• The Documentation Must Haves – Guilty until proven innocent

    The Documentation Must Haves – Guilty until proven innocent

    The Documentation Must Haves – Guilty until proven innocent Taking valid deductions on your tax return is your right. Defending your deductions is becoming harder and harder to do. Read this to make sure your deductions rule the day. When faced with questions on your tax return deductions, it is getting all too common for tax authorities to deny everything and then make you prove that your deductions are valid. Do not let this happen to you. Here are some suggestions. The one-two punch. To prove your deduction most auditors are looking for two key documents. Miss one of the

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  • In the News: Tax Extenders Bill Passes – Many tax changes impact 2015

    In the News: Tax Extenders Bill Passes – Many tax changes impact 2015

    Protecting Americans from Tax Hikes Act of 2015 (the PATH Act) is the latest edition of retroactive tax law changes being implemented at the end of a tax year. Some of the changes require your immediate attention. Here is what you need to know.

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  • Reminder: 2nd Quarter Estimated Taxes Due

    Reminder: 2nd Quarter Estimated Taxes Due

    Reminder: 2nd Quarter Estimated Taxes Due If you have not already done so, remember to have your 2nd quarter federal tax payment submitted prior to June 15th. Since the 15th lands on a Sunday in 2014, the actual filing due date is June 16th. If you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES. The second quarter due date is now here. Normal due date: June 15th (2014: Due date is Monday the 16th since the 15th falls on a weekend) Remember you are

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  • What Should Your Margins Be?

    What Should Your Margins Be? Benchmarking Your Business with Financial Ratios By Dennis Fredrickson, CPA   A client recently called me with a question: “What should my margins be?” That’s a great question. Frequently, many small business owners don’t know how their business compares to their industry or competitors. There are resources available to help with this. They can provide a wealth of information regarding financial ratios. You can go to resource desk at a larger library and look for the following periodicals (there are others available, this is just a sample): RMA Annual Statement Studies (Risk Management Association) Industry

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  • 2013 Award

    2013 Award

    Press Release FOR IMMEDIATE RELEASE Hallmark CPA Group LLC Receives 2013 Best of Tampa Award U.S. Commerce Association’s Award Plaque Honors the Achievement NEW YORK, NY, May 31, 2013 — For the third consecutive year, Hallmark CPA Group LLC has been selected for the 2013 Best of Tampa Award in the Certified Public Accountants category by the U.S. Commerce Association (USCA). The USCA “Best of Local Business” Award Program recognizes outstanding local businesses throughout the country. Each year, the USCA identifies companies that they believe have achieved exceptional marketing success in their local community and business category. These are local

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  • If you are participating in an HSA, recently announce limits for 2014 will help you get a jump on planning for next year. The savings limits for the ever-popular Health Savings Accounts (HSA) are now set for 2014. The new limits are outlined here with current year amounts noted for comparison purposes. What is an HSA? An HSA is a tax advantaged savings account where part of your wages can be contributed on a pre-tax basis. There is no tax on the funds contributed or the interest or investment earnings as long as the funds are used to pay for

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  • Unlike fishing, phishing has no limits and can hurt anyone it touches. As one of the top 12 IRS tax scams, you do not want to take this bait. Here is what you need to know. Each year the IRS publishes the top dozen tax scams it encounters over the prior year. One of them that makes an all too common appearance on their list is the phishing scam. Here is what you need to know. Phishing requires bait Phishing is the act of creating a fake e-mail or website that looks like the real thing. This “bait” is then

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  • After filing your tax return, do not close the book on your taxes until you have set up next year’s files, purged unneeded old records, and prepared your records in case of an audit. Here are some tips. With a sigh you are relieved that yet another tax return has been sent off to the government. Another 12 months before you need to do this again. But before you close that tax file, there is still some work to do. If the IRS or state revenue department selects your return for review, you will need to be prepared. Here is

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  • Most of us only see the media portrayal of the lottery. Lucky winner, lots of cash. Outside of the bright lights is the true winner: the taxman. Here is what you need to know. bästa casino bonus Most everyone enjoys dreaming of winning it big in the lottery. News media outlets publicize the large unclaimed pots of money on the evening news and they put a spotlight on the lucky multi-million dollar winners. Ever wonder what the tax math looks like? The bottom line when seen from a wage stand point is that 75% or more of the income used

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