Books – Tax & Wealth

quickbooks_smQuick Books
For the non-accountant, there is no accounting software more powerful and easier to use than QuickBooks. If getting your business finances in order is a top priority, QuickBooks is the right program for you. QuickBooks enables you to manage everything from invoicing your customers, to paying your bills, to generating sophisticated financial reports and graphs. When used properly, it can even cut down significantly on your accountant’s fees. However, harnessing all the power that QuickBooks has to offer does have its price – a certain amount of preparation, patience, and effort on your part. Nevertheless, the time and energy you invest in QuickBooks will be amply rewarded with a clearer picture of your business finances as well as a more efficient, and hopefully a more profitable, business.
homeowners_energy_credit_smHomeowner’s Energy Credit
Since the American Recovery and Reinvestment Act of 2009 was enacted, our tax office has received numerous calls from homeowners asking for clarification. Through the years, energy credits have been the most asked about tax credit from our clients. This is understandable since for the majority of our clients, our homes are the largest investment we own. Based on the interest, we decided to research the new tax credit and summarize our findings with this book. The American Recovery and Reinvestment Act of 2009 has affected the tax credits for energy efficient home improvements. The new law increases the energy tax credit for homeowners who make energy efficient improvements to their existing homes. The new law increases the credit rate to 30 percent of the cost of all qualifying improvements and raises the maximum credit limit to $1,500 for improvements placed in service in 2009 and 2010. A similar credit was available in 2007, but was not available in 2008. Homeowners should be aware that the standards in the new law are higher than the standards for the credit that was available in 2007 for products that qualify as “energy efficient” for purposes of this tax credit. The IRS has issued guidance that will allow manufacturers to certify that their products meet these new standards.
brilliant_cure_smBrilliant Cure or Bad Medicine?
We’ve been hearing about it, joking about it and complaining about it for the better part of three years. Well, our reality is about to manifest itself as Technical Release 2013-02, Patient Protection and Affordable Care Act, or ObamaCare. A widespread sweeping reform for America’s healthcare system is about to be implemented across the board in an attempt to cover the tens of millions of citizens currently not covered by insurance, It will also rein in the high cost premiums and out-of-balance scales of how health insurance is provided, priced and administered, which will leave basically nobody unaffected. Other welcome changes will include the pursuit of quality of healthcare versus the quantity. Streamlining the unnecessary number of tests, office visits and procedures will help the patient, and force healthcare professionals to cut the fat and run a more efficient practice. More will no longer be better.
self_employment_smSelf- Employment
Being self-employed comes with advantages and disadvantages. On the one hand it’s liberating to be your own boss – often working from home, setting your own hours, and creating profitable ventures from activities you enjoy. Still others want to try something different from their current job or the one they retired from. Nobody can guarantee success for any business. Being successful takes a certain amount of self-discipline and hard work. On the other hand, being your own boss comes with many responsibilities. Self-employed persons are responsible for managing the day-to-day operations of their business, keeping good records of income and expenses, and paying their taxes. Some people are intimidated at the thought of filing taxes – but it doesn’t have to be a scary thing. Whether you are a sole proprietor or an independent contractor, you will need to complete a Schedule C and a Schedule SE when filing your income taxes if your net earnings from self-employment are $400 or more. In some cases, there are other forms you may be required to file. These are Office in the Home (form 8829) and Depreciation (form 4562). In the following chapters we will break down the schedules that are necessary to file with your tax return in an easy to follow format.
going_to_college_smGoing to College on Uncle Sam’s Dime
Since the American Recovery and Reinvestment Act of 2009 was enacted, our tax office has received numerous calls from taxpayers asking for clarification. Based on the interest, we decided to research the new tax credit and summarize our findings with this book. The first in our series of books is the Homeowner’s Energy Credit. This book is the second in our series and will discuss the various education credits available, both new and old.
american_dream_smThe American Dream – Starting Your Own Business
Henry M. Cothran, Allen Wysocki, and David Mulkey from the University of Florida, wrote the following introduction to an article about starting your own business: “Take this job and shove it” is the title of a 1977 song written by Johnny Paycheck and David Alan Coe. The song expresses some of the frustration people experience when they lack control over their work life.” If you have ever wondered what it would be like to be your own boss, there are several types of businesses available. The types of businesses are: · Sole Proprietorship · Partnership · Corporation · S corporation · Limited liability company Depending on the type of business you choose, selecting a name, getting an EIN, accounting methods, and tax implications need to be understood. This publication will help you to make an informed decision on the type of business that is right for you.


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