YSM CPA, LLC

YSM CPA, LLC Assurance, audit & attest, tax planning & preparation, governmental compliance, bookkeeping, financial statement compilation, review and business advisory.

We provide a variety of services for individuals and small businesses. These services include assurance, audit & attest services, tax planning & preparation, governmental agency compliance reporting, along with planning and forecasting for taxes. We also provide a variety of bookkeeping services, financial statement compilation, review and agreed upon procedures. We pride ourselves on our ability to provide professional advisory, consultancy and management services to meet your business and individual requirements in these rapidly changing economic times.

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09/25/2015

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YSM CPA, LLC
09/25/2015

YSM CPA, LLC

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07/03/2014

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Combined State and Average Local Sales Tax Rates
03/19/2014
Combined State and Average Local Sales Tax Rates

Combined State and Average Local Sales Tax Rates

This week's map shows the state sales tax rate, plus the average local rate, for each state as of January 1, 2014. This data comes from a new sales tax report we released today which will include each state’s maximum and average local sales tax rates, as well as each state sales tax rate.

7 tax return screw-ups to avoid
02/15/2014
7 tax return screw-ups to avoid

7 tax return screw-ups to avoid

Bill Bischoff: Here are gaffes and missed opportunities I see most often in my tax practice.

02/13/2014

Cut your tax bill to the bone. Claim all the breaks that you deserve including some you may have forgatten or you never even new about. Let me know if you need help.

Is The Wrong Company Structure Hurting You At Tax Time?
02/04/2014
Is The Wrong Company Structure Hurting You At Tax Time?

Is The Wrong Company Structure Hurting You At Tax Time?

Selecting a business structure is one of the most important decisions that will impact your business today and for years to come. We present a starting guide to understand how each of the common business structures affects your taxes.

02/04/2014

If you haven't received all of your Form W-2s for 2013 by February 5, the first thing to do is call, or visit, the employer that owes you the statement. Find out when your W-2 was mailed, and make sure it was sent to your correct address. You can ask the employer to issue a duplicate W-2.
If you cannot contact the employer, because perhaps it has moved or gone out of business, or if the original or a duplicate W-2 has not arrived by February 14, call the Internal Revenue Service at 800-829-1040. Provide the IRS with the following information –
• your name, address, Social Security number, and phone number,
• the employer's name, address, and phone number,
• the dates of employment, and
• an estimate of total wages earned and federal income tax withheld, based on your pay stubs.
You can file your Form 1040 without a Form W-2. Use your pay stubs or other records to reconstruct the various items of income and withholding and file Form 4852 "Substitute for Form W-2 Wage and Tax Statement" with your federal and state returns.
If you receive the Form W-2 after you have filed your 2013 returns, and the information on the W-2 is different from the numbers you entered on the Form 4852, you can file an amended Form 1040X. Wait eight weeks after you have filed the original Form 1040 before submitting the amended return.

Decoding your W-2 - Don't Mess With Taxes
01/27/2014
Decoding your W-2 - Don't Mess With Taxes

Decoding your W-2 - Don't Mess With Taxes

Taxes are all about the numbers. But when it comes to Form W-2, the alphabet also is important. The main thing you look for on your annual tax statement from your employer is, of course, the amount you earned, listed in boxes 1, 3 and 5, and the various taxes withheld in boxes 2, 4, 6 and, if you li...

The Tax Factor: Tax Organizer for Firefighters
01/14/2014
The Tax Factor: Tax Organizer for Firefighters

The Tax Factor: Tax Organizer for Firefighters

The Tax Factor was created to educate individuals and small-business owners about taxes. Let’s face it, nothing in life is guaranteed except death and taxes. Okay, maybe that sounded pretty depressing but the goal of this blog is to help you find the information to learn how to make taxes work for y...

01/14/2014

TOP TAX CREDITS & BENEFITS FOR MEMBERS OF THE MILITARY

1.Deadline Extensions. Qualifying military members, including those who serve in a combat zone, can postpone some tax deadlines. This includes automatic extensions of time to file tax returns and pay taxes.
2.Combat Pay Exclusion. If you serve in a combat zone, you can exclude certain combat pay from your income. You won’t need to show the exclusion on your tax return because qualified pay isn’t included in the wages reported on your Form W-2 and Tax Statement. Some service outside a combat zone also qualifies for this exclusion.
3.Earned Income Tax Credit. You can choose to include nontaxable combat pay as earned income to figure your EITC. You would make this choice if it increases your credit. Even if you do, the combat pay remains nontaxable.
4.Moving Expense Deduction. If you move due to a permanent change of station, you may be able to deduct some of your unreimbursed moving costs.
5.Uniform Deduction. You can deduct the costs and upkeep of certain uniforms that regulations prohibit you from wearing while off-duty. You must reduce your expenses by any reimbursement you receive for these costs.
6.Signing Joint Returns. Both spouses normally must sign joint income tax returns. However, when one spouse is unavailable due to certain military duty or conditions, the other may, in some cases, sign for both spouses, or they may need a power of attorney to file a joint return.
7.Reservists’ Travel Deduction. If you are a member of the U.S. Armed Forces Reserves, you may deduct certain travel expenses on your tax return. You can deduct unreimbursed expenses for traveling more than 100 miles away from home to perform your reserve duties.
8.Nontaxable ROTC Allowances. Educational and subsistence allowances paid to ROTC students participating in advanced training are not taxable. However, active duty pay – such as pay received during summer advanced camp – is taxable.
9.IRA Contributions. Members of the military can count tax-free combat pay when figuring how much they can contribute to a Roth or Traditional IRA.
10.Civilian life. After leaving the military, you may be able to deduct certain job hunting expenses. Expenses may include travel, resume preparation fees and job placement agency fees. Moving expenses may also be deductible.

01/13/2014

Will the SHOP delay affect this tax credit?

It seems like a Catch-22 situation. Due to a rule change, in 2014 you can only claim the federal "tax credit for small employer health insurance premiums" when you purchase qualifying health insurance through the government-established website, or "exchange." Yet business enrollment on the exchange has been delayed until November of this year. How can you qualify?

Since the credit has been increased to 50% of the cost of health insurance premiums that you pay on behalf of your employees during 2014, the question is important to your tax planning.

The good news is you can still claim the credit when you purchase a qualifying health insurance plan. In fact, if your business is located in a state that operates its own insurance marketplace, the delay will not affect you at all.

In other states, you can buy a qualifying health insurance plan directly from an insurance company or through an insurance broker or agent, the way you always have. The difference is you'll fill out an application to determine your eligibility for the premium credit.

Other rules for claiming the credit still apply, including employing fewer than 25 full-time equivalent workers with average annual wages of less than $50,000.

Top 10 Most Litigated Tax Issues
01/12/2014
Top 10 Most Litigated Tax Issues

Top 10 Most Litigated Tax Issues

The National Taxpayer Advocate has issued her list of the top 10 most litigated tax issues. The list includes a number of old favorites - like business expenses - and some new issues. Take a look.

Tax exemptions reduce taxes, but are reduced for some filers - Don't Mess With Taxes
01/11/2014
Tax exemptions reduce taxes, but are reduced for some filers - Don't Mess With Taxes

Tax exemptions reduce taxes, but are reduced for some filers - Don't Mess With Taxes

Personal exemptions are one way for taxpayers to reduce their adjusted gross income to a lower taxable income amount. Remember, the less money that the Internal Revenue Service can tax, the smaller your eventual tax bill. Personal tax exemptions also are today's Daily Tax Tip. Each of the three indi...

01/11/2014

Tax filing for individual taxes begins on January 31, 2014. The IRS will not process any returns before that date. HOWEVER, you can get your data to your accountant before that date for preparation.

Get a clearer view of the taxes you pay
01/09/2014
Calculator - Total Tax Insights

Get a clearer view of the taxes you pay

The Total Tax Insights calculator makes it easier to learn something every taxpayer should know: what you’re paying in taxes. The approximate figure of your tax bill generated with more than 20 taxes to consider may surprise you. But it also may help you think differently about a lot of things – fro...

01/09/2014
2013 Annual Report to Congress

Taxpayer Advocate delivers annual report to Congress:

The Annual Report to Congress creates a dialogue at the highest levels of government to address taxpayers’ problems, protect taxpayers’ rights, and ease taxpayers’ burden. The report identifies at least 20 of the most serious problems facing taxpayers and offers recommendations to fix them. Some of…

01/09/2014

W-2 due dates: the due date to have W-2's in your employee's hands is Jan. 31, 2014 and they must be submitted to the Social Security Administration by Feb. 28, 2014. (from ssa.gov)

IRS Tax Audits of Individuals Reached Lowest Rate Since 2005
01/09/2014
IRS Tax Audits of Individuals Reached Lowest Rate Since 2005

IRS Tax Audits of Individuals Reached Lowest Rate Since 2005

The U.S. Internal Revenue Service audited 0.96 percent of individual tax returns in fiscal 2013, declining for the second straight year and reaching the lowest rate since 2005.

01/09/2014

1099-MISC due dates (to subcontractors, rent, service providers, etc.): the due date to recipient of the 1099-MISC is Jan. 31, 2014. The copy for the IRS is due by Feb. 28, 2014 (irs.gov Pub. 509)

01/09/2014

Getting lots of questions so to clarify: IRS tax season opens on 1/31. Tax professionals who accept returns early will hold them until then, not file early.

01/07/2014

Payers must furnish payees with Form 1099s by January 31. The deadline for providing Form 1099-B to customers is February 18.

01/07/2014

Saver’s Credit – Contribute to your IRA by April 15 to reduce your tax bill

You may qualify for the Saver’s Credit of up to $1,000 ($2,000 if married filing jointly) for contributions you make to an IRA, and you have until April 15, 2014, to make IRA contributions for 2013.

01/07/2014

Get the facts on the new "premium assistance credit"

Did you buy health insurance on the government website? If so, you may be eligible for a federal tax credit that begins this month. The new "premium assistance credit" will help offset health insurance policy premiums when your income is within an established range.

The determination of your eligibility to receive the credit, and the amount you qualify for, is calculated on the website as you complete your insurance application. Once you select a plan, you choose how much of the credit (if any) to apply to your premium. If you elect to use some or all of the credit to offset the premium, that amount is paid directly to the insurance company. You pay the remaining premium out-of-pocket.

When you complete your 2014 tax return, you'll calculate the actual credit you are eligible for. The difference between the actual amount and the amount advanced to the insurance company affects the tax on your return. For example, when the advance payments are more than the credit you actually qualify for, you'll owe the difference. Depending on your income, the amount you have to pay back may be limited.

Instead of having the credit reduce your premium, you can decide to pay for your policy out-of-pocket throughout 2014, and claim the credit when you file your return. The credit is refundable, so you might receive a refund even if you owe no income tax.

Be aware of special rules. For instance, if you're married, you must file a joint return to claim the premium assistance credit, and you cannot take the credit if someone can claim you as a dependent. In addition, you may not be eligible if you purchase health insurance through a plan sponsored by your employer.

Because the credit is based on income, any changes in your financial situation during the year can affect the amount you're eligible to receive. We urge you to call us to schedule regular tax reviews throughout 2014.

01/07/2014

Remember that 2014 tax changes apply to the 2014 tax year. Changes for 2014 don't affect 2013 taxes even though we file in 2014.

IRS Crackdown on Automatic Gratuities Takes Effect January 1
01/06/2014
IRS Crackdown on Automatic Gratuities Takes Effect January 1

IRS Crackdown on Automatic Gratuities Takes Effect January 1

“Automatic gratuities” added onto the restaurant bills of large parties will be treated as wages and not tips starting January 1, 2014, as a suspended IRS ruling finally takes effect. Many restaurants add these charges to groups of 5 or 6 or 8 or more to prevent their servers from being undertipped…

01/06/2014

Individuals need not make the January 15 quarterly estimate for 2013 if they file their 2013 tax return and pay taxes due by January 31.

01/04/2014
Tax Break for IRA Conversion Lured 10% of Millionaires

Tax Break for IRA Conversion Lured 10% of Millionaires

Congress dangled an incentive for high-income Americans to convert their tax-deferred individual retirement accounts into post-tax plans. Their response was overwhelming.

01/03/2014
Record Keeping

If you run a business, keep tax related documents for a minimum of 4 years.

Learn which financial and tax files to keep and how long to keep them.

01/03/2014

FOURTH QUARTER ESTIMATED TAX PAYMENTS

The deadline for estimated tax payments is January 15, 2014 - Last chance for avoiding underpayment penalities, message me for more info on estimated taxes.

Remember that these are resolutions for the entire year, not just January.
01/03/2014
Six Tax Resolutions for the New Year | Equifax Finance Blog

Remember that these are resolutions for the entire year, not just January.

We’re three weeks into the New Year; have you stuck with your resolutions? We usually intend to be good, and we give ourselves optimistic goals. But we often

01/02/2014
Frequently Asked Questions and Answers

Should you have any question regarding your tax position feel free to message me.

To search the Frequently Asked Questions (FAQs), enter your search terms or questions in the box below.

Employers Worried Over Retirement Surge
01/02/2014
PLANADVISER.com - Employers Worried Over Retirement Surge

Employers Worried Over Retirement Surge

According to research from the Chicago-based outplacement firm of Challenger, Gray & Christmas, employers’ concerns are focused on the ability to properly gauge potential retirement activity within their organization.

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Chantilly, VA
20152

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