:00Confessions of A Mad Tax Accountant #5: Arrogance of Some (Not All) Old Tax Accountants (30+ years)<h3>
<a data-mce-href="http://thetaxfactor.com/wp-content/uploads/2013/08/TaxGuy_Logo_BlueBG_V2.jpg" href="http://thetaxfactor.com/wp-content/uploads/2013/08/TaxGuy_Logo_BlueBG_V2.jpg"><img alt="TaxGuy_Logo_BlueBG_V2" class="aligncenter size-medium wp-image-1041" data-mce-src="http://thetaxfactor.com/wp-content/uploads/2013/08/TaxGuy_Logo_BlueBG_V2-300x300.jpg" height="300" src="http://thetaxfactor.com/wp-content/uploads/2013/08/TaxGuy_Logo_BlueBG_V2-300x300.jpg" width="300" /></a></h3>
<h4 data-mce-style="text-align: center;" style="text-align: center;">
“Share your knowledge. It is a way to achieve immortality.”<br /> ― Dalai Lama XIV</h4>
<br />
I'm the type of individual that respects his elders. Why reinvent the wheel when you can learn so much from the past? I absolutely enjoy picking "seasoned" professionals' brains. However, there have been many of times that I got either flat out rejected or even worse disrespected by some older tax accountants (30 + years experience). Let it be known that I asked for strictly advice and not charity. I didn't approach these individuals looking for clients, jobs or money. To be brutally honest, we all know that the world isn't perfect. I do believe that some bad encounters happened due to my race, gender and age. Some people will never like me no matter what I do. I'm not trying to doubters into believers because my life is too short.<br />
<br />
I never will forget when I attend a tax organization meeting (I will not drop names) and I was the youngest attendees by decades. The meeting only had about fifteen attendees. I don't know whether I had a bad odor or somrthing but my attempts to communicate with some attendee were met with cold silence. Imagine trying to talk to someone and they don't respond. Trust me when I say that I'm not lying or joking about this experience! Another time, I approached an older tax accountant and he started to talk about himself (maybe he was crazy) and left me. I mean dude literally didn't hear a word I said and left within two minutes (without even saying that he was leaving our conversation). Another older tax accountant tried to sell me something instead of listening to me. Some older accountants don't return emails I sent requesting advice. I have many other moments that I'm not proud to experience.<br />
<br />
No need to throw a pity party for me. I don't let bad encounters discourage my quest for knowledge. In fact, I have met many great "seasoned" tax professionals. I don't like dropping names but these individuals shared great advice with me. Some relationships started by simply asking for advice via email. My advice to young tax professional is not to be shy. Young professionals MUST seek advice from "seasoned" tax professionals. You will meet some jerks but hey that's life! You have to keep on striving for excellence. My advice to "seasoned" tax professionals is don't be greedy. "Seasoned" professionals MUST share their knowledge. I'm pretty sure someone helped them along their journey. Now is their time to help tax professionals like myself to carry the torch. Don't view all young tax professionals as people that are trying to steal your titles or clients.<br />
<br />
Next Confessions: "Arrogance of Some Young Tax Professionals." I'm going to really get myself into trouble after this confession!<br />
<br />
<strong>IT'S COMING......</strong><br />
<a data-mce-href="http://thetaxfactor.com/wp-content/uploads/2013/03/Journey.jpg" href="http://thetaxfactor.com/wp-content/uploads/2013/03/Journey.jpg"><img alt="Available on Itunes®" class="alignleft size-thumbnail wp-image-1052" data-mce-src="http://thetaxfactor.com/wp-content/uploads/2013/03/Journey-105x150.jpg" height="150" src="http://thetaxfactor.com/wp-content/uploads/2013/03/Journey-105x150.jpg" width="105" /></a>Jamaal Solomon, EAhttp://www.blogger.com/profile/08819660786376120265noreply@blogger.com0tag:blogger.com,1999:blog-639217200590679421.post-30298181155786420112013-08-14T12:00:00.000-04:002013-08-14T12:00:02.669-04:00Ten Cool Reasons to Visit IRS.gov in Español This Summer<div style="-webkit-text-stroke-width: 0px; color: #333333; font-size-adjust: none; font-stretch: normal; font: 13px/19px Georgia, "Times New Roman", "Bitstream Charter", Times, serif; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
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<strong>Here is a word from the Goodfellas at IRS:</strong></div>
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IRS Summertime Tax Tip 2013-17</h3>
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Tax information can be difficult to understand in any language. It can be even more difficult if English is not your first language. The IRS provides a wide range of free products and services on its Spanish language web pages. Visit IRS.gov/espanol to get federal tax help in Spanish.</div>
<div style="-webkit-text-stroke-width: 0px; color: #333333; font-size-adjust: none; font-stretch: normal; font: 13px/19px Georgia, "Times New Roman", "Bitstream Charter", Times, serif; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
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Here are ten features “en Español” you can find this summer:</div>
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<strong>1. Get answers 24 hours a day, seven days a week.</strong> <span class="Apple-converted-space"> </span><a data-mce-href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTMwODA5LjIxODc4MTUxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDEzMDgwOS4yMTg3ODE1MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODg5MDM5JmVtYWlsaWQ9anNvbG9tb24xOTExQGhvdG1haWwuY29tJnVzZXJpZD1qc29sb21vbjE5MTFAaG90bWFpbC5jb20mZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&128&&&http://www.irs.gov/Spanish" href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTMwODA5LjIxODc4MTUxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDEzMDgwOS4yMTg3ODE1MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODg5MDM5JmVtYWlsaWQ9anNvbG9tb24xOTExQGhvdG1haWwuY29tJnVzZXJpZD1qc29sb21vbjE5MTFAaG90bWFpbC5jb20mZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&128&&&http://www.irs.gov/Spanish" target="_blank">IRS.gov/espanol</a><span class="Apple-converted-space"> </span>is available all day, every day for individuals and businesses. Find answers to many questions such as:</div>
<div style="-webkit-text-stroke-width: 0px; color: #333333; font-size-adjust: none; font-stretch: normal; font: 13px/19px Georgia, "Times New Roman", "Bitstream Charter", Times, serif; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
• Do I have to file a tax return?</div>
<div style="-webkit-text-stroke-width: 0px; color: #333333; font-size-adjust: none; font-stretch: normal; font: 13px/19px Georgia, "Times New Roman", "Bitstream Charter", Times, serif; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
• What credits or deductions am I eligible to take on my tax return?</div>
<div style="-webkit-text-stroke-width: 0px; color: #333333; font-size-adjust: none; font-stretch: normal; font: 13px/19px Georgia, "Times New Roman", "Bitstream Charter", Times, serif; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
• Where can I get free tax help to complete my tax return?</div>
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<strong>2. Get tax forms and publications. </strong><span class="Apple-converted-space"> </span>View and download several<span class="Apple-converted-space"> </span><a data-mce-href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTMwODA5LjIxODc4MTUxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDEzMDgwOS4yMTg3ODE1MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODg5MDM5JmVtYWlsaWQ9anNvbG9tb24xOTExQGhvdG1haWwuY29tJnVzZXJpZD1qc29sb21vbjE5MTFAaG90bWFpbC5jb20mZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&129&&&http://www.irs.gov/Spanish/Formularios-y-Publicaciones" href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTMwODA5LjIxODc4MTUxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDEzMDgwOS4yMTg3ODE1MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODg5MDM5JmVtYWlsaWQ9anNvbG9tb24xOTExQGhvdG1haWwuY29tJnVzZXJpZD1qc29sb21vbjE5MTFAaG90bWFpbC5jb20mZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&129&&&http://www.irs.gov/Spanish/Formularios-y-Publicaciones" target="_blank">tax forms and publications</a><span class="Apple-converted-space"> </span>in Spanish directly from IRS.gov/espanol.</div>
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<strong>3. E-file your federal tax return.</strong> E-file your 2012 federal income tax return from the comfort of your own home through Oct. 15, 2013. Available in English or<span class="Apple-converted-space"> </span><a data-mce-href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTMwODA5LjIxODc4MTUxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDEzMDgwOS4yMTg3ODE1MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODg5MDM5JmVtYWlsaWQ9anNvbG9tb24xOTExQGhvdG1haWwuY29tJnVzZXJpZD1qc29sb21vbjE5MTFAaG90bWFpbC5jb20mZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&130&&&http://www.irs.gov/Spanish/Informaci%C3%B3n-sobre-el-servicio-e-file-del-IRS" href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTMwODA5LjIxODc4MTUxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDEzMDgwOS4yMTg3ODE1MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODg5MDM5JmVtYWlsaWQ9anNvbG9tb24xOTExQGhvdG1haWwuY29tJnVzZXJpZD1qc29sb21vbjE5MTFAaG90bWFpbC5jb20mZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&130&&&http://www.irs.gov/Spanish/Informaci%C3%B3n-sobre-el-servicio-e-file-del-IRS" target="_blank">Spanish</a>, IRS e-file is fast, easy and safe. There are free e-file options for everyone.</div>
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<strong>4. Check the status of your tax refund.</strong> Check the status of your refund through the online tool “<a data-mce-href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTMwODA5LjIxODc4MTUxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDEzMDgwOS4yMTg3ODE1MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODg5MDM5JmVtYWlsaWQ9anNvbG9tb24xOTExQGhvdG1haWwuY29tJnVzZXJpZD1qc29sb21vbjE5MTFAaG90bWFpbC5jb20mZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&131&&&http://www.irs.gov/Spanish/P%C3%A1gina-Principal-%C2%BFD%C3%B3nde-est%C3%A1-mi-reembolso?" href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTMwODA5LjIxODc4MTUxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDEzMDgwOS4yMTg3ODE1MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODg5MDM5JmVtYWlsaWQ9anNvbG9tb24xOTExQGhvdG1haWwuY29tJnVzZXJpZD1qc29sb21vbjE5MTFAaG90bWFpbC5jb20mZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&131&&&http://www.irs.gov/Spanish/P%C3%A1gina-Principal-%C2%BFD%C3%B3nde-est%C3%A1-mi-reembolso?" target="_blank">¿Dónde está mi reembolso?</a>” on our secure website.</div>
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<strong>5. Find out if you qualify for the Earned Income Tax Credit. </strong><span class="Apple-converted-space"> </span>EITC is a refundable tax credit for people who work but don’t earn a lot of income. Use “<a data-mce-href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTMwODA5LjIxODc4MTUxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDEzMDgwOS4yMTg3ODE1MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODg5MDM5JmVtYWlsaWQ9anNvbG9tb24xOTExQGhvdG1haWwuY29tJnVzZXJpZD1qc29sb21vbjE5MTFAaG90bWFpbC5jb20mZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&132&&&http://www.irs.gov/Spanish/Cr%C3%A9dito-por-Ingreso-del-Trabajo-%28EITC%29-%C2%BFDebo-Reclamarlo?" href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTMwODA5LjIxODc4MTUxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDEzMDgwOS4yMTg3ODE1MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODg5MDM5JmVtYWlsaWQ9anNvbG9tb24xOTExQGhvdG1haWwuY29tJnVzZXJpZD1qc29sb21vbjE5MTFAaG90bWFpbC5jb20mZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&132&&&http://www.irs.gov/Spanish/Cr%C3%A9dito-por-Ingreso-del-Trabajo-%28EITC%29-%C2%BFDebo-Reclamarlo?" target="_blank">Asistente EITC</a>” to find out if you’re eligible for this valuable tax credit.</div>
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<strong>6. Get help in difficult financial times.</strong> The loss of a job, taking part in a debt forgiveness program or tapping into a retirement fund can affect your taxes. Find out what you need to know by visiting “<a data-mce-href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTMwODA5LjIxODc4MTUxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDEzMDgwOS4yMTg3ODE1MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODg5MDM5JmVtYWlsaWQ9anNvbG9tb24xOTExQGhvdG1haWwuY29tJnVzZXJpZD1qc29sb21vbjE5MTFAaG90bWFpbC5jb20mZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&133&&&http://www.irs.gov/Spanish/Centro-Tributario-para-Asistir-a-Contribuyentes-Desempleados" href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTMwODA5LjIxODc4MTUxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDEzMDgwOS4yMTg3ODE1MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODg5MDM5JmVtYWlsaWQ9anNvbG9tb24xOTExQGhvdG1haWwuY29tJnVzZXJpZD1qc29sb21vbjE5MTFAaG90bWFpbC5jb20mZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&133&&&http://www.irs.gov/Spanish/Centro-Tributario-para-Asistir-a-Contribuyentes-Desempleados" target="_blank">Centro Tributario para Asistir a Contribuyentes Desempleados</a>.” You can also type the keywords “<a data-mce-href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTMwODA5LjIxODc4MTUxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDEzMDgwOS4yMTg3ODE1MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODg5MDM5JmVtYWlsaWQ9anNvbG9tb24xOTExQGhvdG1haWwuY29tJnVzZXJpZD1qc29sb21vbjE5MTFAaG90bWFpbC5jb20mZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&134&&&http://www.irs.gov/Spanish/Los-%E2%80%9CQu%C3%A9-pasa-si%E2%80%A6%E2%80%9D-de-un-Declive-Econ%C3%B3mico" href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTMwODA5LjIxODc4MTUxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDEzMDgwOS4yMTg3ODE1MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODg5MDM5JmVtYWlsaWQ9anNvbG9tb24xOTExQGhvdG1haWwuY29tJnVzZXJpZD1qc29sb21vbjE5MTFAaG90bWFpbC5jb20mZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&134&&&http://www.irs.gov/Spanish/Los-%E2%80%9CQu%C3%A9-pasa-si%E2%80%A6%E2%80%9D-de-un-Declive-Econ%C3%B3mico" target="_blank">Qué pasa si</a>” into the search box.</div>
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<strong>7. Get updated information on new tax laws.</strong> You can get the most up-to-date information on tax law changes that may apply to you or your business on the IRS.gov website. Just type “<a data-mce-href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTMwODA5LjIxODc4MTUxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDEzMDgwOS4yMTg3ODE1MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODg5MDM5JmVtYWlsaWQ9anNvbG9tb24xOTExQGhvdG1haWwuY29tJnVzZXJpZD1qc29sb21vbjE5MTFAaG90bWFpbC5jb20mZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&135&&&http://www.irs.gov/uac/Newsroom/Noticias-en-Espa%C3%B1ol" href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTMwODA5LjIxODc4MTUxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDEzMDgwOS4yMTg3ODE1MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODg5MDM5JmVtYWlsaWQ9anNvbG9tb24xOTExQGhvdG1haWwuY29tJnVzZXJpZD1qc29sb21vbjE5MTFAaG90bWFpbC5jb20mZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&135&&&http://www.irs.gov/uac/Newsroom/Noticias-en-Espa%C3%B1ol" target="_blank">Noticias en Español</a>” in the search box.</div>
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<strong>8. Get up to date at the Multimedia Center. </strong><span class="Apple-converted-space"> </span>Video tax tips and audio podcasts on various IRS topics are available in English and Spanish. Search using the keywords “<a data-mce-href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTMwODA5LjIxODc4MTUxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDEzMDgwOS4yMTg3ODE1MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODg5MDM5JmVtYWlsaWQ9anNvbG9tb24xOTExQGhvdG1haWwuY29tJnVzZXJpZD1qc29sb21vbjE5MTFAaG90bWFpbC5jb20mZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&136&&&http://www.irs.gov/uac/Newsroom/Centro-Multimedi%C3%A1tico" href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTMwODA5LjIxODc4MTUxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDEzMDgwOS4yMTg3ODE1MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODg5MDM5JmVtYWlsaWQ9anNvbG9tb24xOTExQGhvdG1haWwuY29tJnVzZXJpZD1qc29sb21vbjE5MTFAaG90bWFpbC5jb20mZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&136&&&http://www.irs.gov/uac/Newsroom/Centro-Multimedi%C3%A1tico" target="_blank">Centro Multimediático</a>.”</div>
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<strong>9. Follow IRS on Twitter.</strong> Connect with IRS through social media to get the latest IRS tax news and information “en español” through Twitter<span class="Apple-converted-space"> </span><a data-mce-href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTMwODA5LjIxODc4MTUxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDEzMDgwOS4yMTg3ODE1MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODg5MDM5JmVtYWlsaWQ9anNvbG9tb24xOTExQGhvdG1haWwuY29tJnVzZXJpZD1qc29sb21vbjE5MTFAaG90bWFpbC5jb20mZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&137&&&https://twitter.com/irsenespanol" href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTMwODA5LjIxODc4MTUxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDEzMDgwOS4yMTg3ODE1MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODg5MDM5JmVtYWlsaWQ9anNvbG9tb24xOTExQGhvdG1haWwuY29tJnVzZXJpZD1qc29sb21vbjE5MTFAaG90bWFpbC5jb20mZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&137&&&https://twitter.com/irsenespanol" target="_blank">@IRSenEspanol</a>.</div>
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<strong>10. Order a transcript of your tax returns.</strong> <span class="Apple-converted-space"> </span><a data-mce-href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTMwODA5LjIxODc4MTUxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDEzMDgwOS4yMTg3ODE1MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODg5MDM5JmVtYWlsaWQ9anNvbG9tb24xOTExQGhvdG1haWwuY29tJnVzZXJpZD1qc29sb21vbjE5MTFAaG90bWFpbC5jb20mZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&138&&&http://www.irs.gov/Spanish/Ordenar-Transcripci%C3%B3n" href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTMwODA5LjIxODc4MTUxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDEzMDgwOS4yMTg3ODE1MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODg5MDM5JmVtYWlsaWQ9anNvbG9tb24xOTExQGhvdG1haWwuY29tJnVzZXJpZD1qc29sb21vbjE5MTFAaG90bWFpbC5jb20mZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&138&&&http://www.irs.gov/Spanish/Ordenar-Transcripci%C3%B3n" target="_blank">Order free transcripts en Español</a><span class="Apple-converted-space"> </span>online and get them within 5 to 10 business days.</div>
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The official IRS website address is IRS.gov. Don’t be fooled by sites that end in .com, .net, .org or other designations other than .gov.</div>
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<br data-mce-bogus="1" style="line-height: inherit; margin-top: inherit;" /><strong>Visit the new and improved Tax Factor blog @ </strong><a href="http://www.thetaxfactor.com/"><strong>www.thetaxfactor.com</strong></a></div>
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<strong>IT'S COMING......</strong></div>
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Jamaal Solomon, EAhttp://www.blogger.com/profile/08819660786376120265noreply@blogger.com1tag:blogger.com,1999:blog-639217200590679421.post-63389608450162857792013-08-12T12:00:00.000-04:002013-08-12T12:00:08.126-04:00Confessions of a Mad Tax Accountant #4: Receiving CPE Offers<div style="-webkit-text-stroke-width: 0px; color: #333333; font-size-adjust: none; font-stretch: normal; font: 13px/19px Georgia, "Times New Roman", "Bitstream Charter", Times, serif; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
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C - Continuing</h2>
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P - Professional</h2>
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E - Education</h2>
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“The more I live, the more I learn. The more I learn, the more I realize, the less I know.”<br />― <a data-mce-href="http://www.goodreads.com/author/show/924246.Michel_Legrand" href="http://www.goodreads.com/author/show/924246.Michel_Legrand">Michel Legrand</a></div>
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Education is in my blood. My father was a principal and my mom was a day care director. In fact, I moonlight as an adjunct professor at a local college. I'm a strong believer in the importance of Continuing Professional Education (CPE). As an Enrolled Agent, I must obtain 72 hours of CPE every three years. I have no problem with the 72 hour requirement. However, I do have a problem with the tons of email I receive from CPE providers. Who is selling my information? How did these companies get my email address? Most people get spam mail about an inheritance scam or Viagra pills but people like myself get spam about CPE!</div>
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Honestly, I probably only used three online CPE providers. I like to stick with companies that I already trust. I'm not saying that other companies are scam artists. I just don't want to be bother with all of these offers. I find myself always unsubscribing from a mailing list that I never signed up for in the first place! My advice would be to just stick with two CPE providers. Life is already too complex to deal with more than two CPE providers.</div>
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I won't offer any recommendations about which CPE provider to chose. I believe that your CPE provider should be chosen based on your personal preference. For example, I only use CPE providers who have websites that don't look like they are stuck in the 90s (or early 2000s). This is my personal preference and I'm not saying everyone should follow it.</div>
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If you are the one selling my information to CPE providers.....shame on you!</div>
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<strong>Next confession: Arrogance of Some (Not All) Old Accountants (30+ years)</strong></div>
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<strong>Check out the new and improved The Tax Factor blog @ </strong><a href="http://www.thetaxfactor.com/"><strong>www.thetaxfactor.com</strong></a></div>
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<strong>IT'S COMING.......</strong></div>
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Jamaal Solomon, EAhttp://www.blogger.com/profile/08819660786376120265noreply@blogger.com0tag:blogger.com,1999:blog-639217200590679421.post-19151020669014973672013-08-09T16:22:00.000-04:002013-08-09T16:22:18.333-04:00Top Tax News Story: IRS Postpones August Furlough Day - Forbes<h3 class="title">
<a href="http://www.forbes.com/sites/kellyphillipserb/2013/08/09/irs-postpones-august-furlough-day" target="_blank" title_="IRS Postpones August Furlough Day - Forbes">IRS Postpones August Furlough Day - Forbes</a></h3>
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<span class="snippet">Danny Werfel, acting IRS Commissioner, has announced that the planned August 30, 2013, furlough day has been postponed.</span><a class="more" href="http://www.forbes.com/sites/kellyphillipserb/2013/08/09/irs-postpones-august-furlough-day" target="_blank" title="Read the complete text">Read Article ></a></div>
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Jamaal Solomon, EAhttp://www.blogger.com/profile/08819660786376120265noreply@blogger.com0tag:blogger.com,1999:blog-639217200590679421.post-35459627035103318812013-08-09T13:42:00.000-04:002013-08-09T13:42:11.428-04:00Confessions of a Mad Tax Accountant #3: Dealing With The IRS<span style="color: #333333; font-family: Georgia;"><div style="-webkit-text-stroke-width: 0px; color: #333333; font-size-adjust: none; font-stretch: normal; font: 13px/19px Georgia, "Times New Roman", "Bitstream Charter", Times, serif; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
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"Behind every successful man stands a woman and the IRS. One takes the credit, and the other takes the cash."</div>
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For the most part, I have no problems with the IRS. I have to protect my clients against the IRS so I consider the IRS my fierce rival. For me to say that I like the IRS would be similar to Tom Brady saying that he likes Peyton Manning during the fourth quarter of the Super Bowl. I respect the IRS but I come to win when I'm dealing with them. I don't hate the IRS but I hate some things about dealing with them. Here are some things that drive me crazy about dealing with the IRS:</div>
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<li><span data-mce-style="line-height: 13px;" style="line-height: 13px;">Not being able to communicate with the IRS via email is insane! Faxing, mailing and calling is so the 80s. The IRS has to find a way to act like it is the year 2013. A lot of time spent on my IRS cases could have been reduced in half, if I was able to email correspondences.</span></li>
<li>Calling the IRS toll-free number is like being stuck in rush hour traffic in CHINA! There has been times that I waited over an hour to get an operator. Don't even try to call the IRS in March or April. One time, I called the IRS and went to lunch. I was still on hold when I came back from lunch.</li>
<li>Waiting for tax-exemption status approval is longer than a full season of professional baseball. I have completed many tax-exemption applications (Form 1023). The average completion time is around six months. It only takes me about a week to complete the application. However, the IRS is so understaffed that it takes forever for them to review your application. During the waiting period, I have to calm my clients down at least four times.</li>
<li>Dealing with a overworked IRS employee is like dealing with an ex-girlfriend who hates you for no reason. Some IRS agents are just plain old nasty. It is not my fault that Congress didn't approve the IRS budget so stop being mad at me for your workload!</li>
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Despite this list, I have learned that you should always treat the IRS with respect. Even if the IRS agent is Satan himself, you must treat them with respect. Don't get respect confused with fear. If you are "on-point" with your case, you have nothing to fear.</div>
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Next confession: Receiving CPE offer emails</div>
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<strong>Visit the new and improved The Tax Factor blog @ </strong><a href="http://www.thetaxfactor.com/"><strong>www.thetaxfactor.com</strong></a></div>
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<strong>THE WORLD'S FIRST TAX ADVICE LOVE STORY TRILOGY IS COMING......</strong></div>
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</span><br />Jamaal Solomon, EAhttp://www.blogger.com/profile/08819660786376120265noreply@blogger.com0tag:blogger.com,1999:blog-639217200590679421.post-70577126527417937622013-07-30T12:00:00.000-04:002013-07-30T12:00:04.264-04:00Tax Preparers' Hall of Shame: It's a Family Affair<div style="-webkit-text-stroke-width: 0px; color: #333333; font-size-adjust: none; font-stretch: normal; font: 13px/19px Georgia, "Times New Roman", "Bitstream Charter", Times, serif; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
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The New Inductee to the Tax Preparers' Hall of Shame goes to a..........FAMILY!!!!</div>
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YES, A FAMILY!!!!</div>
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In Brownsville, Texas, Judy Lynn McCune, Loretta Ann McCune and Rania Ann Sanchez have been sent to prison for conspiring to defraud the federal government by preparing federal returns and cashing refund checks in the name of deceased individuals. The three women entered guilty pleas in April.</div>
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Judy received a sentence of 57 months, Loretta Ann 20 months and Sanchez 24 months in prison. Restitution of $223,098 was also ordered paid to the IRS, and the women will be required to serve three years of supervised release following completion of their prison terms.</div>
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McCune admitted that she recruited members of her family, including her mother, Loretta Ann McCune, and her sister, Sanchez, into the scheme.</div>
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The story gets real crazy. Read more about this story by visiting to <a href="http://www.accountingtoday.com/">www.accountingtoday.com</a>.</div>
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Well, I wouldn't want to attend the next McCune family reunion. This should be a lesson to not let bad relatives bring you down. Just because they are family, doesn't make them right! Keep it clean folks!<br />
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Visit the new and improved Tax Factor blog: <a href="http://www.thetaxfactor.com/">www.thetaxfactor.com</a></div>
Jamaal Solomon, EAhttp://www.blogger.com/profile/08819660786376120265noreply@blogger.com0tag:blogger.com,1999:blog-639217200590679421.post-45604440351521776572013-07-29T12:00:00.000-04:002013-07-29T12:00:09.677-04:00Confessions of a Mad Tax Accountant #2: Dealing With Bum Clients<div style="-webkit-text-stroke-width: 0px; color: #333333; font-size-adjust: none; font-stretch: normal; font: 13px/19px Georgia, "Times New Roman", "Bitstream Charter", Times, serif; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
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"Every client you keep, is one less that you need to find." -<i>Nigel Sanders</i></div>
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I agree with Mr. Sanders' quote but only to a certain point. Some clients are just not worth the headache.</div>
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My parents taught me that "hate" is a strong word. I rarely use the word "hate" because hating is bad for your health. Therefore, when I say that I hate bum clients, it's a real feeling. Luckily, most of the clients that I dealt with in the past and present are great individuals. However, it is always that rare one percent of clients that were bums. As an entrepreneur, there is nothing worst than dealing with a disrespectful clients. These bum clients can ruin a nice summer day. I will only give "bum" clients two chances to prove that I should keep them as clients. In some cases, two chances may be too much. Here are some reasons a "bum" client won't make it to the second chance:</div>
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<li><span data-mce-style="line-height: 13px;" style="line-height: 13px;">I can't keep clients that wanted everything done yesterday but you have to chase them down for your fees. I have no problem dealing with urgent situations but it is so disrespectful when the client decides to disappear when it is time to pay. All of sudden, your calls are not being returned like you are a ex-boyfriend!</span></li>
<li>I can't keep clients that want a deep discount but you have to do double the amount of work. Even worse, they won't even give you referrals for your great service! I have performed deep discount services and almost always get burnt in the end. I don't know how I always fall for it. The clients comes to me very humble and appreciative. However when the work is done, it is almost like they forget how I helped them in a tight situation. Some bum clients even try to repeat the same action like nothing happened in the past. This can only happen to me once then it is "good bye!"</li>
<li>I can't keep clients that think taxes are easy. These clients come into your office with an arrogant attitude. It is almost like they think that they are doing you a favor by coming to your office. Telling me that "taxes are easy" is a big slap in my face and my fellow tax professionals. I will not allow someone to disrespect my profession. If taxes are so easy then the client should save their money and complete their own taxes.</li>
<li>I can't keep clients that will disregard the law because their friend got away with the proposed scam. These type of clients will only help you lose your professional license. When they get into trouble, they will blame everything on you. Don't fall victim to these bum clients.</li>
<li>I can't keep clients that get mad at me for owing the government money. It is not my fault that they withheld too little taxes from their paycheck. I'm not dumb, most of these type of clients know exactly why they owe money. How can you claim six exemptions on your paycheck when you are single with no kids?</li>
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There is nothing wrong with firing bum clients. Life is too and complex to deal with them! Firing bum clients will give you more time to concentrate on your valuable clients.</div>
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Great article on how to fire bad clients: <a data-mce-href="http://sixrevisions.com/project-management/how-to-fire-bad-clients/" href="http://sixrevisions.com/project-management/how-to-fire-bad-clients/" title="How to fire a bad client">http://sixrevisions.com/project-management/how-to-fire-bad-clients/</a></div>
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Next confession: Dealing with the IRS</div>
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Visit the new and improved Tax Factor blog: <a href="http://www.thetaxfactor.com/">www.thetaxfactor.com</a></div>
Jamaal Solomon, EAhttp://www.blogger.com/profile/08819660786376120265noreply@blogger.com4tag:blogger.com,1999:blog-639217200590679421.post-59791284876937589932013-07-26T10:00:00.000-04:002013-07-26T10:00:01.719-04:00Confessions of a Mad Tax Accountant #1: Earned Income Tax Credit<span style="color: #333333; font-family: Georgia;"></span><div style="-webkit-text-stroke-width: 0px; color: #333333; font-size-adjust: none; font-stretch: normal; font: 13px/19px Georgia, "Times New Roman", "Bitstream Charter", Times, serif; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
<span style="color: #333333; font-family: Georgia;"><a data-mce-href="http://thetaxfactor.com/wp-content/uploads/2013/07/honesty.jpg" href="http://thetaxfactor.com/wp-content/uploads/2013/07/honesty.jpg"><img alt="honesty" class="aligncenter size-full wp-image-1002" data-mce-src="http://thetaxfactor.com/wp-content/uploads/2013/07/honesty.jpg" height="159" src="http://thetaxfactor.com/wp-content/uploads/2013/07/honesty.jpg" style="border: 0px currentColor; cursor: default; display: block; margin-left: auto; margin-right: auto;" width="318" /></a></span></div>
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If you are easily offended then here is your chance to stop reading this post. Confessions of a Mad Tax Accountant will not be politically correct. I will write about what most tax accountants will be too scared to say or write. The first confession will be dealing with some Earned Income Tax Credit clients.</div>
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Technically, the earned income tax credit (EITC) is is a tax credit to help you keep more of what you earned. It is a refundable federal income tax credit for low to moderate income working individuals and families. Congress originally approved the tax credit legislation in 1975 in part to offset the burden of social security taxes and to provide an incentive to work. When EITC exceeds the amount of taxes owed, it results in a tax refund to those who claim and qualify for the credit.</div>
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Trust me when I say that I'm nowhere close to be considered upper-middle class. I'm barely making the middle class income level. I understand that for some families, the EITC is needed and respected. However, I dealt with a great amount of people that think receiving the EITC is a bonus for being "poor." There was a two-year period in my career that I worked for someone that dealt with a lot of EITC clients. What I learned during this period shocked the crap out of me. I promised myself to never market my services to EITC clients UNLESS they meet the following standards:</div>
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<li><span data-mce-style="line-height: 13px;" style="line-height: 13px;">If you are dressed with $200 shoes, $300 sweaters, and $150 pair of jeans, then don't inquire about the EITC. Find someone else to do your tax returns.</span></li>
<li>If you tell me that the EITC will pay for your Vegas vacation, then I'm not your tax accountant or travel agent. This tax credit is not play money.</li>
<li>If you want me to make up a fake business so that you can qualify for the EITC, then you are disrespecting me by thinking your small fee is worth losing my license. Have a good day sir!</li>
<li>If you are going to quit your job because the EITC is enough to cover your entertainment expenses for the next couple of months then I will not aid your plan to scheme the government.</li>
<li>If you are claiming a child but don't know the basic information like the child's birth date and middle name, then stop being a dead beat parent and handle your responsibilities. Get out of my office before I decide to report you to child services!</li>
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You may think my standards are harsh or unrealistic. It is all good, maybe this is way I'm broke (lol)! However, I experienced crazy situations that you won't believe me even if I told you. I been cursed out for refusing to scam the government many of times. I promised myself to never lower my standards EVER. No client will be worth me going to jail. I'm too damn skinny to survive life in jail! I will not reject my moral for a little $100 preparation fee. Maybe some other tax professionals should show some morals too.</div>
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I will write about nine other confessions. Next confession will deal with bum clients! Stay tuned!<br />
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Visit the new and improved Tax Factor blog: <a href="http://www.thetaxfactor.com/">www.thetaxfactor.com</a></div>
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</span><br />Jamaal Solomon, EAhttp://www.blogger.com/profile/08819660786376120265noreply@blogger.com8tag:blogger.com,1999:blog-639217200590679421.post-41664659630307308822013-06-13T12:00:00.000-04:002013-06-13T12:00:01.409-04:00Proof that Taxes are Twisted #3: Kentucky Candy Sales Tax Rule<span style="color: #333333; font-family: Georgia;"><div style="-webkit-text-stroke-width: 0px; color: #333333; font-size-adjust: none; font-stretch: normal; font: 13px/19px Georgia, "Times New Roman", "Bitstream Charter", Times, serif; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
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A sweet tooth in the Bluegrass State can get expensive. Candy that does not contain flour faces a sales tax, while candy with flour is exempt. Hence, residents hankering for chocolate-covered almonds will pay a little more than those buying chocolate covered pretzels.</div>
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If a breakfast bar contains natural or artificial sweeteners along with fruits, nuts or other healthy ingredients, but has no flour and doesn't need refrigeration, it's considered candy and is subject to sales tax. But breakfast cereals with exactly the same ingredients are not considered candy and are not taxed.</div>
</span><br />Jamaal Solomon, EAhttp://www.blogger.com/profile/08819660786376120265noreply@blogger.com1tag:blogger.com,1999:blog-639217200590679421.post-35576647253291564202013-06-12T12:00:00.000-04:002013-06-12T12:00:01.180-04:00Diary of a Young Tax Accountant: My Long Journey to Become a Successful Entrepreneur (Entry #3)<br />
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"I observed all the work and ambition motivated by envy. What a waste"</h3>
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Ecclesiastes 4:4</h3>
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Here are a few things currently on my plate:</div>
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<li><span style="line-height: 13px;">I'm creating a tax e-book series</span></li>
<li>I'm making a proposal to create an online tax course</li>
<li>I'm in the process of creating a year-long financial literacy program</li>
<li>I'm in the process of creating original videos, art and podcast for my blog</li>
<li>Trying to grow my accounting firm</li>
<li>Trying to improve as a son, husband, father and man of God</li>
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With a list like this one, why do I feel like the biggest underachiever in the world? I didn't even mention the stuff that I already accomplished. Well, I suffer from the infamous envy trap. Unfortunately millions of other people are in the same boat with me. I honestly feel that I will never feel satisfied in life. I'm always looking at someone else that is doing something bigger than me. I can reach 1,000 clients and still be mad that I don't have 1,500. For the record, I'm not even close to 100 (lol)!</div>
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Most people get motivation confused with envy. Motivation are doing things necessary to positively improve yourself or situation. Envy says "I've always got to have more: more money, more possessions, more power, more prestige, pleasure and popularity." For example, my motivation for my financial literacy program is to help my community. However, my actions to grow my company is to honestly revenge to employers that rejected me in the past. I want them to know that they made a mistake not hiring me. I envision myself receiving a lifetime achievement award and calling out people that hurt me in the past during my acceptance speech. Never mind that more people in my life helped me rather than hurt me. Yeah, I know this sounds crazy but I'm just keeping it real with you. My need for revenge is very unhealthy to my happiness. To outsiders, I may just seem like a very ambitious person. However, it is my envy of others that keeps me going. I pray that one day my envy leaves me body. This is the main reason why I'm seeking to work on my spirituality.</div>
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Comparing is the root of all envy. Most people that I represent in front of the IRS, cheated the government to "keep up with the Joneses." If you are in this position, stop worrying about what type of refund your co-worker received. Everybody's tax situation is completely unique. I never met two clients with the same issues. If you are an entrepreneur then stop comparing yourself with other entrepreneurs like Bill Gates and Donald Trump. First, everyone in the world will not become America's next billionaire. Second, we don't know the internal pain they may be suffering.</div>
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Instead of resenting others, rejoice with them! I'm a work in progress but at least I know that I have to change. I'm trying my best to help others without asking anything in return (expect clients because I need to get paid). I'm trying my best not to compare myself with others. I'm a strong believer in karma. Too much entrepreneurs that I network with are too damn selfish. However, I'm so thankful for the people that I meet that are so supportive to me without evil intentions. </div>
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Until next time, keep moving forward!</div>
Jamaal Solomon, EAhttp://www.blogger.com/profile/08819660786376120265noreply@blogger.com3tag:blogger.com,1999:blog-639217200590679421.post-37891133035089035322013-06-11T12:00:00.000-04:002013-06-11T12:00:01.969-04:00IRS SMALL BUSINESS WEEK WEBINAR – AVOIDING THE TOP TAX MISTAKES – JUNE 20TH<h2 style="-webkit-text-stroke-width: 0px; color: #333333; font-family: Georgia, "Times New Roman", "Bitstream Charter", Times, serif; font-size: 1.5em; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: 19px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
<strong>Here is a word from the Goodfellas at the IRS:</strong></h2>
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<b>Knowledge is Power…and ignorance is<span class="Apple-converted-space"> </span><span data-mce-style="text-decoration: underline;" style="text-decoration: underline;">not</span><span class="Apple-converted-space"> </span>bliss.</b></div>
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<strong></strong> </div>
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You know your business. Take that knowledge to new heights and avoid mistakes.<br />
<br />
<b>Get the information you need and answers to your questions<span class="Apple-converted-space"> </span></b>during this<span class="Apple-converted-space"> </span><span data-mce-style="text-decoration: underline;" style="text-decoration: underline;">FREE</span><span class="Apple-converted-space"> </span><b>one-hour webinar…</b><br />
<br />
<span data-mce-style="text-decoration: underline;" style="text-decoration: underline;">Topic</span>:<span class="Apple-converted-space"> </span><b>Avoiding the Top Tax Mistakes that Small Businesses Make</b><br />
<br />
<span data-mce-style="text-decoration: underline;" style="text-decoration: underline;">Date</span>: <span class="Apple-converted-space"> </span><strong>T</strong><span data-mce-style="color: #0000ff;" style="color: blue;"><strong><span data-mce-style="color: #000000;" style="color: black;">hurs</span></strong></span><strong>day, June 20, 2013</strong><br />
<br />
<span data-mce-style="text-decoration: underline;" style="text-decoration: underline;">Time</span>: <span class="Apple-converted-space"> </span><b>11:00 a.m. (Pacific); Noon (Mountain); 1:00 p.m. (Central); 2:00 p.m. (Eastern)</b><br />
<strong></strong><br />
<span data-mce-style="text-decoration: underline;" style="text-decoration: underline;">What's Covered</span><b>:</b><br />
<ul>
<li>Tips to avoid common mistakes with your business taxes</li>
<li>Good recordkeeping strategies</li>
<li>What is reportable income</li>
<li>How to carefully choose a tax preparer</li>
<li>Helpful Tax Information Resources</li>
<li>Broadcast will include a live Q&A session</li>
</ul>
<span data-mce-style="text-decoration: underline;" style="text-decoration: underline;">CPE</span>: <span class="Apple-converted-space"> </span><b>CE Credit is<span class="Apple-converted-space"> </span><span data-mce-style="text-decoration: underline;" style="text-decoration: underline;">NOT</span><span class="Apple-converted-space"> </span>being offered for this webinar.</b><br />
<br />
<span data-mce-style="text-decoration: underline;" style="text-decoration: underline;">Information & Registration</span>:<br />
<br />
<b>Click on the following link to register</b>:<br />
<a data-mce-href="http://www.visualwebcaster.com/event.asp?id=94230" href="http://www.visualwebcaster.com/event.asp?id=94230" target="_blank">http://www.visualwebcaster.com/event.asp?id=94230</a></div>
Jamaal Solomon, EAhttp://www.blogger.com/profile/08819660786376120265noreply@blogger.com0tag:blogger.com,1999:blog-639217200590679421.post-89989169723549364382013-06-10T12:00:00.000-04:002013-06-10T12:00:01.232-04:00Tax Preparers' Hall of Shame: Tax Accountant Sentenced to 80 Months of Hard Time<div class="separator" style="clear: both; text-align: center;">
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<strong>New Inductee of the Tax Preparers' Hall of Shame goes to a Florida tax preparer. Florida STAND UP!!!</strong></div>
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Preparer Joseph Rizzuti has been sentenced to 80 months in federal prison for conspiracy to commit wire fraud and for corruptly endeavoring to obstruct the IRS. According to court documents, Rizzuti, an accountant and the owner of Beacon Accounting Services, interfered with the IRS’s ability to collect taxes owed by two clients by stealing payments from those clients intended for the IRS and making misrepresentations to the clients, as well as the IRS, to conceal his scheme. He also admitted to engaging in a criminal conspiracy to commit wire fraud by making material misrepresentations to individuals throughout the country who believed the money they were investing with Rizzuti and his co-conspirators was funding Nigerian-related oil and Bahamian construction projects, when instead Rizzuti and his co-conspirators used the money for their personal expenses. In total, Rizzuti and his co-conspirators stole approximately $3 million. In addition to prison time, he was sentenced to three years of supervised release and ordered to pay restitution to victims, including the IRS. Restitution of nearly $300,000 was ordered at the sentencing hearing, and additional restitution will be determined within 90 days.</div>
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Here is a special quote for the our new inductee:</div>
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"There is enough in the world for everyone's need, but not enough for everyone's greed."<br />Frank Buchman<span class="Apple-converted-space"> </span></div>
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Welcome to the Tax Preparers' Hall of Shame. May the prison guards treat you fairly.</div>
Jamaal Solomon, EAhttp://www.blogger.com/profile/08819660786376120265noreply@blogger.com0tag:blogger.com,1999:blog-639217200590679421.post-26226655215524947022013-06-03T12:00:00.000-04:002013-06-03T12:00:02.677-04:00Prepare for Hurricanes, Natural Disasters by Safeguarding Tax Records<div class="separator" style="clear: both; text-align: center;">
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<br />
Here is word from the Goodfellas at the IRS:<br />
<br />
With the start of this year’s hurricane season, the Internal Revenue Service
encourages individuals and businesses to safeguard themselves against natural
disasters by taking a few simple steps.
<br />
<br />
<strong>Create a Backup Set of Records Electronically</strong><br />
<br />
Taxpayers should keep a set of backup records in a safe place. The backup
should be stored away from the original set.<br />
<br />
Keeping a backup set of records –– including, for example, bank statements,
tax returns, insurance policies, etc. –– is easier now that many financial
institutions provide statements and documents electronically, and much financial
information is available on the Internet. Even if the original records are
provided only on paper, they can be scanned into an electronic format. With
documents in electronic form, taxpayers can download them to a backup storage
device, like an external hard drive, or burn them to a CD or DVD.<br />
<br />
<strong>Document Valuables</strong><br />
<br />
Another step a taxpayer can take to prepare for disaster is to photograph or
videotape the contents of his or her home, especially items of higher value. The
IRS has a disaster loss workbook, <span style="color: black;">Publication
584, which can help taxpayers compile a room-by-room list of belongings.</span><br />
<br />
A photographic record can help an individual prove the market value of items
for insurance and casualty loss claims. Photos should be stored with a friend or
family member who lives outside the area.<br />
<br />
<strong>Update Emergency Plans</strong><br />
<br />
Emergency plans should be reviewed annually. Personal and business situations
change over time as do preparedness needs. When employers hire new employees or
when a company or organization changes functions, plans should be updated
accordingly and employees should be informed of the changes.<br />
<br />
<strong>Check on Fiduciary Bonds</strong><br />
<br />
Employers who use payroll service providers should ask the provider if it has
a fiduciary bond in place. The bond could protect the employer in the event of
default by the payroll service provider.<br />
<br />
<strong>IRS Ready to Help</strong><br />
<br />
If disaster strikes, an affected taxpayer can call 1-866-562-5227 to speak
with an IRS specialist trained to handle disaster-related issues.<br />
<br />
Back <span style="color: black;">copies of previously-filed tax returns and all attachments, including
Forms W-2, can be requested by filing Form
4506, Request for Copy of Tax Return. Alternatively, transcripts showing
most line items on these returns can be ordered
on-line, by calling 1-800-908-9946 or by using Form
4506T-EZ, Short Form Request for Individual Tax Return Transcript or Form
4506-T, Request for Transcript of Tax Return.</span>Jamaal Solomon, EAhttp://www.blogger.com/profile/08819660786376120265noreply@blogger.com0tag:blogger.com,1999:blog-639217200590679421.post-41035784162725589032013-05-30T12:00:00.000-04:002013-05-30T12:00:04.242-04:00Diary of a Young Tax Accountant: My Long Journey to Become a Successful Entrepreneur (Entry #2)<br />
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<br />
C'mon Daddy!!!<br />
<br />
Okay, taxes and entrepreneurship are very complex things to handle. However, nothing compares to the complexity of dealing with your first child. I have a two-year old son named Jairel. All my life, I avoided being around toddlers. They seemed just to only cry and eat. Now, I'm a father and everything is brand new to me. Just when I think I understand him, he changes on me the very next day. However, he is the joy of my life and I wouldn't change anything about him (except changing diapers).<br />
<br />
Having my first son taught me how to become a better tax professional and entrepreneur. Before becoming a father, I never had any patience. I wanted everything my way and on my time. This type of attitude probably destroyed many of my past personal and professional relationship. Let me tell you a secret; a toddler is not trying to deal with your selfishness. Sometimes I would try to "reason" with my son and he will look at me like I'm crazy. Through my son, I learned that is not always about me. I have become a better listener. Sometimes a client would just absolutely annoy me. Now, I'm a little more understanding to my clients needs. I even learn how to be more understanding with the IRS. The IRS agent take a lot of crap from many people. Even if you come across an IRS agent with a bad attitude, take a step back and be understanding. <br />
<br />
Entrepreneurship honestly kicks my a**. I wouldn't recommend starting a business if your are not mentally ready for the unavoidable ups and downs. The ups feel like straight heaven on earth. The downs of entrepreneurship feels like you just lost the Powerball lottery by one number. However, if I wasn't an entrepreneur, I probably wouldn't have the great relationship that I currently have with my son. My whole work schedule resolves around him. There are time that I even took him with me to business meetings. Due to my selfish ways, it took me a long time to accept that I have to base my schedule around my son. There are many events or meetings that I simply couldn't attend. Especially since my wife is a RN that works the night shift. Now, there are times that I complete work as early as 5am or as late as 11pm. Some times I even complete work during his nap times.<br />
<br />
No matter what you want to achieve in life, there are no room for excuses. Yeah, my son limits my ability to go out at any given time. However, God doesn't put us in situations that we can't handle. Everyday, I'm trying to find ways to make it happen. Starting out, I will continue to get more closed doors and rejections. I believe the trick is to keep on moving. Soon, people will wonder how I did it.<br />
<br />
Until next time....<br />
<br />
Keep the faith and keep on movingJamaal Solomon, EAhttp://www.blogger.com/profile/08819660786376120265noreply@blogger.com0tag:blogger.com,1999:blog-639217200590679421.post-20344686504808395462013-05-29T12:00:00.000-04:002013-05-29T12:00:07.662-04:00Tax Preparers' Hall of Shame: The Family Edition<div class="separator" style="clear: both; text-align: center;">
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<br />
<strong>The New Inductees of the Tax Preparers' Hall of Shame goes to.....two cousins!!!</strong><br />
<strong></strong><br />
Roberto Olivares, 35, and his 31-year-old cousin Rojelio Martin have been sentenced to prison for a scheme that defrauded taxpayers out of $50,000 in refunds. According to court documents, Olivares and Martin prepared personal returns for clients of Success Income Tax Services, a business the cousins formed and operated. Between January and May of 2008, Martin and Olivares prepared and provided their clients with completed returns that fraudulently under-stated refunds due, then filed the correct returns reflecting the actual refunds due. Unbeknownst to the clients, Olivares and Martin fraudulently directed the IRS to deposit a portion of each client’s refund into the defendants’ own bank accounts. As a result of the fraud, some 75 taxpayers lost approximately $50,000. Olivares received 30 months’ prison and his cousin two years and nine months, and both were also ordered to pay $44,860 in restitution.<br />
<br />
Well boys, welcome to the Tax Preparers' Hall of Shame. Maybe the next family reunion will be near your prison complex!<br />
<br />
People, please choose your tax preparers wisely. All tax preparers are not created equal!Jamaal Solomon, EAhttp://www.blogger.com/profile/08819660786376120265noreply@blogger.com0tag:blogger.com,1999:blog-639217200590679421.post-43231441112158249912013-05-28T12:00:00.000-04:002013-05-28T12:00:00.121-04:00Keep the Child Care Credit in Mind for Summer<br />
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<strong></strong><br />
<strong></strong><br />
<strong>Here is a word from the Goodfellas at the IRS:</strong><br />
<strong></strong><br />
<strong> IRS Special Edition Tax Tip 2013-11</strong><br />
<br />
If you are a working parent or look for work this summer, you may need to pay for the care of your child or children. These expenses may qualify for a tax credit that can reduce your federal income taxes. The Child and Dependent Care Tax Credit is available not only while school’s out for summer, but also throughout the year. Here are eight key points the IRS wants you to know about this credit.<br />
<br />
<div style="padding-left: 30px;">
1. You must pay for care so you – and your spouse if filing jointly – can work or actively look for work. Your spouse meets this test during any month they are full-time student, or physically or mentally incapable of self-care.</div>
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</div>
<div style="padding-left: 30px;">
2. You must have earned income. Earned income includes earnings such as wages and self-employment. If you are married filing jointly, your spouse must also have earned income. There is an exception to this rule for a spouse who is full-time student or who is physically or mentally incapable of self-care.</div>
<div style="padding-left: 30px;">
</div>
<div style="padding-left: 30px;">
3. You must pay for the care of one or more qualifying persons. Qualifying children under age 13 who you claim as a dependent meet this test. Your spouse or dependent who lived with you for more than half the year may meet this test if they are physically or mentally incapable of self-care.</div>
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</div>
<div style="padding-left: 30px;">
4. You may qualify for the credit whether you pay for care at home, at a daycare facility outside the home or at a day camp. If you pay for care in your home, you may be a household employer. For more information, see Publication 926, Household Employer's Tax Guide.</div>
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5. The credit is a percentage of the qualified expenses you pay for the care of a qualifying person. It can be up to 35 percent of your expenses, depending on your income.</div>
<div style="padding-left: 30px;">
</div>
<div style="padding-left: 30px;">
6. You may use up to $3,000 of the unreimbursed expenses you pay in a year for one qualifying person or $6,000 for two or more qualifying person.</div>
<div style="padding-left: 30px;">
</div>
<div style="padding-left: 30px;">
7. Expenses for overnight camps or summer school tutoring do not qualify. You cannot include the cost of care provided by your spouse or a person you can claim as your dependent. If you get dependent care benefits from your employer, special rules apply.</div>
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</div>
<div style="padding-left: 30px;">
8. Keep your receipts and records to use when you file your 2013 tax return next year. Make sure to note the name, address and Social Security number or employer identification number of the care provider. You must report this information when you claim the credit on your return.</div>
<div style="padding-left: 30px;">
</div>
For more details about the rules to claim this credit, see Publication 503, Child and Dependent Care Expenses. You can get both publications at IRS.gov or have them mailed by calling 800-TAX-FORM (800-829-3676).<br />
Jamaal Solomon, EAhttp://www.blogger.com/profile/08819660786376120265noreply@blogger.com0tag:blogger.com,1999:blog-639217200590679421.post-18412798114268057432013-05-24T07:13:00.000-04:002013-05-24T07:13:54.770-04:00Diary of a Young Tax Accountant: My Long Journey to Become a Successful Entrepreneur (Entry #1)<br />
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<br />
God wants us not to be scared to show our weaknesses. Throughout history, millions of people became inspired by other great peoples' weakness. If you believe that you are invincible, then I feel very sorry for you. For years, I kept my weaknesses and failures to myself and a few other people. However, over the last six years I have found that people really appreciate when I do share my experiences. God has motivated me to share my experiences on a weekly basis through my blog. It is my hope that readers become inspired.<br />
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On paper, it appears that I have a perfect life. I have no student loans, two great parents, a supportive older sister, a beautiful wife and son, a Master's degree in Taxation, I'm in a fraternity, I'm a Junior Steward at my church and I started my own company (<a href="http://www.jstaxcorp.com/">www.jstaxcorp.com</a>). In reality, the list is even longer but I think you get the point. However, I have this great fear of failure. This fear doesn't hold me back from taking risk. Matter of fact, all of my greatest accomplishments were after major failures. This fear puts great and unnecessary pressure on myself to achieve. Even though I know a lot of supportive people, I often feel alone. I just got over a three-year period of having intense nightmares every single time that I went to sleep (including short naps). Now, my intense nightmares happen every other night. <br />
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Before you throw me a pity-party, listen to what I have to say. Life is hard and unfair. We can either give up or keep on fighting. Just like dealing with the IRS. Instead of complaining about the IRS, learn how to deal with them. At the age of 33, I'm already used to getting rejected and being misunderstood. As a young black male, my journey to grow an successful and respectable accounting will be extremely hard and frustrating. My personality is that I rather fail then not have tried at all.<br />
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This past week, I spoke to about twelve different people about working together. To be honest, I received twelve unfavorable outcomes. Some outcomes included unreturned calls, fake smiles and flat out rejection. The past couple of days, I felt like no one takes me seriously. This feeling has affected my interaction with my family. Thankfully, I have a great wife and she usually snaps me out of my funk. If my wife doesn't snap me out of it, I have a energetic two-year old son that shows me unconditionally love.<br />
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I encourage you to follow my weekly diary posts. Entrepreneurship and taxes are a killer combination. As I mentioned before, the goal is not to have you feel sorry for me. The goal of the weekly posts are to let you know that you are not alone. Believe me when I say that "in the end, I will not lose!" So follow me on my journey to become a successful entrepreneur. You won't be disappointed!<br />
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Until next time.....don't stop believing!Jamaal Solomon, EAhttp://www.blogger.com/profile/08819660786376120265noreply@blogger.com0tag:blogger.com,1999:blog-639217200590679421.post-43897078186338842692013-05-22T12:00:00.000-04:002013-05-22T12:00:02.129-04:00Tax Relief for Victims of Severe Storms, Straight-line Winds and Flooding in Illinois <div class="separator" style="clear: both; text-align: center;">
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<br />
<span style="font-family: Arial;">Victims of severe storms, straight-line winds, and flooding that began on April 16, 2013 in parts of Illinois may qualify for tax relief from the Internal Revenue Service.</span><br />
<span style="font-family: Arial;"></span><br />
<span style="font-family: Arial;">The President has declared Cook, DeKalb, DuPage, Fulton, Grundy, Kane, Kendall, Lake, LaSalle, McHenry and Will counties a federal disaster area. Individuals who reside or have a business in these counties may qualify for tax relief.</span><br />
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<span style="font-family: Arial;">The declaration permits the IRS to postpone certain deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after April 16, and on or before July 1, have been postponed to July 1, 2013. This includes the June 17 deadline for second quarter estimated tax payments.</span><br />
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<span style="font-family: Arial;">In addition, the IRS is waiving the failure-to-deposit penalties for employment and excise tax deposits due on or after April 16, and on or before May 1, as long as the deposits are made by May 1, 2013.</span><br />
<span style="font-family: Arial;"></span><br />
<span style="font-family: Arial;">If an affected taxpayer receives a penalty notice from the IRS, the taxpayer should call the telephone number on the notice to have the IRS abate any interest and any late filing or late payment penalties that would otherwise apply. Penalties or interest will be abated only for taxpayers who have an original or extended filing, payment or deposit due date, including an extended filing or payment due date, that falls within the postponement period.</span><br />
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<span style="font-family: Arial;">The IRS automatically identifies taxpayers located in the covered disaster area and applies automatic filing and payment relief. But affected taxpayers who reside or have a business located outside the covered disaster area must call the IRS disaster hotline at 866-562-5227 to request this tax relief.</span>Jamaal Solomon, EAhttp://www.blogger.com/profile/08819660786376120265noreply@blogger.com0tag:blogger.com,1999:blog-639217200590679421.post-34753867658377365252013-05-21T12:00:00.000-04:002013-05-21T12:00:10.393-04:00Summer Job Tax Information for Students<div class="separator" style="clear: both; text-align: center;">
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<strong>Here is a word from the Goodfellas at the IRS</strong><br />
<strong></strong><br />
<strong>IRS Special Edition Tax Tip 2013-10</strong><br />
<br />
When summer vacation begins, classroom learning ends for most students. Even
so, summer doesn’t have to mean a complete break from learning. Students
starting summer jobs have the opportunity to learn some important life lessons.
Summer jobs offer students the opportunity to learn about the working world –
and taxes.<br />
<br />
Here are six things about summer jobs that the IRS wants students to
know.<br />
<blockquote>
1. As a new employee, you’ll need to fill out a Form W-4, Employee’s
Withholding Allowance Certificate. Employers use this form to figure how much
federal income tax to withhold from workers’ paychecks. It is important to
complete your W-4 form correctly so your employer withholds the right amount of
taxes. You can use the IRS Withholding Calculator tool at IRS.gov to help you
fill out the form.<br />
<br />
2. If you’ll receive tips as part of your income, remember that all tips you
receive are taxable. Keep a daily log to record your tips. If you receive $20 or
more in cash tips in any one month, you must report your tips for that month to
your employer.<br />
<br />
3. Maybe you’ll earn money doing odd jobs this summer. If so, keep in mind
that earnings you receive from self-employment are subject to income tax.
Self-employment can include pay you get from jobs like baby-sitting and lawn
mowing. <br />
<br />
4. You may not earn enough money from your summer job to owe income tax, but
you will probably have to pay Social Security and Medicare taxes. Your employer
usually must withhold these taxes from your paycheck. Or, if you’re
self-employed, you may have to pay self-employment taxes. Your payment of these
taxes contributes to your coverage under the Social Security system.<br />
<br />
5. If you’re in ROTC, your active duty pay, such as pay received during
summer camp, is taxable. However, the food and lodging allowances you receive in
advanced training are not.<br />
<br />
6. If you’re a newspaper carrier or distributor, special rules apply to your
income. Whatever your age, you are treated as self-employed for federal tax
purposes if:<br />
<ul>
<li>You are in the business of delivering newspapers.
<li>Substantially all your pay for these services directly relates to sales
rather than to the number of hours worked.
<li>You work under a written contract that states the employer will not treat
you as an employee for federal tax purposes. </li>
</li>
</li>
</ul>
</blockquote>
If you do not meet these conditions and you are under age 18, then you are
usually exempt from Social Security and Medicare tax.<br />
<br />
Visit IRS.gov, the official IRS website, for more information about income
tax withholding and employment taxes.Jamaal Solomon, EAhttp://www.blogger.com/profile/08819660786376120265noreply@blogger.com0