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Preparing income tax returns is a very important service offered by your CPA.  However, your accountant can offer many other professional services.   Not only should your accountant understand the myriad of current income tax laws, they should have access to knowledge that will assist you in areas such as estate planning, and inheritance laws.  Your accountant can also be a source of information with regard to technology.  Many accountants offer business valuation services and litigation support. 

November 20, 2014

Significant changes have occurred related to depreciation deductions for 2014 compared to prior years. The total amount of Section 179 deduction is now $25,000 compared to $500,000 in 2013. Vehicles can still qualify for the $25,000 deduction. Also, 50% bonus depreciation is no longer available for qualified property. There is still the possibility that Congress may take action to extend the prior depreciation provisions however that is still unknown. Please check with us prior to making purchasing decisions for 2014.

/posted by Myron Fisher, CPA

November 07, 2014

The IRS provides tax payers with several different tax payment options. As your balance is subject to interest and a monthly late payment penalty, payment in full of your tax liability is ideal. You can pay your income tax liability through check or money order made payable to United States Treasury. You may also pay using a credit or debit card by going to the IRS website.

October 31, 2014

It’s Halloween which means tax season is just around the corner.  Between the holidays and family time, very few people have taxes on their mind.  However, this is the best time to get ready for the upcoming tax season.  The IRS has already released a 1040 draft form and there are a few changes that may affect multiple individuals.

October 24, 2014

Many individuals with a higher income may be subject to the Alternative Minimum Tax (AMT). AMT is a parallel tax calculation to the regular tax. It was designed to ensure that taxpayers who take a large number of tax preference deductions pay a minimum amount of tax on their income. It is mandatory if it exceeds the regular tax.

So how is the AMT different from regular Income tax? The answer is in many ways:

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