February 18, 2019
While we’re now two weeks removed from Punxsutawney Phil’s early spring prognostication, spring doesn’t really come for us at LBF Group until after April 15th. As we’ve fully entered tax season, I see different variations of the same two texts regularly. Loosely speaking, they ask:
1.) I saw/heard (some program, article, etc.) that said my refund this year will be either
So what should I expect?
2.) Is (insert expense) deductible for me this year?
The answer for 1.) is always varied, as it depends on a variety of factors, and usually prompts a longer phone call. This is why you’d come into the office.
The answer for 2.) is far simpler. I direct them to go to the IRS Interactive Tax Assistant website (https://www.irs.gov/help/ita ), encouraging them to use the search bar. For most categories, there’s an intuitive interactive questionnaire that should help set expectations, including hyperlinked definitions of most common terms. Most shy away from anything with an IRS label, but unlike phone calls, there’s no need to wait on hold, and at the very least this is a good resource to use as a starting point.
Happy Valentine’s Day! While this holiday is traditionally focused on the love and well being of your special someone, it’s our job here at LBF to encourage you to give your books a little TLC as well.
You know – your QuickBooks Online (QBO) account. The one where, in the words of legendary pitchman Ron Popeil, there was largely a “set it and forget...
It seems that every week, I receive alerts about identity theft and tax scams – old and new – making the rounds in the form of e-mails, snail-mail, texts and phone calls.
There have been many news reports about how to protect yourself from identity theft. But how do you know if you’ve already become a victim, and what should you do if you have?
Here are some...
Many people believe that our office doesn't really get busy until February when tax season kicks in. The reality is that for us accountants, January starts laying the ground-work for the entire season. We want you to know the importance of keeping your records complete during the year so that you can file the returns that affect your business in a timely manner. Here are some the...