For Existing and New Clients
Posted by markcpa on January 14, 2012 · Leave a Comment
My existing client know what to gather for me to be able to prepare their individual tax returns. People who have never used a CPA to prepare their tax returns may not have a clear idea of what CPA’s need to work on an individual’s taxes. The following is a list of basic items:
- Prior year tax return
- All W-2′s and 1099′s received from third parties
- All 1098′s from third parties
- How much was paid during the tax year for:
- Charitable Contributions
- Mortgage Interest paid during the tax year(assuming there was mortgage interest paid that was not reported on a 1098)
- Real Estate Taxes paid during the tax year (assuming there were real estate tax paid that were not reported on a 1098)
- Ad Valorem taxes paid on vehicles
These items are the main items CPA’s look for for an individual with a tax return that includes a 1040 and Schedule (itemized deduction). Obviously, there are many other items I need if the client is a sole proprietor who operates a business or if a client trades stocks during the year.
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Should you use a CPA?
Posted by markcpa on December 20, 2011 · Leave a Comment
I don’t know this fellow from Adam but he does a great job explaining why it’s well worth it to use a CPA….
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New Business Startup
Posted by markcpa on December 16, 2011 · Leave a Comment
Thinking of starting a new business venture? Besides the more obvious aspects of the business (marketing, product develpment, etc.) there is an aspect of the startup that is often overlooked. The choice of entity is something that many do not give full consideration.
While choosing to be a corporation or limited liability company will give you much the same in terms of liability protection there are (or can be) tax advantages to choosing one form of entity over another.
I will post more on this later but Mark Bryant CPA has over 10 years of experience assisting clients in this decision process. He also assists the client step-by-step in registering with the correct government agencies for incorporating the business as well as with the various tax authorities.
If you are thinking of starting a new business give me a call. You will be glad you did.
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New Tax Changes for 2011 Tax Returns
Posted by markcpa on December 11, 2011 · Leave a Comment
Due Date of Form 1040: The due date (not including extensions) for your 2011 1040 tax return is April 17, 2011 due to April 15 falling on a Sunday and April 16 falling on a federal holiday.
Capital Gains and Losses: In most cases you will report your capital gains and losses on the new form 8949 with the total being reported on Schedule D.
Self-employed Insurance Deduction: This deduction is no longer allowed on Schedule SE. You may take it on line 29 of form 1040, however.
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2012 Business Mileage Deduction
Posted by markcpa on December 7, 2011 · Leave a Comment
The IRS issued the 20112 mileage rates for the business mileage deduction as well as mileage rates to be used for charitable, medical and moving purposes. They are as follows:
Business: 55.5 cents per mile
Medical and moving: 23 cents per mile
Charitable: 14 cents per mile
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About Mark
Mark Bryant specializes in working with businesses and business owners. He has been helping clients with their accounting and tax needs for 16 years.