Happy New Year

In the Watson household, we celebrate the end of the year for two different reasons. First – the traditional New Year’s eve type celebrations but before we get to midnight, we spend the day celebrating our son’s birthday. That’s right – your CPA and his wife did some awesome tax…

Tax Organizers

As we approach the end of the year this is the time we start to prepare tax organizers to send out to each of our clients. Tax organizers are a great tool for gathering all the information you will need to help us prepare and complete your 2014 taxes. Clients…

Charitable Deductions

In our family, it has become a tradition of sorts to watch Christmas Vacation starring Chevy Chase immediately following Thanksgiving. It marks the start of the Christmas season for us. It serves as a hilarious reminder that in a season full of love and family and high expectations, it is…

Tips for Taxpayers Who Travel for Charity Work

Do you travel while doing charity work? Some travel expenses may help lower your taxes if you itemize deductions when you file next year. Here are five tax tips you should know about travel while serving a charity. You must volunteer to work for a qualified organization. Ask the charity…

Tips for Safeguarding Financial Records

With the 2013 hurricane season now under way and memories of tornadoes and other natural disasters fresh in our collective minds, now is the time for individuals and businesses to safeguard their tax records by taking a few simple steps. Take Inventory. Gather all of your documents and make an…

Eight Ways Children Save You on Taxes

   Got kids? They may have an impact on your tax situation. Here are eight tax credits and deductions that can help lower your tax burden. Dependents: In most cases, a child can be claimed as a dependent in the year they were born. Be sure to let us know…

Financial Troubles? 5 Ways to Improve Your Situation

If you are having trouble paying your debts, it is important to take action sooner rather than later. Doing nothing leads to much larger problems in the future, whether it’s a bad credit record or bankruptcy resulting in the loss of assets and even your home. If you’re in financial…

What do you do when you haven’t filed your tax return

In my newsletter today, I posted an article about what you do when you haven’t filed your tax returns. I’ve run into this question a lot in the past couple of weeks from various people. Its important to remember when you haven’t filed, ignoring the problem doesn’t make it go…

What do you do when you owe the IRS on April 15?

The vast majority of Americans get a tax refund from the IRS each spring. But what if you’re not one of them? What if you owe money to the IRS? Here are five tips for individuals who still need to pay their taxes. If you get a bill for late…

Passthrough Penalties

With the due date for filing S-Corp returns only a month away (March 15), it seems like a good time to remind ourselves why we go through the trouble of filing these returns on time in the first place. Penalties for S-Corps, Partnerships, and Fiduciaries failing to file returns have…
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