TAXPAYER IDENTITY THEFT

Can you think of someone that has been a victim of identity theft? Most everyone can think of at least one person who has had their identity stolen.  Identity theft is quite common, but most people don’t think about their identity getting stolen and having to deal with the IRS.  By now everyone has heard of…

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QUICKBOOKS TIP: USING A COMPARATIVE BALANCE SHEET TO GET A PICTURE OF WHERE CASH AND PROFITS WENT.

Did your company have a nice profit this year, but little or no cash in the bank?  Many business owners end up just focussing on their Income Statement and little time looking at their Balance Sheet.  In addition to that, the Cash Flow Statement in QuickBooks without some modifications can be confusing to clients.  There is…

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GETTING A TAX REFUND?

How should you allocate your Tax Refund? So you get the word that you are going to be receiving a tax refund this year.  You should go ahead and plan for what you would like to do with that refund.  Here are some ideas we recommend doing with your refund that don’t involve going out…

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UNFILED TAX RETURNS

Do you have unfiled tax returns?  What should you do? Life situations have a tendency of sneaking up on some individuals that put them behind on filing their taxes.  Once behind one year it can snowball into one year after another.  This typically prolongs taxpayers from filing again because of being scared of the consequences.…

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NEW 2011 1099-B

Did you have any stock transactions in 2011? This Mid-February everyone will get a nice surprise when they open up the newly revised 1099-B from their brokerage accounts.  Regulations are requiring that brokerages keep up with and report cost basis information on securities bought and sold after January 1, 2011.  Prior to the brokerage firms keeping…

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