Anne B. Wenzel CPA

Five Bookkeeping Tips for Business Owners 1. Plan for major expenses 2. Track expenses 3. Record deposits correctly... 4. Set aside money for paying taxes 5. Keep a close eye on your invoices. See more

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http://www.accountingtoday.com IRS Commissioner Sees Budget Cuts Hurting Practitioners, Warns of Delayed Tax Season WASHINGTON, D.C. (NOVEMBER 3, 2015) ...Continue reading

Excerpt from Latino Tax Professionals blog dated October 30, 2015 A New Era of Tax-Data Sharing for the IRS Tax authorities around the world have started to share large amounts of data in an effort to crack down on cheating by taxpayers using offshore accounts. In early October, the Internal Revenue Service said it had begun the automatic digital exchange of financial-account information with tax authorities abroad. The agency has received information about U.S. taxpayers’ of...Continue reading

IRS Tax Tip-reprinted from IRS documentation 9-29-15 Issue Number: HCTT-2015-60 Inside This Issue ________________________________________ How Your Income Affects Your Premium Tax Credit...Continue reading

What do I need to know about the Health Care Law for my 2013 Tax Return? For most people, the Affordable Care Act has no effect on their 2013 federal income tax return. For example, you will not report health care coverage under the individual shared responsibility provision or claim the premium tax credit until you file your 2014 return in 2015. However, for some people, a few provisions may affect your 2013 tax return, such as increases in the itemized medical deduction th...reshold, the additional Medicare tax and the net investment income tax. Here are some additional tips: Filing Requirement: If you do not have a tax filing requirement, you do not need to file a 2013 federal tax return to establish eligibility or qualify for financial assistance, including advance payments of the premium tax credit to purchase health insurance coverage through a Health Insurance Marketplace. W-2 Reporting of Employer Coverage: The value of health care coverage reported by your employer in box 12 and identified by Code DD on your Form W-2 is not taxable.

Own a Home? You May Be Entitled to Tax Breaks Excerpt from www.Zillow.com DATE: FEBRUARY 19, 2014 | CATEGORY:TIPS & ADVICE | AUTHOR:MARY BOONE ...Continue reading

________________________________________ Four Things You Should Know if You Barter Bartering is the trading of one product or service for another. Often there is no exchange of cash. Small businesses sometimes barter to get products or services they need. For example, a plumber might trade plumbing work with a dentist for dental services. If you barter, you should know that the value of products or services from bartering is taxable income. Here are four facts about bartering...: 1. Barter exchanges. A barter exchange is an organized marketplace where members barter products or services. Some exchanges operate out of an office and others over the Internet. All barter exchanges are required to issue Form 1099-B, Proceeds from Broker and Barter Exchange Transactions. The exchange must give a copy of the form to its members who barter and file a copy with the IRS. 2. Bartering income. Barter and trade dollars are the same as real dollars for tax purposes and must be reported on a tax return. Both parties must report as income the fair market value of the product or service they get. 3. Tax implications. Bartering is taxable in the year it occurs. The tax rules may vary based on the type of bartering that takes place. Barterers may owe income taxes, self-employment taxes, employment taxes or excise taxes on their bartering income. 4. Reporting rules. How you report bartering on a tax return varies. If you are in a trade or business, you normally report it on Form 1040, Schedule C, Profit or Loss from Business. Excerpt from IRS Tax Tip 2014-26

Mayonnaise Jar & Two Beers... When things in your life seem almost too much to handle, when 24 hours in a day are not enough, remember the mayonnaise jar and the 2 beers. A professor stood before his philosophy class and had some items in front of him. When the class began, he wordlessly picked up a very large and empty mayonnaise jar and proceeded to fill it with golf balls. He then asked the students if the jar was full. They agreed that it was. ... The professor then picked up a box of pebbles and poured them into the jar. He shook the jar lightly. The pebbles rolled into the open areas between the golf balls. He then asked the students again if the jar was full. They agreed it was. The professor next picked up a box of sand and poured it into the jar. Of course, the sand filled up everything else. He asked once more if the jar was full. The students responded with a unanimous 'yes.' The professor then produced two Beers from under the table and poured the entire contents into the jar effectively filling the empty space between the sand. The students laughed.... 'Now,' said the professor as the laughter subsided, 'I want you to recognize that this jar represents your life. The golf balls are the important things---your family, your children, your health, your friends and your favorite passions---and if everything else was lost and only they remained, your life would still be full. The pebbles are the other things that matter like your job, your house and your car. The sand is everything else---the small stuff. 'If you put the sand into the jar first,' he continued, 'there is no room for the pebbles or the golf balls. The same goes for life. If you spend all your time and energy on the small stuff you will never have room for the things that are important to you. Pay attention to the things that are critical to your happiness. Spend time with your children. Spend time with your parents. Visit with grandparents. Take time to get medical checkups. Take your spouse out to dinner. Play another 18. There will always be time to clean the house and fix the disposal. Take care of the golf balls first---the things that really matter. Set your priorities. The rest is just sand. One of the students raised her hand and inquired what the Beer represented. The professor smiled and said, 'I'm glad you asked.' The Beer just shows you that no matter how full your life may seem, there's always room for a couple of Beers with a friend. Please share this with someone you care about. I JUST DID! LIFE ISN'T ABOUT WAITING FOR THE STORM TO PASS... ...IT'S LEARNING HOW TO DANCE IN THE RAIN !

Five Bookkeeping Tips for Business Owners 1. Plan for major expenses 2. Track expenses 3. Record deposits correctly... 4. Set aside money for paying taxes 5. Keep a close eye on your invoices. See more

I know no one wants to think about taxes.....but it's that time of year to do some tax planning. See if you're headed in the right direction for year-end. Tax planning is for everyone!

We hope everyone has a productive successful week!

Enjoy the week ahead!

If you have any friends that you hear are frustrated with their current CPA. Just click the "Share Button" below. We are known for our friendly customer service!