Learn how to generate up to. using your RV! $6,000 tax free cash. RV ownership just got better than ever! Create up to. using your RV!

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Learn how to generate up to. using your RV! $6,000 tax free cash. RV ownership just got better than ever! Create up to. using your RV!"

Transcription

1 RV ownership just got better than ever! Create up to $6,000 tax free cash using your RV! Which item is the largest expense for most families? A. Food & Clothing B. Housing C. Automobiles Answer inside Arthur Godfrey once said I m proud to be an American and pay taxes, But I could be just as proud for half the money! Learn how to generate up to $6,000 tax free cash using your RV! RV ownership just got better than ever! Inside this RV=Tax$aving$ manual you will find Tax strategies to maximize deductions for the use of your RV. You will learn strategies that makes it possible to put $3,000 to 6,000 tax-free cash in your pocket each year! Maximize many itemized deductions for use of your RV How to deduct up to $25,000 the first year with the purchase of a Motorhome or Truck Keep more of your hard earned money for you and your family to enjoy Every strategy explained in this manual is footnoted to the IRS Code or Tax Regulation that allows

2 Which item represents the largest expense for most families? A. Food & Clothing B. Housing C. Automobiles Did You Know? Answer: None of them Taxes represent the single largest expense that most tax payers have. It exceeds what they pay for food, clothing, lodging and transportation. According to the American Taxpayer Union, in 1958, the average American paid 18% of their gross income on federal, state, and Social Security taxes. Today, the average American spends 41% of their gross income on taxes. Add them up: Federal income tax, state income tax, social security tax, gasoline tax, sales tax, property tax, school tax, vice tax and that is only some of them. That means you are likely working 4 to 5 months of every year to support the government instead of your family! Other Other 8.4% taxes Clothing, Federal, State & Food & Vehicle Social Security Taxes 24.4% 37.6% Housing & Medical 26% Wouldn t it be nice to start keeping $ of that money each month? How a home or RV based business saves you money on your taxes Let s take a look at getting a second job vs. starting a home based business John and Debbie were married with one child. John was working a full-time job, while Debbie was a stay-at-home mom. They often wound up with too much month left at the end of the money, so Debbie decided that she would get a job to help out with the bills.

3 Debbie found a job that would pay her $15,000 a year. However, at the end of the year their situation really hadn t changed much leaving both of them wondering why? John knew that with Debbie having a job some of the income would go to taxes, child care, meals, clothes, automobile and other. So after the first year he examined just how much the second income had helped: $ 15,000 wages 4,500 federal/state wages 1,150 social security tax 4,250 child care 1,250 lunches at $5 / day 1,000 automobile expenses 1,000 clothing, etc $ 1,850 net gain per year After looking at the net gain they realized that Debbie was working a full time job for an extra $150 a month! There must be a better way! Once you establish a legitimate business you are able to take advantage of tax loopholes that are only available to business owners. These tax loopholes add up to significant savings by allowing you to convert your everyday expenses of RV ownership into Tax Deductible Expenses! Even if you currently work a full-time job, your part-time business and applicable tax deductions could actually lower your tax bracket thereby leaving more money for you and your family! In this manual you will learn how to start a home/rv based business and convert some of your current expenses into legitimate tax deductions. This is legal and ethical! Not only can you create a second source of income for you and your family, but you can also create tax deductions that will allow you to generate more income to you! Arthur Godfrey once said I m proud to be an American and pay taxes,.. But I could be just as proud for half the money!

4 The Tax Paradox - Two Tax Systems There are two tax systems in the United States. One for employed individuals (W-2 employees) and the other is for the business owners. W-2 employees are the most heavily taxed with the fewest number of tax deductions available. While the same person with a home-based business qualifies for many more deductions. Take a look at your paystub you will see a line that gives you your gross income, this is the amount you are being paid prior to taxes being deducted. The next three lines are the taxes you are paying Federal, State and Social Security. Social Security also has an invisible twin sister, this is a match amount that your employer has to pay as well. If you think about if your employer didn t have to pay an additional 7.65% of your pay to the government, there would be more money to pay you more. Business Owners W-2 employees get get Roughly 100 deductions Roughly 3 deductions Isn t it ironic that the largest number of Americans get the fewest number of tax deductions. Fortunately there is an opportunity for you to be able to increase your income and qualify for many of the tax deductions that are not available to the W-2 employees alone. The money you may save using tax deductions can literally for all or a good portion of your RV. A partial list of potential tax deductions Accounting tax preparation Advertising Auto expenses Office expenses Depreciation Cafeteria plan Charitable contributions Child care (day care) Children s wages Credit report costs Dues paid Equipment purchases Equipment repairs Health insurance Meals & entertainment Campground fees Postage Office supplies Telephone cell phone Travel expenses

5 Top 5 Deductions Asset Expensing: IRS Code, Section179 Allows you to deduct all or part of qualifying property, up to $25,000, in the year purchased. Qualifying property includes motor homes, trucks, SUV s, computers, among others. Asset expensing is in the depreciation family and one of my favorite deductions because it is more of a paper loss that doesn t require additional spending to create. Most people realize that when you buy a truck, RV, etc. it depreciates by several thousand dollars the minute you drive it out of the dealership. Asset expensing allows you to be able to write off that depreciation in one year instead of spreading it out over several years. In 2005 I bought a new truck and after asset expensing the business portion I saved roughly $6,000 in State & Federal taxes that year alone. That was like buying the truck for $6,000 less thanks to my home based business. So how could this help you? Lets say you decide to buy a new truck for $40,000 and it is used 60% for business. $40,000 x 60% = $24,000, which you can asset expense and take as a tax deduction against any business income, and remember every $10,000 in deductions equals approximately $3,000 in tax savings, that s cash back to you! Vacation / Business Trips: IRS Code, Section 162 A2, Reg Combine vacations with business travel and deduct a portion of your travel expenses. A little planning and record keeping can save you hundreds of dollars. In order to be deductible, travel must be primarily for business purposes. This means that you cannot schedule a family vacation and deduct it just because you place business cards under car wiper blades. However, with your home/rv based business you can talk to the RV resort owner or camp host about your business and set up an appointment to go see them. Hiring Children: IRS Code, Section 63C, 162A1, Pub. 15 Sec. 3 Up to $6,300 per child per year. Pay your children to help you in your home-based business. They can in turn buy their own clothes, pay for their recreation, save for their college or wedding. You can pay Uncle Sam or pay your children it s the same money! Wages for children, living at home and under the age of 18 are not subject to federal, state, social security taxes for the first $6,300. Medical Reimbursement Plan: IRS Code, Section 105 By incorporating your business or employing your spouse you can set up a medical reimbursement plan. Under this plan you or your spouse can be reimbursed for medical expenses. Expenses that can be included: Medical insurance premiums, out-of-pocket medical expenses, medical insurance deductibles and co-payments, dental care, prescription medicines, vision care including eye glasses and contact lenses, chiropractic and psychiatric fees, term life insurance premiums up to $50,000 face value, disability insurance premiums, etc. These benefits are tax-free to the employees (including your spouse). The value of these reimbursements is not added to their taxable income.

6 Deductible for you and not taxable to them! Here is a sample of an employment agreement between spouses and/or children as well as a sample corporate resolution: Medical Care Reimbursement Plan for XYZ Corporation The Corporation shall reimburse all eligible employees for expenses incurred by themselves and their dependents, as defined in the Internal Revenue Code, section 152, as amended for medical and dental care, as defined in Internal revenue Code, Section 213(3), as amended subject to the conditions and limitations as hereinafter set forth. It is the intention of the Corporation that the benefits payable to eligible employees hereinafter shall be excluded from their gross income pursuant to Internal Revenue Code, Section 105, as amended. All corporate employees with at least months of service employed on a full-time basis at the date of inception of this plan are eligible under this plan. A. The corporation shall reimburse any eligible employee for medical and dental expenses without limitation or not to exceed $ in any fiscal year. B. Reimbursement or payments are for out-of-pocket expenses incurred by the eligible employee that are not covered under any insurance policy, any health and accident plan. Any eligible employee applying for reimbursement under this plan shall submit to the Corporation all bills for medical and dental expenses incurred at least thirty days prior to payment for verification by the Corporation. Payments will be made on a quarterly basis. Failure to comply herewith may, at the discretion of the Corporation, terminate such eligible employee s right to such reimbursement. The Plan shall be subject to termination, at any time, by the vote of the Shareholders of the Corporation; provided, however, that medical and dental expenses incurred prior to such termination shall be reimbursed in accordance with this Plan. This day of, 2015 By: President Employee:

7 Employment Agreement between spouses and/or children 1. This agreement shall begin and continue until termination of employment or this agreement. 2. Compensation The Employer shall pay the Employee for all services rendered a salary or hourly wage of $. 3. In addition to compensation payments, the Employer shall provide a Medical Reimbursement Plan for the benefit of the employee, the employee s spouse and the employee s dependents pursuant to the Internal Revenue Code Section 105 and the company policy statement. 4. Employees duties shall include but not limited to; 5. Other benefits, if any, shall include; This day of, 2015 Employer: Employee: Mileage: Tres. Reg A In 2015 you can deduct 57.5 cents for every business mile you document. With a home/rv based business you can convert many of your current miles into business miles and get more than a $100 tax deduction for every 200 miles documented. Mileage driven commuting to and from work is not deductible, however, mileage between jobs is deductible. Hence with a home based business and proper documentation, the miles driven from one job to another (or working in your business) is deductible. To put some numbers to this deduction if you documented 5,000 business miles driven in ,000 miles X.575 = $2,875 in tax deductions which means approximately $1,000 more in your pocket!

8 Document business miles by keeping a daily log in your vehicle. Adequate records or other sufficient evidence must be kept to support business use. If you plan to deduct your automobile expenses using the IRS mileage rates then Expenses Date there is no need to keep gas and Here Advertising repair receipts. You will need to Office Supplies Activity keep good mileage records to be broken down into business, personal and commuting miles driven categories. IRS rules will allow you to keep a daily log for 90 consecutive days (3 months) and multiply the miles by 4 to represent the entire year. Here is an example of the daily log I use in my business. Postage Cell Phone Entertainment Website Internet Mktg Travel Lodging Meals Rent 1099 s/wages Inventory: Business Mileage Auto Contact/Purpose Miles Start End Odometer Business miles YTD Total miles YTD How do I Qualify? Within the last decade Congress has made very generous tax benefits available to anyone that starts their own home based business. The design is to stimulate economic growth. What is asked in return is documentation that clearly establishes your intent, proving the pursuit of profit. Even if no profit is made, the pursuit makes the deductions legal and ethical. There are many home based businesses that you can start very inexpensively to begin qualifying for these and other tax deductions. You may want to choose a business with a broad appeal that you could work out of your RV as well. This way you may be able to convert many of your current expenses into tax deductions.

9 The Tale of Two Families Joe & Mary decide that they would like to purchase a Recreational Vehicle and do some traveling with their child. Joe & Mary are your average couple earning a combined annual income of $75,000. After their schedule A deductions, they had an adjusted gross income of $55,000 for tax purposes. At the end of the year they have paid approximately $12,750 in State & Federal income tax. In the course of the year, Joe & Mary took several trips in their new RV and keep track of how much they had spent while enjoying the family trips. Gas/Oil/Propane $1200 Operating Expenses 500 RV Maintenance 500 RV Supplies 500 Campground Fees 1000 RV Insurance 800 Of course none of these costs are tax deductible so at the year end while having their taxes done and realizing they were going to spend another $12,750 in taxes again this year, the tax preparer told them about a similar client, John & Debbie. John & Debbie are very similar to Joe & Mary, but their tax situation at year end was quite different! John & Debbie also have one child, a combined income of $75,000 and had decided to purchase a recreational vehicle. However they had decided to take advantage of the current laws passed by congress that could reduce the costs of RV ownership. First they started their own home based business. When they would go camping they would meet with prospects and pass out flyers (similar to the one you are reading). They would even let little Johnny in on the fun. Now, let s look at the difference at the end of the year By converting everyday expenses into legal business deductions John & Debbie can save up to $6,000 or more on their State & Federal taxes. Business Deductions Gas/Oil/Propane $ 1,200 Operating Expenses 500 RV Maintenance 500 RV Supplies 500 Campground Fees 1,000 RV Insurance 800 Asset Expensing/Depreciation 5,000 Medical Re-imbursement 2,000 Child (wages) 4,500 Total Deductions $ 16,000

The goal today is to accomplish three things:

The goal today is to accomplish three things: MARK SHERMAN, CPA The goal today is to accomplish three things: 1. Educate you on The Mortgage Forgiveness Debt Relief Act of 2007. 2. Show you how to save taxes on your real estate business. 3. Help you

More information

Tax Return Questionnaire - 2013 Tax Year

Tax Return Questionnaire - 2013 Tax Year Print this form out, take some time to fill it out, and bring it with you when you come to the office. This will save you time and money, and help us help you more effectively. Tax Return Questionnaire

More information

3. If you received any interest from a "Seller Financed" mortgage, provide: Name and Address of Payer Social Security Number Amount

3. If you received any interest from a Seller Financed mortgage, provide: Name and Address of Payer Social Security Number Amount Print this form out, take some time to fill it out, and bring it with you when you come to the office. This will save you time and money, and help us help you more effectively. Tax Return Questionnaire

More information

Tax Return Questionnaire - 2015 Tax Year

Tax Return Questionnaire - 2015 Tax Year SPECTRUM Spectrum Financial Resources LLP FINANCIAL 15021 Ventura Boulevard #341 310.963.4322 T RESOURCES Sherman Oaks, CA 91403 303.942.4322 F www.spectrum-cpa.com Tax Return Questionnaire - 2015 Tax

More information

P&M e-news - November 2014

P&M e-news - November 2014 P&M e-news - November 2014 Ray Petkovsek, CPA Dave Moran, CPA Tina Lough Nelson, CPA Individual year-end tax planning ideas Synopsis - This article offers four different year-end tax planning methods:

More information

1420 n. CLAREMONT BLVD., SUITE 101-B TEL (909) 398-4737 CLAREMONT, CALIFORNIA 91711 FAX (909) 398-4733

1420 n. CLAREMONT BLVD., SUITE 101-B TEL (909) 398-4737 CLAREMONT, CALIFORNIA 91711 FAX (909) 398-4733 1420 n. CLAREMONT BLVD., SUITE 101-B TEL (909) 398-4737 CLAREMONT, CALIFORNIA 91711 FAX (909) 398-4733 www.nicholscpas.com Email: info@nicholscpas.com January 12, 2015 RE: 2014 Tax Returns It is hard to

More information

Healthcare is a major expense for many people, and its. Out-of-Pocket Healthcare: Turning Everyday Expenses into Tax Savings

Healthcare is a major expense for many people, and its. Out-of-Pocket Healthcare: Turning Everyday Expenses into Tax Savings CHAPTER SEVEN Out-of-Pocket Healthcare: Turning Everyday Expenses into Tax Savings By Diane K. Gardner, EA, CTC Healthcare is a major expense for many people, and its costs continue to rise even among

More information

Tax Return Questionnaire - 2014 Tax Year

Tax Return Questionnaire - 2014 Tax Year Print this form out, take some time to fill it out, and bring it with you when you come to the office. This will save you time and money, and help us help you more effectively. Tax Return Questionnaire

More information

How to Maximize Your Tax Write- Offs For Car and Truck Expenses

How to Maximize Your Tax Write- Offs For Car and Truck Expenses How to Maximize Your Tax Write- Offs For Car and Truck Expenses By Phil Eubank, MBA, EA [For IRS Code 179A, visit www.irs.gov/publications/p946/ch02.html] For many self-employed contractors, salespersons

More information

FIRSTAX SAVES YOU TAXES

FIRSTAX SAVES YOU TAXES FIRSTAX Your Tax Advisors for Life 1221 McKinney, Suite 3275 Houston, TX 77010 TEL & FAX 713.781.9999 TEL 800.781.9996 taxsavings@firstax.com www.firstax.com FIRSTAX SAVES YOU TAXES A TAX SAVING WORKBOOK

More information

Deferral Limits for Plans 401(k) $17,000 $17,500 SIMPLE $11,500 $11,500 403(b) $17,000 $17,500 457 $17,000 $17,500

Deferral Limits for Plans 401(k) $17,000 $17,500 SIMPLE $11,500 $11,500 403(b) $17,000 $17,500 457 $17,000 $17,500 Kathleen E. Sweeney, CPA PO Box 1259, 44 Plymouth Street PO Box 1187 Center Harbor, NH 03226 N. Conway, NH 03860 Phone: (603) 253-4011 603-356-7036 Fax: (603) 253-4051 603-733-5250 E-Mail: ksweeney@metrocast.net

More information

Small Business Tax Issues

Small Business Tax Issues Small Business Tax Issues Presenter: Julie Herman-Wiese Business Development Manager H&R Block and Fill in tax preparer Julie.Hermanwiese@hrblock.com 253.656.1379 Prior to H&R Block: Ran my own consulting

More information

RE: - 2015 W-2 REPORTING REQUIREMENTS FOR FRINGE BENEFITS TO BE ADDED TO EMPLOYEES' W-2 AS COMPENSATION

RE: - 2015 W-2 REPORTING REQUIREMENTS FOR FRINGE BENEFITS TO BE ADDED TO EMPLOYEES' W-2 AS COMPENSATION December 2015 To Our Clients: RE: - 2015 W-2 REPORTING REQUIREMENTS FOR FRINGE BENEFITS TO BE ADDED TO EMPLOYEES' W-2 AS COMPENSATION - SPECIAL RULES FOR S-CORPORATION SHAREHOLDERS In this letter, we will

More information

Personal Information. Name Soc. Sec. No. Date of Birth Occupation Work Phone Taxpayer: Spouse: Street Address City State Zip

Personal Information. Name Soc. Sec. No. Date of Birth Occupation Work Phone Taxpayer: Spouse: Street Address City State Zip Paid to Taxpayer Paid to Spouse Client Tax Organizer Please complete this Organizer before your appointment. Prior year clients should use a personalized Organizer. To request a personalized Organizer,

More information

Social Security Number: Occupation: Email Address: Current Address (if not listed on W2 form or 1099 Taxpayer Name: Spouse Name: form):

Social Security Number: Occupation: Email Address: Current Address (if not listed on W2 form or 1099 Taxpayer Name: Spouse Name: form): For New Clients only - please submit with your forms and documentations TAX RETURN QUESTIONNAIRE - TAX YEAR 2014 Current Address (if not listed on W2 form or 1099 Taxpayer Name: Spouse Name: form): Phone

More information

S Corporation Tax Organizer

S Corporation Tax Organizer S Corporation Tax Organizer CLIENT INFORMATION S Corporation Name: Email: Date of Incorporation: EIN#: Best Phone#: Corporate Address: Tax Period City: State: ZIP Code: What date was the corporation first

More information

Business Expense Log. Year of

Business Expense Log. Year of Business Expense Log Year of 5206 Gateway Centre Suite 100 Flint, Michigan 48507 Tel. 810.238.4617 877.244.1787 Fax 810.238.5083 www.lewis-knopf.com Business Expense Log Business Expense Log 2008 UARY

More information

Denver Tax Group, LLC CHADWICK ELLIOTT 1888 Sherman Street SUITE 650 DENVER, CO 80203 (0) Organizer Mailing Slip

Denver Tax Group, LLC CHADWICK ELLIOTT 1888 Sherman Street SUITE 650 DENVER, CO 80203 (0) Organizer Mailing Slip Denver Tax Group, LLC CHADWICK ELLIOTT Sherman Street SUITE 0 DENVER, CO 00, (0) Organizer Mailing Slip TAX ORGANIZER TO:, FROM: Denver Tax Group, LLC Sherman Street SUITE 0 DENVER CO 00 (0) -0 Enclosed

More information

Procedure 20345: Moving and Relocation Expenses

Procedure 20345: Moving and Relocation Expenses Procedure 20345: Moving and Relocation Expenses The university may reimburse moving and relocation expenses in accordance with the Commonwealth of Virginia and Internal Revenue Service (IRS) policies and

More information

Questions from training classes presented to Washington State Public School Districts (Updated June 2001)

Questions from training classes presented to Washington State Public School Districts (Updated June 2001) Following are questions raised prior to, during, and after the training on travel and nontravel employee benefits provided by the Internal Revenue Service during June 2000. The questions are presented

More information

2010 BUSINESS TAX RETURN QUESTIONNAIRE

2010 BUSINESS TAX RETURN QUESTIONNAIRE 2010 BUSINESS TAX RETURN QUESTIONNAIRE To further assist in the organization of your business s 2010 tax information, the following is a tax questionnaire relating to specific transactions that may have

More information

Page 1 OLSON CPAs, PLLC CERTIFIED PUBLIC ACCOUNTANTS 2015 INCOME TAX ORGANIZER ********************************************************

Page 1 OLSON CPAs, PLLC CERTIFIED PUBLIC ACCOUNTANTS 2015 INCOME TAX ORGANIZER ******************************************************** Page 1 OLSON CPAs, PLLC CERTIFIED PUBLIC ACCOUNTANTS 2015 INCOME TAX ORGANIZER ******************************************************** Client Name: E-mail: Telephone: Day Evening NOTES: If we DID NOT

More information

FULLER LANDAU LLP. Tax Return Questionnaire - 2014 Tax Year. Name and Address: Social Security Occupation Number:

FULLER LANDAU LLP. Tax Return Questionnaire - 2014 Tax Year. Name and Address: Social Security Occupation Number: FULLER LANDAU LLP Print this form out, take some time to fill it out, and bring it with you when you come to the office. This will save you time and money, and help us help you more effectively. Tax Return

More information

Flexible Spending Accounts. What are they? How do they work? How can I enroll for 2014?

Flexible Spending Accounts. What are they? How do they work? How can I enroll for 2014? Flexible Spending Accounts What are they? How do they work? How can I enroll for 2014? BG 10-30-2014 Flexible Spending Account What is it? A Flexible Spending Account (FSA) lets you set aside pre-tax dollars

More information

Self Employed & Single Member LLC Tax Organizer

Self Employed & Single Member LLC Tax Organizer Self Employed & Single Member LLC Tax Organizer CLIENT INFORMATION Business Name (DBA): Email: Date of Formation: EIN#: Best Phone#: Business Address: Tax Period City: State: ZIP Code: What date was the

More information

DEDUCTING EXPENSES AS AN EMPLOYEE

DEDUCTING EXPENSES AS AN EMPLOYEE DEDUCTING EXPENSES AS AN EMPLOYEE Employees are very limited in the expenses that they can deduct in calculating the tax they owe to the Canada Revenue Agency ( CRA ). Self-employed individuals have much

More information

Home Based Business Tax Opportunities RICHEY, MAY & CO., LLP 9605 S. KINGSTON CT., STE. 200 ENGLEWOOD, CO 80112 WWW.RICHEYMAY.COM

Home Based Business Tax Opportunities RICHEY, MAY & CO., LLP 9605 S. KINGSTON CT., STE. 200 ENGLEWOOD, CO 80112 WWW.RICHEYMAY.COM Home Based Business Tax Opportunities RICHEY, MAY & CO., LLP 9605 S. KINGSTON CT., STE. 200 ENGLEWOOD, CO 80112 WWW.RICHEYMAY.COM 1 Disclaimer: Use of Information: The information in this summary is provided

More information

Information Organizer for 2014 Income Tax Returns

Information Organizer for 2014 Income Tax Returns ACCUTEK SOLUTIONS Financial and Tax Solutions for Individuals and Businesses Information Organizer for 2014 Income Tax Returns It is that time of year again, let us help you! You may have noticed that

More information

TAX ACCOUNTING AUDITING PLANNING

TAX ACCOUNTING AUDITING PLANNING Blue Bear Tax Solutions TAX ACCOUNTING AUDITING PLANNING Tax Planning Guide for 2015 1 Please take some time to fill out this form, and bring it with you when you come to the office.* This will save you

More information

Schedule C Worksheet for Self-Employed Filers and Contractors tax year 2013. Part 1: Business Income and Expenses

Schedule C Worksheet for Self-Employed Filers and Contractors tax year 2013. Part 1: Business Income and Expenses Schedule C Worksheet for Self-Employed Filers and Contractors tax year 2013 This document will list and explain the information and documentation that we will need in order to file a tax return for a self-employed

More information

ACCOUNTABLE PLAN FOR MINISTRY EXPENSES

ACCOUNTABLE PLAN FOR MINISTRY EXPENSES ACCOUNTABLE PLAN FOR MINISTRY EXPENSES The Importance of an Accountable Plan and How to Implement It An Accountable Plan appropriately enables the church, rather than the minister, to pay for ministry

More information

Deductible Business Expenses Guide

Deductible Business Expenses Guide Rent Any expense related to the use of real estate or any other kind of property that is not owned by your business, but is used in the operation of your business. These expenses are 100% deductible, if

More information

Deferral Limits for Plans 401(k) $18,000 $18,000 SIMPLE $12,500 $12, (b) $18,000 $18, $18,000 $18,000

Deferral Limits for Plans 401(k) $18,000 $18,000 SIMPLE $12,500 $12, (b) $18,000 $18, $18,000 $18,000 Kathleen E. Sweeney, CPA PO Box 1259, 44 Plymouth Street PO Box 1187 Center Harbor, NH 03226 N. Conway, NH 03860 Phone: (603) 253-4011 603-356-7036 Fax: (603) 253-4051 603-733-5250 E-Mail: ksweeney@metrocast.net

More information

GALLAGHER, FLYNN & COMPANY, LLP Tax Alert Issue #39 ~ December 3, 2014. Fringe Benefit Reporting

GALLAGHER, FLYNN & COMPANY, LLP Tax Alert Issue #39 ~ December 3, 2014. Fringe Benefit Reporting GALLAGHER, FLYNN & COMPANY, LLP Tax Alert Issue #39 ~ December 3, 2014 Fringe Benefit Reporting As the year draws to a close, we want to remind you about including taxable fringe benefits in all applicable

More information

Tax Preparation Checklist

Tax Preparation Checklist Tax Preparation Checklist Being prepared for tax season could expedite your return and reduce your taxes. We have prepared a list of common items that are present with most returns. Taxpayer Checklist

More information

TOP 10 TAX DEDUCTIONS

TOP 10 TAX DEDUCTIONS TOP 10 TAX DEDUCTIONS For small business owners and self-employed people only! by Wayne Davies, EA Tax Reduction Specialist www.facebook.com/goodtaxpreparer Phone 260.480.7545 wayne.m.davies@supervalu.com

More information

THE VIRTUAL OFFICE GODDESS, LLC Bookkeeping and Office Support Services. Accounting Basics for a new Limited Liability Company

THE VIRTUAL OFFICE GODDESS, LLC Bookkeeping and Office Support Services. Accounting Basics for a new Limited Liability Company THE VIRTUAL OFFICE GODDESS, LLC Bookkeeping and Office Support Services Accounting Basics for a new Limited Liability Company RECEIPTS FOR PURCHASES: Keep all receipts. Write on the back of the receipt

More information

Flexible Spending Account Plans

Flexible Spending Account Plans Flexible Spending Account Plans 2016 Plan Year 2016 Plan Year Page 1 What Is Inside This Coverage Information Section of the Summary Plan Description ( SPD ) for your Sprint Flexible Spending Account Plans

More information

Name (Last, First, Initial): Address: E-mail Address: Marital Status: Single Married Widowed Divorced

Name (Last, First, Initial): Address: E-mail Address: Marital Status: Single Married Widowed Divorced 2015 Benefits Program Enrollment Form for Members of SEIU If you are transferring into a benefit eligible position, you must complete this form (online enrollment is unavailable). Please Print. You must

More information

Business Resource Group

Business Resource Group YEAR-END FRINGE BENEFIT & PAYROLL REPORTING December 2014 Business Resource Group David Piscorik Tammy Carter Janet McCaskill Julie Miller Trish Meade Elana Jones dpiscorik@stancilcpa.com tcarter@stancilcpa.com

More information

Schedule C Line by Line. Self-Employment Tax Preparation Training

Schedule C Line by Line. Self-Employment Tax Preparation Training Schedule C Line by Line Self-Employment Tax Preparation Training Celebrating 39 years of providing free tax preparation and financial services to low and moderate income taxpayers in the Twin Cities and

More information

Content has not been updated for changes in the law subsequent to 2004.

Content has not been updated for changes in the law subsequent to 2004. Recordkeeping in a Nutshell This document is an extract from the 2004 University of Illinois Federal Tax Workbook. Permission is granted to reprint this document as needed. RECORDKEEPING One of the most

More information

W-2 Reporting Requirements for Business Owners

W-2 Reporting Requirements for Business Owners W-2 Reporting Requirements for Business Owners There may be other benefits not listed and specific to your company that should be included in the employees W-2. There may also be exceptions available that

More information

WHAT WOULD YOU DO WITH AN EXTRA WEEK AND A HALF OF PAY THIS YEAR?

WHAT WOULD YOU DO WITH AN EXTRA WEEK AND A HALF OF PAY THIS YEAR? WHAT WOULD YOU DO WITH AN EXTRA WEEK AND A HALF OF PAY THIS YEAR? BENEFITS Medical and Dependent Care Flexible Spending Section 125 Cafeteria Plan ENJOY THE BENEFITS Reduce taxes and increase take-home

More information

For a list of eligible and ineligible expenses, refer to the inside of this brochure or go to www.benicomp.com/fsa/forms.

For a list of eligible and ineligible expenses, refer to the inside of this brochure or go to www.benicomp.com/fsa/forms. What is a Flexible Spending Account? A Flexible Spending Account (FSA) is an add-on benefit program that allows you to save money on a pre-tax basis for certain common, eligible expenses. If you choose

More information

2014 Filing Season Update. Massachusetts Department of Revenue

2014 Filing Season Update. Massachusetts Department of Revenue Massachusetts Department of Revenue Welcome! This year s filing season update presentation is different from prior years. The new format allows you to quickly learn about new tax law and administrative

More information

I don t have health insurance, can I get an HSA? Unfortunately, you cannot establish and contribute to an HSA unless you have coverage under a HDHP.

I don t have health insurance, can I get an HSA? Unfortunately, you cannot establish and contribute to an HSA unless you have coverage under a HDHP. FREQUENTLY ASKED QUESTIONS (Information obtained from US Treasury HSA website) HSA Basics What is a Health Savings Account ( HSA )? A Health Savings Account is an alternative to traditional health insurance;

More information

take care Healthcare Flexible Spending Account

take care Healthcare Flexible Spending Account take care Healthcare Flexible Spending Account Healthcare costs are on the rise. The costs of co-payments, prescription drugs, eyeglasses, and dental work for you and your family can really add up. With

More information

Claiming Transportation Expenses

Claiming Transportation Expenses Claiming Transportation Expenses TABLE OF CONTENTS 1. RESOURCES... 1 2. TRAINING OBJECTIVES... 2 3. OVERVIEW... 3 4. TAX HOME... 4 5. WHAT KINDS OF TRANSPORTATION RELATED EXPENSES CAN BE CLAIMED?... 6

More information

Moving To Georgia. A Tax Guide

Moving To Georgia. A Tax Guide Moving To Georgia A Tax Guide Updated July 2012 TAX GUIDE FOR MOVING TO GEORGIA PAGE I. INTRODUCTION 1 II. MAULDIN & JENKINS 2 III. ELIGIBILITY TO DEDUCT MOVING EXPENSES 3 IV. DEDUCTIBLE MOVING EXPENSES

More information

Financial Planning. Introduction. Learning Objectives

Financial Planning. Introduction. Learning Objectives Financial Planning Introduction Financial Planning Learning Objectives Lesson 1 Budgeting: How to Live on Your Own and Not Move Home in a Week Prepare a budget and determine disposable income. Identify

More information

Dependent Care Account

Dependent Care Account Dependent Care Account Visit our website at AlabamaBlue.com Dependent Care Account (DCA) A Dependent Care Account Can Save You Money As part of your benefits program, you may use payroll deductions to

More information

OBJECTIVES. The BIG Idea MONEY MATTERS. How much will it cost to buy, operate, and insure a car? Paying for a Car

OBJECTIVES. The BIG Idea MONEY MATTERS. How much will it cost to buy, operate, and insure a car? Paying for a Car Paying for a Car 4 MONEY MATTERS The BIG Idea How much will it cost to buy, operate, and insure a car? AGENDA Approx. 45 minutes I. Warm Up (5 minutes) II. What Can You Spend? (15 minutes) III. Getting

More information

The hidden costs of being an Uber driver

The hidden costs of being an Uber driver The hidden costs of being an Uber driver By Joann Weiner February 20, 2015 A man leaves the headquarters of Uber in San Francisco. (AP Photo/Eric Risberg) Be your own boss and leave the drudgery of the

More information

Overview of Flexible Spending Accounts for School of Medicine House Staff

Overview of Flexible Spending Accounts for School of Medicine House Staff Overview of Flexible Spending Accounts for School of Medicine House Staff House officers can save money on eligible health care and dependent care expenses when they use the JHU flexible spending accounts.

More information

2015 BUSINESS TAX PLANNING

2015 BUSINESS TAX PLANNING 2015 BUSINESS TAX PLANNING We hope that you are doing well and that business is exceeding your expectations in 2015. It is hard to believe that it is mid-december and this year is quickly coming to a close.

More information

An Introduction to Health Savings Accounts (HSAs)

An Introduction to Health Savings Accounts (HSAs) An Introduction to Health Savings Accounts (HSAs) This document provides some basic information about Health Savings Accounts, including: HSA eligibility HSA contributions HSA distributions How the account

More information

2014 Tax Questionnaire

2014 Tax Questionnaire CLIENT: CBS Accountants CONTACT: Scott Burchfield PROJECT: CBS / Brand DATE: 15 June 2011 REF: Final ART 2014 Tax Questionnaire Make your 2014 Tax Return easy for just $275* Completing CBS Accountants

More information

How Can You Reduce Your Taxes?

How Can You Reduce Your Taxes? RON GRAHAM AND ASSOCIATES LTD. 10585 111 Street NW, Edmonton, Alberta, T5M 0L7 Telephone (780) 429-6775 Facsimile (780) 424-0004 Email rgraham@rgafinancial.com How Can You Reduce Your Taxes? Tax Brackets.

More information

Income Tax Organizer

Income Tax Organizer Income Tax Organizer This organizer will help you organize your tax information (and make sure that you don't miss important deductions). We hope you find it useful and informative! (This form was prepared

More information

DEDUCTING EXPENSES AS AN EMPLOYEE

DEDUCTING EXPENSES AS AN EMPLOYEE July 2015 CONTENTS When are expenses deductible? What s deductible? Office rent/home office expenses Special considerations for ownermanagers Planning to maximize tax breaks Special situations Documentation

More information

Increase Your Cut: Top Ten Tax Tips for Musicians

Increase Your Cut: Top Ten Tax Tips for Musicians Increase Your Cut: Top Ten Tax Tips for Musicians By Peter Irvine Peter is a musician and attorney. When not playing in the band Cordelia s Dad, Peter practices law and the banjo and sings Sacred Harp

More information

2 Starting A Business 3. Retirement Strategies Operating A Business Marriage Investing Tax Smart Estate Planning

2 Starting A Business 3. Retirement Strategies Operating A Business Marriage Investing Tax Smart Estate Planning VEHICLE EXPENSES 2 Starting A Business 3 Vehicle Expenses: Deductions That Can Save You Money Motor vehicles form an essential part of American business life. Each day, they transport millions to and from

More information

2015 Health Savings Account (HSA) Frequently Asked Questions. Table of Contents

2015 Health Savings Account (HSA) Frequently Asked Questions. Table of Contents 2015 Health Savings Account (HSA) Frequently Asked Questions Table of Contents Health Savings Account (HSA) Plans What is a Health Savings Account (HSA)?...pg. 1 How does an IU Health HSA work?...pg. 1

More information

FLEXIBLE BENEFITS PLAN

FLEXIBLE BENEFITS PLAN FLEXIBLE BENEFITS PLAN Medical, Dependent Care, Transportation and Parking Reimbursement It's your money... plan to keep it! Enrollment Deadline: Current Employees - Annual Enrollment/Transfer Period New

More information

1040 US Tax Organizer

1040 US Tax Organizer 1040 US Please enter all pertinent information. If you have attached a government form for an item, check the box and do not enter a amount. WAGES, SALARIES AND TIPS Employer name: Amount 2011 Amount Attach

More information

Eligibility The NCSF online quizzes are open to any currently certified fitness professional, 18 years or older.

Eligibility The NCSF online quizzes are open to any currently certified fitness professional, 18 years or older. Eligibility The NCSF online quizzes are open to any currently certified fitness professional, 18 years or older. Deadlines Course completion deadlines correspond with the NCSF Certified Professionals certification

More information

FLEXIBLE SPENDING ACCOUNT (FSA) Plan Year 2015-16

FLEXIBLE SPENDING ACCOUNT (FSA) Plan Year 2015-16 FLEXIBLE SPENDING ACCOUNT (FSA) Plan Year 2015-16 Participation in Lenoir-Rhyne s Flexible Spending Account (FSA) enables you to pay for certain out-of-pocket medical, dental, prescription, vision, and

More information

Taking Advantage Of Your Company s Flexible Benefit Plan Results In A Bigger Paycheck

Taking Advantage Of Your Company s Flexible Benefit Plan Results In A Bigger Paycheck Taking Advantage Of Your Company s Flexible Benefit Plan Results In A Bigger Paycheck Sometimes referred to as a Flexible Spending Account, Section 125 Plan, Cafeteria Plan or Section 132 Plan, a Flexible

More information

Accountable Plan. The Watson CPA Group

Accountable Plan. The Watson CPA Group Accountable Plan The Plan Included in this Accountable Plan packet is a sample plan for adoption into your company s corporate governance and a sample reimbursement worksheet for business expenses. If

More information

IN THIS SECTION SEE PAGE. For More Information. Diageo: Your 2015 Employee Benefits 87

IN THIS SECTION SEE PAGE. For More Information. Diageo: Your 2015 Employee Benefits 87 Diageo: Your 2015 Employee Benefits 87 Health and Dependent Care Flexible Spending Accounts (FSAs) Diageo NA provides you with an opportunity to contribute to two kinds of flexible spending accounts (FSAs),

More information

Understanding Financial Statements. For Your Business

Understanding Financial Statements. For Your Business Understanding Financial Statements For Your Business Disclaimer The information provided is for informational purposes only, does not constitute legal advice or create an attorney-client relationship,

More information

2013 Income Tax Organizer

2013 Income Tax Organizer 2013 Income Tax Organizer This tax organizer was designed to assist you in collecting information needed for your income tax return. Data from your year 2012 return has been reflected to remind you of

More information

2012 Edition 10 EASY WAYS TO REDUCE YOUR TAX BILL. Introduction- Small Life Changes Make a Big Difference

2012 Edition 10 EASY WAYS TO REDUCE YOUR TAX BILL. Introduction- Small Life Changes Make a Big Difference 2012 Edition 10 EASY WAYS TO REDUCE YOUR TAX BILL Introduction- Small Life Changes Make a Big Difference The first tip to reduce your income tax bill is this: realize that the IRS changes the tax code,

More information

Shed the light on the importance of income protection

Shed the light on the importance of income protection May is Disability Insurance Awareness Month Shed the light on the importance of income protection Greg Mazzei, Disability Income Regional Vice President Tampa, Florida What you ll learn today Who is a

More information

4/8/2015. Fair Market Value (FMV) Non taxable Fringe Benefits Working Condition Fringe No additional cost services Qualified Employee Discounts

4/8/2015. Fair Market Value (FMV) Non taxable Fringe Benefits Working Condition Fringe No additional cost services Qualified Employee Discounts Linda Dailey, Payroll Compliance Supervisor Fairfax County Government Linda.Dailey@fairfaxcounty.gov (703) 324 9413 Fair Market Value (FMV) Non taxable Fringe Benefits Working Condition Fringe No additional

More information

Moving Expense Reimbursement Policy Effective Date: March 11, 2016

Moving Expense Reimbursement Policy Effective Date: March 11, 2016 Title: Moving Expense Reimbursement Policy Effective Date: March 11, 2016 Approved By: President s Council Responsible Party: Vice President for Financial Affairs History: I. PURPOSE: To enable the Salus

More information

Benefits Highlights. Health Care Disability Benefits Retirement Plans Life & Other Insurance Programs Work & Family and Other GE Benefits.

Benefits Highlights. Health Care Disability Benefits Retirement Plans Life & Other Insurance Programs Work & Family and Other GE Benefits. Benefits Highlights Health Care Disability Benefits Retirement Plans Life & Other Insurance Programs Work & Family and Other GE Benefits HC Option 5 GE Benefits: Adding value beyond your paycheck The Company

More information

An Employee Guide to:

An Employee Guide to: An Employee Guide to: Medical/Health Care Spending Account Dependent Care Spending Account 2015 *** IMPORTANT *** ENROLLMENT IN THE FLEXIBLE SPENDING ACCOUNTS IS ONLY VALID FOR ONE CALENDAR YEAR. YOU MUST

More information

Books, trade journals, newspapers and publications for your trade or profession

Books, trade journals, newspapers and publications for your trade or profession List of Tax Deductible Expenses Books and Publications Books, trade journals, newspapers and publications for your trade or profession Dues and Fees: Dues to a professional organization for people in your

More information

ONTARIO Court File Number. Form 13.1: Financial Statement (Property and Support Claims) sworn/affirmed. Applicant(s) Respondent(s)

ONTARIO Court File Number. Form 13.1: Financial Statement (Property and Support Claims) sworn/affirmed. Applicant(s) Respondent(s) ONTARIO Court File Number at (Name of court) Court office address Form 13.1: Financial Statement (Property and sworn/affirmed Applicant(s) Full legal name & address for service street & number, municipality,

More information

Tips to Audit Proof Your Records A Guide for Individuals

Tips to Audit Proof Your Records A Guide for Individuals Tips to Audit Proof Your Records A Guide for Individuals The IRS will audit hundreds of thousands of individual tax returns this year. Although that represents but a small percentage of all returns filed,

More information

EMPLOYEE BUSINESS EXPENSE REIMBURSEMENT POLICY

EMPLOYEE BUSINESS EXPENSE REIMBURSEMENT POLICY EMPLOYEE BUSINESS EXPENSE REIMBURSEMENT POLICY Updated as of November 2013 2014 TO: FROM: Synechron, Inc. Montage Services, Inc. DATE: November 1, 2013 RE: Employee Business Expense Reimbursement Policy

More information

INCOME TAX ORGANIZER MAIL IN YOUR INFORMATION OR CALL FOR AN APPOINTMENT

INCOME TAX ORGANIZER MAIL IN YOUR INFORMATION OR CALL FOR AN APPOINTMENT NARDI & SHARMA, LLC 37 Vreeland Avenue 2 nd floor Totowa, New Jersey 07512 Phone # (973) 256-2288 Fax # (973) 256-3641 E-Mail Address: info@nardisharma.com Web Address: www.nardisharma.com 2014 INCOME

More information

Collins Barrow. Chartered Accountants

Collins Barrow. Chartered Accountants Income Tax for Small Business Presented by Jason Timmermans, BA, CA Partner KMD Introduction Information package What are you hoping to get out of today s session? Agenda Basics of Canadian income tax

More information

The West Virginia State Treasury. A free publication provided by

The West Virginia State Treasury. A free publication provided by TAXES A free publication provided by The West Virginia State Treasury Visit www.wvtreasury.com or Call 1.800.422.7498 From the Office of West Virginia State Treasurer, John D. Perdue TAXES Dear fellow

More information

CenterBank Business and Travel Expense Policy (Reviewed in Board of Directors packet of 4-25/11)

CenterBank Business and Travel Expense Policy (Reviewed in Board of Directors packet of 4-25/11) CenterBank Business and Travel Expense Policy (Reviewed in Board of Directors packet of 4-25/11) Purpose This policy has been established in order to balance the need for financial control with the flexibility

More information

The 2016 Tax Filing Season!

The 2016 Tax Filing Season! The 2016 Tax Filing Season! Your tax returns will be prepared from the information on the organizer and any other documents that you provide us and are assigned on a first-in-first-out basis. If you do

More information

pages is accurate to the best of my knowledge and belief and sets out the financial situation as of (give date for which information is accurate)

pages is accurate to the best of my knowledge and belief and sets out the financial situation as of (give date for which information is accurate) ONTARIO Court File Number at (Name of Court) Court office address Form 13: Financial Statement (Support Claims) sworn/affirmed Applicant(s) Full legal name & address for service street & number, municipality,

More information

SIMNSA Health Plan & Other Benefits Summary of Coverage For Salaried TEAM Members Effective January 1, 2016

SIMNSA Health Plan & Other Benefits Summary of Coverage For Salaried TEAM Members Effective January 1, 2016 SIMNSA Health Plan & Other Benefits Summary of Coverage For Salaried TEAM Members Effective January 1, 2016 This Summary of Coverage contains only the highlights of the employee welfare benefit plans available

More information

2016 Flexible Spending Account Handbook

2016 Flexible Spending Account Handbook 2016 Flexible Spending Account Handbook Following are commonly asked questions and answers describing the basic features of the Flexible Spending Accounts and how they operate. Please review these questions

More information

Client Tax Organizer If you have rental property or are self-employed, please request additional organizers.

Client Tax Organizer If you have rental property or are self-employed, please request additional organizers. Client Tax Organizer If you have rental property or are self-employed, please request additional organizers. 1. Personal Information Name Soc. Sec.. Date of Birth Occupation Work Phone Taxpayer Spouse

More information

Flexible Spending Accounts. What are they? How do they work? How can I enroll for 2016?

Flexible Spending Accounts. What are they? How do they work? How can I enroll for 2016? Flexible Spending Accounts What are they? How do they work? How can I enroll for 2016? BG 10-20-2015 Flexible Spending Account What is it? A Flexible Spending Account (FSA) lets you set aside pre-tax dollars

More information

A Therapist's Guide to Business Expenses

A Therapist's Guide to Business Expenses WCA Conference November 15, 2014 Developing a Strong Root System for Your Practice: A Therapist's Guide to Business Expenses Business/Tax Structure (sole proprietor, LLC, partnership, sub-chapter S Corp)

More information

2014 Tax Organizer. Thank you for taking the time to complete this Tax Organizer.

2014 Tax Organizer. Thank you for taking the time to complete this Tax Organizer. 2014 Tax Organizer This Tax Organizer is designed to help you collect and report the information needed to prepare your 2014 income tax return. The attached worksheets cover income, deductions, and credits,

More information

An Overview of Tax Filing Requirements for Real Estate Broker/Agents

An Overview of Tax Filing Requirements for Real Estate Broker/Agents An Overview of Tax Filing Requirements for Real Estate Broker/Agents A two-partner, 25 person firm with 80 years history servicing clients in the areas of: real estate, auditing, accounting, tax, valuation

More information

North Dakota State University Policy Manual

North Dakota State University Policy Manual North Dakota State University Policy Manual SECTION 515 TRAVEL - EMPLOYEES SOURCE: NDSU President North Dakota Century Code (NDCC) North Dakota Office of Management and Budget Policy 1. GENERAL PROVISIONS

More information

Dependent Care Accounts

Dependent Care Accounts Dependent Care ccounts n Independent Licensee of the Blue Cross and Blue Shield ssociation. uestions and nswers Dependent Care ccounts Preferred Dependent Care ccount Can Save You Money s part of your

More information

Fleming, Tawfall & Company, P.C. 2015 Tax Questionnaire

Fleming, Tawfall & Company, P.C. 2015 Tax Questionnaire Fleming, Tawfall & Company, P.C. 2015 Tax Questionnaire COMPLETION OF THIS TAX QUESTIONNAIRE, ALONG WITH YOUR SIGNATURE, IS MANDATORY FOR THE 2015 TAX SEASON. Date of Spouse s Date of Name Birth Name Birth

More information

Tax Items For Businesses Ohio Tax Law Changes

Tax Items For Businesses Ohio Tax Law Changes FRUSH & ASSOCIATES, INC. OVERVIEW Recap of 2013 ACA Act NII Surtax Medicare Wage Surtax Tax Items For Businesses Ohio Tax Law Changes Circular 230 Disclosure Pursuant to the rules of professional conduct

More information