Jeff Haywood, CPA

Archive for December, 2010

While you have until the due date of your return to make IRA contributions for 2010, other actions need to be taken by December 31, 2010. For example any charitable contributions, mortgage interest paid, real estate taxes paid, energy saving products purchased and installed need to be made by December 31, 2010 to provide a benefit on your 2010 tax return. Following are some specific deductions or revenue you may want to take by December 31st to take them on this year’s tax return.

Business revenue/expenses: Look at taking revenue this year if it is advantageous relative to what you expect for next year. If you have an accrual basis business you can take revenue basically if you provide the goods or services to your clients this year and invoice them. The same applies to business expenses. Look at the current year and what you expect for next year. If you need the deductions this year then pay for your expenses before year-end. Remember that putting them on your business credit card is the same as paying for the business expense. (I plan to add another post later about business expenses.) If you have an accrual basis business you can deduct the expense if the liability has been incurred and economic performance has taken place. Please call me or email me for any needed clarifications.

ROTH IRA conversion: Conversions to a ROTH IRA need to be made by December 31st to take the income on your 2010 return or split it between your 2011 and 2012 returns. See post – ROTH IRA Conversion

Make Gifts: You can give any taxpayer, other than for products or services rendered, up to $13,000 tax free in 2010. Gifts that result in the donor paying the gift tax may be subject to a lower tax rate if given in 2010 compared to next year. Please contact me if this may benefit you or for clarification for your personal situation.

Required minimum distributions from retirement accounts: If you are required to take a minimum distribution from a retirement account it must be done by December 31st for this year. (I plan to add another post later about required minimum distributions.)

If you would like to discuss your situation with me feel free to call me or email me to setup an appointment. I would be happy to discuss your situation with you. It is most beneficial for us to discuss your situation regularly and proactively.

Jeff Haywood, CPA
972-439-1955
jeff.jhtaxes@gmail.com

I prepare the following types of tax returns:

Personal
Business
Estates
Trusts
Federal and State Returns

Also, I am available for tax planning and discussions about business, retirement planning and life goals.

For more US income tax content see the following links:

10 Things to Know About the Child and Dependent Care Credit
10 Important Facts About Capital Gains and Loses
IRS: Beware of Tax Scams
IRS Top Ten: Mortgage Debt Forgiveness
IRS Top Ten: IRA Contributions
US Income Tax Help for Expatriates
4 Credits That Can Pay You at Tax Time
What Business Deductions Can I Take as an Employee? IRS Tax Tips.
Was This Year a Bad Year? We may be able to get you a refund of your taxes paid in prior years.
6 IRS Tax Tips for Self-Employed Individuals
Important IRS Tax Tips: Health Insurance Tax Breaks for the Self-Employed
6 Things the IRS Wants You to Know About the Home Office Deduction
Is Your Child’s Investment Income Supposed to be Taxed at Your Tax Rate?
IRS Notice – Don’t Panic – Call Me
Who Can I Claim As A Dependent?
Which Filing Status Should I Use?
Do I Have To File A Tax Return For 2010?
6 Things You Should Know About Business Expenses – What You Can Deduct
Top Four Reasons Clients Hire Me To Prepare Their Tax Returns – Individual and Business
Instant Convenient Access To Your Tax Returns and Documents
How To Avoid the Social Security Penalty and Does Warren Buffett Get Penalized??
5000 Birds Fall From the Sky – Casualty Losses
Are You Required to Report Foreign Banks and Financial Accounts?
2010: “A Last Minute Checklist”
Energy Credits
ROTH IRAs
Traditional IRAs
Year-End Tax Planning Tips
Education Credits-American Opportunity Credit
ROTH IRA Conversion

As always keep in mind that the content provide on this site is general in nature and may or may not apply to your particular case. It is best to check with a tax professional about your circumstances and what is best for you personally. Also, IRS regulations and tax laws are constantly changing and the information on this site is not constantly updated. Again please check with me about your particular circumstances and what will be best in your situation at the given time and law.

This article was written by Jeff Haywood, CPA.
Jeff is a licensed CPA in both Texas and Illinois.
He has prepared income tax returns for the public for over 10 years.
He also has an MBA in Finance from Loyola University in Chicago and he has 24 years experience in Corporate Finance and Business Analysis.

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Mr. Miyagi say:
“Lesson not just karate only.
Lesson for whole life.
Whole life have a balance.
Everything be better. Understand?”

Of course, that is a quote from the Karate Kid. The quote is true. In my business I see when people get out of balance and it shows in every area of their life. It shows in their business, personal life, and even in filing their tax returns. I have seen many clients who had stopped filing tax returns. Why? They went to another CPA? No. They show up later, sometimes years later to file their returns. What happened?

Things got out  of balance and serious problems resulted in every area of their lives. For example, a client who neglects his business typically sees a loss in profits and often loses the business and or files for bankruptcy. That in turn puts pressure on their personal life and often results in depression. The same happens when other areas are neglected. So the point is pay attention to all areas of your life and keep them in balance. Do not neglect your family, health, creativity, enjoying life, etc. just to succeed in business. Every area of life need to be taken care of.

Click Here to Follow Jeff Haywood, CPA on Twitter

If you need balance and have neglected filing tax returns, I will be happy to prepare your back tax returns and help you get back into balance. Call me today for a free consultation at:

Jeff Haywood, CPA
972-439-1955
jeff.jhtaxes@gmail.com

I prepare the following types of tax returns:

Personal
Business
Estates
Trusts
Federal and State Returns

Also, I am available for tax planning and discussions about business, retirement planning and life goals.

For recent US income tax content see the following links:

Now is the time to file those late tax returns for previous years
IRS: 8 Things to Know if You Receive an IRS Notice
IRS: Nine Fact on Filing an Amended Return
IRS: Eight Facts on Penalties
IRS Top Ten: Making Federal Tax Payments
Forming a New Business – Please Consult With Your CPA First
Questions After I Have Filed My Return

For a full list of prior post see the CPA Tax Blog.

Standard Disclaimer:

As always keep in mind that the content provided on this site is general in nature and may or may not apply to your particular case. It is best to check with a tax professional about your circumstances and what is best for you personally. Also, IRS regulations and tax laws are constantly changing and the information on this site is not constantly updated. Again please check with me about your particular circumstances and what will be best in your situation at the given time and law.

This article was written by Jeff Haywood, CPA.
Jeff is a licensed CPA in both Texas and Illinois.
He has prepared income tax returns for the public for over 10 years.
He also has an MBA in Finance from Loyola University in Chicago and he has 24 years experience in Corporate Finance and Business Analysis.

Comments:

Comments posted below will be considered for approval if they relate to the subject of the post and the poster has a verifiable email address. It may help if you picked up on and referenced typos, quotes, or just plain silliness. Of course a reference to something written in the article always helps. “I am just saying.”

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Are you required to report foreign bank and financial accounts? Here is the IRS’ answer to that question:

“If you own or have authority over a foreign financial account, including a bank account, brokerage account, mutual fund or other type of financial account, you may be required to report the account yearly to the Department of the Treasury. Under the Bank Secrecy Act, each United States person must file a Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), if

* The person has a financial interest in, or signature authority (or other authority that is comparable to signature authority) over one or more accounts in a foreign country, and
* The aggregate value of all foreign financial accounts exceeds $10,000 at any time during the calendar year.

A United States person is not prohibited from owning foreign accounts but civil and criminal penalties may apply for failures to properly file FBARs when required. The information reported on an FBAR may be used for governmental purposes, including law enforcement and tax compliance purposes.”

When must you report your foreign accounts? If you meet the requirements above you are required to file Form TD F 90-22.1 by June 30th annually.  With this particular form it is considered filed not when it is postmarked but when the IRS receives it.  So the IRS must receive your Form TD F 90-22.1 by June 30th.

These posts provide highlights that may be of interest to taxpayers. For a consultation about these requirements and your tax situation contact me at the number below. Additional information is also available from the IRS.

Jeff Haywood, CPA
972-439-1955
jeff.jhtaxes@gmail.com
I prepare the following types of tax returns:

Personal
Business
Estates
Trusts
Federal and State Returns

Also, I am available for tax planning and discussions about business, retirement planning and life goals.

For more US income tax content see the following links:

10 Things to Know About the Child and Dependent Care Credit
10 Important Facts About Capital Gains and Loses
IRS: Beware of Tax Scams
IRS Top Ten: Mortgage Debt Forgiveness
IRS Top Ten: IRA Contributions
US Income Tax Help for Expatriates
4 Credits That Can Pay You at Tax Time
What Business Deductions Can I Take as an Employee? IRS Tax Tips.
Was This Year a Bad Year? We may be able to get you a refund of your taxes paid in prior years.
6 IRS Tax Tips for Self-Employed Individuals
Important IRS Tax Tips: Health Insurance Tax Breaks for the Self-Employed
6 Things the IRS Wants You to Know About the Home Office Deduction
Is Your Child’s Investment Income Supposed to be Taxed at Your Tax Rate?
IRS Notice – Don’t Panic – Call Me
Who Can I Claim As A Dependent?
Which Filing Status Should I Use?
Do I Have To File A Tax Return For 2010?
6 Things You Should Know About Business Expenses – What You Can Deduct
Top Four Reasons Clients Hire Me To Prepare Their Tax Returns – Individual and Business
Instant Convenient Access To Your Tax Returns and Documents
How To Avoid the Social Security Penalty and Does Warren Buffett Get Penalized??
5000 Birds Fall From the Sky – Casualty Losses
Are You Required to Report Foreign Banks and Financial Accounts?
2010: “A Last Minute Checklist”
Energy Credits
ROTH IRAs
Traditional IRAs
Year-End Tax Planning Tips
Education Credits-American Opportunity Credit
ROTH IRA Conversion

As always keep in mind that the content provide on this site is general in nature and may or may not apply to your particular case. It is best to check with a tax professional about your circumstances and what is best for you personally. Also, IRS regulations and tax laws are constantly changing and the information on this site is not constantly updated. Again please check with me about your particular circumstances and what will be best in your situation at the given time and law.

This article was written by Jeff Haywood, CPA.
Jeff is a licensed CPA in both Texas and Illinois.
He has prepared income tax returns for the public for over 10 years.
He also has an MBA in Finance from Loyola University in Chicago and he has 24 years experience in Corporate Finance and Business Analysis.

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Check out this Wall Street Journal article “A last minute checklist” for 2010.  Many of the points are also in my post on Year-End Tax Planning Tips.  However, prior to today this tip on flexible-spending accounts was not in my post:

• Empty flexible-spending accounts. You must spend these funds before year end or else forfeit them unless your plan has a grace period. The list of reimbursable expenses is wider than many realize, extending to contact-lens solution and acupuncture. (See IRS Publication 502.)

Be warned, though: because of a change in the law, no reimbursements are permitted for purchases of over-the-counter medicines after Dec. 31, 2010 without a doctor’s prescription, regardless of plan rules.

Please call or email me to discuss last minute financial decisions for 2010 tax planning.

Jeff Haywood, CPA
972-439-1955
jeff.jhtaxes@gmail.com

These posts provide highlights that may be of interest to taxpayers. For complete information on these subjects check with the IRS and your financial consultants.

I prepare the following types of tax returns:

Personal
Business
Estates
Trusts
Federal and State Returns

Also, I am available for tax planning and discussions about business, retirement planning and life goals.

For more US income tax content see the following links:

10 Things to Know About the Child and Dependent Care Credit
10 Important Facts About Capital Gains and Loses
IRS: Beware of Tax Scams
IRS Top Ten: Mortgage Debt Forgiveness
IRS Top Ten: IRA Contributions
US Income Tax Help for Expatriates
4 Credits That Can Pay You at Tax Time
What Business Deductions Can I Take as an Employee? IRS Tax Tips.
Was This Year a Bad Year? We may be able to get you a refund of your taxes paid in prior years.
6 IRS Tax Tips for Self-Employed Individuals
Important IRS Tax Tips: Health Insurance Tax Breaks for the Self-Employed
6 Things the IRS Wants You to Know About the Home Office Deduction
Is Your Child’s Investment Income Supposed to be Taxed at Your Tax Rate?
IRS Notice – Don’t Panic – Call Me
Who Can I Claim As A Dependent?
Which Filing Status Should I Use?
Do I Have To File A Tax Return For 2010?
6 Things You Should Know About Business Expenses – What You Can Deduct
Top Four Reasons Clients Hire Me To Prepare Their Tax Returns – Individual and Business
Instant Convenient Access To Your Tax Returns and Documents
How To Avoid the Social Security Penalty and Does Warren Buffett Get Penalized??
5000 Birds Fall From the Sky – Casualty Losses
Are You Required to Report Foreign Banks and Financial Accounts?
2010: “A Last Minute Checklist”
Energy Credits
ROTH IRAs
Traditional IRAs
Year-End Tax Planning Tips
Education Credits-American Opportunity Credit
ROTH IRA Conversion

As always keep in mind that the content provide on this site is general in nature and may or may not apply to your particular case. It is best to check with a tax professional about your circumstances and what is best for you personally. Also, IRS regulations and tax laws are constantly changing and the information on this site is not constantly updated. Again please check with me about your particular circumstances and what will be best in your situation at the given time and law.

This article was written by Jeff Haywood, CPA.
Jeff is a licensed CPA in both Texas and Illinois.
He has prepared income tax returns for the public for over 10 years.
He also has an MBA in Finance from Loyola University in Chicago and he has 24 years experience in Corporate Finance and Business Analysis.

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Homeowners can invest in weatherizing their home and get potential tax benefits in 2010. Time is running out so you need to act quickly. The credit that will be most popular is the Nonbusiness Energy Property Credit.

Here is the IRS description of the Nonbusiness Energy Credit from their website:

“This credit equals 30 percent of what a homeowner spends on eligible energy-saving improvements, up to a maximum tax credit of $1,500 for the combined 2009 and 2010 tax years. The cost of certain high-efficiency heating and air conditioning systems, water heaters and stoves that burn biomass all qualify, along with labor costs for installing these items. In addition, the cost of energy-efficient windows and skylights, energy-efficient doors, qualifying insulation and certain roofs also qualify for the credit, though the cost of installing these items does not count.

By spending as little as $5,000 before the end of the year on eligible energy-saving improvements, a homeowner can save as much as $1,500 on his or her 2010 federal income tax return. Due to limits based on tax liability, amounts spent on eligible energy-saving improvements in 2009, other credits claimed by a particular taxpayer and other factors, actual tax savings will vary. These tax savings are on top of any energy savings that may result.”

Please note, according the instructions for IRS form 5695, only energy-saving improvements made to your main home (the home where you live most of the time) qualify for the credit. Improvements made to second or vacation homes do not qualify. See also the instructions for IRS form 5695 for special rules if you live in a condominium or cooperative, if you and a neighbor shared the costs of improvements and if you and your spouse lived in separate main homes, and to see the requirements for “qualified energy efficiency improvements.”

The IRS also offers this comment on what is a qualifying expenditure:

“these credits are only available for energy-efficient improvements that you make, and that means they have to meet certain energy-efficiency standards. The best way to check that out is to check the tax-credit certification on the manufacturer’s Website, perhaps the retailer or distributor’s Website, or look at that tax-credit certification on the packaging of the product.”

The second credit is the Residential Energy Efficiency Property Credit and it may allow you to take up to a 30% credit on your cost of:
Qualified Solar Electric Property
Solar Water Heating Property
Small Wind Energy Property
Geothermal Heat Pump Property
Fuel Cell Property

According to the IRS instructions for form 5695 the costs you can receive the 30% credit on include the following in addition to the cost of the qualified equipment:

“labor costs properly allocable to the onsite preparation,
assembly, or original installation of the property and for piping or wiring
to interconnect such property to the home. The credit amount for costs
paid for qualified fuel cell property is limited to $500 for each one-half
kilowatt of capacity of the property.”

For 2010 there is no annual maximum credit available on these properties.

The time remaining to take advantage of these energy efficiency improvements is quickly running out. In addition to assessing your need for these improvements to your home it would be wise to investigate if you will benefit on your tax return as well.

Update for 2011: As reported by Amy Hoak in Market Watch there are changes to the credit for 2001. Note this comment from her article Tax credit for home energy upgrades gets reduced:

“Not so generous

In the bill, homeowners can claim only up to $500, said John W. Roth, senior tax analyst for CCH, a Riverwoods, Ill., tax publisher. It’s also a lifetime tax credit, meaning that if you’ve claimed the maximum of $500 in past years for home-efficiency upgrades — beginning after Dec. 31, 2005 — you can’t do it again.

Under the new rules, there are also limits for individual projects. For example, homeowners can receive a maximum of only $200 for replacing their windows and $150 for replacing a furnace, Roth said.

That’s why homeowners who have the means and the time to take advantage of the credit that expires at the end of this year might want to get their projects done now.

Because while it still may be possible to get a credit for work done next year, it won’t be nearly as attractive and might not even be much of an incentive: “If you haven’t taken advantage of this credit, I think you’ve lost a real opportunity,” Roth said.”

These posts provide highlights that may be of interest to taxpayers. For a consultation on these credits and your tax situation contact me at the number below. Additional information is also available from the IRS.

Jeff Haywood, CPA
972-439-1955
jeff.jhtaxes@gmail.com

These posts provide highlights that may be of interest to taxpayers. For complete information on these credits check with the IRS.
I prepare the following types of tax returns:

Personal
Business
Estates
Trusts
Federal and State Returns

Also, I am available for tax planning and discussions about business, retirement planning and life goals.

For more US income tax content see the following links:

10 Things to Know About the Child and Dependent Care Credit
10 Important Facts About Capital Gains and Loses
IRS: Beware of Tax Scams
IRS Top Ten: Mortgage Debt Forgiveness
IRS Top Ten: IRA Contributions
US Income Tax Help for Expatriates
4 Credits That Can Pay You at Tax Time
What Business Deductions Can I Take as an Employee? IRS Tax Tips.
Was This Year a Bad Year? We may be able to get you a refund of your taxes paid in prior years.
6 IRS Tax Tips for Self-Employed Individuals
Important IRS Tax Tips: Health Insurance Tax Breaks for the Self-Employed
6 Things the IRS Wants You to Know About the Home Office Deduction
Is Your Child’s Investment Income Supposed to be Taxed at Your Tax Rate?
IRS Notice – Don’t Panic – Call Me
Who Can I Claim As A Dependent?
Which Filing Status Should I Use?
Do I Have To File A Tax Return For 2010?
6 Things You Should Know About Business Expenses – What You Can Deduct
Top Four Reasons Clients Hire Me To Prepare Their Tax Returns – Individual and Business
Instant Convenient Access To Your Tax Returns and Documents
How To Avoid the Social Security Penalty and Does Warren Buffett Get Penalized??
5000 Birds Fall From the Sky – Casualty Losses
Are You Required to Report Foreign Banks and Financial Accounts?
2010: “A Last Minute Checklist”
Energy Credits
ROTH IRAs
Traditional IRAs
Year-End Tax Planning Tips
Education Credits-American Opportunity Credit
ROTH IRA Conversion

As always keep in mind that the content provide on this site is general in nature and may or may not apply to your particular case. It is best to check with a tax professional about your circumstances and what is best for you personally. Also, IRS regulations and tax laws are constantly changing and the information on this site is not constantly updated. Again please check with me about your particular circumstances and what will be best in your situation at the given time and law.

This article was written by Jeff Haywood, CPA.
Jeff is a licensed CPA in both Texas and Illinois.
He has prepared income tax returns for the public for over 10 years.
He also has an MBA in Finance from Loyola University in Chicago and he has 24 years experience in Corporate Finance and Business Analysis.

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ROTH Individual Retirement Accounts (IRAs) are personal retirement plans that grow tax free even upon withdrawal but there is no tax deduction available for contributions. To be considered a ROTH IRA the account or annuity must be designated as a ROTH IRA when it is setup. To avoid any penalties for withdrawing your money from a ROTH IRA the account holder must reach 59 1/2 years of age and have had the account for at least five years. Even then it is only the profits from the account that are subject to tax and a 10% early withdrawal penalty. Also, with a ROTH IRA you can leave your money in a ROTH IRA as long as you live and there are no required minimum distributions as long as you are alive.

Contributions: IRAs are separate individual accounts, they are not eligible for joint accounts. An individual can contribute to a ROTH IRA at any age, unlike a Traditional IRA in which you can only make contributions as long as the account holder does not reach 70 ½ years of age before the end of the tax year. To qualify to make a contribution to a ROTH IRA you must have taxable compensation and if married filing joint either you or your spouse must have taxable compensation. For additional information on taxable compensation see IRS Publication 590.

Contribution Limits:

There are several factors that determine if you can contribute to a ROTH IRA and what amount you are limited to. For this information see IRS Publication 590 or to discuss your situation call me at 972-432-1955 or send me an email at jeff@jhtaxes.biz.

It is also important to note that there is an excise tax that applies to all excess contributions to a ROTH IRA. The excise tax is 6% of the excess contributions. Any excess contributions that are removed by the due date of your tax return are not considered excess contributions as long as you also remove the profits on the excess contributions as well. Excess contributions may also be applied to a later year. For more information on excess contributions see IRS Publication 590.

Due Date: Contributions to a ROTH IRA can be made anytime during the year and up to the due date of your tax return.

Conversions: Many are excited about the opportunity to convert money from a Traditional IRA to a ROTH IRA in 2010 without limitations based on your modified AGI. However, untaxed contributions and profits that are converted will be subject to tax in the year of the conversion or you can choose to split the income subject to tax from 2010 and apply it in equal amounts to 2011 and 2012. If you have losses to offset the income from a ROTH conversion it is exciting that you could make a tax-free conversion to a ROTH IRA. In most cases the tax-free conversion would seem to make sense. But as you can see a ROTH conversion can get confusing. Feel free to call me or email me to discuss a conversion for yourself. Also, if you are considering a conversion to a ROTH IRS there is more information to consider in the post on ROTH IRA Coversions. Be mindful that coversions to ROTH IRAs for 2010 must be done before the end of the tax year.

Required Distributions: Again, there no required distributions for you from your ROTH IRA as long as you are alive.

When a plan holder dies their heirs generally must receive the entire amount of the plan within five years of the owner’s death or over the beneficiary’s life starting within one year of the owner’s death. If the distributions are from an annuity the IRS requires per Publication 590 “the entire interest must be payable over a period not greater than the designated beneficiary’s life expectancy and distributions must begin before the end of the calendar year following the year of death. Distributions from another Roth IRA cannot be substituted for these distributions unless the other Roth IRA was inherited from the same decedent.” For more information on required distribution amounts see the IRS Publication 590.

Early Distributions: As mentioned previously early distributions of untaxed profits, before you turn 59 1/2 and have the account for at least 5 years, can be subject to an additional 10% early withdrawal penalty. There are several exceptions to the early distribution penalty including if you have inherited the IRA, if you are disabled, if you have significant unreimbursed medical expenses, or if the distributions do not exceed your qualified higher education expenses. For a complete list of exceptions see the IRS Publication 590. Also, if you need money to finance a business venture consider that you may have other options than taking withdrawals from your IRA. Give me a call at 972-439-1955 if you have this situation.

Considerations: Before making IRA contributions you should consider “can I afford to make this contribution?” In other words, you should consider do I need this money now or will I need it before I turn 59 1/2 years of age. Take a look at your overall financial picture. Do you have debts that need to be paid? What would happen if you became unemployed for an extended period of time? If you work with a financial adviser it would be beneficial to go over these points with them. Also, you want to look at your expectations for your retirement and plan to have access funds that will be taxable and those that will not be taxable to minimize your taxes and maximize your available money to live off of during retirement. If you would like to discuss these issues with me feel free to give me a call at:

Jeff Haywood, CPA
972-439-1955
jeff.jhtaxes@gmail.com

These posts provide highlights that may be of interest to taxpayers. For complete information on these subjects check with the IRS and your financial consultants.
I prepare the following types of tax returns:

Personal
Business
Estates
Trusts
Federal and State Returns

Also, I am available for tax planning and discussions about business, retirement planning and life goals.

For more US income tax content see the following links:

10 Things to Know About the Child and Dependent Care Credit
10 Important Facts About Capital Gains and Loses
IRS: Beware of Tax Scams
IRS Top Ten: Mortgage Debt Forgiveness
IRS Top Ten: IRA Contributions
US Income Tax Help for Expatriates
4 Credits That Can Pay You at Tax Time
What Business Deductions Can I Take as an Employee? IRS Tax Tips.
Was This Year a Bad Year? We may be able to get you a refund of your taxes paid in prior years.
6 IRS Tax Tips for Self-Employed Individuals
Important IRS Tax Tips: Health Insurance Tax Breaks for the Self-Employed
6 Things the IRS Wants You to Know About the Home Office Deduction
Is Your Child’s Investment Income Supposed to be Taxed at Your Tax Rate?
IRS Notice – Don’t Panic – Call Me
Who Can I Claim As A Dependent?
Which Filing Status Should I Use?
Do I Have To File A Tax Return For 2010?
6 Things You Should Know About Business Expenses – What You Can Deduct
Top Four Reasons Clients Hire Me To Prepare Their Tax Returns – Individual and Business
Instant Convenient Access To Your Tax Returns and Documents
How To Avoid the Social Security Penalty and Does Warren Buffett Get Penalized??
5000 Birds Fall From the Sky – Casualty Losses
Are You Required to Report Foreign Banks and Financial Accounts?
2010: “A Last Minute Checklist”
Energy Credits
ROTH IRAs
Traditional IRAs
Year-End Tax Planning Tips
Education Credits-American Opportunity Credit
ROTH IRA Conversion

As always keep in mind that the content provide on this site is general in nature and may or may not apply to your particular case. It is best to check with a tax professional about your circumstances and what is best for you personally. Also, IRS regulations and tax laws are constantly changing and the information on this site is not constantly updated. Again please check with me about your particular circumstances and what will be best in your situation at the given time and law.

This article was written by Jeff Haywood, CPA.
Jeff is a licensed CPA in both Texas and Illinois.
He has prepared income tax returns for the public for over 10 years.
He also has an MBA in Finance from Loyola University in Chicago and he has 24 years experience in Corporate Finance and Business Analysis.

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Traditional IRAs

Traditional Individual Retirement Accounts (IRAs) are personal retirement plans that can provide a tax deduction for the contributors. Money contributed to traditional IRAs can grow without requiring that you pay income taxes on the profits until the money is removed from the account, unless it is rolled over to another qualified retirement account. So both the untaxed contributions and profits are taxable when they are taken out of the account. In addition any withdrawals before the account holder turns 59 ½ years old can be subject to an additional 10% early withdrawal penalty.

Contributions: IRAs are separate individual accounts, they are not eligible for joint accounts. For an individual to contribute to an IRA they can be any age as long as they do not reach 70 ½ years of age before the end of the tax year. To qualify you must have taxable compensation and if married filing joint either you or your spouse must have taxable compensation. For additional information on taxable compensation see IRS topic 451.

Contribution Limits:

-In 2010 if you are under 50 years of age by the end of the tax year you may be able to contribute up to $5,000 or the amount of your taxable compensation.
-In 2010 if you are over 50 but less than 70 ½ years of age by the end of the tax year you may be eligible to contribute up to $6,000 or the amount of your taxable compensation.

You contributions can also be limited if you are covered by a retirement plan at work. Also, your allowable contribution may be affected by your modified adjusted income. For more information on contribution limits see the chart provided by the IRS. Generally speaking if you and your spouse are not covered by a retirement plan at work you are eligible to contribute up to the limit or your taxable compensation and qualify for the tax deduction.

Due Date: Contributions are due by the due date of your tax return.

Required Distributions: Participants who reach the age of 70 1/2 years of age are required to take annual minimum distributions from their IRAs. If a person required to take a minimum distribution does not do so they may have to pay an excise tax up to 50% of the amount not distributed as required.

When a plan holder dies before required minimum distributions have begun their heirs will have required distributions. The heirs generally must receive the entire amount of the plan within five years of the owner’s death or over the beneficiary’s life starting within one year of the owner’s death. For information on required distribution amounts see the IRS website.

Early Distributions: As mentioned previously early distributions, before you turn 59 1/2, can be subject to an additional 10% early withdrawal penalty. There are several exceptions to the early distribution penalty including if you have inherited the IRA, if you are disabled, if you have unreimbursed medical expenses that exceed 7.5% of your adjusted income or if the distributions do not exceed the cost of your medical insurance. For a complete list of exceptions see the IRS website. Also, if you need money to finance a business venture consider that you may have other options than taking withdrawals from your IRA. Give me a call at 972-439-1955 if you have this situation.

Considerations: Before making IRA contributions you should consider “can I afford to make this contribution?” In other words, you should consider do I need this money now or will I need it before I turn 59 1/2 years of age. Take a look at your overall financial picture. Do you have debts that need to be paid? What would happen if you became unemployed for an extended period of time? If you work with a financial adviser it would be beneficial to go over these points with them. Also, you want to look at your expectations for your retirement and plan to have access funds that will be taxable and those that will not be taxable to minimize your taxes and maximize your available money to live off of during retirement. If you would like to discuss these issues with me feel free to give me a call at:

Jeff Haywood, CPA
972-439-1955
jeff.jhtaxes@gmail.com

These posts provide highlights that may be of interest to taxpayers. For complete information on these subjects check with the IRS and your financial consultants.
I prepare the following types of tax returns:

Personal
Business
Estates
Trusts
Federal and State Returns

Also, I am available for tax planning and discussions about business, retirement planning and life goals.

For more US income tax content see the following links:

10 Things to Know About the Child and Dependent Care Credit
10 Important Facts About Capital Gains and Loses
IRS: Beware of Tax Scams
IRS Top Ten: Mortgage Debt Forgiveness
IRS Top Ten: IRA Contributions
US Income Tax Help for Expatriates
4 Credits That Can Pay You at Tax Time
What Business Deductions Can I Take as an Employee? IRS Tax Tips.
Was This Year a Bad Year? We may be able to get you a refund of your taxes paid in prior years.
6 IRS Tax Tips for Self-Employed Individuals
Important IRS Tax Tips: Health Insurance Tax Breaks for the Self-Employed
6 Things the IRS Wants You to Know About the Home Office Deduction
Is Your Child’s Investment Income Supposed to be Taxed at Your Tax Rate?
IRS Notice – Don’t Panic – Call Me
Who Can I Claim As A Dependent?
Which Filing Status Should I Use?
Do I Have To File A Tax Return For 2010?
6 Things You Should Know About Business Expenses – What You Can Deduct
Top Four Reasons Clients Hire Me To Prepare Their Tax Returns – Individual and Business
Instant Convenient Access To Your Tax Returns and Documents
How To Avoid the Social Security Penalty and Does Warren Buffett Get Penalized??
5000 Birds Fall From the Sky – Casualty Losses
Are You Required to Report Foreign Banks and Financial Accounts?
2010: “A Last Minute Checklist”
Energy Credits
ROTH IRAs
Traditional IRAs
Year-End Tax Planning Tips
Education Credits-American Opportunity Credit
ROTH IRA Conversion

As always keep in mind that the content provide on this site is general in nature and may or may not apply to your particular case. It is best to check with a tax professional about your circumstances and what is best for you personally. Also, IRS regulations and tax laws are constantly changing and the information on this site is not constantly updated. Again please check with me about your particular circumstances and what will be best in your situation at the given time and law.

This article was written by Jeff Haywood, CPA.
Jeff is a licensed CPA in both Texas and Illinois.
He has prepared income tax returns for the public for over 10 years.
He also has an MBA in Finance from Loyola University in Chicago and he has 24 years experience in Corporate Finance and Business Analysis.

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Year End Tax Planning Tips

You should take some time at the end of each year to do some planning by reviewing what you can do to reduce taxes for this year and give consideration also to the following year. If you expect to have low earnings and little or no tax this year you will want to consider delaying expenditures that will reduce taxable income or provide non-refundable credits to the following year when you expect to have more income and tax consequences.

Hopefully you are having a good year, this year, and need as much tax relief as possible this year. In that case you want to look at deferring income if possible to next year and accelerate tax reducing expenses to this year. If you have a business you may especially be in a position to take advantage of these strategies.

If you own a business:
If you have you own a business you can look at paying bills before the end of the year if you are a cash basis taxpayer. Remember, and this is very important, any expenditures that you pay for using a credit card are deductible when you charge them to your card and you have received the products or services. When you pay the credit card bill does not matter as to when you can deduct the expenses. Also, remember your business credit fees and interest can also be deductible.

If you have inventory realize that a reduction in your inventory can also result in less taxable income for this year.

If you have a retirement account funded by your business you want to look at taking full advantage of contributions for the year.

Personally:
Itemized Deductions: To reduce this year’s taxes you can look at making additional year end payments on your mortgage interest, property taxes and charitable contributions among others if you are able to itemize your deductions on your tax return and if your cash situation permits. For example if you expect more taxable income this year than next year you could see if you can pay your real estate taxes for this year and next year before year-end. If you do not expect to have to pay taxes this year you could consider waiting to pay your real estate taxes for this year after the end of the year and then if your income is better next year you could also pay for two years of real estate taxes and take a deduction for both years. It takes good planning to take advantage of this strategy.

If you are able to itemize your deductions and you are planning to purchase a vehicle or boat it may be to your advantage to do so before year end to be able to take advantage of deducting the sales tax on the purchase. This will be for those in states with low or no state and local income taxes. You can deduct the on your federal return the higher of your state income or sales tax.

Capital Gains and Losses: Also, it is important every year to look at your capital gain/loss situation with your financial adviser. Keep in mind that short-term capital gains are taxed at your regular tax rate while long-term gains are taxed at 15%. Therefore, if it looks like you have a net short-term gain position you will want to discuss with your financial adviser the possibility of closing any positions that would result in short-term losses to offset the short-term gains. These would be positions you are planning to close anyway not sales to be made only for tax purposes.

IRA and other Contributions:
If you qualify for and will benefit from an IRA contribution you have until the due date of your return to make the contribution. The limits for 2010 are $5,000 if you are under 50 years of age by end of the year and qualify for a deductible contribution and $6,000 if you are over 50 but under 70 1/2 years of age by end of the year and qualify for a deductible contribution. You will want to consider if the contribution will help your tax situation and also if you will need these funds before you turn 59 1/2 years of age. For more information see the post on Traditional IRAs.

Also remember you may be able to make the maximum contribution to your 529 College Plan and your HSA plan.

Other deductions:
If you are moving because of your employment you may to be to deduct your moving expenses.

If you are planning to have a baby and can make this happen before year-end you can pick up an extra exemption for the year. Please consult with you doctor.

Credits:
Energy credits are available again in 2010. You can receive a credit of up to 30% of expenditures you make on qualifying energy efficiency property up to a maximum of $1,500 credit. Energy efficiency property can include hot water heaters, insulation, and certain shades but they must be installed by the end of the year to take the deduction. There are two important points to keep in mind. First, note this clarification from the IRS:

“Not all energy-efficient improvements qualify for these tax credits. For that reason, homeowners should check the manufacturer’s tax credit certification statement before purchasing or installing any of these improvements. The certification statement can usually be found on the manufacturer’s website or with the product packaging. Normally, a homeowner can rely on this certification.

The IRS cautions that the manufacturer’s certification is different from the Department of Energy’s Energy Star label, and not all Energy Star labeled products qualify for the tax credits.”

The second point to keep in mind is that the credit is only beneficial if you will have income taxes for the year. If you do have any taxes then this credit will not increase your refund if you expect one.

Education Credits: Remember also that your payments for certain expenses related to post secondary education can provide a tax credit for you. A portion of this credit may even be refundable, meaning you can more than offset taxes you may also be able to get a refund for the credit.
For more information on Education credits see this post: http://jhtaxes.biz/2010/12/02/education-credits-american-opportunity-credit/

Flexible Spending Accounts: Here is a tip (added to this post December 10, 2010) from the Wall Street Journal article “A Last Minute Checklist”:

• Empty flexible-spending accounts. You must spend these funds before year end or else forfeit them unless your plan has a grace period. The list of reimbursable expenses is wider than many realize, extending to contact-lens solution and acupuncture. (See IRS Publication 502.)

Be warned, though: because of a change in the law, no reimbursements are permitted for purchases of over-the-counter medicines after Dec. 31, 2010 without a doctor’s prescription, regardless of plan rules.

Retirement Funds Distributions:
You may need to take a look at your overall tax situation to determine which retirement accounts you should take distributions from. You may need to take distributions from funds that will not be taxable. In other cases you may have enough room to take funds from accounts that will be taxable and still not need to pay taxes and preserve your accounts that can grow tax free and be free of taxes when you take them out. I will soon be adding have added posts regarding these different types of accounts:

Traditional IRAs
ROTH IRAs

These are some points for you to consider before the year-end arrives. If you would like to discuss your situation with me feel free to call or email me at:

Jeff Haywood, CPA
972-439-1955
jeff.jhtaxes@gmail.com

These posts provide highlights that may be of interest to taxpayers. For complete information on these subjects check with the IRS and your financial consultants.
I prepare the following types of tax returns:

Personal
Business
Estates
Trusts
Federal and State Returns

Also, I am available for tax planning and discussions about business, retirement planning and life goals.

For more US income tax content see the following links:

10 Things to Know About the Child and Dependent Care Credit
10 Important Facts About Capital Gains and Loses
IRS: Beware of Tax Scams
IRS Top Ten: Mortgage Debt Forgiveness
IRS Top Ten: IRA Contributions
US Income Tax Help for Expatriates
4 Credits That Can Pay You at Tax Time
What Business Deductions Can I Take as an Employee? IRS Tax Tips.
Was This Year a Bad Year? We may be able to get you a refund of your taxes paid in prior years.
6 IRS Tax Tips for Self-Employed Individuals
Important IRS Tax Tips: Health Insurance Tax Breaks for the Self-Employed
6 Things the IRS Wants You to Know About the Home Office Deduction
Is Your Child’s Investment Income Supposed to be Taxed at Your Tax Rate?
IRS Notice – Don’t Panic – Call Me
Who Can I Claim As A Dependent?
Which Filing Status Should I Use?
Do I Have To File A Tax Return For 2010?
6 Things You Should Know About Business Expenses – What You Can Deduct
Top Four Reasons Clients Hire Me To Prepare Their Tax Returns – Individual and Business
Instant Convenient Access To Your Tax Returns and Documents
How To Avoid the Social Security Penalty and Does Warren Buffett Get Penalized??
5000 Birds Fall From the Sky – Casualty Losses
Are You Required to Report Foreign Banks and Financial Accounts?
2010: “A Last Minute Checklist”
Energy Credits
ROTH IRAs
Traditional IRAs
Year-End Tax Planning Tips
Education Credits-American Opportunity Credit
ROTH IRA Conversion

As always keep in mind that the content provide on this site is general in nature and may or may not apply to your particular case. It is best to check with a tax professional about your circumstances and what is best for you personally. Also, IRS regulations and tax laws are constantly changing and the information on this site is not constantly updated. Again please check with me about your particular circumstances and what will be best in your situation at the given time and law.

This article was written by Jeff Haywood, CPA.
Jeff is a licensed CPA in both Texas and Illinois.
He has prepared income tax returns for the public for over 10 years.
He also has an MBA in Finance from Loyola University in Chicago and he has 24 years experience in Corporate Finance and Business Analysis.

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What is a Roth IRA Conversion and does it make sense for me. You may actually have a great opportunity to benefit yourself and your family by means of a Roth IRA Conversion but only if your situation is right. First of all a Roth IRA Conversion is converting money from your traditional IRA (assuming you have one) to a Roth IRA.

How could this benefit you? Consider the differences between the two types of IRAs. A traditional IRA allows you to make a contribution with money that is not taxed giving you a tax break for the year you contribute. (Contributions to traditional IRAs are a subject for another blog entry.) Traditional IRAs grow without incurring taxes but then the deductible contributions and profits are all taxable when they are taken out of the account. If they are taken out before you turn 59 1/2 the withdrawals may be subject to a 10% penalty with some exceptions. Also, there are required minimum distributions out of traditional IRAs starting the year you turn 70 1/2 years of age.

Roth IRA contributions are taxed meaning you do not get a deduction on your tax return for this contribution. However, Roth IRAs grow tax free and are not subject to tax when you withdrawal the money provided you are at least 59 1/2 years old and have had the account for at least five years. That is correct, the profits on the contributions are not taxable provided you meet the above requirements. In addition, there are currently no required minimum withdrawals from a Roth IRA at any age.

A Roth IRA conversion is taking money from a traditional IRA and converting it to a Roth IRA. This conversion can be and usually is a taxable event. You will be subject to income tax on the pretax contributions and the earnings withdrawn from a traditional IRA to convert to a Roth IRA. When you convert money from a traditional IRA to a Roth you are not subject to a early withdrawal penalty even if you are not yet 59 1/2 years old.

How can this benefit you? First, if because of your tax situation for 2010 you are able to avoid paying income tax on the conversion amount then you have a free conversion of untaxed money that you will not pay income taxes on in future assuming you meet the requirements. Also you will not pay income taxes on the profits of these invested funds if you leave the money in the Roth IRA account until you attain to 59 1/2 years of age and have the account for at least five years. Second, if because of your tax situation for 2010 you have to pay income tax on the money converted it may make sense if you expect the taxes you will owe on the conversion will be less or equal to the taxes you would have paid in the future when you would have withdrawn the money from your traditional IRA. This is appealing to many because they have the expectation that their tax rate will increase or because the expected profits on the money to be converted will be significant. Finally, since there are no required minimum distributions at any age from a Roth IRA you could allow more money to grow tax free for you to leave to your heirs.

There would be no point to the Roth conversion if you do not expect you will need to pay taxes when you withdrawal the money from your traditional IRA in retirement. How could you avoid paying taxes on the withdrawals from your traditional IRA? If your taxable income including the withdrawals from your traditional IRA are less than your standard or itemized deductions and exemptions.

So you should consider the following factors before making a conversion to a Roth IRA from a traditional IRA:
How much tax will I incur on the conversion?
What will this do to my tax rate this year?
What other impact will it have this year on credits and itemized deductions and other factors based on income amounts?
When will you need the money?
How much profit do I expect to make on this account?
What affect will it have on future taxes?
What future taxes would I have paid from withdrawals out of the traditional IRA?
Am I planning to pass this money on to my heirs?

KEEP IN MIND WHEN YOU DO A ROTH CONVERSION YOU CAN CONVERT JUST A PORTION OF YOUR TRADITIONAL IRA. YOU DO NOT HAVE TO INCLUDE ALL OF YOUR TRADITIONAL IRAS IN A ROTH CONVERSION.

Tax/Financial Planning. In many cases it is helpful to have access to money in retirement that will be both taxable and not taxable to you. Traditional IRAs withdrawals will generally be taxable to you. Roth IRA withdrawals after 59 1/2 years of age and after you have had the account five years will not be taxable to you. Also, money and investments that you paid tax on when you earned it will not be taxable to you at that time but only any untaxed profits may be subject to tax.

How much income tax will I be subject to if I withdrawal money from a Roth IRA before I have had the account for five years? Only the profits from Roth IRAs are subject to tax on early withdrawals. The principal amount has already been taxed and therefore will not be subject to tax when withdrawn.

Conversion Limits. In prior years there were income limitations regarding allowable Roth conversions and in 2010 there is no income limitation. This is why there has been so much discussion about these conversions for 2010. No one knows what the future will bring regarding any limitations.

A word of caution: be careful about using money from your traditional IRA to pay any taxes on a Roth conversion. Money withdrawn from your traditional IRA to pay this tax may be subject to both tax and the 10% early withdrawal penalty.

Other Points. Also, if your employer has a plan check with the plan administrator to see if a Roth conversion is allowed.

Also, for 2010 you have the option to split the income from a Roth conversion to apply your 2011 and 2012 returns. So there may be a potential benefit for you there if your tax rate does not rise.

I would be happy to review your scenario with you and answer any questions that you may have. Remember I look at the income tax consequences for you so it will be a good idea for you to review your situation also with your financial planner. If you have any questions about Roth conversions or would like a free consultation call me or email me at:

Jeff Haywood, CPA
972-439-1955
jeff.jhtaxes@gmail.com
twitter.com/jeffhaywoodcpa

These posts provide highlights that may be of interest to taxpayers. For complete information on these subjects check with the IRS and your financial consultants.

I prepare the following types of tax returns:

Personal
Business
Estates
Trusts
Federal and State Returns

Also, I am available for tax planning and discussions about business, retirement planning and life goals.

For more US income tax content see the following links:

10 Things to Know About the Child and Dependent Care Credit
10 Important Facts About Capital Gains and Loses
IRS: Beware of Tax Scams
IRS Top Ten: Mortgage Debt Forgiveness
IRS Top Ten: IRA Contributions
US Income Tax Help for Expatriates
4 Credits That Can Pay You at Tax Time
What Business Deductions Can I Take as an Employee? IRS Tax Tips.
Was This Year a Bad Year? We may be able to get you a refund of your taxes paid in prior years.
6 IRS Tax Tips for Self-Employed Individuals
Important IRS Tax Tips: Health Insurance Tax Breaks for the Self-Employed
6 Things the IRS Wants You to Know About the Home Office Deduction
Is Your Child’s Investment Income Supposed to be Taxed at Your Tax Rate?
IRS Notice – Don’t Panic – Call Me
Who Can I Claim As A Dependent?
Which Filing Status Should I Use?
Do I Have To File A Tax Return For 2010?
6 Things You Should Know About Business Expenses – What You Can Deduct
Top Four Reasons Clients Hire Me To Prepare Their Tax Returns – Individual and Business
Instant Convenient Access To Your Tax Returns and Documents
How To Avoid the Social Security Penalty and Does Warren Buffett Get Penalized??
5000 Birds Fall From the Sky – Casualty Losses
Are You Required to Report Foreign Banks and Financial Accounts?
2010: “A Last Minute Checklist”
Energy Credits
ROTH IRAs
Traditional IRAs
Year-End Tax Planning Tips
Education Credits-American Opportunity Credit
ROTH IRA Conversion

As always keep in mind that the content provide on this site is general in nature and may or may not apply to your particular case. It is best to check with a tax professional about your circumstances and what is best for you personally. Also, IRS regulations and tax laws are constantly changing and the information on this site is not constantly updated. Again please check with me about your particular circumstances and what will be best in your situation at the given time and law.

This article was written by Jeff Haywood, CPA.
Jeff is a licensed CPA in both Texas and Illinois.
He has prepared income tax returns for the public for over 10 years.
He also has an MBA in Finance from Loyola University in Chicago and he has 24 years experience in Corporate Finance and Business Analysis.

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Parents and students there is an expanded tax credit to help you pay for the first four years of post secondary education. It is the American Opportunity Credit. You can receive a credit up to $2,500 a year for post secondary education expenses. To get the maximum credit you have to spend over $4,000 on qualified expenses. The Hope Credit formerly provided credits for only the first two years of post secondary education expenses and would only offset taxes. Now you can get a credit for the first four year and get a credit in excess of taxes up to a $1,000 refund. The American Opportunity credit is current available on 2009 and 2010 tax year returns. For information about the credit, limits and who qualifies see this IRS article on “American Opportunity Credit”.

If you qualified for this credit in 2009 and did not owe any taxes you could have still received a refund based on this credit. I would be happy to review your 2009 tax return to make sure you took full advantage of this credit. Call me today at 972-439-1955 for a free consultation.

Jeff Haywood, CPA
972-439-1955
jeff.jhtaxes@gmail.com
www.twitter.com/jeffhaywoodcpa

These posts provide highlights that may be of interest to taxpayers. For complete information on these subjects check with the IRS and your financial consultants.

I prepare the following types of tax returns:

Personal
Business
Estates
Trusts
Federal and State Returns

Also, I am available for tax planning and discussions about business, retirement planning and life goals.

For more US income tax content see the following links:

10 Things to Know About the Child and Dependent Care Credit
10 Important Facts About Capital Gains and Loses
IRS: Beware of Tax Scams
IRS Top Ten: Mortgage Debt Forgiveness
IRS Top Ten: IRA Contributions
US Income Tax Help for Expatriates
4 Credits That Can Pay You at Tax Time
What Business Deductions Can I Take as an Employee? IRS Tax Tips.
Was This Year a Bad Year? We may be able to get you a refund of your taxes paid in prior years.
6 IRS Tax Tips for Self-Employed Individuals
Important IRS Tax Tips: Health Insurance Tax Breaks for the Self-Employed
6 Things the IRS Wants You to Know About the Home Office Deduction
Is Your Child’s Investment Income Supposed to be Taxed at Your Tax Rate?
IRS Notice – Don’t Panic – Call Me
Who Can I Claim As A Dependent?
Which Filing Status Should I Use?
Do I Have To File A Tax Return For 2010?
6 Things You Should Know About Business Expenses – What You Can Deduct
Top Four Reasons Clients Hire Me To Prepare Their Tax Returns – Individual and Business
Instant Convenient Access To Your Tax Returns and Documents
How To Avoid the Social Security Penalty and Does Warren Buffett Get Penalized??
5000 Birds Fall From the Sky – Casualty Losses
Are You Required to Report Foreign Banks and Financial Accounts?
2010: “A Last Minute Checklist”
Energy Credits
ROTH IRAs
Traditional IRAs
Year-End Tax Planning Tips
Education Credits-American Opportunity Credit
ROTH IRA Conversion

As always keep in mind that the content provide on this site is general in nature and may or may not apply to your particular case. It is best to check with a tax professional about your circumstances and what is best for you personally. Also, IRS regulations and tax laws are constantly changing and the information on this site is not constantly updated. Again please check with me about your particular circumstances and what will be best in your situation at the given time and law.

This article was written by Jeff Haywood, CPA.
Jeff is a licensed CPA in both Texas and Illinois.
He has prepared income tax returns for the public for over 10 years.
He also has an MBA in Finance from Loyola University in Chicago and he has 24 years experience in Corporate Finance and Business Analysis.

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