As we start to wrap up summer and try to squeeze the most of these last few weeks before kids head back to school, it’s worth noting that you may be eligible for potential deductions related to your summer activities! If you were working or looking for work during the course of the summer and sent your children or dependents to camps or day care, you might be eligible for a 2016 tax credit.

Check out this link from the IRS that features 10 things you need to know about this deduction to determine if it applies to you. And be sure you’re saving documentation and receipts if you meet the requirements! You will have to submit adequate records and receipts to claim the credit at tax time.

If you’re unsure if you qualify, or if you want to discuss other potential deductions that may be available to you, call on us! We have a good understanding of tax codes and laws and can help you maximize your next return or minimize a potential payment. You can schedule an appointment with us by calling (913) 888-9100.

Moving homes is a significant life event, and in some cases it’s even tax deductible! This is a busy time of year for moving across the Kansas City area. If you are preparing for a move or have moved recently, you’ll want to see if this potential deduction applies to you. According to the IRS, “this may apply if you move to start a new job or to work at the same job in a new location.”

At the link above, the IRS explains the three requirements you must meet for this deduction:  your move must closely relate to the start of work; your move must meet the distance test and you must meet the time test.

The deduction may also include costs associated with the move that might not be immediately come to mind, like packing supplies or lodging. It’s our job to be current on all tax laws to ensure we can maximize your deduction or minimize a potential payment. Call us at (913) 888-9100 and we’ll review your situation and put a plan in place to streamline your 2016 federal tax return process!

Have you gotten a call or voicemail from someone who claims to be an IRS representative recently? These calls will likely come from a variety of area codes outside the Kansas City area, and may request personal information or a payment. Some recent messages across our region suggest a tax violation, litigation or similar claim to persuade action from you.

What you need to know, is the IRS “does not initiate contact with taxpayers by email, text messages or social media channels to request personal or financial information. This includes requests for PIN numbers, passwords or similar access information for credit cards, banks or other financial accounts.”

It’s important to not engage in conversation with these callers or via email (don’t click links). The link above highlights some common scams, and also includes information about how you can protect yourself and report these violations. Of course, we’re also available to answer questions you may have. If you receive a suspicious call or email and aren’t sure what to do, don’t do anything.

If you have answered a call, you can simply hang up or take down the caller’s name and number, then call us at (913) 888-9100. We can help determine if any action is necessary or if this was a scam attempt. It’s always better to err on the side of caution and withhold information until you have vetted the situation to protect your personal information, finances and identity.

You have an idea, experience and are ready to start your own business. Making the decision to go to work for yourself is a big decision and an exciting one! With that said, it’s important to set your business up for success from the start. This includes long-range planning to ensure your business is structured to thrive and grow. A big piece of this is having a proper accounting structure in place from the get-go. That’s where we come in.

Our firm has a long personal and professional history working with small businesses. We will partner with you to learn the ins and outs of your business to help identify a structure that will best suit your accounting needs. And, of course, having a solid accounting structure will make the tax process easier and smoother when the time comes!

We can review small business tax topics with you and provide guidance in your structure that may impact potential deductions down the line. Our job is to help you maximize your business return or minimize a potential payment. Working with a tax professional also takes some pressure off your shoulders! You can rely on us to manage the tax piece for you in a way that benefits your business and meets all legal requirements. That peace of mind is worth a lot!

Call us anytime for a preliminary meeting to learn how we can work together to make your new business a success! You can reach us at (913) 888-9100.

From the IRS:  “Estimated tax is the method used to pay tax on income that is not subject to withholding. This includes income from self-employment, interest, dividends, alimony, rent, gains from the sale of assets, prizes and awards. You also may have to pay estimated tax if the amount of income tax being withheld from your salary, pension, or other income is not enough.”

The link above is a good guide as to who needs to pay estimated tax and when. Once you determine if this tax applies to you, the next step is to determine when it is due. The most important part of this is ensuring these payments are made on time to avoid penalties.

If you’re running a small business you have a lot on your plate, and we know tax issues can be confusing. But remember, we are always available to help you. Contact us at (913) 888-9100 with your questions. We would be happy to meet with you to review your business accounting and help determine a schedule that is appropriate for your situation.

Memorial Weekend is almost here. The unofficial start to the summer season! Whether you’re hosting or attending a party this weekend, it’s always fun to try a new recipe. And as the weather warms, it’s the best season for featuring fresh produce in your meals. Take advantage of the great farmer’s markets around Kansas City to highlight the flavorful ingredients in these choices:

Rotisserie Herb Chicken (via Grilling Wino):  Don’t be intimidated to try a rotisserie chicken at home. This recipe only takes 20 minutes to prep and an hour to roast. The result will be an evenly cooked, juicy chicken. Look for fresh herbs – or buy a bunch to pot and have on hand all summer – for this main dish!

Creamy Yogurt Cucumber Salad (via Foodie Crush):  This fresh, cool salad would pair nicely with the chicken above, or make it even more casual with burgers. The fresh herbs will be the star of this dish – and the tangy yogurt dressing will leave you wanting more of this summery side!

Greek Salad (via Ina Garten/Food Network):  If a vinaigrette is more your style, opt for a traditional Greek salad instead. This easy dish pairs brightly-colored veggies with a light-tasting dressing. This versatile side would go well with several grilled meat or seafood dishes.

Carolina Peach Sangria (via My Recipes):  Why not save the best for last? Add fresh peaches and raspberries to your shopping list to enhance this tasty cocktail. Cheers!

If you filed an extension on or before April 18, 2016, you were granted six more months to get your paperwork to the IRS. However, this does not extend the time you have to pay any taxes due. It’s important to have paid any monies owed on time. Neglecting to do so will result in interest due on any amount not paid, and potentially penalties as well.

The option to file an extension is important, as sometime life circumstances need this grace period. With that in mind, you don’t want to find yourself behind the eight ball when October rolls around. If you have an extension, you still need to work on getting your tax information to your preparer. Get in touch with them this week and set a schedule to ensure you meet your new deadline.

Not sure where to start? Give us a call. We know tax preparation can be stressful and overwhelming. We’re available to meet with you to put a plan in place to get you on track to complete your 2015 file quickly and to set you up for an on-time filing for 2016. You can reach us at (913) 888-9100 to schedule an appointment.

If you’re reading this, we hope it means you have some free time today, which means your 2015 taxes were complete and filed on time! But what we have come to know over time is that many people will make the deadline on time, but be completely stressed out from the process. If that’s you, make a note to meet with us in the next few weeks so we can help get you organized NOW to make your 2016 tax preparation much easier.

Whether you need guidance for your individual income taxes or for business filing, we are registered with the Internal Revenue Service to prepare and electronically file tax returns for both. We’re also CPA licensed in Kansas and Missouri, and available to help put accounting practices in place to support your small business.

Did you know our average tax preparation service for an individual is approximately $245? When you consider the time and stress savings along, this expense is probably worth it to you. On top of that, we are often able to identify deductions our clients weren’t aware of. This can mean a larger return or smaller payment for you. That’s a tangible value!

Let us review your 2015 return and get things in place for 2016. As industry experts, we can remove the burden of tax preparation from your busy schedule and provide peace of mind that your taxes were filed on time and correctly. You can reach us at (913) 888-9100 to schedule an appointment at your convenience. We hope to speak with you soon!

First, take a deep breath. Now, get started! Like anything else, the sooner you get started on your tax prep, the faster you will be finished and have it behind you for the year. You still have plenty of time to finish on time, but you need to start today. So, block some time on your calendar and sit down with the documents you have so you can determine what else you need. The IRS website is a great resource for forms and other timely topics, if you hit a roadblock. Of course, we’re also available to help!

We can prepare the returns for you if it gets too complicated for self-preparation. We are registered with the Internal Revenue Service to prepare and electronically file tax returns for businesses and individuals.

If circumstances will prevent an on-time file, now is the time to request an extension. But remember, an extension only provides you with more time to file – it does not grant you more time to pay your tax liability. You will still need to pay your taxes on time, or be prepared to pay a penalty. Unsure how this process works? Call us at (913) 888-9100. We can walk you through the steps you need to take, and even file the extension for you.

Small business owners wear many hats. In addition to the focus of the business, a business owner needs to be savvy about accounting to protect the future of the business. There are many accounting software programs available to help you manage this important piece, the most popular of which is QuickBooks.

If you are interested in applying QuickBooks to your business, or are a current user who wants to learn more, let us know. We are QB Certified ProAdvisors. This means we have passed the QB certification exams for QB in the years listed on the Intuit website. We work with clients using the desktop and online versions, and we are able to make adjustments or fix problems our clients may experience.

The key to using QuickBooks to help prepare your taxes is to keep your postings current! Keeping current allows a business owner to know if they are making money, and to estimate the tax that will be due. This way there are no surprises come tax time and you can make adjustments, as needed, throughout the year to stay on target to meet your goals. You’ll also find keeping current in postings makes the tax preparation faster and cheaper.

While QuickBooks has about 90% of the small business accounting on the market, we do assist clients with other software, like Peachtree, Great Plains, Wave, FreshBooks and others. We will work with the software our clients want to use. The most important thing is to have a system and accounting structure in place to protect your business. Call us at (913) 888-9100 to let us know how we can help you!