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.

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

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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:

Should You Get a Bigger Refund This Year?

Tax Software vs Tax Pro: Which Is Right for You?

What Do I Do With My Tax Refund?

And many more articles, please check it out.

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

2nd Estimated Tax Payment Due June 15, 2014

Have a great summer!

Tax questions?  We can answer them, just ask!

Next Deadline

Personal Property Tax Returns Due 05/15/2014

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:

• Earned Income Tax Credit – English | Spanish
• Education Tax Credits – English | Spanish | ASL

IRS Podcasts:

• Earned Income Tax Credit – English | Spanish 
• Education Tax Credits – English | Spanish

Four Ways to Get IRS Forms and Publications

The IRS offers free tax forms and publications on many topics. Here are four easy ways to get the tax products you need from the IRS:

1. On the Internet.  Get everything you need 24 hours a day 7 days a week on IRS.gov. To view and download tax products, click on the ‘Forms and Pubs’ tab. Many products appear online before they’re available on paper.

2. Order by Phone.  Call 1-800-TAX-FORM (1-800-829-3676) Mondaythrough Friday, 7 a.m. to 7 p.m. local time. Hours of service in Alaska and Hawaii follow Pacific time. You’ll typically receive your order by mail within 7 to 10 days.

3. In IRS Offices.  Get the tax products you need at IRS Taxpayer Assistance Centers across the country. Visit IRS.gov to find the nearest IRS Center. Select the ‘Help and Resources’ tab, and then click on ‘Contact Your Local IRS Office.’ Use the ‘Office Locator’ tool to search for the closest office by zip code. You can also select your state for a list of offices and services available at each office.

4. In Your Community.  Many libraries and post offices offer free tax forms during the tax filing season. Some libraries also have copies of common IRS publications.

Additional IRS Resources:

• IRS Free File
• Publication 5136, IRS Services Guide (PDF)

IRS YouTube Videos:

• How to Get 1040 Forms – English | Spanish | ASL
• IRS Tax Forms and Publications – English | Spanish | ASL

IRS Podcasts:

• How to Get 1040 Forms – English | Spanish
• Tax Forms and Publications – English | Spanish