Do you do your own taxes?
Posted by Administrator in Taxes on February 2, 2011
You did your taxes using a store bought software or downloaded the software. They have a guarantee that you will get the biggest refund. But, how do you know that you truly did get the biggest refund.
If you are single and only have 1 W-2, then you should be good using the store bought or downloaded software.
Here are the problems that I have seen over the years when people do their own taxes with these software’s: incorrect Filing Status, missed deductions on Child Care Credit, missed deductions for owning a home, incorrect credits for education, and missed dependents.
I have done amended returns for these people getting them anywhere from $700 to $4000. Have a tax preparer look them over, most of us, do it for free, and if there is an amended return done, then there will be a cost.
Are you paying too much in taxes???
Posted by Administrator in Taxes on January 23, 2011
This week I started meeting Tax clients, and I have to say I missed it. I really do enjoy meeting with people and talking to them. Getting to know them and their family is just another way; I can see how I can help them save on taxes.
I had 4 appointments this week and 3 were new clients. I hope this pattern continues with a soar of new clients. It was nice to get to know my new clients and see one that I helped last year. One of my clients was in Chula Vista and after I met with them, I had enough time to go and visit my brother and his family, which was 5 minutes away from my client’s house.
Now this week, I get to meet with these 4 clients and let them know how they did, and give them some advice for 2011 and what to look out for. For example, I have one client who paid the IRS over 10K throughout their paychecks and they are going to get about a 6K refund. Now this is what I do not understand with Americans….why are we giving more money to the IRS then we need to? Meet with your tax professional during the summer and find out an estimate of what your tax refund will be. Sometimes, we can pay the IRS in the first 6 months and have a larger paycheck during the last 6 months. Or, you can have less taken out evenly during the year so you have more in your paycheck to pay your personal bills. Why use the IRS as a savings account? Is it lack of knowledge or is it that people are truly using the IRS as a savings account?
Another example: I was able to get an extra $800 by showing them different options of how to file. If you sit down with your tax professional and talk to them and they understand your situation, they should be able to get you the most tax refund back.
What a great tax week, and it is only the first week.
I am going to leave you with this: Matthew 22:15-22, in verse 21 Jesus says “Give back to Caesar what is Caesar’s…” I say “pay to the government what is the governments and not a penny more!!!
Networking Groups
Posted by Administrator in Uncategorized on January 18, 2011
I went to a morning mixer this morning. As, I was sitting there watching everyone interact, I was thinking to myself: Why do I come to these things? What do I benefit from coming to this?
How do I make sure that I am getting a true benefit from the networking group?
This is what I came up with: I come to the networking meeting to meet new people and try to get more business or business referrals. This is the sole purpose of going to network meetings.
I go to a number of networking groups during the month. This year I will be evaluating what networking groups are working and which ones aren’t. Now, I cannot blame the networking group if it is not working, I have to see if I am truly using the group or am I just standing in a corner and watching everyone.
I have to get out of my comfort zone and meet new people, find out what kind of business they own, and let them know how I can help them save money. Then I need to get their information, and follow up with them. If I do not do these things, the networking group has served me no good. It was just a nice time of getting out and meeting new people.
So, the question is: Is it me or the networking group? If I want more business, I have to make it happen.
If you need any accountability or want to learn more about Networking…call Terry Harris (TGHarris) is the a great business coach to help you with this. www.tgharris.com
Holidays
Posted by Administrator in Uncategorized on January 17, 2011
Today is Dr. Martin Luther King Jr. Day. One of 10 Federal Holidays, and one of 10 State Holidays. Many have the day off, and there are some of us who still are working. Why did Dr. King, get a holiday?
Dr. King stood up for civil rights and for the Federal and State Governments to have a racial discrimination law. After he was assassinated in 1968 lawmakers tried to make a Federal holiday to honor Dr. King. It was unsuccessful in 1979 and was finally passed and signed by President Ronald Regan in 1983. In took 17 years to get all 50 states to also observe a holiday, with South Carolina being the last state to recognize the day.
There are only 3 other men with a Federal holiday: George Washington, Christopher Columbus and Jesus Christ. The State of CA also observe 2 other men Cesar Chavez, Jesus Christ and they made a holiday to celebrate all US Presidents (Presidents’ Day), instead of just one man.
No matter how you choice to celebrate it, we need to remember what Dr. King did for our country and the sacrifice he took for something that he believed in.
How do you celebrate Dr. King Day?
Non-Profit
Posted by Administrator in Uncategorized on January 15, 2011
For the last 4 years I have been involved in Non-Profit groups in Santee. I find it very rewarding to give back to the community, a community that has a small town atmosphere. I have served in many different roles, from President to Board Member and different roles in between.
I have been a member of the Santee Chamber since 2007. For the past year I served my first year as a Board Member of the Santee Chamber. Last night we had our annual Installation Dinner to recognize the past board and swore in the incoming board. It was a very nice event that also recognized two members Rob McNelis and Richard Jackson whom are retiring from the Santee Chamber Board at the end of the 2010 term.
I value the Santee Chamber and what it does for the community of Santee and the businesses here. Between the “Shop Santee and Save” program, Street Fair, and Car Show we have made a good name for us in the county of San Diego.
On a side note: While at the dinner Rob handed me a plaque from the Santee Ravens Youth Football and Cheer for my sponsorship to the team. It has a picture of 10 of the teams saying “Thank you for your Sponsorship”. This was a total surprise and an honor to receive, it meant even more to me since my kids are in the pictures. Gabriel played flag football, and Joelle was a cheerleader. Now this was not part of the Chamber dinner.
If you have any questions about the Chamber or any other Non-Profit group in Santee let me know, I am sure I can help you or connect you with someone involved in that organization. www.santee-chamber.org
More Money in your Paycheck
Posted by Administrator in Payroll on January 13, 2011
In 2011, you should be receiving more money in your paycheck. The Social Security tax has decreased 2% from 6.2% to 4.2%. Although your employer will still have to pay the 6.2% tax.
Now this is what I do not understand: The Social Security Administration doesn’t have enough money to support those who are in their 30’s and they lower the tax rate? Plus they are not giving those who receiving Social Security a Cost of Living Increase. This picture doesn’t look right to me. So now when I want to retire, there is a higher chance that there will not be any money in the Social Security Administration. Let’s help the employees now, and figure out the future for the next generation.
Even though the Social Security Administration wasn’t designed as a retirement account, it was signed into law in 1935 and now it is used by many American’s as their retirement account.
There are some individuals that receive Social Security, even though they do not need it. If, I had it my way, Social Security should be paid out to those who actually need the help. Yes, I know everyone that has worked has paid into it, but we also pay into the California State Disability Insurance, and there are a lot of individuals that will not receive any benefits from that.
If you have to report 75% or more of your Social Security Income on your tax return, you should lose the benefit. You have other resources and income that are coming in. Lets not hurt the next generation even more then the Federal Government is doing with the debt it has.
Co-Teaching a Tax Seminar
Posted by Administrator in Taxes, Uncategorized on January 12, 2011
Today, I co-taught a tax seminar in Chula Vista with 2 other tax professional. It is quick interesting the way others look at different tax laws. I did have a lot of fun doing this today, and wish that I was doing more of them.
I did see a potential article out of this class that I will be writing about: Independent Contractor vs. Employee. Stay tuned to the Santee Patch for this article. If you didn’t know I am writing a weekly tax column for the Santee Patch www.santee.patch.com please check them out and let me know what you think, or if you have a particular topic that you would like to see written.
This was the last tax seminar that I will be attending until May 2011 (after tax season is over). It was nice to end it off as a teacher.
I will be holding bookkeeping and tax seminars throughout the next 4 months at the City of Santee. For more information about those go to http://activenet12.active.com/santeecommserv/ and click on Activities in the top middle of the page, then change the Location to “Santee City Hall – Bldg 7” and you will find my “Bookkeeping for Small Businesses” and “Tax Seminars for Adults”.
On a side note, my wife and I went a saw “The Green Hornet” tonight, and I have to say I really liked the movie. It was a really good, and my wife said it followed the comic books. It opens this Friday, go see it.
Pina Business Services to launch a Referral Program
Posted by Administrator in Taxes on January 10, 2011
Starting in 2011, Pina Business Services will have a Referral Program. Throughout the years, I have received referrals and now you will get paid for every referral you send me, up to 5. How much you ask? Well, for everyone that you refer and I submit their taxes you will receive $10.00 up to $50.00 at the end of tax season. Your friend will receive $10.00 off of their 2010 tax preparation fee.
Make your appointment today by going to www.pinabiz.com, or call 619-726-1158 to make your appointment.
I look forward to seeing you during the tax season.
Pina Business Services is a mobile tax service, serving ALL of San Diego County.
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