Jeff Haywood, CPA

Archive for the ‘Financial Literacy’ Category

The Gifter (Generous Aunt)

If your aunt is gifting you and your brother some land there should be no immediate tax consequences other than the requirement that your aunt file a gift tax return. She should not owe any taxes as a result of making the gift as long as she has not made gifts totaling over $5 million (the current unified credit amount = current value of estate that is not taxable). The way it works is if the property gifted is worth say $350,000 and your aunt gifts it to you and your brother she gets an annual exclusion of $13,000 (this year) for each of you. So she would report the $350,000 less the $26,000 in annual exclusions which would be subtracted from her unified credit of $5 million. The difference would be the remaining amount of her estate that would not be subject to estate tax given the current exclusion amount of $5 million. Anything over the $5 million less the used unified credit used would be subject to the estate tax when she passes away.

The Giftee (You)

Now for you the gift recipients, you and your brother, you would receive the gifted property with a basis equal to your aunt’s basis, either her cost less expenses or the value when she inherited the property. When you sell the property the amount it sells for less your basis and cost of the sale would be subject to capital gains tax. When you inherit a property you get a basis equal to the current market value at the time of death. So if the value of the property was much less when your aunt obtained the property than it is now you would be better off waiting until she dies to inherit the property.

Capital Gains Tax Rates

The other thing to consider are the capital gains tax rates. The capital gains tax rates are due to increase in 2013. If your plans are to sell the property you should take the capital gains rates into consideration/tax planning.

By the way, when your aunt makes the gift, I can prepare the gift tax return for you.

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

This article was written by Jeff Haywood, CPA.
Jeff is a licensed CPA in Texas
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.

Tweet

I prepare the following types of tax returns:

Personal
Business
Estate/Gift
Trusts
Federal and State Returns

I especially value 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.

Plan Year End Moves

A recent meeting with one of my clients uncovered an opportunity to save them at least $12,000 in taxes on their 2012 income tax returns.  The opportunities to save on your taxes are greatest this time of year.  So if you really want to make the most of your CPA a conversation this time of year can save you much money.  In the case of my client it was identifying the time to make an organizational change.  For many however there are opportunities to reduce taxes at year-end by delaying income or by accelerating expenses or both. 

You may have the ability to reduce the taxable income from your business by delaying billing or receiving of payments until next year.  If you are a cash basis taxpayer you can bill customers/clients at the end of the of the year so they pay you next year.  In addition you can make purchases that are expenses to your business before year-end.  Now here is one that is quite nice…you can put an expense on your credit card before year-end and deduct it this year even if you do not pay the bill until next year.  Just remember to pay the bill in a timely manner to avoid any interest charges and penalties.  You may be able to significantly reduce your income for the year by purchasing major assets before year-end.  When making these moves you want to be careful not to spend money just to save pennies on the dollar in taxes.  After all it is about how much money you have in your pocket at the end right?  I repeat DO NOT SPEND DOLLARS ONLY TO SAVE PENNIES ON YOUR TAXES.  While you want to pay as little tax as possible, even more important should be maximizing your wealth which should lead to you paying some taxes.  Paying taxes are a good thing, you just want to keep it to a minimum and this is a great time to make some moves to accomplish that end.

Prepare for 2013 Tax Changes

In addition to tax moves you also need to be actively looking at changing your budget for tax changes for 2013.  Income tax rates are due to increase and payroll taxes are due to increase by 2% starting January 1, 2013.  Take a look at how this will affect your budget for 2013 and be prepared for this potential reduction in income.

There are other moves that you can make now like contributions to retirement or HMA accounts.  What will work for you depends and a conversation with your CPA now can result in a huge savings for you and prepare you for changes starting January 1, 2013.  What is the best in your situation depends on your situation.  So now is the time to give me a call to discuss your situation and to see what opportunities you have now to minimize your taxes for 2012 and prepare for 2013.  Please feel free to contact me using my contact information below.

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

This article was written by Jeff Haywood, CPA.
Jeff is a licensed CPA in Texas
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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I prepare the following types of tax returns:

Personal
Business
Estate/Gift
Trusts
Federal and State Returns

I especially value 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.

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.

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Is Money Your Friend?

You have heard the line from the movie “SHOW ME THE MONEY” but what has seeing the money done for you?  How does money or the thought of money affect you?  An honest look may surprise you.  Is money your friend or does it cause you to become something you do not like.  How you view money may be healthy or it may be costing you and/or will cost you big time.  Everything does have a price even money and like other things sometimes money costs too much.

Try this on.  What do you do to make money?  Maybe a better question for you is what do you do to save money?  I meet with many people each year preparing tax returns and wow, the things I have seen and heard are just incredible ranging for what appears to be not much concern about money to outright obsessions about money.  Realize that how you act about money affects your relationships with others.  Now ask yourself what is more important to you having money or having real friends?  Another question for you is what are you willing to spend/risk to save a dollar?

The Government and Taxes:

What shows up about how you behave when it comes to saving money on the taxes you pay?  I help people pay as little as legally possible but even then there is usually a trade-off between paying now and paying later.  Sometimes with good planning and communication there are large sums of money to be saved in taxes legally.  However, at times some want to cross the line and be dishonest to “stick it to” “the no good government” (actual terminology is not suitable for my blog).  So what shows up here?  People at times choose to be dishonest to pay less taxes.  If you can choose to be dishonest with the government on your taxes who else do you choose to be dishonest with?  Do you have any friends?  Do your family members even like you?  Now why are you choosing to be dishonest and risk jail time?  For money?  Really!  What really is money but paper and coins.  Have you been programmed to overvalue money and be afraid of not having enough?  Really it is shocking to me that people will choose to be dishonest to save some paper and metal.  Really!  By being dishonest you are becoming a liar and a thief and that affects who you are in all your relationships.  I am just saying…why again would you do this?  Try this on > integrity, honesty and friendships > what are they worth?  Believe me they are worth much more than paper and coins.  In addition people are interesting while money, paper, and coins are not even living.

OK then there is the business owner who wants to spend like crazy at the end of the year so he does not owe any taxes.  OK that is fine if you would buy those things anyway but what is the point.  I have seen men choose to spend many dollars to save pennies on the dollar.  Why?  Because he does not want the government to have any of his money.  So he spends money that he otherwise would not spend to save say 30% on each dollar spent.  Hello, do you not want to maximize the money you have?  Somewhere along the line there was training or programming that caused him to be irrational.  Take a look at what you have been programmed to think about money.

Save Save Save:

I am all for saving money but at what cost?  You realize that if you save $.04 a gallon on a 20 gallon tank of gas then you saved $.80, that is 80 cents?  How far did you drive and how much time did you spend to save 80 cents.  Do you realize if it took you 15 minutes to get to the station with the gas at $.04 less then you made the equivalent of $3.20 an hour?  Would you take a job at that pay rate?  Some even spend time researching where to save their $.04 a gallon while drinking an awful bitter tasting cup of something they have the nerve to call coffee for like $4.00 while you can get actual good coffee for around a dollar.  Hello, why the madness to save $.04 a gallon but the willingness to pay all that money for coffee, cable tv, the latest tv set, cellphone, cigarettes, booze, lottery tickets, etc.?????

Now the time spent to save practically nothing does not even compare to the insanity of negotiating someone out of most all and sometimes all of their profit.  Now it is one thing to negotiate a loaf of bread for as little as you can get for it from a stranger but what about getting the best deal on renting a house for a year from a friend?  The purchase of a loaf of bread is momentary exchange (maybe) while you will have at least or at most a one year relationship with your landlord/friend.  (This is just an example).  So now you have this tense relationship for a year with your landlord/former friend and then he is going to stiff you out of your security deposit.  Ask yourself what do you value more your relationships with people or money?  I have news for you, people will provide much more spice to your life than money will.  In addition, the poor guy who sold you his loaf of bread at cost probably will not lift a finger for you when he sees you get in trouble when a flash mob over takes you.  Try on generosity.  Not only will people like you but you will probably end up with more money and better opportunities than if you try to get the best of every negotiation.  I am just saying…think about what you are choosing to be for some pieces of paper and some coins.

So you saved some money.  Good for you.  Did you save more than you spent and the value of your time?  Did you sell your soul to save the paper and coins?  Some genuine opportunities to save money exist and you should consider them.  Other opportunities are like the gas versus coffee example.  Think about what your relationship with money is getting you to do.  In Wall Street, Money Never Sleeps money is referred to as a whore who watches you while you sleep and one day she will just be gone.  There may or may not be some truth in that.  Money does not make you behave a certain way.  Rather you choose to behave how you want to behave.  Take charge of your relationship with money and look at what you have heard or are hearing about money.  You may need some different friends.

Although the product I produce are tax returns for you, what I really do that is of value is talk to you about things like money and what you really want to be and how to be it.  If you want a CPA who will help you to succeed in meaningful ways then use the contact information below to contact me and let’s accomplish great things together and enjoy good friends.

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

Also, take a look at these related posts:

Let’s Accomplish Great Things Together
How to Profit From Your CPA
A Most Valuable Resource For Entrepreneurs
Forming a New Business – Please Consult With Your CPA First

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
Click Here to Follow My Taxes For Expats Twitter Account

For recent US income tax content see the following links:

Can I Use My Loss To Get Money Back From Prior Year Taxes Paid?
IRS Top Ten: Tax Tips for Individuals Who Are Moving This Summer
IRS Top Ten: Tax Tips for Individuals Selling Their Home
IRS Tax Tips: Do You Owe the IRS Money? What You Need to Know.
IRS Tax Tips: Do You Owe the IRS Money? What You Need to Know.
Does the IRS Have Money Waiting For You
Ideas: How Young People Can Become Entrepreneurs and Find a Home
IRS Top Ten: Facts about Amending Your Tax Return
Are You Ready To Get Your First Apartment/Home?
How to Succeed in Business: Pricing
Credit for Education Expenses: American Opportunity Credit – Extended Through 2012
How to Prepare Before a Disaster Strikes
IRS: Summer Day Camp Expenses May Qualify for a Tax Credit
IRS Tax Tips for Students Starting a Summer Job
IRS Tax Tips for Deducting Charitable Contributions
Tax Planning Tips
Tax Tips – Tip Income
Stratospheric Success
Are You Ready to Purchase a Home? Factors to Consider.
Foreign Earned Income Exclusion
A Most Valuable Resource for Entrepreneurs
How to Profit From Your CPA
Begin With The End In Mind
If the band you are in starts playing different tunes
Where Is It? Tax Refund
Deadline for 2010 Personal Tax Returns Moved
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 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.

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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Are you ready to move into your first apartment/home?

How much will it cost to get your apartment and more important how much to do you have to make to “swing” the payments/monthly costs? One indication you are ready to make this move is doing the homework to “count the cost” and see if you make enough money to make it work. Taking this step is a sign of maturity.

Estimate Your Cost of Living:

I have done some basic leg work to help you but more importantly I want you to have an idea of what you need to know before you take this big step. So this article will give you some framework of knowledge about what to consider.  It took me about 1.5 hours of work on the internet and the phone to get these figures/estimates. You will want to do the work to get these specific costs for where you live or want to live because they certainly will vary depending on your location.  Also, you need to think about what is important to you and what it costs to know if you can afford it.

Here are some of the cost you will want to estimate.  First, your biggest expense will be your housing costs; your monthly rent, insurance, utilities, cleaning etc. In addition you will need to pay for groceries and other supplies. You will need to pay to get to work, so that will likely include a car payment, insurance, gas and tolls. You will have these expenses unless you live in a city with reliable public transportation and you can get to and from work without a car. Then you will need to figure out how much your transportation will cost you. In addition, you will have the cost of a phone, clothes, entertainment and there will always be the unexpected other expenses. You can count on the unexpected.

I gathered an estimate of the current cost of renting an average 1 bedroom, 1 bathroom apartment in McKinney, TX and the cost for a 21 year old single male purchasing a 2003 Honda Civic 4 door for $8,900 (more on that later) and driving between 12,000-15,000 miles a year. Following are the average/estimated monthly costs:

Rent $810
Utilities $150 electric, water, trash
Car Payment $338
Car Insurance $130.5
Gas $302
Tolls $40
Groceries $ 250
Other Supplies $35
Clothes $167
Cell Phone $80 average rate T-Mobile
Cable/Internet $49
Entertainment $275
Other $200
Total $2826.50
Deposits $100/mo for total of $1,200
Your annual estimated expenses would be $35,118

Let us consider a couple of things to give you some insight. First, you can get a 2003 Honda Civic 4 door for about $8,900 plus about $2,000 for tax, title and registration. It is always the tax, title and registration that will catch you by surprise. The salesmen will not even count that for you until you agree on the price of the car. Starting out you may want to get a much less expensive vehicle but then you will have higher repairs which I did not include in the above estimate.  Second, when you first rent an apartment or a house you will have a security deposit and deposits for the utilities. In this case you can add about $1,200 to your first year out of pocket costs for deposits. Again, these are estimates and you may find you will pay more or less. You need to know yourself and check out what these costs will be for you.  A couple of costs that can vary tremendously are entertainment, food, clothing and the car expenses we already mentioned.  Realize too you will also eventually have out of pocket costs for the dentist, eye doctor and other health professionals.  You will find you can also get a less expensive apartment but consider carefully what you will get and the condition it will be in.  For me to lower my costs I started with an efficiency apartment rather than a one bedroom.   You may find you can save significant money by getting roommates to share an apartment or a house.

Last of all, when you develop a budget after doing all the legwork it is recommended that you also pay yourself first by putting some money from each paycheck into savings. You may want to set a goal to work on getting at least 6 months of living expenses in savings in case of emergencies. What happens if you lose your job, which is not a rare occasion today? Consider what I have shared with you and I hope you will find yourself equipped to succeed financially and get your own apartment/home.

Calculate How Much You Will Need To Make to Cover Your Costs:

Now the big surprise. To pay for the out of pocket costs for your first year of $35,118 you will need to make roughly $43,000. That will net you about $35,200 after taxes and a 3% contribution for to a 401k retirement account at work. Your employer will withhold income taxes, social security and medicare from your gross pay and the 3% contribution to the 401k and probably more for health insurance. If they do not provide health insurance then that is another costs you may need to account for.

Do Your Own Homework:

I recommend that you do your own homework by going to look at apartments and asking what they cost and don’t forget to ask about utilities. The above costs do not include any parking. So make sure you ask a lot of questions. I would make a list before you go.  Also, make a trip to the grocery store to buy your own food and see how much it costs and how long it lasts.

Are You Ready For the Responsibility?

That brings up one final point you need to consider to determine if you are ready to make this move. Are you ready to cook for yourself and pay your own bills on time? Do you know what happens when you are late on your payments? When you make your payments late you have to pay late fees. Are you ready for that responsibility? What about cleaning? If you are a 21 year old single male are you ready to cleanup after yourself? Try cleaning your parents home every week for at least a month to see if you are ready for it.

To get use to the monthly payments, pay mom and dad every month for rent to see if you can make it. They may be willing to hold this money for you to use when you get started and have to pay for those deposits and also to pay for getting furniture, which I also did not include in the above estimates.  I found that in the US you can get used furniture for next to nothing on craigslist.  But check that out for yourself.

Make It Work:

Finally, you may find you need your parents to help you get into your first apartment. Most complexes will check your credit history and if you do not have one they may require your parents to provide some pledge that they will be responsible if you do not pay your rent or damage the property.  I recommend you first establish your own credit by getting a credit card and paying off the balance monthly and then get a small car loan and make the payments on it and the insurance for at least a year.

Remember this was just an exercise. You can be creative to figure how to make this happen and to determine when you are ready to successfully make it happen. You should now have an idea what information you need to get to know how much it will cost you to live on your own.  You should probably try to figure out how can you get a car that is paid for or find a situation where you do not need a car.  If you find you are not ready today, figure out what you need to do and set a goal to make it happen by a certain time. Knowing what it takes empowers you to successfully make it happen eventually.

If nothing else I hope you learned from this what it takes to be financially responsible for yourself and appreciate what your parents have been providing for you. But perhaps now it is time for mom and dad to help you to learn to be financially responsible. Your parents may be able to help you do some of the homework and give you some insight as well based on their own experience and knowledge of the area.

You may want to take a bigger first step in your financial growth than renting your first apartment.  I am planning another blog about other options that could help start developing streams of income using real estate even beginning with your first home.

Remember I prepare tax returns for people for a living. When you first get a job and then an apartment you will probably want to and be able to prepare your tax return. However, if you start your own business and “set the world on fire” with success you will likely want me or another tax professional to do your taxes for you. Also, please call before you start a business as I can help you avoid many surprises and save you money. Feel free to contact me using the information below.

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

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

Click Here to Follow Jeff Haywood, CPA on Twitter

For recent US income tax content see the following links:

How to Succeed in Business: Pricing
Credit for Education Expenses: American Opportunity Credit – Extended Through 2012
How to Prepare Before a Disaster Strikes
IRS: Summer Day Camp Expenses May Qualify for a Tax Credit
IRS Tax Tips for Students Starting a Summer Job
IRS Tax Tips for Deducting Charitable Contributions
Tax Planning Tips
Tax Tips – Tip Income
Stratospheric Success
Are You Ready to Purchase a Home? Factors to Consider.
Foreign Earned Income Exclusion
A Most Valuable Resource for Entrepreneurs
How to Profit From Your CPA
Begin With The End In Mind
If the band you are in starts playing different tunes
Where Is It? Tax Refund
Deadline for 2010 Personal Tax Returns Moved
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 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.

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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