5 Tips When Calling the IRS – How to Talk to a Real Person

If you need to call the IRS and talk to a person to get help, you most likely are already frustrated and stressed. Placing the call doesn’t help your anxiety level because it is easy to get lost in the myriad of automated responses… “Choose 1 for this”, “Choose 2 for that”, etc. Sometimes you…

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Looking Great is Not Deductible!

Does your job require you to look great? We have been able to meet some great small business people, including those in sales or leadership positions. To do the job right, the individual needs to look their best. This may mean more expensive clothing, on-going grooming, staying fit, etc. To look your best… to look…

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Obamacare, the Affordable Care Act, and Your Tax Return

Beginning in 2014, the Affordable Care Act (“ACA”), also referred to as Obamacare, mandates health insurance coverage. Businesses with 50 or more employees are mandated to provide health insurance coverage to their employees, or pay penalties. Individuals that are not provided health insurance coverage by their employer are mandated to obtain insurance coverage on their…

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“Of Course They’re Tax Deductible” Part 1

I have a client who farms… and produces fish… and writes books… and does a bit of almost everything. He is smart and witty. At tax time, our review of income and “deductible” expenses can be very entertaining. He surprised me a few years ago by including a whole chapter in his new book dedicated…

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“Of Course They’re Tax Deductible” Part 2

“Of Course They’re Tax Deductible” by Jim Schwartz Part 2  –  Continued from “Of Course They’re Tax Deductible” Part 1 “There’s something else that I have been wondering about, also,” I said, since he was evidently finished with the possibilities of an audit. “What’s that?” he asked. “It will actually have to do with next…

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“Of Course They’re Tax Deductible” Part 3

“Of Course They’re Tax Deductible” by Jim Schwartz Part 3 –  Continued from “Of Course They’re Tax Deductible” Part 2 “Ah, good,” I said. “Now, let’s get back to the dogs. You said their food was deductible, right?” “Yes, it should be,” he nodded. “They are cattle dogs, aren’t they?” “Sure are,” I said. “Darn…

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Dave Ramsey… a Lesson in Motivating Others.

I was given a ticket to the Dave Ramsey “The Legacy Journey” event Thursday evening in Boise (thank you Zach!) and enjoyed the evening.  I’ve attended a local “Financial Peace University” series and can attest that the personal financial principles that Dave teaches are sound. But, there is more to Dave Ramsey than “what” he…

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Joke :D “An Attorney and an Tax Accountant…”

  It’s Friday! Time for a laugh! While there quite a few accountant jokes out there, allow me to share one of my favorites. RICK   An Attorney and an Tax Accountant are sitting next to each other on a long flight from LA to NY. The Attorney leans over to the Tax Accountant and…

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23% of IRS Computers & Other IT Equipment Unaccounted For

  Treasury Inspector General for Tax Administration (“TIGTA”) issued their report on September 16, 2013 titled, “Weaknesses in Asset Management Controls Leave Information Technology Assets Vulnerable to Loss” (Reference 2013-20-089)   Excerpt from the reports highlights section… TIGTA also found that ineffective inventory controls created an environment where information technology assets are vulnerable to loss.…

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Section 179 Deduction

  When you purchase property or equipment, you utilize these assets over a period of several years (their “useful life”). Depreciation is the process of expensing or deducting the cost over the useful life of the asset rather than the entire amount in the year of purchase.   Illustration of business financials information without depreciation:…

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