No Health Insurance, No Money

Recent legislative changes have made it so that Americans are required to have some kind of health insurance. If they do not have adequate health insurance, however, they are forced to pay sizable penalties in many cases. What do you do, however, if you don’t have health insurance and can’t afford to pay the penalty for not having it? Well, fortunately for you, there are some things you can do to make things a bit easier on yourself.     

Exemptions

One of the first things that you should be aware of is that, under the new laws, there are many exemptions (more than 30 actually!) that will keep you from having to pay the aforementioned health insurance penalty, and almost half of non-insured Americans will ultimately qualify for such an exemption. This means that, oddswise, your chances of being exempted from paying the penalty are pretty good!

Your best bet, if you want to learn about exemptions thoroughly and/or think that you may qualify for one, is to speak with a professional tax adviser to learn more about these exemptions and how they may potentially apply to you and your situation.

In fact, in some cases, such as when your income is below the IRS income filing threshold, you may not even have to apply for these exemptions in order to receive them.

The Tax Credit Option

If you ultimately find that you do not qualify for an exemption, then rest assured that this does not necessarily mean that all hope is lost. You may, instead, be able to qualify for a tax credit that can take care of or at least offset the penalty you have to pay. Examples of such credits include:

l  The Child Tax Credit

l  The American Opportunity Tax Credit

l  The Earned Income Tax Credit

The bottom line is that, no matter where you currently are in the process, a qualified tax professional can either help you to find qualifying health insurance or to potentially find a way around paying the penalty, which is why you should get in touch with a pro as soon as possible.

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How to Boost the Size of Your Tax Refund

Would you like to increase the size of your income tax refund…or maybe just ensure that you get one in the first place? If so, you’ll be glad to know that there are several highly effective strategies that can help you to do just that!

Fewer Allowances = A Bigger Refund

If you’re looking to increase the size of your tax refund, then, when you fill out form W-4 for your employer, you will want to consider claiming fewer allowances. This is because, the more allowances you file, the less money you’ll see come income tax time.   

Of course, allowances do mean you get a larger paycheck throughout the year, but if you’d rather get a nice lump sum come income tax time, declaring fewer allowances is the way to go.

Go for the Earned Income Tax Credit (EITC)

One of the very best options out there for decreasing how much you owe in taxes and thereby increasing the chances of getting a sizable refund is the earned income tax credit. This credit is available to moderate to low-income individuals who:

·         -Have a social security number

·         -Are a U.S. citizen, a resident alien for at least a year, or a non-resident alien who is married to an American citizen or resident alien

·         -Are not a claimed dependent

·        - Have some type of income

You can file for this credit when you file your yearly taxes, but if you need help or have questions about it, be sure to ask an accountant or financial adviser for more information.

Consider a Change in Filing Status

Sometimes, people can easily fit into more than one tax filing status. If that’s you, it is a smart idea to go over your possible options to determine which one is the best fit for you and which one is going to benefit you the most.

There is a good chance that, if you haven’t chosen the right one, you may be getting less of a tax refund than you possibly could. To learn more about the different filing status options and to ensure you choose the very best one for you, speak with a financial professional.

As you can see, there are a great many things that you can do to increase your chances of getting a nice-size refund come tax time. Follow these tips and get professional tax assistance where needed, and you’re likely to enjoy a big, fat check this year!

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Do You Fall in to America's Most Common Tax Bracket?

It’s hard to believe, but the new year is already here. This means that the holidays are over, and now it’s time to get back to more serious matters, such as preparing your taxes!

If you’re like most Americans, then tax time probably isn’t something you really look forward to, but, unfortunately, it is something that you must deal with.            

The Internal Revenue Service (IRS) estimates that people spend around 8.9 billion hours getting their taxes ready! That time, though, is often well-invested since it can result in sizable federal refunds.

Whether you will get one of those refunds, however, and how much you will have to pay in taxes is dependent upon the income tax bracket that you fall into. The general rule is that, the more you make, the more you will likely end up owing the IRS, though you can sometimes “lessen your load,” so to speak, by taking advantage of tax credits and deductions when possible.

No matter what you end up paying in taxes, you may be curious about whether or not you are considered “average” or if you fall into the most common tax bracket. Your answer to that question is a yes if you fall into the 15% tax bracket, the one with single individuals bringing in adjusted gross incomes between $8,925 and $36,250, with joint filers having incomes of $17,850 to $72,500.

If you don’t fit into that bracket, then you can still be “average.” The second most common tax bracket, surprisingly, was the 0% bracket. People in this bracket got their income to zero because of smart use of deductions and credits.

If you didn’t quite make it into that 0% tax bracket last year, but you’d like to try, then the key is to find a  professional CPA who can assist you with finding the best possible deductions and credits for which you qualify and ensure that you use them to your full advantage. That’s a pretty great way to start the New Year!

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Bookkeeppers vs. CPA's - Which is Right for Your Business?

Business owners have the choice of hiring either a bookkeeper or a CPA to handle their business’s financial records and keep track of sales transactions. However, if they’re being honest, most business owners really don’t know or fully understand the difference between the two.  

It’s easy to see why they would have this problem since the distinction between the two professions is becoming less and less clear, especially with all of the combination bookkeeping and accounting software available today. However, there is still a difference between a bookkeeper and a CPA, and every business definitely needs one or the other. For that reason, it is imperative that business owners educate themselves on the two options and on which one is the best fit for their business.

Bookkeepers

Bookkeepers are responsible for keeping track of all of the daily transactions that go on within a business. Some of their responsibilities include:

l  Recording sales

l  Recording purchases

l  Keeping track of receipts

l  Noting payments from customers

l  Noting payments to vendors

l  Posting credits/debits

l  Generating invoicing

l  Balancing ledgers

l  Reconciling bank accounts

l  Preparing financial statements

Because they have so many major responsibilities, most bookkeepers have at least a two year degree in the field and work exclusively for one business. They tend to be a part of the workplace just like any other employee.

Accountants

Accountants or CPAs, on the other hand, are not quite as “hands on” or visible in the workplace. Most CPAs have several business clients that they work for, and more often than not, they will work from their own, separate business location.

Like bookkeepers, they deal in the finances of the businesses that they work for, but they are less concerned with day-to-day tasks and recordings than they are with looking at how a business is doing financially over all and on what choices would be wise for a business to make to maintain good financial footing.

Some of the tasks of a CPA include:

l  Analyzing budget and operational costs and suggesting improvements

l  Preparing financial reporting statements

l  Performing audits and assessing their findings

l  Making informed predictions about a business’s financial future, as well as suggestions for improvement and better performance

l  Completing tax returns

Which One Should You Choose?

Now that you understand a little bit more about accountants and CPAs, hopefully you’ll have a better idea of which one might be the right fit for your business.

If you’re still on the fence, then you should consider what exactly you’re looking for, as well as the size of your business. Smaller businesses can often handle bookkeeping tasks on their own, especially with the right software, and really only need an accountant. Larger businesses may need the help of both.

In general, if you can only choose one or the other, an accountant is the way to go since this person will basically serve as a financial adviser on your most important business decisions, but the choice is yours to make, so put some thought into it before hiring a CPA, a bookkeeper, or both.

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Real Estate Decisions that Affect Your Taxes

People are often surprised to find that buying a home greatly affects their taxes. Some of the effects of becoming a homeowner, such as suddenly qualifying for new tax write-offs, can be positive. Others, such as tax liabilities, can be negative. However,  if you’re smart about your purchasing decision, you can buy a home and benefit greatly, instead of buying a home and regretting your decision come tax-time.   

For best results, hire a financial adviser who can help you to make the right decision about when and how to buy a home and what to do (and what NOT to do) after you’ve purchased one. At the very least, though, do your research on how different choices will affect your taxes, and make decisions that will benefit you both now and in the long-run. To help you out, we’ve looked into some common real estate decisions and how they are likely to impact your taxes.

The Reality of Refinancing

Many  people think that refinancing will help to solve all of their financial problems. They believe that if they can just pay a lower mortgage each month, they’ll get back on track or maybe even be able to pay off their home loan more quickly. And, while these things are sometimes true, there definitely can be some major drawbacks to refinancing.

To begin with, when you refinance your mortgage and pay less interest, you’ll lose that sizable mortgage interest deduction you’re probably getting…or that you SHOULD be taking advantage of.  If you’re not taking advantage of this option, doing so and seeing the results could cause you to think twice about refinancing.

The bottom line is that refinancing DOES work for some people, but it can have disadvantages, so make sure that you are considering all other options, as well as ALL the effects of refinancing, especially as they relate to your taxes, before you make this decision.

The Effects of Remodeling

You might not think that remodeling your home has anything to do with your taxes, but, in truth, it actually does! That’s because remodeling your home can increase your home’s value, which, if you sell your home, could mean that you actually make a profit on the sale.

If you don’t want to risk getting charged a capital gains tax, make sure you have proof of all the remodeling that you paid for. That way, you can include the amount spent on remodeling in the “purchase price” of your home and avoid getting taxed for the full amount for which you sell your newly improved home.

Also bear in mind that, depending on where you live, some remodeling projects, especially those that make a home more energy efficient, can qualify you for tax credits or other incentives, so definitely don’t miss out on these “bonuses” if they’re available to you.

As you can see, your home and the things you do with it can affect your taxes in many ways, some good and some bad. For best results, work with a tax professional to make real estate decisions so that you can get more of the “good” and less (or none!) of the bad.

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Understanding How Capital Gains Tax Affects Real Estate

Many items that you purchase start decreasing in value pretty much the moment you purchase them. Fortunately, however, that’s not the case with all purchases; your home, for example, can end up being a purchase that actually increases in value. This can happen if you complete renovations on your home to raise its value or if you purchase a home in an area that later becomes popular and high in demand. When people experience a rise in their home’s value, they will often decide to sell their homes and make a profit.  

If you’re considering taking this route, you should know that you may have to pay taxes on any profit you make from the sale of your home. This tax is called the “capital gains tax,” but, fortunately, there are ways around it.

The Taxpayer Relief Act of 1997, for example, is one “loophole” through which many people are able to hold onto the profits from selling their home, or at least most of the profits. There are other methods that can help you to hold onto profits as well, so before you sell your home, talk with an accountant or financial adviser to see what options you have. 

House Flipper or Homeowner?

One important thing to understand is that not all home sales are treated the same. If you, for example, are someone who purposefully buys homes, fixes them up, and then sells them at a premium- known as a “house flipper,” your situation is treated differently by the IRS than that of a standard homeowner.

A homeowner, for IRS purposes, is defined as someone who has used the home in question as his primary residence for at least two years out of five years of ownership. If this rule does not apply to you, you will more than likely have to pay the capital gains tax. If you’re a true homeowner, though, there are ways around paying the tax.

Furthermore, there is an exception to the rule if you’re a true “house flipper,” i.e. someone who regularly buys, fixes up, and sells houses. When you do this often enough, you can treat your homes as inventory and have your profits taxed as income.

The Impact of Profit

Something else you should know is that you are not taxed based on how much you sell your home for. Instead, you are taxed based on the amount of actual profit you make. There is going to be an “allowed exemption amount” on the sale of your home, and as long as you don’t go above that amount, you typically won’t have to pay taxes, providing, of course, that you meet the IRS’ definition of a true homeowner.

Partial exemptions are also available in many cases, even if you do go above the allowed exemption amount. The important thing is to work closely with a tax professional to ensure that, no matter what your situation, you retain as much profit as possible from the sale of your home.

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Tax Breaks You Need to Know About

It’s hard to believe, but tax season is upon us. Hopefully, you’re already in the process of sorting through your tax documents and/or of finding a tax professional to assist you. While you’re working on your taxes, however, make sure you don’t overlook some key tax breaks that can really help tax time to go in your favor this year.  

Can’t-Miss Tax Break #1: The Retirement Saver’s Credit

Have you been putting money aside in a retirement account? If so, then you’re entitled to the saver’s credit! If not, by the way, then you really need to get on that; it’s never too early to start planning for retirement.

If you have been a good little saver, however, you can receive a tax credit of up to $1000 if you’re single and up to $2000 if you’re married. There are certain income limits, though, so check with your tax professional before just assuming this credit applies to you.

If it does, however, you’ll save some money and reduce your tax liability at the same time; talk about a winning combo!

Can’t-Miss Tax Break #2: The Moving Expense Deduction

Did you experience the stress of a move in the previous tax year? If so, and if that move was due to a change in your employment, you might just be in luck. Those who relocate for work are typically eligible to write off some of their moving-related costs.

The main catch is that your new job needs to be greater than fifty miles away from your old one, thus necessitating a move. If you can meet that criteria, then you’re generally good to go and can deduct everything from fuel costs to the moving company’s fees. If you have any questions about what is or is not deductible, though, be sure to ask your tax adviser.

Can’t-Miss Tax Break #3: The Earned Income Credit

The Earned Income Credit is a credit that’s extended to those who fall within certain, lower-end tax brackets. You may be eligible for it if you’re 25 years of age or older, are not counted as a dependent for anyone, and have an income that falls within the allowed tax bracket based upon your financial situation.

Your credit can vary from around $500, if you have no children, to as much as $6000 or more if you do. To find out if you’re eligible and, if so, how much of a credit you can enjoy, be sure to talk with your tax professional.

As you can see, there are lots of ways to come out on top when it comes to your taxes this year. However, you’re bound to miss some of the best credits and deductions if you don’t have a knowledgeable professional working on your behalf. Find a tax expert to help you make the most of your taxes this year; you won’t regret it!

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Businesses and Quickbooks

If you run a small business, you might think you’ve got your businesses finances perfectly organized and together. After all, when you’re armed with Quickbooks and a good financial advisor, what more could you need?

In truth, however, small businesses often make small mistakes that can affect them big financially. One such mistake, for example, is not fully separating business funds and personal funds. A business credit card should never be used to pay for personal expenses and vice versa. If you’re guilty of that offense, stop it now and talk to an accountant to find ways to fully separate your finances.  

Also, make sure you’re staying on top of invoicing. You need to know how many accounts are unpaid and how much you’re owed, as well as how many accounts are paid and how much you’ve made. Improper record keeping, often a result of putting off record keeping until later, can cause major problems and discrepancies when tax time rolls around.

You really shouldn’t be running a business without a professional accountant. And, if you’re running into these or similar problems, it’s probably because you don’t have the right accountant (or any accountant!) on your side. Remedy that problem, and you should save yourself a world of trouble.

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Tax Help Tips

More often than not, when people seek tax help, it’s because they want to find a way to increase their tax refunds. Fortunately, just about any qualified tax professional can find a way to help you to do just that.

So, what’s the secret to bigger, more rewarding tax refunds? Well, that really all depends on you and your finances. What will work for you might not work for someone else.  

With that said, however, there are some general tips that can benefit just about anyone. Changing your filing status, for example, can often have good results. Even if you’re married, choosing not to file jointly can sometimes provide a much-needed increase to your refund amount.

You might also consider making more tax deductible contributions during the year. Just a few good contributions can pay off majorly come tax time.

To learn about more situation-specific options to increase your refund, talk to a professional tax preparer for advice.

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Payroll Processing Risks

Business News Daily recently released an article about some of the risks of outsourcing your payroll. Though the article might sound like it’s against outsourcing your payroll, that’s not the case. Indeed, outsourcing payroll processing is a wise decision, one that can keep your company from getting overwhelmed when it already has so much on its plate. The truth is, as the article explains, that you just have to be careful about whom you trust with your payroll.  

Some of the risks addressed by the article include:

l  Working with a “fly by night” company that takes your money and info and disappears

l  Not monitoring the actions taken by the company; remember, these actions are done “on your behalf.” It’s just as if you’d done them yourself

l  Working with a payroll company that doesn’t respect deadlines/timeliness

Fortunately, all of these risks and many others can easily be avoided by doing a little research and working only with the most reputable payroll processing companies.

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Make No Mistake

Each year, many people attempt to do their taxes on their own. Unfortunately, mistakes are all too easy to make and can lead to reduced refunds and long waits. For that reason, many of the people who do their taxes on their own live to regret it.

While all kinds of mistakes are common, of the biggest blunders is simple miscalculation. Putting a wrong number in a column or skipping over a figure or two when doing addition will have the IRS sending you a correction form so fast your head will spin.  

Other people make the mistake of not meeting that April 15 deadline, and in case you ever wondered, yes, the IRS is pretty strict on when your tax forms are due. You could face fines and penalties for a late tax return.

It’s been said that to err is human, and while that may be true for average people, it’s not really true for professional accountants. These experts know to check and recheck their work for errors and even have programs to help them do some of that checking. Your tax return is a lot less likely to contain errors if you let a professional handle it, so unless you’re perfect, let someone in the know help you.

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Are You Eligible for These Deductions?

Whether you handle your tax return preparation on your own or hire someone to do it for you, you are probably aware that there are a lot of tax deductions out there. When you qualify for multiple deductions, you can really save yourself a lot of money. Unfortunately, however, there are some truly great deductions available that a lot of people miss out on, simply because they don’t know they exist.

You probably already know, for example, that you can get a nice write-off for cash donations that you make to charitable organizations. Did you know, however, that you can also get a discount for non-cash

donations? Yes, donating that old television set or dryer can add up to a nice discount on your taxes.

You can also catch a big break if you deduct your mortgage interest, something you can only do if you actually live in the home at the current time. But, of course, you don’t have to sniff out all of these deductions on your own. The right tax preparer can find them for you and then make sure you get the full deductions to which you are entitled.

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What to Look for in Accounting Services

These days, there are a lot of accounting services available. With so many options to choose from, it can be difficult to know which one is right for you. However, choosing wisely could make a world of difference in terms of how you fare financially.

So, what should you be looking for in an accounting firm? You definitely want to go through a firm that hires only the most well-trained accountants. Don’t be afraid to ask the accounting office what educational and/or training requirements it sets for its employees. The higher the training required, the better.  

Also keep in mind that education shouldn’t just stop because a person officially becomes an accountant. Tax laws are constantly changing, and new investments crop up often as well. In order to stay on top of the financial world, you need an accountant who knows “what’s going on” in that world. Continuing education classes are a must for any worthwhile accountant.

Aside from education, you also want to look for an accounting service that hires people with lots of real-world, proven experience in the industry and who are trustworthy and upstanding. Ask questions and do your research to to ensure you get the best service money can buy.

Do You Need a Tax Advisor?

IRS 1040 Tax Form Being Filled Out (Photo credit: kenteegardin)

There are some people in the world who can file their taxes just fine on their own. Then, you have others who benefit from hiring a CPA to take care of the job for them. Some people need even more help than just a standard account will provide, however. Yes, there are some people who can really benefit from the pointed, expert advice of a professional tax advisor. But, how do you know if you’re one of those people?

Well, to begin with, if you are having trouble keeping track of your monthly finances, then that’s a pretty good sign you need a tax advisor. If you can’t keep tabs on what’s going on monthly, how can you be expected to turn out a report of your finances for an entire year? Advisors can get you on track both in your daily life and in terms of your taxes.

Also, if you’ve recently started making more money or have come into a large sum of money, such as an inheritance, unexpectedly, it’s wise to seek the expertise of a tax advisor, so that, come tax time, you won’t end up losing everything you’ve gotten or paying extra taxes.

There are many good reasons to work with a tax advisor. In fact, there’s really no reason not to. Hiring one today could see good returns for you by the time this tax season rolls around.

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Accountants and Financial Services

Moser Tower along the Riverwalk park complex in Naperville, Illinois, USA. Moser Tower contains the city's Millennium Carillon. (Photo credit: Wikipedia)

There are a lot of companies offering accounting services, but it’s important for you to make sure you’re working with the right one. While there are many things you should look for in an accountant, such as experience and honesty, you also need to look for someone who believes in educating you, especially when it comes to your financial statements.

Understanding financial statements and what they really mean can be difficult, and far too many accountants these days just read the statements themselves and act accordingly. Really, though, part of an accountant’s job is enabling and empowering you to take control of your own finances. You might not be able to handle every part of your finances, but you should at least know what’s going on!

You should be able to read financial statements and should be capable of periodically checking on your financial status on your own as needed. If your accountant can’t or won’t teach you how to do those things and wants to keep you “in the dark,” then it may be time to get your accounting services elsewhere, like at Susan S. Lewis, Ltd., an accounting firm in Naperville that is all about putting people in the driver’s seat of their financial lives.

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Accountants are more than just Tax Time Assistants

When most people think of accountants, they think of people who help with tax return preparation. While accountants certainly do help with tax returns, it’s important to understand that they actually do a whole lot more as well. Did you know, for example, that many accountants can act as financial advisors of sorts?

If, for example, you’re having a hard time making ends meet, despite bringing in (at least on paper) more than enough, you may need a little help with budgeting and with determining where your money is going vs where it should be going. In that situation, an accountant could help you to set and stick to a smart, workable budget for your lifestyle and goals.  

An accountant could also help you to invest money in smart places, to keep better track of your financial records, and more. Good accountants will even recommend you to other financial professionals as needed. In other words, accountants are wonderful resources, not just for tax return preparation, but for your financial needs as a whole. For a great accountant in Naperville, contact Susan S. Lewis, Ltd.

You Might Need an Accountant If.....

Considering The Tax Shelter (Photo credit: JD Hancock)

All kinds of people can benefit from working with qualified, professional accountants. With that said, however, working with an accountant is especially important for those who find themselves in certain situations or positions. For example, you are strongly advised to hire an accountant if:

·        - You bring in more money than the average person

·         -You have property that you rent out for a profit

·         -You own your own business

Obviously, there are many other reasons to hire an accountant and many other scenarios in which accountants can be useful. With that said, however, the people in the above list really can’t function, at least not to the fullest, or thrive without an accountant.

Wealthy people need to know how to manage their money and to make it work for them so that they can not only keep, but also multiply, their wealth. Landlords need to make sure they’re getting all the deductions for which they qualify, and the same is also true for business owners. Business owners also have to make sure they’re filling out the right forms and keeping the right kind of records.

While there’s never a “wrong” reason or a “bad time” to hire an accountant, you’ll want to make absolutely sure that you have one if you find yourself in one of the above categories. For the best accountants in Naperville, ones who can help you in any situation, contact Susan S. Lewis, Ltd.

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Avoiding an Audit

Ah, the dreaded tax audit. There are two types of people in the world as it relates to this sensitive subject. 

First, you’ve got your people who will have to go through the horror and worry of an audit. Second, you’ve got your people who never will. Everyone wants to be in that second group, but getting there isn’t easy. However, there are a few things you can do to greatly increase your chances of being in the “good group.”

For starters, report all of your income, every last bit. Cutting corners is a surefire way to end up in deep trouble. Another thing you’ll always want to do is to ask questions as they arise! Never just make a “best guess” and hope you did the right thing. Know for sure; taxes are not something you should take chances with, since incorrect filing can cause you to incur some serious penalties and perhaps face a tax audit.

The absolute best way to avoid an audit and to avoid error is to let someone else handle your taxes—someone who knows the tax business inside and out. You can find that person at Susan S. Lewis Ltd. of Naperville.

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Get Your Records Together

The IRS advises having a system for filing your taxes and for keeping your tax documents and records organized. Many people have created their own systems, and even more people rely on recordkeeping software, such as Quickbooks. If you’re a newcomer to the tax filing process, however, you might be confused as to what documents and other records you’re going to need exactly.

Really, what your records will look like is dependent on you and your habits. For most people, however, records consist of things like receipts, documents that prove income, cancelled checks, lists of deductions tax credits. Of course, filers also need forms sent from employers and basic information about themselves, such as their social security numbers.

If you’re finding that all a little overwhelming or if you just haven’t been so good about keeping up with that Quickbooks system or whatever system you happen to use, know that you don’t have to go it alone! The friendly financial experts at Susan S. Lewis, Ltd. are ready and waiting to assist you!

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Tax Help for Small Business Owners and Self Employed

Do you run your own small business? Or maybe you’re just self-employed and do a lot of contract work to support yourself. Whatever the case may be, you’re probably a very busy person. Whether you’re dealing with the hassles of Naperville payroll processing for your employees or just struggling to get work done on a daily basis, the last thing you need is to have a problem with your taxes.

Unfortunately, there are a lot of things that you, as a small business owner or self-employed individual, will need to know in order to avoid tax time mistakes. For starters, did you know that, if you made any kind of

profit, you’re probably going to have to pay a self-employment tax? Not doing so could land you in serious hot water.

There are so many little things you need to know in order to file your taxes correctly, and doing so just isn’t easy. That’s why it’s wise to let a qualified financial expert assist you. Hopefully, you already have a professional handling your payroll processing and your other financial matters, so why not also get someone to help you with your taxes? You can find that “someone” at Susan S. Lewis, Ltd., one of the most qualified and professional accounting firms in Naperville.

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