From the Kiplinger Tax Letter:
"Tax pros tell us they've noticed increased audit activity in this area. Employer-provided meals are tax-free if served on-site and there is a valid noncompensatory business reason for the meals, such as a restricted lunch period. Many big firms put out lavish spreads for their workers. IRS auditors are questioning the business reasons for these meals and are proposing penalties on employers for not withholding taxes. And the agency is eyeing changes to its regulations to further limit when tax-free meals can be offered."
September 22, 2014
August 30, 2014
We hope everyone had a great summer!
We will be sending out Tax Organizers to everyone. If you would like a tax organizer please send your email address to cpawoodbury@gmail.com and we will make sure we send you one.
August 4, 2014
Multiple step Income Statement
"The multiple step income statement reports operating revenues and expenses separately from non-operating revenues and expenses and other gains and losses. The benefit of the multiple step income statement is enhance user information (because the line items presented often provide the user with readily available data with which to calculate various analytical ratios)." -Becker CPA Review course
July 14, 2014
July 10, 2014
Dave Ramsey answers to tax questions
Dave Ramsey answers some common tax questions. We agree & support the answers he gives and the articles he has typed. Please click on this link:
Tax Answers from Dave Ramsey
Articles include:
Tax Answers from Dave Ramsey
Articles include:
Should You Get a Bigger Refund This Year?
And many more articles, please check it out.
June 11, 2014
Transaction Cycles
Revenue Cycle = Includes sales revenues, receivables, and cash receipts
Expenditure Cycle = Includes purchases, payables, and cash disbursements
Inventory Cycle = Includes perpetual inventory, physical counts, and manufacturing costs
Investment Cycle = Includes investments in debt and equity and the income received from investments
Property, Plant, and Equipment Cycle = Includes acquisitions and disposals and related depreciation expense
Payroll and Personnel Cycle = Includes payroll
Financing Cycle = Includes debt and equity financing, repayments to borrowers, interest expense, and dividends
By Becker CPA Review
Expenditure Cycle = Includes purchases, payables, and cash disbursements
Inventory Cycle = Includes perpetual inventory, physical counts, and manufacturing costs
Investment Cycle = Includes investments in debt and equity and the income received from investments
Property, Plant, and Equipment Cycle = Includes acquisitions and disposals and related depreciation expense
Payroll and Personnel Cycle = Includes payroll
Financing Cycle = Includes debt and equity financing, repayments to borrowers, interest expense, and dividends
By Becker CPA Review
June 10, 2014
May 22, 2014
May 8, 2014
March 14, 2014
Five Tax Credits That Can Reduce Your Taxes
Tax credits help reduce the taxes you owe. Some credits are also refundable. That means that, even if you owe no tax, you may still get a refund.
Here are five tax credits you shouldn’t overlook when filing your 2013 federal tax return:
1. The Earned Income Tax Credit is a refundable credit for people who work but don’t earn a lot of money. It can boost your refund by as much as $6,044. You may be eligible for the credit based on the amount of your income, your filing status and the number of children in your family. Single workers with no dependents may also qualify for EITC. Visit IRS.gov and use the EITC Assistant tool to see if you can claim this credit. For more see Publication 596, Earned Income Credit.
2. The Child and Dependent Care Credit can help you offset the cost of daycare or day camp for children under age 13. You may also be able to claim it for costs paid to care for a disabled spouse or dependent. For details, see Publication 503, Child and Dependent Care Expenses.
3. The Child Tax Credit can reduce the taxes you pay by as much as $1,000 for each qualified child you claim on your tax return. The child must be under age 17 in 2013 and meet other requirements. Use the Interactive Tax Assistant tool on IRS.gov to see if you can claim the credit. SeePublication 972, Child Tax Credit, for more about the rules.
4. The Saver’s Credit helps workers save for retirement. You may qualify if your income is $59,000 or less in 2013 and you contribute to an IRA or a retirement plan at work. Check out Publication 590, Individual Retirement Arrangements (IRAs).
5. The American Opportunity Tax Credit can help you offset college costs. The credit is available for four years of post-secondary education. It’s worth up to $2,500 per eligible student enrolled at least half time for at least one academic period. Even if you don’t owe any taxes, you still may qualify. However, you must complete Form 8863, Education Credits, and file a tax return to claim the credit. Use the Interactive Tax Assistant tool on IRS.gov to see if you can claim the credit. Publication 970, Tax Benefits for Education, has the details.
Before you claim any tax credit, be sure you qualify for it. Find out more about these credits on IRS.gov. You can also get free IRS forms and publications on IRS.gov or by calling 800-TAX-FORM (800-829-3676).
Additional IRS Resources:
- Schedule 8812, Child Tax Credit
- Tax Benefits for Education: Information Center
IRS YouTube Videos:
IRS Podcasts:
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