Entries by baybiz

Watch out for aggressive phone scams again this tax season

The Treasury Inspector General for Taxpayer Administration (TIGTA) is warning taxpayers about one particular category of tax scams that has proven to be very widespread, very aggressive, and very relentless. Callers claim to be IRS employees, and they tell their intended victims that they owe taxes that must be paid immediately using a prepaid debit […]
David Bradsher, CPA

Update your beneficiary designations

Who have you designated as beneficiaries for your insurance policies and retirement accounts? If you can’t remember, you’re not alone. But it’s worth checking. If you make the wrong decision, it could affect who inherits those assets. In some cases, it could also change the taxes your beneficiaries will pay and the value they’ll receive. […]
David Bradsher, CPA

Check your tax withholding for 2015

Withholding too much tax from your wages isn’t a smart financial move. Review how much you’re having withheld in 2015 to see if it matches the actual tax liability you expect to have. If an adjustment is needed, file a new Form W-4 with your employer. David Bradsher, CPA

David Bradsher, CPA

Not all “income” is taxable

There are several sources of revenue that are not subject to income tax. Here are the most common sources of money that are not taxed on your federal income tax return: * Borrowed money such as from banks or personal loans. * Money received as a gift or inheritance from family or friends. * Money […]
David Bradsher, CPA

Are you aware of the numerous age-related provisions in the IRS code? They are probably more plentiful and significant than you thought. Read more.

* At birth up to age 19 and even 24: dependency deduction. Parents can claim a dependency exemption for a child under 19 or for full-time students under the age of 24. * Under 13: child care credit. This provision gives parents a tax credit for dependent care expenses. * Under 17: child tax credit. […]
David Bradsher, CPA

Is your business using part-time workers?

Recent job statistics indicate that more employers are using part-timers to deal with variations in workload and for short-term projects. Here are a few tips your business will find useful if you hire part-time workers. * Communicate clearly with the part-timer. Explain the person’s duties, the hours and benefits, and the individual to whom the […]
David Bradsher, CPA

There are many ways to make your business more profitable, and sound credit policies are high on the list. The current slowdown in the economy is a good reason to reexamine your company’s policies. Read more.

There are many ways to make your business more profitable, and sound credit policies are high on the list. The current slowdown in the economy is a good reason to reexamine your company’s policies. Keep the following items in mind as you review your policies. * Don’t be so eager to sign on new customers […]
David Bradsher, CPA