Summertime is a great time for students to hold a job or do side work in their free time. Not only does this responsibility promote a good work ethic, it provides experience in earning and managing money. Even though many summer jobs may not seem high earning, it’s important to review these tax tips with students who are working.

Often times a summer job is a first job, so this is a great opportunity to teach about income and taxes, as well as broader items like tax deductions and required documentation. Sure, there’s not much “fun” about this – beyond the actual paycheck and potential tips being earned – but it’s an important life lesson.

According to a recent article in the Washington Post, “The number of teenagers who have some sort of job while in school has dropped from nearly 40 percent in 1991, to less than 20 percent today, an all-time low since the United States started keeping track in 1948.”

This means more adolescents are heading out in to the workforce with little or no practical work experience to prepare them for future careers. Even if a summer job isn’t directly tied to future career goals, the accountability and financial experience proves to be valuable.

If you have a student at home earning money this summer, we would be happy to meet with them to discuss potential tax implications. You can always reach Adams Accounting Solutions at (913) 888-9100.

Summer is a time for relaxing and spending time outdoors with family and friends! It’s a time for vacations, pool time and baseball! This break in the school routine is also a really good time to catch up on things that get set aside during the hectic school year. While everyone lets things slide during the busy school season, there are some areas that need to maintain priority to secure your family’s future – like health and wellness, career planning and financial investments.

If you intend to pay for all or part of a student’s college tuition or secondary education, you can’t start too soon! There are lots of college cost calculators you can start with to get an idea of how much you need to save. We recommend our clients learn about 529 plans as a way to prepare for future education costs.

According to the IRS, the main advantage of a typical 529 plan is “earnings are not subject to federal tax and generally not subject to state tax when used for the qualified education expenses of the designated beneficiary, such as tuition, fees, books, as well as room and board.”

If you want to learn more about how saving for education might impact your tax situation, call us at (913) 888-9100 for a quick appointment. Need help finding a trusted financial advisor? We can provide recommendations for that as well!

Many of our clients are small business owners. And we know from our years of experience it takes a lot of knowledge and resources to manage a business well. Owners need time to focus on the business at hand, and our services can support the financial side. At Adams Accounting Solutions, we partner with small businesses to put a proper accounting structure in place. We also manage income taxes for many of our clients as well!

It’s important to be current on tax law to be successful. We stay up-to-date on tax issues so we can serve our clients best. Currently, the Kansas legislature is trying to repeal the tax break for small businesses (S-Corps, partnerships and Schedule C businesses) that was put in place to attract more businesses to Kansas.

The legislature has tried to pass a bill related to this several times, but it has not passed both houses or has been vetoed by Governor Brownback. The goal of the new tax bill is to help make up a $900-million shortfall in the state. It seems from following along that eventually this will get passed and the Kansas small business owner will start paying taxes again. In fact, we feel like some version of this will pass in 2017.

We’re available to meet with you anytime to discuss how this change could impact your small business and what you can be doing to prepare for the potential change. Call us at (913) 888-9100 to schedule a time convenient for your schedule.

The clock’s a tickin’! By this time, you should have started on your 2016 income taxes or filed an extension. If you’re feeling overwhelmed and behind, there’s still time for us to help you. Call us right away at (913) 888-9100 if an on-time file is still an option for you. With our strong experience and history of filing income taxes, we are able to complete a file more quickly and accurately, than an individual rushing to meet the deadline.

That said, taxes are important and we ALWAYS recommend filing an extension if time is tight. When you have more time to work, you can avoid errors you might otherwise make under time-sensitive stress. Just be sure to go ahead and get your taxes wrapped up soon if you file an extension. You don’t want to find yourself in the same position come October when your extended file will be due!

We will file personal extensions up until noon on the filing date for a $50 fee. The fee can be applied against your tax prep fee if you decide to have us do your taxes. Let us know how we can help you.

First things first, income taxes cover a full year of financials, so it’s no wonder the process can be daunting! They can also be complicated if you have special circumstances to consider, like being a small business owner, or having a major life event in the past year. This guide from the IRS is a good place to start for answers to some common tax questions.

Of course, taxes vary greatly by individual and business. That’s where we come in. We have the experience and time to tailor our services to your specific needs. And, we can answer those questions that might be “not so common” for you. When you rely on our knowledge and experience, you will have peace of mind that your taxes were filed correctly.

We are also current on tax laws and options that can potentially benefit you that you may not be aware of! For example, did you know there are ways for a married couple to save more in taxes if one of them owns their own business? Call us at (913) 888-9100 to learn more about this program and see if it applies to you! We are still taking appointments for on-time 2016 tax files. Call soon!

If you know you’re going to need more time to file your 2016 tax return, it’s a good idea to go ahead and file for an extension now. Doing so will give you an extra six months to complete and file your income taxes with the IRS. But it’s important to note that an extension does not grant you additional time to pay your taxes! April 18 is the deadline for most to pay taxes owed. If you miss this deadline, you will be responsible for penalties and interest charges on any amount not paid.

Filing an extension is pretty straightforward. As long as you complete Form 4868 the IRS will grant you an automatic 6-month extension. But don’t wait to get started! We’ve seen too many clients put their tax prep on the back burner after requesting an extension and then find themselves under pressure to make the October file deadline.

Taxes can be overwhelming, and that’s part of the reason many people put them off. Our job is to make the process simple for you. When you work with us on your tax prep, we do the heavy lifting and ensure your file is on time and accurate. Call us at (913) 888-9100 for a meeting. We can sit down together to review your situation and let you know the documentation we need to complete income taxes for you. We can file your extension as well.

Major life events like marriage, a divorce or adding a child to your family might have significant tax applications. Be sure to take these milestones into consideration as you prepare your 2016 income taxes. This is not to say these are the only big life changes that could impact your taxes. Of course there are others, like retirement, a death in the family or being a first-time home buyer. But for this post, we’ll touch on marriage, divorce and becoming a parent.

Let’s take a quick look at marriage first. You’ll want to consider items such as community property, making sure your name change is reflected on your tax forms and any other deductions you might be eligible for. It’s not a surprise that people divorced in 2016 need to be looking at the same items. Here’s a good list from the IRS to help people who divorced in 2016 in preparing their returns. Remember, if your divorce was not finalized until January 2017, for tax purposes you were still married through 2016.

Now for children … From birth through childhood, what credits are you eligible for? There are a host of items that may apply to a family with children, from child tax credits to benefits for education and exemptions. We can help determine which items apply to you and what documentation will be required for your file.

With any of these three events, the determining factor is the date of December 31, 2016. If your life event occurred BEFORE December 31, 2016 that determines how you claim your filing status. If you have questions, or just want the peace of mind of having a professional manage your taxes in a major-life-event year, give us a call at (913) 888-9100. We are available to meet with you soon and get your tax prep underway and filed on time.

Checklists are handy for so many tasks, like moving, work action items and to-dos around the house. The same holds true for tax preparation. There are many items to consider as you compile your annual tax file, it’s easy to pass a category that might apply to you. This is where our professional tax services come in!

We have a checklist we review with every client at the start of a tax preparation. We sit down with you and ask questions related to each area to ensure we have the most complete picture of your personal or business situation so we can make the best use of deductions that may apply to you.

As we identify the items that will be part of your file, we’ll be able to give you a list of the documentation needed. We will work together to get the pieces together, then you can pass the everything to us and we’ll do the heavy lifting of the tax file. At that point, you can move on from your taxes and let us do the rest.

Once complete, we will provide you with the pages that need to be signed and we will e-file your returns, so there is nothing to mail out! We also provide you with a complete copy of your tax returns and documentation for your records. This is important to keep for tax purposes and also serves as a good place to start your tax prep next year!

Call us at 913.888.9100 for a copy of our checklist or to schedule an appointment today! We look forward to hearing from you soon!

Tax season is here. If you’re like many others, chances are you haven’t started on your 2016 taxes. Sure, “you have plenty of time,” but the thing is, waiting to start your tax prep won’t make it any easier or any better. The easiest and fastest way to get your tax prep done is to schedule a time to sit down and gather all your information. Once you have all the necessary items, make an appointment to meet with your tax preparer. If you’re not sure what you need for your 2016 tax file, reach out to us. We can review your personal or business scenario and get you on the right track.

If you haven’t worked with a tax professional before, give it a try for one season and see what you think! There is no commitment beyond the tax prep fee. And, the expense is nominal when you consider our expertise may increase your potential return or decrease taxes owed. Not to mention, there’s the value you can assign to stress reduction and time savings on your part. We think you’ll find our tax services to be a solid investment!

Tax preparation services are just like any other specialty service. You wouldn’t ask your grocery butcher to fix your plumbing, would you? When it comes to taxes, it’s the same. You don’t know what you don’t know. We have an extensive background in tax prep and small business accounting. It’s our job to keep up with the ins and outs of tax codes and deductions. When you file with us, you can rely on this experience to ensure your taxes were filed right the first time.

Call us at 913.888.9100 to schedule an appointment TODAY!

You probably guessed it from an accountant’s blog – tax season! While it’s tempting to wait to get started, we promise you’ll thank yourself come spring if you knock out your taxes this winter. So, what can you be doing now to get ready? Here are few “need to knows” from the IRS.

One that’s worth noting so you aren’t disappointed is that you should expect delays with some credits. If you think you will receive EIC (Earned Income Credit), the IRS will delay your filing until February 15. We can review your circumstances and provide guidance as to what credits you are eligible and when you can file.

Put Us to Work for You!

Let us get you organized and file your taxes quickly. We are available to meet and start your tax prep right away. Call us at (913) 888-9100 for an appointment. In the meantime, get documents you have saved from 2016 together – like childcare expenses, business deductions, charitable contribution receipts, etc. After a quick meeting, you can turn the details and filing efforts over to us.

It’s our job to identify the opportunities available to you. Our experience and knowledge of tax law provide peace of mind that everything is handled the right way the first time. We also work to maximize returns (or decrease payments due) for our clients. We look forward to hearing from you soon!