Dear Valued Client,
We want to thank our clients for another successful tax season. We are gearing up for summer projects. Our work doesn't stop with taxes, talk to us about your payroll, estate planning, renewable energy and even medical billing. This edition of our newsletter covers guidelines on keeping old tax records, upcoming tax changes that are crucial to investors, an uptick in identity theft tax fraud and much more. Feel free to share this newsletter with your family, friends and colleagues. Our firm relies on satisfied clients as the primary source of new business, and your referrals are both welcome and most sincerely appreciated! CoxHollidaPrice... Your Future, Our Passion
CoxHollidaPrice LLP
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CHP Donates to Panhandle Home Health
CoxHollidaPrice presents a check for $5,000 to Panhandle Home Health for the CHP Puttin’ for Panhandle Home Health tournament. This is the fourth annual putting tournament held at JayDee’s Family Fun Center. Pictured are Fred Hollida, CHP managing partner; Chris Johnson, PHH resource development director; Chuck Young, CHP assurance partner; Lisa Bivens, PHH executive director; and Brian Romine, CHP tax partner.
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Read This before Tossing Old Tax Records
Now that you’ve completed your taxes for 2011, you are probably wondering what old records can be discarded. If you are like most taxpayers, you have records from years ago that you are afraid to throw away. To determine how to proceed, it is helpful to understand why the records needed to be kept in the first place.
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Big Changes Coming for Investors in 2013
2013 will bring some big changes for investors, and none of them for the better. Taxpayers affected by these upcoming changes may wish to consider taking actions in 2012 to mitigate the impact of these changes. The following are the changes that will affect investors in 2013.
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Identity Theft and Tax Fraud Are Growing Problems
Cyber criminals have been using stolen identities to file tax returns and obtain fraudulent refunds. Tax preparers have reported an increase in e-file rejections because the taxpayers’ or their children’s SSNs have already been used in a previously e-filed return, which results in the e-filed return being rejected.
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Is Your Child a Full-Time Student?
If you have a qualified child you can claim an exemption for that child on your tax return, which results in a $3,800 deduction for 2012 (up from $3,700 in 2011). Depending upon your tax bracket, that deduction can produce a substantial tax savings. To be treated as a qualified child, a child must be under the age of 19 or a full-time student under the age of 24.
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Is Your Hobby a For-Profit Endeavor?
The tax treatment for a hobby is substantially different than it is for a business, which sometimes makes it difficult to distinguish one from the other. The IRS provides appropriate guidelines when determining whether an activity is engaged in for profit, such as a business or investment activity, or is engaged in as a hobby.
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How Business Website Expenses Are Deducted
With the explosion of online businesses, one would think that there would be a standard method of deducting the cost of your business website. But some questions still exist as to what part of a website is considered software, and to date, the IRS has not fully clarified that issue for tax purposes.
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Cutting Expenses Key To Profitability, But How? Some Tips
It may seem like a no-brainer – cut expenses to make more money – but many small changes can result in significant savings.
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Circular 230 Disclosure, United States Treasury regulations effective June 21, 2005 require us to notify you that to the extent of this communication, or any of its attachments, contains or constitutes advice regarding any U.S. Federal tax issue, such advice is not intended or written to be used, and cannot be used, by any person for the purpose of avoiding any penalties that can be imposed by the Internal Revenue Service.
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