Tax Preparation at Joe M. Tucker CPA, P.C.

At Joe M. Tucker CPA, P.C. we take pride in being able to offer our clients a variety of professional services that are tailored to their unique needs. In the brief video below we share an overview of some of the Tax Preparation services that we offer.  For more information please visit our website at www.joemtuckercpa.com.

8 Specific Things We Do To Help Small Business Startups

1)      Sit down with you and listen.

We want to hear your story, so tell us about your small business dream!open for business f

2)      Explain the tax consequences of your particular business structure (sole proprietorship, partnership, Sub S, etc.).

Consulting with a CPA to help decide which business structure is best for you is one of your most important decisions

3)      Assist you in obtaining financing by constructing a financial statement.

We can help put together information to take to your loan institution for financing.

4)      Secure, on your behalf,  an FEIN:  

5)      Set up payroll for your employees.

We can make sure you are in compliance with all of the tax possibilities of having employees.  We can also make sure that you have a way to deliver the payroll accurately.

6)      Set up a system of reporting sales tax or other industry specific taxes.

We topen for business make care of registering you with appropriate agencies in order to report and deposit any applicable taxes and fees.

7)      Track your expenses and income.

We can help you design a system of accounting for all aspects of your small business, making sure to track income and expenses, categorizing them so that you have the most accurate look at your business and be ready for the end of year return.

8)      File your tax return.

I guess you could say this is our specialty.  Our team has been filing returns for over 40 years.  We look forward to putting our experience to work for you!

Give us a call today 256.332.2004 or email at info@joemtuckercpa.com

Financial Friday for June 13, 2014

#FinancialFridays 06.13.14FinancialFridays


Here’s a few articles that may be of interest to you on this Financial Friday (with a bonus category on leadership):

RETIREMENT:
How Much Money Is Enough?
http://www.forbes.com/sites/johnwasik/2014/05/30/how-much-money-is-enough/?ss=personalfinance

LEADERSHIP:
Be a Better Leader
http://www.christianity.com/videos/video-features/dr-albert-mohler-on-the-conviction-to-lead-interview.html

SMALL BUSINESS:
Why the Future of Retail Will Blow Your Mind
http://www.entrepreneur.com/article/234407

LOCAL
‘Getting better all the time.’ Decatur ready to embark on Alabama downtown revitalization effort
http://www.al.com/business/index.ssf/2014/06/main_street_alabama_downtown_d.html#incart_river

How Long Should You Keep Tax Records?

RecordkeepingIn general, we would tell our clients to keep records for 5 years, but really each situation is unique.  The following, taken from the IRS website here, give some of the specifics:

How long should I keep records?

The length of time you should keep a document depends on the action, expense, or event the document records. Generally, you must keep your records that support an item of income or deductions on a tax return until the period of limitations for that return runs out.

The period of limitations is the period of time in which you can amend your tax return to claim a credit or refund, or that the IRS can assess additional tax. The below information contains the periods of limitations that apply to income tax returns. Unless otherwise stated, the years refer to the period after the return was filed. Returns filed before the due date are treated as filed on the due date.

Note: Keep copies of your filed tax returns. They help in preparing future tax returns and making computations if you file an amended return.

  1. You owe additional tax and situations (2), (3), and (4), below, do not apply to you; keep records for 3 years.
  2. You do not report income that you should report, and it is more than 25% of the gross income shown on your return; keep records for 6 years.
  3. You file a fraudulent return; keep records indefinitely.
  4. You do not file a return; keep records indefinitely.
  5. You file a claim for credit or refund* after you file your return; keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later.
  6. You file a claim for a loss from worthless securities or bad debt deduction; keep records for 7 years.
  7. Keep all employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later.

The following questions should be applied to each record as you decide whether to keep a document or throw it away.

Are the records connected to assets?messy desk

Keep records relating to property until the period of limitations expires for the year in which you dispose of the property in a taxable disposition.  You must keep these records to figure any depreciation, amortization, or depletion deduction and to figure the gain or loss when you sell or otherwise dispose of the property.

Generally, if you received property in a nontaxable exchange, your basis in that property is the same as the bases of the property you gave up, increased by any money you paid. You must keep the records on the old property, as well as on the new property, until the period of limitations expires for the year in which you dispose of the new property in a taxable disposition.

What should I do with my records for nontax purposes?

When your records are no longer needed for tax purposes, do not discard them until you check to see if you have to keep them longer for other purposes.  For example, your insurance company or creditors may require you to keep them longer than the IRS does.

The IRS urges you to choose a preparer wisely

Ten Tips to Help You Choose a Tax Preparer

IRS TAX TIP 2012-06, January 10, 2012

This entire article taken from the IRS website http://www.irs.gov/uac/Ten-Tips-to-Help-You-Choose-a-Tax-Preparer

Many people look for help from professionals when it’s time to file their tax return. If you use a paid tax preparer to file your return this year, the IRS urges you to choose that preparer wisely. Even if a return is prepared by someone else, the taxpayer is legally responsible for what’s on it. So, it’s very important to chooChoosese your tax preparer carefully.

This year, the IRS wants to remind taxpayers to use a preparer who will sign the returns they prepare and enter their required Preparer Tax Identification Number (PTIN). 

Here are ten tips to keep in mind when choosing a tax return preparer:

  1. Check the preparer’s qualifications. New regulations require all paid tax return preparers to have a Preparer Tax Identification Number. In addition to making sure they have a PTIN, ask if the preparer is affiliated with a professional organization and attends continuing education classes. The IRS is also phasing in a new test requirement to make sure those who are not an enrolled agent, CPA, or attorney have met minimal competency requirements. Those subject to the test will become a Registered Tax Return Preparer once they pass it.
  2. Check on the preparer’s history. Check to see if the preparer has a questionable history with the Better Business Bureau and check for any disciplinary actions and licensure status through the state boards of accountancy for certified public accountants; the state bar associations for attorneys; and the IRS Office of Enrollment for enrolled agents.
  3. Ask about their service fees. Avoid preparers who base their fee on a percentage of your refund or those who claim tTax Timehey can obtain larger refunds than other preparers. Also, always make sure any refund due is sent to you or deposited into an account in your name. Under no circumstances should all or part of your refund be directly deposited into a preparer’s bank account.
  4. Ask if they offer electronic filing. Any paid preparer who prepares and files more than 10 returns for clients must file the returns electronically, unless the client opts to file a paper return.  More than 1 billion individual tax returns have been safely and securely processed since the debut of electronic filing in 1990.  Make sure your preparer offers IRS e-file.
  5. Make sure the tax preparer is accessible.  Make sure you will be able to contact the tax preparer after the return has been filed, even after the April due date, in case questions arise.
  6. Provide all records and receipts needed to prepare your return. Reputable preparers will request to see your records and receipts and will ask you multiple questions to determine your total income and your qualifications for expenses, deductions and other items. Do not use a preparer who is willing to electronically file your return before you receive your Form W-2 using your last pay stub. This is against IRS e-file rules.
  7. Never sign a blank return. Avoid tax preparers that ask you to sign a blank tax form.
  8. Review the entire return before signing it.  Before you sign your tax return, review it and ask questions. Make sure you understand everything and are comfortable with the accuracy of the return before you sign it.
  9. Make sure the preparer signs the form and includes their PTIN.  A paid preparer must sign the return and include their PTIN as required by law. Although the preparer signs the return, you are responsible for the accuracy of every item on your return.  The preparer must also give you a copy of the return.
  10. Report abusive tax preparers to the IRS. You can report abusive tax preparers and suspected tax fraud to the IRS on Form 14157, Complaint: Tax Return Preparer. Download Form 14157 from www.irs.gov or order by mail at 800-TAX-FORM (800-829-3676).Print

If you are in need of a Proficient, Personal, and Professional Tax Preparer that meets the IRS suggested standards then give us a call today!

Phone:  256.332.2004

 

 

TAX TIME IS HERE!!

It’s our pleasure to serve your tax needs each year.  In an efappointment2fort to serve you most efficiently we want to remind you to make your appointment as soon as possible.  You may also drop off your information without an appointment at any time and we will be happy to call you if we have any questions.

To complete your return without an extension please make your appointment or drop off your information no later than March 28th

Thank you for being our client and allowing us to assist with your tax and financial needs! As always, we are grateful for your referrals in 2014!

Ways to take advantage of our commitment to service

IMG_9277

Joe Tucker (seated) and son Mark Tucker.

Give us a call:
I was just on the phone this morning with one of our friends of the firm who had serious questions about her family’s financial future. They are approaching retirement and had questions regarding their options and the tax consequences of those varied options.  It was extremely fulfilling to be here for them and point them in the right direction concerning their tax planning situation.  She knew all she had to do was give us a call.
 
Come by and see us:
I remember another client who stopped by a few weeks ago to ask about business decisions that needed to be made in the next several months and years.  I was delighted to sit down and help answer his tax and financial questions. I reminded him that we are here to help as he looks “down the road” to decisions that will affect his family business as it grows.

What makes us unique among firms in the area?  We love our clients and are committed to their success!  We’re not trying to see how many tax returns we can run through our business.  We would rather make it our goal to build long term friendships by offering skilled professional service.  Many of our clients have been with us from the beginning, even serving some of them into the third generation.  Our commitment to you is to provide Proficient, Personal, and Professional Financial and Accounting services to meet your needs as an individual or business.

What about you?  Do you need this kind of commitment?  If so, come by and see us today and let’s begin our journey as your trusted accounting professional.

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