The IRS released their “Dirty Dozen” list
The IRS has just released their annual list of the top twelve tax fraud schemes for 2012. The dirty dozen listing, compiled by the IRS each year, lists a variety of common scams taxpayers can encounter at any point during the year. But many of these schemes peak during filing season as people prepare their [...]
Read More53 Tax Breaks officially expired on January 1, 2012
By now almost everyone knows that most of the so-called “Bush tax cuts” provisions will expire at the end of 2012, but there are 53 tax breaks that officially expired on January 1, 2012, including: The expanded exemption amounts for the Alternative Minimum Tax (AMT), also referred to as the “AMT patch”, which protects approximately [...]
Read More2011 Form 1099
Just a reminder that every person engaged in a trade or business, including partnerships and non-profit organizations, must file information returns (Form 1099) each calendar year for payments made for certain types of services. This is an Internal Revenue Code requirement and the penalty for failure to file is $30-$250 for each informational return missed. [...]
Read More2012 Standard Mileage Rates
The Internal Revenue Service issued the 2012 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. Beginning on January 1, 2012 the standard mileage rates for the use of a car (also van, pickups, or panel trucks) will be: 55.5 cents per mile [...]
Read MoreTax Credit for Hiring Veterans
President Obama signed into law on November 21, 2011 a bill that provides tax credits for hiring veterans and repeals a 3 percent tax withholding requirement on government contractors. Both provisions had been part of Obama’s jobs bill, the American Jobs Act, but had originated in bills with bipartisan support. “Back in September, I sent [...]
Read MoreYear-end tax planning – 100% bonus depreciation
As tax year 2011 starts heading toward an end, the annual expectation arises that year-end tax planning can somehow help lower tax liability and maximize certain tax opportunities that may end with the New Year. Important to year-end tax planning is an identification of what tax opportunities may be expiring at the end of this [...]
Read MoreHelping Others This Holiday Season
As you know Accounting Solutions Group has been hosting Blood Drives, collecting donations, and walking dogs as part of our Help Us Help Others Program we started nearly 2 years ago. As the holiday season approaches, our hearts go out to two special organizations that we feel helps so many people all year. This holiday [...]
Read MoreWhat is a Form W-9 and why should I being using it?
Most people have heard of a W-2, the form we receive in January that shows how much we were paid in wages and how much was deducted for federal and state income taxes, but most people don’t know what a W-9 is and what it’s purpose is. The W-9 is an IRS form titled “Request [...]
Read MoreThe 2012 versions of QuickBooks are now available!
New features in the QuickBooks 2012 Pro, Premier and Mac editions help entrepreneurs save time managing their finances so they can focus on running their businesses. QuickBooks 2012 Pro and Premier help small businesses uncover new business insights, get organized and save steps on repetitive tasks. New tools and enhancements include: Calendar View, Excel Integration [...]
Read MoreGetting the Most out of your Tax Preparer
Often when people think it is time to have someone prepare their tax returns, they have no idea what the process of finding and keeping a tax preparer is. Here are a few tips for getting off to the right start with a preparer. 1) Ask friends or colleagues for a referral for a tax [...]
Read MoreBlood Drive Thank You
We just wanted to thank all of our friends that came out to the Second Annual ASG Blood Drive. With the tornado in Joplin and hurricane Irene on the east coast the Red Cross is very busy with their relief efforts. The need for blood is great and we were happy to help out. Congratulations [...]
Read MoreWhat’s the big deal about the sales tax holiday?
Maybe it’s just me but I don’t see what the bid deal is about the sales tax holiday. How many people would normally get excited if a store advertised a sale offering a 4.225% savings (the state portion)? Sales tax has a portion collected that goes to the state and a portion that goes to [...]
Read MoreA Tax Tip for S-Corporation Shareholders
The number one audit risk for S-Corporations is salary and wages paid to officers of the corporation. S-Corporations are also subject to hobby-loss rules. Together these are the two most significant audit risks facing S-Corporations right now. Reasonable Compensation The fastest way to get audited as an S-Corporation is to file an 1120S with no [...]
Read MoreCan I get a tax deduction for sending my children to summer camp?
With school out for the summer, parents are looking for activities for their children. The possibilities include sending a child to day camp or overnight camp. Parents may wonder whether these costs are deductible. To qualify for the dependent care credit, expenses must be employment-related. They must enable the parent to work or to look [...]
Read MoreAvoid becoming a victim of Tax Scams
Recently the IRS sent out another warning about falling victim to tax scams. The most recent one dated July 19th warns about scams using the Treasury Department’s Electronic Federal Tax Payment System (EFTPS). The IRS explains “The new e-mail scam, fraught with grammatical errors and typos, looks like a page from IRS.gov and claims to [...]
Read MoreASG walks the dogs at Stray Rescue
On June 29th Accounting Solutions spent the afternoon at Stray Rescue of St. Louis
Read MorePotential FUTA rate change
Potential FUTA (Federal Unemployment) rate change effective July 1, 2011 Employers are currently required to pay a flat rate of 6.2% on the first $7,000.00 of each employee’s annual wages for FUTA. Employers receive a credit of 5.4% for paying state unemployment on time, reducing the 6.2% to .8% resulting in an maximum annual FUTA [...]
Read MoreStandard mileage rate or actual mileage rate which is better for you?
As gasoline prices have climbed in 2011, many taxpayers who use a vehicle for business purposes are looking for the IRS to make a mid-year adjustment to the standard mileage rate. In the meantime, taxpayers should review the benefits of using the actual expense method to calculate their deduction. The actual expense method, while requiring [...]
Read MoreThe Tax Benefits of Hiring Your Children
The Tax Benefits of Hiring Your Children Many small business owners dream of having their children join the family business. One of the best ways to make this dream come true is to get them involved at an early age. And, in addition to valuable work experience for your child, this situation can provide significant [...]
Read MoreSecond Annual Blood Drive
Accounting Solutions Group of St. Louis Second Annual Blood Drive Accounting Solutions Group in conjuction with the American Red Cross will be hosting our second annual blood drive Tuesday August, 23, 2011. The American Red Cross will have their bus in the parking lot at 780 Mercus Ct. from 10:00 a.m. to [...]
Read MoreStray Rescue of St. Louis Touches our Hearts
During the month of October, ASG collected items to donate to Stray Rescue of St. Louis (www.strayrescue.org), a local no-kill animal shelter. Clients, staff and friends contributed dog and cat food, treats, cleaning products, leashes, and toys to help our four-legged friends that are housed in this organization’s shelters around the city. Tim Albietz of [...]
Read MoreASG’s 1st Annual Red Cross Blood Drive
On September 29th, Accounting Solutions Group of St. Louis held it’s first annual American Red Cross Blood Drive in support of our Help Us Help Others commitment to the community. The Red Cross parked their bus in the parking lot and staff, clients and members of the Fenton community all joined in to donate blood. [...]
Read MoreA Reassuring Role
Now that the major tax deadline of the year has passed, I find myself out of the office more spending some face time with my clients. During these visits I have heard the same questions over and over: “How do things look?” “Does everything look okay?” “Am I doing things right?” What amazes me is [...]
Read More