Hi! You may want to read my "Afraid To Budget" segment at http://edanielmillercpa.wordpress.com/2011/11/08/afraid-to-budget/ if you havn't already before delving into the following. I find many people don't know how to go about beginning a budget once they have decided to do so. They know the budget will consist of income and expenses, but they don't know what amounts to [...]
Many times in the course of my business I ask clients--both individuals and businesses--if they have a budget. Probably about a 1/4 of the initial answers are "no" and 3/4 are "yes". I then pose the question to the 3/4 that say "yes", "Is it written down?". Most of the answers to this question are "no", which [...]
According to msnbc.com news services, the FBI estimates there are 1.4 million gang members in the US, and they are turning to white-collar crime as more lucrative enterprises. Gangs such as the Bloods and the Crips are engaging in identity theft, counterfeiting, selling stolen goods, and even bank, credit card, and mortgage fraud. "...we've seen them doing [...]
President Obama announced a plan allowing college graduates to cap federal student loan repayments at 10 percent of discretionary income starting in January, two years before the cap was due to take effect under federal law according to the Washington Post. The Post further reported the accelerated “pay as you earn” program could benefit up to 1.6 [...]
The IRS released its annual revenue procedure making inflation adjustments to the income tax tables and many tax credits and other items for tax years beginning in 2012. Separately, they announced the 2012 contribution limits and other figures for pension plans and other retirement-related items. The increases were greater than in the previous two years, [...]
On September 22, 2011, Tamara Scott-Landry and her husband Warren Lebeauf, Jr., a former Sheriff's Deputy, both of St. Charles Parish, Louisiana, were sentenced to prison. Scott-Landry was sentenced to 87 months for conspiracy to defraud the United States, wire fraud and aggravated identity theft. Lebeauf was sentenced to 30 months for his role in the [...]
One of the questions I get asked the most is, "if I buy 'such and such', can I deduct it?". Most often, the question is asked to justify the purchase of a toy or otherwise desired item--typically to a spouse--by being able to say, "yeah, it cost a lot, but it's tax deductible". I will [...]
The economy is not sliding back into recession, but GDP will only expand at an annual rate of 2% to 2.5% until the housing market recovers, according to Martin Regalia, senior vice president–economic and tax policy for the U.S. Chamber of Commerce. Speaking Tuesday to the AICPA (American Institute of Certified Public Accountants) [...]
Six Questions to Determine Taking the Home Office Deduction Is your home office used in a trade or business activity? You cannot take a deduction if you use your home for a profit-seeking activity that is not a trade or business. For example, if you use part of your home to manage your personal investments, [...]
Did you know many employers pay their workers as “contract labor” rather than “employees”? What’s the difference? Well, simply put, contract labor payments are not subject to payroll taxes (such as FICA and federal/state withholding) whereas employee wages are. For instance, say John Doe works 40 hours for $10 an hour. As contract labor, the [...]