Category: "Tax Accounting"

VITA Pointers I

February 14th, 2014
After the first week at VITA I came across some issues that might be of interest to other VITA-ites. 1099-MISC There is an option to add Businees/1099-MISC income in the Income page of the Interview, where you add the W-2s and other 1099s. Only use that… more »

Unexpected Taxes

February 14th, 2014
On an annual basis, taxpayers may be surprised by the additional taxes they may be liable for. Here's a few of those situations. Employer provided credits In anticipation of providing credits for some expenses you may have, some employers include those… more »

Keeping Up

January 29th, 2014
In December of last year (2013), I finished the exams for Enrolled Agent. When preparing for the E. A. exam, I had to mentally block out most of what I heard about tax changes because the exam was on 2012 laws. Following that I started spending time get… more »

EAs: Tax Professionals

January 9th, 2014
Reading an article on the tax implications of Obamacare I found it interesting the people that the article quoted, and in particular, the titles of the individuals quoted. In the article, Tax Pros Face Obamacare Questions by Jeff Stimpson, of the seven… more »

Tax Update Quickie

January 7th, 2014
It has been more than six months since my last post. In that time I've been studying and testing for the Enrolled Agent certification. Having passed (presumably in flying colors: I'll never know), now I am waiting for the IRS to process my application.… more »

Getting Ready for 2013

March 30th, 2013
Will You Be Ready? This is a good time for you to get ready for your 2013 tax return. I've spoken to several people filing their returns who indicated they had education, medical, or other expenses but they failed to keep track of them. Now is the time… more »

Count Your Taxes

March 8th, 2013
Government systems are setup in such a way that they get your tax revenue and you rarely see theĀ  impact of that taxation on your income. Your phone bills have taxes included. Your income taxes are taken out before you get your paycheck. Sales tax is a… more »