The Firm of Gardner & Billing, CPAs PLLC

At Gardner & Billing CPAs we can't promise how sharp our geometry skills are, but we DO know taxes!  Bring your tax information to the experts and let us take care of you this tax season!

Based on an article by Mark P. Cussen Although the tax code permits a wide range of deductions for taxpayers in various situations, thousands of filers routinely claim deductions for various types of expenses that are in fact non-deductible. Here is a list of some of the more common non-deductible expenses that show up on tax returns each year.  1) Spousal and Child Support Many taxpayers try to deduct these two forms of familial support on their returns. However, alimony is the only type of income paid by one ex-spouse to another that can be deducted.   2) Unreimbursed Work Expenses Although self-employed taxpayers can deduct every dollar of work-related expenses, W-2 employees are limited on the amount of unreimbursed work expenses they can deduct - and only those who are able to itemize their deductions can take advantage.   3) Above-the-Line Deduction for Roth IRA Contributions Unlike traditional IRA contributions, there is no deduction for Roth IRA cont...

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Check the status of your refund with TransAction Portal . Select Where's My Refund link under the 'Quick Links' section.  **Checking the status of your return does not require a TAP account.** Where's My Refund Frequently Asked Questions How long will it take to receive my refund? Because of the ongoing nationwide increase in identity theft and filing of fraudulent returns, the department takes time to review returns to make sure they are valid. This means that the department cannot always give you a timeframe for how long it will take to issue your refund. TAP will show you the status of your return and refund. The status of your refund depends on where your return is in the process. How soon after filing can I check the status of my refund? Wait at least 4 weeks if you filed electronically 8 weeks if you filed a paper return What can slow down my refund? Your refund could seem slow or be delayed because: In response to security measures in place to protec...

IRS Special Edition Tax Tip 2017-05, February 24, 2017 The Internal Revenue Service reminds farmers and fishermen about the March 1 deadline to take advantage of special rules that can allow them to forgo making quarterly estimated tax payments. Taxpayers with income from farming or fishing have until March 1 to file their 2016 Form 1040 and pay the tax due to avoid making estimated tax payments. This rule generally applies if farming or fishing income was at least two-thirds of the total gross income in either the current or the preceding tax year. Ways to Pay: IRS Direct Pay – IRS Direct Pay offers individual taxpayers an easy way to quickly pay the tax amount due or make quarterly estimated tax payments directly from checking or savings accounts without any fees or pre-registration. Direct Pay is available 24 hours a day, seven days a week and taxpayers can schedule a payment up to 30 days in advance. Last year, IRS Direct Pay received more than nine million tax payments from indi...

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...