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Showing posts from July, 2014

"What do you do when tax season is over?”

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I’ve heard it more than once, so thought I’d share some of the “other stuff” we do. Although most of our workload is related to tax work or payroll, the CPAs also review and advise on accounting issues and assist in resolving and unraveling problems. The support staff spends massive amounts of time handling (safely and confidentially) the reams of paper that flow into the office.  We scan and electronically store all of the work papers used in preparing each income tax return, as well as the returns themselves and related correspondence. We keep paper copies of all that material for three years then verify that each piece was scanned legibly before each sheet is shredded. So each year during the non-tax season, we review and shred all of the paper used four years previously. We use spreadsheets to track the recipients and dollar amounts of 1099s for the clients that need to submit them. Spreadsheets are also used for many of our clients to total expenses and income by

Ever wondered where your Social Security Number came from??

In the United States, the nine digits that make up your Social Security number (SSN) may be the most important numbers in your life. You are required to apply for your SSN when you start your first job, and it stays with you from then on! We use our SSNs daily, although many times we don't even know it.   Important as it is, we may not know much about the origin of our specific number and how SSNs came to be. What is Social Security? Generally, the term social security describes a program that uses public funds to provide a degree of economic security for the public. The specific social security discussed here is the United States government program established in 1935 that provides old age, disability, and survivors insurance, as well as supplemental security income , an income for the elderly or disabled. The original and essential purpose of SSNs is to keep track of the money you put into the Social Security program so that you can get the benefits

Summer Weddings Mean Tax Changes

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As our family’s summer progresses this year, it has one clear thing that it is chalked full of (besides mosquitos) weddings!   A beautiful and momentous occasion for all involved especially the bride and groom.   One thing I am sure that doesn’t make the wedding planning checklist is taxes.    You should be aware of the tax issues that come along with marriage. Here are some basic tips that can help keep those issues to a minimum per the Internal Revenue Service: Name change. The names and Social Security numbers on your tax return must match your Social Security Administration records. If you change your name, report it to the SSA. To do that, file Form SS-5, Application for a Social Security Card. You can get the form on SSA.gov , by calling 800-772-1213 or from your local SSA office. Change in filing status.   If you’re married as of Dec. 31, that’s your marital status for the whole year for tax purposes. You and your spouse can choose to file your federal income t