If You Fail to Plan…Plan to Pay Taxes!

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By Candace Spencer, CPA, MAFM and Certified QuickBooks ProAdvisor Have you ever been surprised with a large tax bill? When is the last time you received tax planning and/or projections and knew where you stood before year-end? Do you realize that those two questions are closely related? By getting solid financial information and acting on it in a timely fashion, you can prevent unpleasant surprises come filing season. With December right around the corner, time is running out. The good news is that it’s not too late; however, it’s now a race against the clock. If you need more motivation to start thinking about such annoyances as taxes this far before April 15, here are three reasons why you may want to consider tax planning. First, if you haven’t already heard, there have been major changes in the tax law for 2013. Therefore, you can expect the 2013 tax year will NOT be like last tax year. Here are just a few changes you need to be aware of: In 2012 100% of itemized deductions … [Read more...]

5 Tax Myths That Won’t Go Away

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  I get a lot of questions this time of year. They come from clients, from friends, from the cleaning crew at the office, and from my mechanic. I don’t mind; I actually enjoy what I do and consider educating the taxpaying public part of my job. I get excited when I get to talk about tax law over dinner with friends. However, it still amazes me to see the tax myths that just won’t die. If I could create a public service announcement, I would tell people that: 1)    Most taxpayers will get synergy and tax savings by having one appropriately qualified CPA prepare both their individual and business returns. Many people are under the impression that to spread risk and save costs they should have different preparers handle personal and businesses tax returns. This can’t be further from the truth. The proper professional will help you with tax planning for your entire financial picture – not just pieces of it. Most small businesses are flow-through entities, which means that … [Read more...]