The Firm of Gardner & Billing, CPAs PLLC

We were privileged to have Jolene Brown present a workshop titled “The Top Ten Mistakes That Break-Up a Family Business” in our community a few weeks ago. It was so exciting to see so many successful people from our surrounding communities attend. Jolene got a lot of people thinking… including those of us at Gardner & Billing. Hopefully her message has prompted some discussions and thoughts; or maybe it just has you stressed that you need to do something now !  Anxiety happens when we think we have to figure out everything all at once. Relax. You can do this. Take it one step at a time. Breathe. Now Go… Gather information: What do we have? What do we own (assets)? What do we owe (liabilities)? What type of business do we have (sole proprietor, Corporation, LLC)? Who is a part of this plan (family members, business partners, beneficiaries)? What planning have we already done? What are our wishes for the future? Documents that will help: Entity organization...

  IRS NEWS ACA Executive Order and Current Tax Filing Season The IRS is currently reviewing the Jan. 20, 2017, executive order to determine the implications. Taxpayers should continue to file their tax returns as they normally would. The Affordable Care Act includes the individual shared responsibility provision and the premium tax credit that may affect your tax return. The individual shared responsibility provision requires you, your spouse, and your dependents to have qualifying health insurance for the entire year, report a health coverage exemption, or make a payment when you file. In addition, you may be eligible for the premium tax credit if you purchased health coverage through the Health Insurance Marketplace. Reporting Coverage Claiming Coverage Exemptions Many taxpayers already have qualifying health care coverage, and will simply check a box on their tax return. Find o...

Whether you call it Valentine's Day or Singles Awareness Day, we want to wish you a Happy February 14th!  May it serve as a celebration of love in all forms - be it family, friends or romance.    "Rare as is true love, true friendship is rarer."  - Jean de La Fontaine

IRS Answers Common Early Tax Season Refund Questions and Addresses Surrounding Myths IR-2017-16, Feb. 1, 2017 WASHINGTON — As millions of people begin filing their tax returns, the Internal Revenue Service reminded taxpayers about some basic tips to keep in mind about their refunds. During the early parts of the tax season, early filers are anxious to get details about their tax refunds. And in some social media, this can lead to misunderstandings and speculation about refunds. The IRS offers some tips to keep in mind. Myth 1: All Refunds Are Delayed While more than 90 percent of federal tax refunds are issued in the normal time frame – less than 21 days – it is true some refunds may be delayed – but not all of them. Recent legislation requires the IRS to hold refunds for tax returns claiming the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC) until mid-February. Other returns may require additional review for a variety of reasons and take longer. For example...