Jeff Haywood, CPA

Archive for January, 2012

Be an Energy Giver And You Will Find Success

January 18th, 2012 | Author: admin

Mr. CPA, You have worked with executives and business owners for almost 30 years. Based on that experience tell what me what I need to know to succeed in business.

Bring Energy

Well, there are many things but let’s talk about service. It is not about what you need to know, but who you need to be. Who do you like to do business with? Imitate what they do. Successful businessmen are personable and they make you feel good and they bring energy that makes you feel energized. OK, thanks for reading, end of story.

Really though, if you smile, bring energy and really take an interest in people you will make more money. When you go to the store do you want the cashier who is lively and happy or the one who clearly would rather be home playing video games and resents your presence at their register? It is really easy. I have seen it so many times. Even with my clients who are not trying to sell me anything but want me to give them good service, they are energetic, personable and they smile. Every successful person I have met is like this. And by the way they get better service because of the way they are.

Check this out. Search the internet for pictures of smiles. All the good ones are of celebrities. Why? Not because they have good smiles but because they get it that is why they are successful.

Create Energy in Others

Now get this. When you bring energy and enthusiasm along with an interest in people, watch what happens. Even the most dead from the neck up TV overdosed kid will come alive and change right before your eyes. Create in others happiness and energy. Don’t accept boring and uninterested. If you go into a place where the people are not lively then learn their names and give them some of your energy. Next time you go into the same store greet them with: “Hey Bob, how’s it going my friend?” Watch how they come alive before your eyes. Eventually you will get a lively greeting of “Hey Jeff good to see you my friend.” I have seen it many times. And when you take an interest in them after just a couple of visits they will show an interest in you and ask “hey, what do you do.” You do not have to sell your product or service you just need to give of yourself and your energy and people will ask you if they can do business with you. In addition by doing this you will help them become successful too. The kid at the convenience store will soon be snatched up by another business and you will have planted the seed that will lead to him becoming a successful businessman.

It works. Try it out.

For a good book to read that elaborates on this more get “The Go-Giver”. You will thank me later.

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

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.

I prepare the following types of tax returns:

Personal
Business
Estates
Trusts
Federal and State Returns

I especially enjoy discussions about you, your business, your dreams and goals.

Click Here to Follow Jeff Haywood, CPA on Twitter
Also, Click Here to Follow My Twitter Account: Taxesforxpats

In addition here are links to a few of my articles about income taxes for expatriates:

Income Tax Returns for Expatriates
US Income Tax Help for Expatriates
Foreign Earned Income Exclusion
Are You Required to Report Foreign Bank and Financial Accounts?

Click Here to Follow My Twitter Account: Taxesforxpats

For a full list of prior posts 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.

Comments:

If you have a comment to share about this post or for me, please email me at jeff.jhtaxes@gmail.com.

Posted in Business, Life | Tags: CPA, Energy, Income, Interest, Money, Smile, Sucess | No Comments »

Do I Need To File a Tax Return This Year?

January 16th, 2012 | Author: admin

Mr. CPA, Do I need to file a tax return this year?

That is a great question that is asked many times a year. Here is the answer recently offered by the IRS.

Do I Need to File a Tax Return This Year?

IRS TAX TIP 2012-02, January 4, 2012

You are required to file a federal income tax return if your income is above a certain level, which varies depending on your filing status, age and the type of income you receive. However, the Internal Revenue Service reminds taxpayers that some people should file even if they aren’t required to because they may get a refund if they had taxes withheld or they may qualify for refundable credits.

To find out if you need to file, check the Individuals section of the IRS website at www.irs.gov or consult the instructions for Form 1040, 1040A or 1040EZ for specific details that may help you determine if you need to file a tax return with the IRS this year. You can also use the Interactive Tax Assistant available on the IRS website. The ITA tool is a tax law resource that takes you through a series of questions and provides you with responses to tax law questions.

Even if you don’t have to file for 2011, here are six reasons why you may want to:

Federal Income Tax Withheld You should file to get money back if your employer withheld federal income tax from your pay, you made estimated tax payments, or had a prior year overpayment applied to this year’s tax.
Earned Income Tax Credit You may qualify for EITC if you worked, but did not earn a lot of money. EITC is a refundable tax credit; which means you could qualify for a tax refund. To get the credit you must file a return and claim it.
Additional Child Tax Credit This refundable credit may be available if you have at least one qualifying child and you did not get the full amount of the Child Tax Credit.
American Opportunity Credit Students in their first four years of postsecondary education may qualify for as much as $2,500 through this credit. Forty percent of the credit is refundable so even those who owe no tax can get up to $1,000 of the credit as cash back for each eligible student.
Adoption Credit You may be able to claim a refundable tax credit for qualified expenses you paid to adopt an eligible child.
Health Coverage Tax Credit Certain individuals who are receiving Trade Adjustment Assistance, Reemployment Trade Adjustment Assistance, Alternative Trade Adjustment Assistance or pension benefit payments from the Pension Benefit Guaranty Corporation, may be eligible for a 2011 Health Coverage Tax Credit.

Eligible individuals can claim a significant portion of their payments made for qualified health insurance premiums.

For more information about filing requirements and your eligibility to receive tax credits, visit www.irs.gov.

I hope this was useful to you. Most of my clients are business owners and/investors. In addition I specialize in returns for US citizens who are living out of the US. As an expatriate myself, I have much experience filing returns these unusual income tax returns for fellow expatriates. More than just preparing tax returns, I build relationships with my clients offering insights based on almost 30 years of experience as an accountant. Contact me today using the information below to setup an appointment to discuss your situation.

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

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.

I prepare the following types of tax returns:

Personal
Business
Estates
Trusts
Federal and State Returns

I especially enjoy discussions about you, your business, your dreams and goals.

Click Here to Follow Jeff Haywood, CPA on Twitter
Also, Click Here to Follow My Twitter Account: Taxesforxpats

In addition here are links to a few of my articles about income taxes for expatriates:

Income Tax Returns for Expatriates
US Income Tax Help for Expatriates
Foreign Earned Income Exclusion
Are You Required to Report Foreign Bank and Financial Accounts?

Click Here to Follow My Twitter Account: Taxesforxpats

For a full list of prior posts 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.

Comments:

If you have a comment to share about this post or for me, please email me at jeff.jhtaxes@gmail.com.

Posted in Income Taxes | Tags: CPA, Filers, IRS, Tax, Tax Return, Tax Tips, Taxes | No Comments »

Don’t Be Scammed By Cyber Criminals

January 13th, 2012 | Author: admin

Don’t Be Scammed By Cyber Criminals

Cyber Crime is a growing problem today and we do not want to be a victim. Here are some recent tips from the IRS to avoid be a victim of Cyber Criminals.

Don’t be Scammed by Cyber Criminals

IRS TAX TIP 2012-08, January 12, 2012

The Internal Revenue Service receives thousands of reports each year from taxpayers who receive suspicious emails, phone calls, faxes or notices claiming to be from the IRS. Many of these scams fraudulently use the IRS name or logo as a lure to make the communication appear more authentic and enticing. The goal of these scams – known as phishing – is to trick you into revealing your personal and financial information. The scammers can then use your information – like your Social Security number, bank account or credit card numbers – to commit identity theft or steal your money.

Here are five things the IRS wants you to know about phishing scams.

The IRS never asks for detailed personal and financial information like PIN numbers, passwords or similar secret access information for credit card, bank or other financial accounts.
The IRS does not initiate contact with taxpayers by email to request personal or financial information. If you receive an e-mail from someone claiming to be the IRS or directing you to an IRS site: • Do not reply to the message.
• Do not open any attachments. Attachments may contain malicious code that will infect your computer.
• Do not click on any links. If you clicked on links in a suspicious e-mail or phishing website and entered confidential information, visit the IRS website and enter the search term ‘identity theft’ for more information and resources to help.
The address of the official IRS website is www.irs.gov. Do not be confused or misled by sites claiming to be the IRS but ending in .com, .net, .org or other designations instead of .gov. If you discover a website that claims to be the IRS but you suspect it is bogus, do not provide any personal information on the suspicious site and report it to the IRS.
If you receive a phone call, fax or letter in the mail from an individual claiming to be from the IRS but you suspect they are not an IRS employee, contact the IRS at 1-800-829-1040 to determine if the IRS has a legitimate need to contact you. Report any bogus correspondence. You can forward a suspicious email to phishing@irs.gov.
You can help shut down these schemes and prevent others from being victimized. Details on how to report specific types of scams and what to do if you’ve been victimized are available at www.irs.gov. Click on “phishing” on the home page.

Links:

YouTube Videos:

Phishing Scams – English | Spanish | ASL

It is a protection to be aware of the latest cyber and other threats. It is also helpful to know about taxes. A business man can not afford to spend the time to know all he needs to know about US income taxes. He needs to invest his time in his business. My full time job is to keep up with US income taxes and use my experience to serve you and help you succeed. Contact me today to discuss your situation and let’s proper together.

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

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.

I prepare the following types of tax returns:

Personal
Business
Estates
Trusts
Federal and State Returns

I especially enjoy discussions about you, your business, your dreams and goals.

Click Here to Follow Jeff Haywood, CPA on Twitter
Also, Click Here to Follow My Twitter Account: Taxesforxpats

In addition here are links to a few of my articles about income taxes for expatriates:

Income Tax Returns for Expatriates
US Income Tax Help for Expatriates
Foreign Earned Income Exclusion
Are You Required to Report Foreign Bank and Financial Accounts?

Click Here to Follow My Twitter Account: Taxesforxpats

For a full list of prior posts 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.

Comments:

If you have a comment to share about this post or for me, please email me at jeff.jhtaxes@gmail.com.

Posted in Business, Income Taxes | Tags: Business, CPA, IRS, Tax, Tax Scams, Tax Tips, Taxes | No Comments »

Success: Understand the Difference Between Saving and Investing

January 11th, 2012 | Author: admin

You can “save” yourself to death. How can that happen and how can you avoid it and achieve success?

Difference Between Saving and Investing

Saving is good right? Most of the time the answer is yes but not always. Make sure you understand the difference between saving and investing. It is easy to confuse the two and something to always be mindful of. Saving is getting a product for less money than you could elsewhere. Saving can often be not purchasing something. This is where confusion can set in. We could view not purchasing something as saving but we could be harming our financial position by doing so. How? If we choose not to spend money on something that will help us earn more money. A purchase of something that may help earn more money can be an investment. An investment can be a product or a service but it could help us generate more income. It is easy to look at a potential investment and decide I will save money by not purchasing it. In doing so we could be limiting our opportunities to generate income and cash flow. Do not view investments in terms of saving money. Instead look at what the investment could do for you and decide if it is a good investment.

Analyzing an Investment

To analyze an investment you need to consider such things as what is the risk involved and what is the potential payout. Also, you need to consider if it fits with your plan and who you are and working to become. So for example would you pay someone $1,000 for a service that could lead to your business earning an additional $200 per month net of costs? The answer should be maybe. Your decision will depend on if you have the cash now or if you would need to borrow the money. It will also depend on if it is consistent with your plan. Other opportunities will also compete for your investing dollars.

Investment Example: Sharpening the Sword

Do you get that? In your plan you should budget money that you can spend on consumables and have a separate budget or plan for investments. I do not recommend particular investments, but I recommend investing. Please realize that paying for and taking a course that will improve your knowledge and ability to serve your market is an investment in yourself. Many refer to this as “sharpening the sword”, your ability to earn money. If you view this as a cost that you can avoid and thus “save” money eventually your “sword” gets dull and you will be unable to “do battle” or earn money. So simply realize what the difference is between spending and investing and have a plan for both. If you are not in a position to invest today have a plan to get there as soon as possible. In today’s world you could say you can not afford not to invest. The Reality is we must grow or die. The scene of this world is changing so quickly we can not stay stagnant, we must all keep up or get and stay ahead.

Conquer Your Fear

If fear keeps you from investing read “How to Stop Worrying and Start Living” by Dale Carnegie.

The reality today is nothing is a sure thing. So some investments will fail to produce the desired results but that does not make you a failure. Successful people like successful athletes fail often but they overall are successful. Be successful in overcoming fear and invest especially in yourself and your business. Focus on the opportunity at hand and not the recent failure. The best baseball hitters fail to hit 70% of the time. When they make an out they see their odds of getting a hit next time are better. They do not take the last out they made into the batters box with them. They take the knowledge they gained from that last at bat and use it to their advantage. So we need to work at how we view things. Don’t view not investing as saving money. Take charge of your life and charge forward to a successful today.

I specialize in helping business owners and investors prepare tax returns but I also help my clients by acting as a sounding board and bringing this type of thinking into conversation. So if you want a CPA who does more than prepare tax returns, one that will help you achieve success, then contact me today using the contact information below to make an appointment to discuss your situation.

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

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.

I prepare the following types of tax returns:

Personal
Business
Estates
Trusts
Federal and State Returns

I especially enjoy discussions about you, your business, your dreams and goals.

Click Here to Follow Jeff Haywood, CPA on Twitter
Also, Click Here to Follow My Twitter Account: Taxesforxpats

In addition here are links to a few of my articles about income taxes for expatriates:

Income Tax Returns for Expatriates
US Income Tax Help for Expatriates
Foreign Earned Income Exclusion
Are You Required to Report Foreign Bank and Financial Accounts?

Click Here to Follow My Twitter Account: Taxesforxpats

For a full list of prior posts 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.

Comments:

If you have a comment to share about this post or for me, please email me at jeff.jhtaxes@gmail.com.

Posted in Business, Financial Literacy, Life | Tags: CPA, Invest, Investing, Save, Saving, Succeed, Success | No Comments »

Prepare Your Own Tax Return: Keep it Simple

January 9th, 2012 | Author: admin

Mr. CPA, What will make filing my tax return a simple task for me?

Well, the IRS recently offered this suggestion: Choose the Simplest Tax Form and here is their post:

Make it Easy on Yourself: Choose the Simplest Tax Form

IRS Tax Tip 2012-03, January 5, 2012

If you’re among the taxpayers who still file a paper return, the IRS reminds you that it no longer mails paper tax packages, a step the agency took after continued growth in electronic filing, the availability of free options and as a way to reduce costs. If you’re e-filing, the software will choose the best form for you, but if you’re taking pencil to paper, make it as simple as possible by choosing the simplest tax form for your situation.

The quickest way to get forms and instructions is the IRS website at www.irs.gov. Taxpayers can also get them from a local IRS office, a participating community outlet like many libraries and post offices, or from the IRS’s automated forms line at 1-800-TAX-FORM .

Here are some general rules to consider when deciding which paper tax form to file.

Use the 1040EZ if:

Your taxable income is below $100,000
Your filing status is single or married filing jointly
You are not claiming any dependents
Your interest income is $1,500 or less

Use the 1040A if:

Your taxable income is below $100,000
You have capital gain distributions
You claim certain tax credits
You claim adjustments to income for IRA contributions and student loan interest

If you cannot use the 1040EZ or the 1040A, you’ll probably need to file using the 1040. Among the reasons you must use the 1040 are:

Your taxable income is $100,000 or more
You claim itemized deductions
You are reporting self-employment income
You are reporting income from sale of property

You can gain quick and easy access to IRS forms and instructions or find out more about e-file by visiting www.irs.gov. Tax products are available 24 hours a day, seven days a week and often appear online well before they are available on paper. To view and download tax products, visit the IRS website and select Forms and Publications.

Links:

Form 1040EZ, Individual Income Tax Return (PDF 105K )
Form 1040A, Individual Income Tax Return (PDF 138K)
Form 1040, Individual Income Tax Return (PDF 181K)
Publication 17, Your Federal Income Tax
Publication 17, Your Federal Income Tax (PDF 2.3MB)
1040 Central

I specialize in helping business owners and investors prepare tax returns. I also do individual tax returns and I also specialize in preparing tax returns for expatriates. Please contact me today using the contact information below to make an appointment to discuss your situation.

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

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.

I prepare the following types of tax returns:

Personal
Business
Estates
Trusts
Federal and State Returns

I especially enjoy discussions about you, your business, your dreams and goals.

Click Here to Follow Jeff Haywood, CPA on Twitter
Also, Click Here to Follow My Twitter Account: Taxesforxpats

In addition here are links to a few of my articles about income taxes for expatriates:

Income Tax Returns for Expatriates
US Income Tax Help for Expatriates
Foreign Earned Income Exclusion
Are You Required to Report Foreign Bank and Financial Accounts?

Click Here to Follow My Twitter Account: Taxesforxpats

For a full list of prior posts 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.

Comments:

If you have a comment to share about this post or for me, please email me at jeff.jhtaxes@gmail.com.

Posted in Income Taxes | Tags: CPA, Filers, IRS, Tax, Tax Return | No Comments »