9 Temmuz 2012 Pazartesi

Proposed law would limit delinquent taxpayers' overseas travel

To contact us Click HERE
International Tax Services - A proposed law would give the Internal Revenue Service more latitude in starting a process that would result in a U.S. citizen's passport being revoked or denied if he or she owes a substantial amount in back taxes. There are exceptions under the law, including if the taxpayer is repaying the debt under a payment plan. Forbes (4/24) To read more click here. Looking for an experienced and IRS licensed tax preparer? For no obligation free consultation contact us today!
ABA Tax Accounting
Abatax81@gmail.com
Direct 612-282-3200
Toll free 866-936-0430
http://abatax81.blogspot.com

Start Planning Now for Next Year's Tax Return

To contact us Click HERE
Thetax deadline may have just passed but planning for next year can start now. TheIRS reminds taxpayers that being organized and planning ahead can save time,money and headaches in 2013. Here are eight things you can do now to make nextApril 15 easier.
1.    Adjust your withholding -Why wait another year for a big refund? Now is a good time toreview your withholding and make adjustments for next year, especially if you'dprefer more money in each paycheck this year. If you owed at tax time, perhapsyou'd like next year's tax payment to be smaller. Use IRS's WithholdingCalculator at www.irs.gov orPublication 919, How Do I Adjust My Tax Withholding?2.    Store your return in a safeplace - Putyour 2011 tax return and supporting documents somewhere secure so you'll knowexactly where to find them if you receive an IRS notice and need to refer toyour return. If it is easy to find, you can also use it as a helpful guide fornext year's return.3.    Organize your recordkeeping - Establisha central location where everyone in your household can put tax-related recordsall year long. Anything from a shoebox to a file cabinet works. Just beconsistent to avoid a scramble for misplaced mileage logs or charity receiptscome tax time.4.    Review your paycheck -Make sure your employer is properly withholding and reportingretirement account contributions, health insurance payments, charitable payrolldeductions and other items. These payroll adjustments can make a big differenceon your bottom line. Fixing an error in your paycheck now gets you back ontrack before it becomes a huge hassle.5.    Shop for a tax professionalearly - If youuse a tax professional to help you strategize, plan and make financialdecisions throughout the year, then search now. You'll have more time whenyou're not up against a deadline or anxious for your refund. Choose a taxprofessional wisely. You are ultimately responsible for the accuracy of yourown return regardless of who prepares it. Find tips for choosing a preparer atwww.irs.gov.6.    Prepare to itemize deductions -If your expenses typically fall just below the amount to makeitemizing advantageous, a bit of planning to bundle deductions into 2012 maypay off. An early or extra mortgage payment, pre-deadline property taxpayments, planned donations or strategically paid medical bills could equalsome tax savings. See the Schedule A instructions for expenses you can deductif you're itemizing and then prepare an approach that works best for you.7.    Strategize tuition payments -The American Opportunity Tax Credit, which offsets highereducation expenses, is set to expire after 2012. It may be beneficial to pay2013 tuition in 2012 to take full advantage of this tax credit, up to $2,500,before it expires. For more information, see IRS Publication 970, Tax Benefitsfor Education.8.    Keep up with changes -Find out about tax law changes, helpful tips and IRSannouncements all year by reading ABA Tax Accounting blogs. The ABA Tax issuestips regularly throughout during the tax season and outside the tax season.
 The IRS emphasizes thateach household's financial circumstances are different so it's important tofully consider your specific situation and goals before making large financialdecisions. Looking for anexperienced and licensed by IRS tax preparer? As always we are available tohelp. For no obligation free consultation contact us today!ABA TaxAccountingAbatax81@gmail.comDirect612-282-3200Tollfree 866-936-0430http://abatax81.blogspot.com

Supreme Court's health care decision affects many tax provisions

To contact us Click HERE
The Supreme Court's decision upholding the individual mandate in the health care law had a surprisingly large number of tax ramifications. Because much of the health care law was enacted through the Internal Revenue Code, the court's decision to let the law stand means that numerous tax provisions will take effect over the next few years. Many of those provisions involve health care, but some, such as the 3.8% tax on net investment income and the codified economic substance doctrine, don't, and may surprise taxpayers. To read the details click the link.  Supreme Court upholds health care law
Looking for an experienced and licensed by IRS tax accountant? As always we are available to help. For no obligation free consultation contact us today!
ABA Tax AccountingAmare Berhie, Senior Tax Accountantamare@abataxaccounting.comDirect 612-282-3200Toll free 866-936-0430http://abatax81.blogspot.com

 

NAEA | Powering America's Tax Experts

To contact us Click HERE
NAEA | Powering America's Tax Experts

Strategic Outsourcing Solutions for CPA firms ABA Tax Accounting offers premier domestic outsourcing of tax return preparation and bookkeeping services for CPA firms and other businesses as well as general accounting and back office solutions. For more info, please contact us today.ABA Tax AccountingAmare Berhie, Managing MemberDirect: 612-282-3200amare@abataxaccounting.comToll free 866-936-0430www.abataxaccounting.com

Help! What If I Can't Make My IRS Payment?

To contact us Click HERE

If you are one of thousands of taxpayers who are in a payment plan with the IRS, but due to current economic conditions cannot make your payment, you have options. If you have lost your job and your entire financial situation has changed, you need to contact the IRS and be prepared to lay out your new situation. If you expenses have not changed and your income is all that has changed, you may just need proof (like a termination letter) you no longer have a job.

If your expenses have changed as well, you may need to provide proof of those changes as well. When you talk to the IRS, only say what has happened and answer honestly and completely any questions they may ask. Do not volunteer information, except to briefly explain your situation. Don't get chatty, even if the person you talk is friendly and personable, remember, they work for the IRS. You could make one simple statement that could cause you problems.

If your liability is substantial and you need assistance, contact an Enrolled Agent, who can represent you before the IRS. What ever you do, do not ignore your situation. If you default you payment plan, the IRS can levy your bank accounts, retirement accounts and file a lien even if your tax liability is low. Call either the IRS or an Enrolled Agent before the IRS makes a bad financial situation even worse.

8 Temmuz 2012 Pazar

Proposed law would limit delinquent taxpayers' overseas travel

To contact us Click HERE
International Tax Services - A proposed law would give the Internal Revenue Service more latitude in starting a process that would result in a U.S. citizen's passport being revoked or denied if he or she owes a substantial amount in back taxes. There are exceptions under the law, including if the taxpayer is repaying the debt under a payment plan. Forbes (4/24) To read more click here. Looking for an experienced and IRS licensed tax preparer? For no obligation free consultation contact us today!
ABA Tax Accounting
Abatax81@gmail.com
Direct 612-282-3200
Toll free 866-936-0430
http://abatax81.blogspot.com

Start Planning Now for Next Year's Tax Return

To contact us Click HERE
Thetax deadline may have just passed but planning for next year can start now. TheIRS reminds taxpayers that being organized and planning ahead can save time,money and headaches in 2013. Here are eight things you can do now to make nextApril 15 easier.
1.    Adjust your withholding -Why wait another year for a big refund? Now is a good time toreview your withholding and make adjustments for next year, especially if you'dprefer more money in each paycheck this year. If you owed at tax time, perhapsyou'd like next year's tax payment to be smaller. Use IRS's WithholdingCalculator at www.irs.gov orPublication 919, How Do I Adjust My Tax Withholding?2.    Store your return in a safeplace - Putyour 2011 tax return and supporting documents somewhere secure so you'll knowexactly where to find them if you receive an IRS notice and need to refer toyour return. If it is easy to find, you can also use it as a helpful guide fornext year's return.3.    Organize your recordkeeping - Establisha central location where everyone in your household can put tax-related recordsall year long. Anything from a shoebox to a file cabinet works. Just beconsistent to avoid a scramble for misplaced mileage logs or charity receiptscome tax time.4.    Review your paycheck -Make sure your employer is properly withholding and reportingretirement account contributions, health insurance payments, charitable payrolldeductions and other items. These payroll adjustments can make a big differenceon your bottom line. Fixing an error in your paycheck now gets you back ontrack before it becomes a huge hassle.5.    Shop for a tax professionalearly - If youuse a tax professional to help you strategize, plan and make financialdecisions throughout the year, then search now. You'll have more time whenyou're not up against a deadline or anxious for your refund. Choose a taxprofessional wisely. You are ultimately responsible for the accuracy of yourown return regardless of who prepares it. Find tips for choosing a preparer atwww.irs.gov.6.    Prepare to itemize deductions -If your expenses typically fall just below the amount to makeitemizing advantageous, a bit of planning to bundle deductions into 2012 maypay off. An early or extra mortgage payment, pre-deadline property taxpayments, planned donations or strategically paid medical bills could equalsome tax savings. See the Schedule A instructions for expenses you can deductif you're itemizing and then prepare an approach that works best for you.7.    Strategize tuition payments -The American Opportunity Tax Credit, which offsets highereducation expenses, is set to expire after 2012. It may be beneficial to pay2013 tuition in 2012 to take full advantage of this tax credit, up to $2,500,before it expires. For more information, see IRS Publication 970, Tax Benefitsfor Education.8.    Keep up with changes -Find out about tax law changes, helpful tips and IRSannouncements all year by reading ABA Tax Accounting blogs. The ABA Tax issuestips regularly throughout during the tax season and outside the tax season.
 The IRS emphasizes thateach household's financial circumstances are different so it's important tofully consider your specific situation and goals before making large financialdecisions. Looking for anexperienced and licensed by IRS tax preparer? As always we are available tohelp. For no obligation free consultation contact us today!ABA TaxAccountingAbatax81@gmail.comDirect612-282-3200Tollfree 866-936-0430http://abatax81.blogspot.com

Supreme Court's health care decision affects many tax provisions

To contact us Click HERE
The Supreme Court's decision upholding the individual mandate in the health care law had a surprisingly large number of tax ramifications. Because much of the health care law was enacted through the Internal Revenue Code, the court's decision to let the law stand means that numerous tax provisions will take effect over the next few years. Many of those provisions involve health care, but some, such as the 3.8% tax on net investment income and the codified economic substance doctrine, don't, and may surprise taxpayers. To read the details click the link.  Supreme Court upholds health care law
Looking for an experienced and licensed by IRS tax accountant? As always we are available to help. For no obligation free consultation contact us today!
ABA Tax AccountingAmare Berhie, Senior Tax Accountantamare@abataxaccounting.comDirect 612-282-3200Toll free 866-936-0430http://abatax81.blogspot.com

 

NAEA | Powering America's Tax Experts

To contact us Click HERE
NAEA | Powering America's Tax Experts

Strategic Outsourcing Solutions for CPA firms ABA Tax Accounting offers premier domestic outsourcing of tax return preparation and bookkeeping services for CPA firms and other businesses as well as general accounting and back office solutions. For more info, please contact us today.ABA Tax AccountingAmare Berhie, Managing MemberDirect: 612-282-3200amare@abataxaccounting.comToll free 866-936-0430www.abataxaccounting.com

Help! What If I Can't Make My IRS Payment?

To contact us Click HERE

If you are one of thousands of taxpayers who are in a payment plan with the IRS, but due to current economic conditions cannot make your payment, you have options. If you have lost your job and your entire financial situation has changed, you need to contact the IRS and be prepared to lay out your new situation. If you expenses have not changed and your income is all that has changed, you may just need proof (like a termination letter) you no longer have a job.

If your expenses have changed as well, you may need to provide proof of those changes as well. When you talk to the IRS, only say what has happened and answer honestly and completely any questions they may ask. Do not volunteer information, except to briefly explain your situation. Don't get chatty, even if the person you talk is friendly and personable, remember, they work for the IRS. You could make one simple statement that could cause you problems.

If your liability is substantial and you need assistance, contact an Enrolled Agent, who can represent you before the IRS. What ever you do, do not ignore your situation. If you default you payment plan, the IRS can levy your bank accounts, retirement accounts and file a lien even if your tax liability is low. Call either the IRS or an Enrolled Agent before the IRS makes a bad financial situation even worse.

7 Temmuz 2012 Cumartesi

Proposed law would limit delinquent taxpayers' overseas travel

To contact us Click HERE
International Tax Services - A proposed law would give the Internal Revenue Service more latitude in starting a process that would result in a U.S. citizen's passport being revoked or denied if he or she owes a substantial amount in back taxes. There are exceptions under the law, including if the taxpayer is repaying the debt under a payment plan. Forbes (4/24) To read more click here. Looking for an experienced and IRS licensed tax preparer? For no obligation free consultation contact us today!
ABA Tax Accounting
Abatax81@gmail.com
Direct 612-282-3200
Toll free 866-936-0430
http://abatax81.blogspot.com

Start Planning Now for Next Year's Tax Return

To contact us Click HERE
Thetax deadline may have just passed but planning for next year can start now. TheIRS reminds taxpayers that being organized and planning ahead can save time,money and headaches in 2013. Here are eight things you can do now to make nextApril 15 easier.
1.    Adjust your withholding -Why wait another year for a big refund? Now is a good time toreview your withholding and make adjustments for next year, especially if you'dprefer more money in each paycheck this year. If you owed at tax time, perhapsyou'd like next year's tax payment to be smaller. Use IRS's WithholdingCalculator at www.irs.gov orPublication 919, How Do I Adjust My Tax Withholding?2.    Store your return in a safeplace - Putyour 2011 tax return and supporting documents somewhere secure so you'll knowexactly where to find them if you receive an IRS notice and need to refer toyour return. If it is easy to find, you can also use it as a helpful guide fornext year's return.3.    Organize your recordkeeping - Establisha central location where everyone in your household can put tax-related recordsall year long. Anything from a shoebox to a file cabinet works. Just beconsistent to avoid a scramble for misplaced mileage logs or charity receiptscome tax time.4.    Review your paycheck -Make sure your employer is properly withholding and reportingretirement account contributions, health insurance payments, charitable payrolldeductions and other items. These payroll adjustments can make a big differenceon your bottom line. Fixing an error in your paycheck now gets you back ontrack before it becomes a huge hassle.5.    Shop for a tax professionalearly - If youuse a tax professional to help you strategize, plan and make financialdecisions throughout the year, then search now. You'll have more time whenyou're not up against a deadline or anxious for your refund. Choose a taxprofessional wisely. You are ultimately responsible for the accuracy of yourown return regardless of who prepares it. Find tips for choosing a preparer atwww.irs.gov.6.    Prepare to itemize deductions -If your expenses typically fall just below the amount to makeitemizing advantageous, a bit of planning to bundle deductions into 2012 maypay off. An early or extra mortgage payment, pre-deadline property taxpayments, planned donations or strategically paid medical bills could equalsome tax savings. See the Schedule A instructions for expenses you can deductif you're itemizing and then prepare an approach that works best for you.7.    Strategize tuition payments -The American Opportunity Tax Credit, which offsets highereducation expenses, is set to expire after 2012. It may be beneficial to pay2013 tuition in 2012 to take full advantage of this tax credit, up to $2,500,before it expires. For more information, see IRS Publication 970, Tax Benefitsfor Education.8.    Keep up with changes -Find out about tax law changes, helpful tips and IRSannouncements all year by reading ABA Tax Accounting blogs. The ABA Tax issuestips regularly throughout during the tax season and outside the tax season.
 The IRS emphasizes thateach household's financial circumstances are different so it's important tofully consider your specific situation and goals before making large financialdecisions. Looking for anexperienced and licensed by IRS tax preparer? As always we are available tohelp. For no obligation free consultation contact us today!ABA TaxAccountingAbatax81@gmail.comDirect612-282-3200Tollfree 866-936-0430http://abatax81.blogspot.com

Supreme Court's health care decision affects many tax provisions

To contact us Click HERE
The Supreme Court's decision upholding the individual mandate in the health care law had a surprisingly large number of tax ramifications. Because much of the health care law was enacted through the Internal Revenue Code, the court's decision to let the law stand means that numerous tax provisions will take effect over the next few years. Many of those provisions involve health care, but some, such as the 3.8% tax on net investment income and the codified economic substance doctrine, don't, and may surprise taxpayers. To read the details click the link.  Supreme Court upholds health care law
Looking for an experienced and licensed by IRS tax accountant? As always we are available to help. For no obligation free consultation contact us today!
ABA Tax AccountingAmare Berhie, Senior Tax Accountantamare@abataxaccounting.comDirect 612-282-3200Toll free 866-936-0430http://abatax81.blogspot.com

 

NAEA | Powering America's Tax Experts

To contact us Click HERE
NAEA | Powering America's Tax Experts

Strategic Outsourcing Solutions for CPA firms ABA Tax Accounting offers premier domestic outsourcing of tax return preparation and bookkeeping services for CPA firms and other businesses as well as general accounting and back office solutions. For more info, please contact us today.ABA Tax AccountingAmare Berhie, Managing MemberDirect: 612-282-3200amare@abataxaccounting.comToll free 866-936-0430www.abataxaccounting.com

Help! What If I Can't Make My IRS Payment?

To contact us Click HERE

If you are one of thousands of taxpayers who are in a payment plan with the IRS, but due to current economic conditions cannot make your payment, you have options. If you have lost your job and your entire financial situation has changed, you need to contact the IRS and be prepared to lay out your new situation. If you expenses have not changed and your income is all that has changed, you may just need proof (like a termination letter) you no longer have a job.

If your expenses have changed as well, you may need to provide proof of those changes as well. When you talk to the IRS, only say what has happened and answer honestly and completely any questions they may ask. Do not volunteer information, except to briefly explain your situation. Don't get chatty, even if the person you talk is friendly and personable, remember, they work for the IRS. You could make one simple statement that could cause you problems.

If your liability is substantial and you need assistance, contact an Enrolled Agent, who can represent you before the IRS. What ever you do, do not ignore your situation. If you default you payment plan, the IRS can levy your bank accounts, retirement accounts and file a lien even if your tax liability is low. Call either the IRS or an Enrolled Agent before the IRS makes a bad financial situation even worse.

5 Temmuz 2012 Perşembe

Proposed law would limit delinquent taxpayers' overseas travel

To contact us Click HERE
International Tax Services - A proposed law would give the Internal Revenue Service more latitude in starting a process that would result in a U.S. citizen's passport being revoked or denied if he or she owes a substantial amount in back taxes. There are exceptions under the law, including if the taxpayer is repaying the debt under a payment plan. Forbes (4/24) To read more click here. Looking for an experienced and IRS licensed tax preparer? For no obligation free consultation contact us today!
ABA Tax Accounting
Abatax81@gmail.com
Direct 612-282-3200
Toll free 866-936-0430
http://abatax81.blogspot.com

Start Planning Now for Next Year's Tax Return

To contact us Click HERE
Thetax deadline may have just passed but planning for next year can start now. TheIRS reminds taxpayers that being organized and planning ahead can save time,money and headaches in 2013. Here are eight things you can do now to make nextApril 15 easier.
1.    Adjust your withholding -Why wait another year for a big refund? Now is a good time toreview your withholding and make adjustments for next year, especially if you'dprefer more money in each paycheck this year. If you owed at tax time, perhapsyou'd like next year's tax payment to be smaller. Use IRS's WithholdingCalculator at www.irs.gov orPublication 919, How Do I Adjust My Tax Withholding?2.    Store your return in a safeplace - Putyour 2011 tax return and supporting documents somewhere secure so you'll knowexactly where to find them if you receive an IRS notice and need to refer toyour return. If it is easy to find, you can also use it as a helpful guide fornext year's return.3.    Organize your recordkeeping - Establisha central location where everyone in your household can put tax-related recordsall year long. Anything from a shoebox to a file cabinet works. Just beconsistent to avoid a scramble for misplaced mileage logs or charity receiptscome tax time.4.    Review your paycheck -Make sure your employer is properly withholding and reportingretirement account contributions, health insurance payments, charitable payrolldeductions and other items. These payroll adjustments can make a big differenceon your bottom line. Fixing an error in your paycheck now gets you back ontrack before it becomes a huge hassle.5.    Shop for a tax professionalearly - If youuse a tax professional to help you strategize, plan and make financialdecisions throughout the year, then search now. You'll have more time whenyou're not up against a deadline or anxious for your refund. Choose a taxprofessional wisely. You are ultimately responsible for the accuracy of yourown return regardless of who prepares it. Find tips for choosing a preparer atwww.irs.gov.6.    Prepare to itemize deductions -If your expenses typically fall just below the amount to makeitemizing advantageous, a bit of planning to bundle deductions into 2012 maypay off. An early or extra mortgage payment, pre-deadline property taxpayments, planned donations or strategically paid medical bills could equalsome tax savings. See the Schedule A instructions for expenses you can deductif you're itemizing and then prepare an approach that works best for you.7.    Strategize tuition payments -The American Opportunity Tax Credit, which offsets highereducation expenses, is set to expire after 2012. It may be beneficial to pay2013 tuition in 2012 to take full advantage of this tax credit, up to $2,500,before it expires. For more information, see IRS Publication 970, Tax Benefitsfor Education.8.    Keep up with changes -Find out about tax law changes, helpful tips and IRSannouncements all year by reading ABA Tax Accounting blogs. The ABA Tax issuestips regularly throughout during the tax season and outside the tax season.
 The IRS emphasizes thateach household's financial circumstances are different so it's important tofully consider your specific situation and goals before making large financialdecisions. Looking for anexperienced and licensed by IRS tax preparer? As always we are available tohelp. For no obligation free consultation contact us today!ABA TaxAccountingAbatax81@gmail.comDirect612-282-3200Tollfree 866-936-0430http://abatax81.blogspot.com

Supreme Court's health care decision affects many tax provisions

To contact us Click HERE
The Supreme Court's decision upholding the individual mandate in the health care law had a surprisingly large number of tax ramifications. Because much of the health care law was enacted through the Internal Revenue Code, the court's decision to let the law stand means that numerous tax provisions will take effect over the next few years. Many of those provisions involve health care, but some, such as the 3.8% tax on net investment income and the codified economic substance doctrine, don't, and may surprise taxpayers. To read the details click the link.  Supreme Court upholds health care law
Looking for an experienced and licensed by IRS tax accountant? As always we are available to help. For no obligation free consultation contact us today!
ABA Tax AccountingAmare Berhie, Senior Tax Accountantamare@abataxaccounting.comDirect 612-282-3200Toll free 866-936-0430http://abatax81.blogspot.com

 

NAEA | Powering America's Tax Experts

To contact us Click HERE
NAEA | Powering America's Tax Experts

Strategic Outsourcing Solutions for CPA firms ABA Tax Accounting offers premier domestic outsourcing of tax return preparation and bookkeeping services for CPA firms and other businesses as well as general accounting and back office solutions. For more info, please contact us today.ABA Tax AccountingAmare Berhie, Managing MemberDirect: 612-282-3200amare@abataxaccounting.comToll free 866-936-0430www.abataxaccounting.com

Help! What If I Can't Make My IRS Payment?

To contact us Click HERE

If you are one of thousands of taxpayers who are in a payment plan with the IRS, but due to current economic conditions cannot make your payment, you have options. If you have lost your job and your entire financial situation has changed, you need to contact the IRS and be prepared to lay out your new situation. If you expenses have not changed and your income is all that has changed, you may just need proof (like a termination letter) you no longer have a job.

If your expenses have changed as well, you may need to provide proof of those changes as well. When you talk to the IRS, only say what has happened and answer honestly and completely any questions they may ask. Do not volunteer information, except to briefly explain your situation. Don't get chatty, even if the person you talk is friendly and personable, remember, they work for the IRS. You could make one simple statement that could cause you problems.

If your liability is substantial and you need assistance, contact an Enrolled Agent, who can represent you before the IRS. What ever you do, do not ignore your situation. If you default you payment plan, the IRS can levy your bank accounts, retirement accounts and file a lien even if your tax liability is low. Call either the IRS or an Enrolled Agent before the IRS makes a bad financial situation even worse.

4 Temmuz 2012 Çarşamba

Start Planning Now for Next Year's Tax Return

To contact us Click HERE
Thetax deadline may have just passed but planning for next year can start now. TheIRS reminds taxpayers that being organized and planning ahead can save time,money and headaches in 2013. Here are eight things you can do now to make nextApril 15 easier.
1.    Adjust your withholding -Why wait another year for a big refund? Now is a good time toreview your withholding and make adjustments for next year, especially if you'dprefer more money in each paycheck this year. If you owed at tax time, perhapsyou'd like next year's tax payment to be smaller. Use IRS's WithholdingCalculator at www.irs.gov orPublication 919, How Do I Adjust My Tax Withholding?2.    Store your return in a safeplace - Putyour 2011 tax return and supporting documents somewhere secure so you'll knowexactly where to find them if you receive an IRS notice and need to refer toyour return. If it is easy to find, you can also use it as a helpful guide fornext year's return.3.    Organize your recordkeeping - Establisha central location where everyone in your household can put tax-related recordsall year long. Anything from a shoebox to a file cabinet works. Just beconsistent to avoid a scramble for misplaced mileage logs or charity receiptscome tax time.4.    Review your paycheck -Make sure your employer is properly withholding and reportingretirement account contributions, health insurance payments, charitable payrolldeductions and other items. These payroll adjustments can make a big differenceon your bottom line. Fixing an error in your paycheck now gets you back ontrack before it becomes a huge hassle.5.    Shop for a tax professionalearly - If youuse a tax professional to help you strategize, plan and make financialdecisions throughout the year, then search now. You'll have more time whenyou're not up against a deadline or anxious for your refund. Choose a taxprofessional wisely. You are ultimately responsible for the accuracy of yourown return regardless of who prepares it. Find tips for choosing a preparer atwww.irs.gov.6.    Prepare to itemize deductions -If your expenses typically fall just below the amount to makeitemizing advantageous, a bit of planning to bundle deductions into 2012 maypay off. An early or extra mortgage payment, pre-deadline property taxpayments, planned donations or strategically paid medical bills could equalsome tax savings. See the Schedule A instructions for expenses you can deductif you're itemizing and then prepare an approach that works best for you.7.    Strategize tuition payments -The American Opportunity Tax Credit, which offsets highereducation expenses, is set to expire after 2012. It may be beneficial to pay2013 tuition in 2012 to take full advantage of this tax credit, up to $2,500,before it expires. For more information, see IRS Publication 970, Tax Benefitsfor Education.8.    Keep up with changes -Find out about tax law changes, helpful tips and IRSannouncements all year by reading ABA Tax Accounting blogs. The ABA Tax issuestips regularly throughout during the tax season and outside the tax season.
 The IRS emphasizes thateach household's financial circumstances are different so it's important tofully consider your specific situation and goals before making large financialdecisions. Looking for anexperienced and licensed by IRS tax preparer? As always we are available tohelp. For no obligation free consultation contact us today!ABA TaxAccountingAbatax81@gmail.comDirect612-282-3200Tollfree 866-936-0430http://abatax81.blogspot.com

IRS Closes Offshore Tax Loophole and Tightens Eligibility for Voluntary Disclosure Program

To contact us Click HERE
The Internal Revenue Service said Tuesday that its Offshore Voluntary Disclosure Programs have exceeded the $5 billion mark and released new details on the latest iteration of the Offshore Voluntary Disclosure Program that began in January, including tightening the eligibility requirements. Read the Full Story 
IRS Closes Offshore Tax Loophole and Tightens Eligibility for Voluntary Disclosure Program
Taxes are a fact of personal and business life. The question you face is, how will you minimize the impact of taxes? What kind of expertise do you need to help you achieve your goals? ABA Tax Accounting has answers to both questions, delivered by tax specialists who work proactively in a personal, one-on-one relationship. Whether you need to structure an international transaction, reorganize your business, transfer family property or defer tax on the sale of assets, ABA Tax Accounting provides a wide array of services that cover every aspect of your business and personal finances.
For a Free Consultation call or email:ABA Tax Accounting Amare Berhie, Senior Tax Adviseramare@abataxaccounting.com Toll free 866-936-0430 www.abataxaccounting.com

Supreme Court's health care decision affects many tax provisions

To contact us Click HERE
The Supreme Court's decision upholding the individual mandate in the health care law had a surprisingly large number of tax ramifications. Because much of the health care law was enacted through the Internal Revenue Code, the court's decision to let the law stand means that numerous tax provisions will take effect over the next few years. Many of those provisions involve health care, but some, such as the 3.8% tax on net investment income and the codified economic substance doctrine, don't, and may surprise taxpayers. To read the details click the link.  Supreme Court upholds health care law
Looking for an experienced and licensed by IRS tax accountant? As always we are available to help. For no obligation free consultation contact us today!
ABA Tax AccountingAmare Berhie, Senior Tax Accountantamare@abataxaccounting.comDirect 612-282-3200Toll free 866-936-0430http://abatax81.blogspot.com

 

NAEA | Powering America's Tax Experts

To contact us Click HERE
NAEA | Powering America's Tax Experts

Strategic Outsourcing Solutions for CPA firms ABA Tax Accounting offers premier domestic outsourcing of tax return preparation and bookkeeping services for CPA firms and other businesses as well as general accounting and back office solutions. For more info, please contact us today.ABA Tax AccountingAmare Berhie, Managing MemberDirect: 612-282-3200amare@abataxaccounting.comToll free 866-936-0430www.abataxaccounting.com

Overseas Groups Applaud IRS Response to Expats

To contact us Click HERE
Overseas Groups Applaud IRS Response to Expats

Do more with ABA Tax Accounting International Tax ServicesABA Tax Accounting can assist you determine your facts, develop alternatives, quantify the affect of each of the viable alternatives and make a recommendation based on our understanding of your facts and our experience.For more information please contact: ABA Tax AccountingAmare Berhie, Senior Tax Accountant amare@abataxaccounting.com Direct 612-282-3200Toll free 866-936-0430 www.abataxaccounting.com