Beauchamp & Edwards Certified Public Accountants

07/29/2021

Chiefland CPA firm looking for a full-time accountant and tax preparer for individual and business income tax returns. Experience with QuickBooks a plus. Required education - Bachelor's Degree. Starting wage commensurate with experience. Benefits include retirement, vacation pay, holiday pay and paid sick leave.

07/29/2021

Chiefland CPA firm looking for a part-time accountant and tax preparer for individual and business income tax returns. Position could develop into long-term employment. Experience with QuickBooks a plus. Required education - Bachelor's Degree, but will accept applicable experience. Starting wage commensurate with experience. Benefits include vacation pay, holiday pay, paid sick leave and flexible schedule.

06/09/2020

https://www.forbes.com/sites/allbusiness/2020/06/05/trump-signs-new-law-relaxing-ppp-rules-what-you-need-to-know/

The new Paycheck Protection Program Flexibility Act (PPPFA) attempts to address many concerns around the PPP loan program aimed at providing COVID-19 relief.

08/30/2014

http://money.msn.com/business-news/article.aspx?feed=AP&date=20140830&id=17894828&33009

WASHINGTON (AP) - If you got health coverage through President Barack Obama's law this year, you'll need a new form from your insurance exchange before you can file your tax return next spring. Some

12/09/2013

The IRS has issued its 2014 optional standard mileage rates to calculate deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Beginning on Jan. 1, 2014, the standard mileage rates for the use of a car, van, pickup or panel truck will be:

56 cents per mile for business miles;
23.5 cents per mile driven for medical or moving purposes; and,
14 cents per mile driven in service of charitable organizations.

The business, medical and moving expense rates decrease one-half cent from the 2013 rates. The charitable rate is based on statute.

08/14/2013

With the new school year starting soon, I thought we should share some Back-to-School Tax Tips for Students and Parents

Going to college can be a stressful time for students and parents. The IRS offers these tips about education tax benefits that can help offset some college costs and maybe relieve some of that stress.

• American Opportunity Tax Credit. This credit can be up to $2,500 per eligible student. The AOTC is available for the first four years of post secondary education. Forty percent of the credit is refundable. That means that you may be able to receive up to $1,000 of the credit as a refund, even if you don’t owe any taxes. Qualified expenses include tuition and fees, course related books, supplies and equipment. A recent law extended the AOTC through the end of Dec. 2017.

• Lifetime Learning Credit. With the LLC, you may be able to claim up to $2,000 for qualified education expenses on your federal tax return. There is no limit on the number of years you can claim this credit for an eligible student.

You can claim only one type of education credit per student on your federal tax return each year. If you pay college expenses for more than one student in the same year, you can claim credits on a per-student, per-year basis. For example, you can claim the AOTC for one student and the LLC for the other student.

You can use the IRS’s Interactive Tax Assistant tool to help determine if you’re eligible for these credits. The tool is available at IRS.gov.

• Student loan interest deduction. Other than home mortgage interest, you generally can’t deduct the interest you pay. However, you may be able to deduct interest you pay on a qualified student loan. The deduction can reduce your taxable income by up to $2,500. You don’t need to itemize deductions to claim it.

These education benefits are subject to income limitations and may be reduced or eliminated depending on your income.

02/26/2013

Five Tips if Your Name Has Changed

If you were married or divorced and changed your name last year, be sure to notify the Social Security Administration before you file your taxes with the IRS. If the name on your tax return doesn’t match SSA records, the IRS will flag it as an error and that may delay your refund.

Here are five tips for a person whose name has changed. They also apply if your dependent’s name has changed.

1. If you have married and you’re using your new spouse’s last name or you’ve hyphenated your last name, notify the SSA. That way, the IRS computers can match your new name with your Social Security number.

2. If you were divorced and are now using your former last name, notify the SSA of your name change.

3. Letting the SSA know about a name change is easy. File Form SS-5, Application for a Social Security Card, at your local SSA office or by mail with proof of your legal name change.

4. You can get Form SS-5 on the SSA’s website at www.ssa.gov, by calling 800-772-1213 or at local SSA offices. Your new card will have the same number as your former card but will show your new name.

5. If you adopted your new spouse’s children and their names changed, you'll need to update their names with SSA too. For adopted children without SSNs, the parents can apply for an Adoption Taxpayer Identification Number by filing Form W-7A, Application for Taxpayer Identification Number for Pending U.S. Adoptions, with the IRS. The ATIN is a temporary number used in place of an SSN on the tax return. Form W-7A is available on the IRS.gov website or by calling 800-TAX-FORM (800-829-3676).

02/12/2013

Most types of income are taxable, but some are not. Income can include money, property or services that you receive. Here are some examples of income that are usually not taxable:

•Child support payments;
•Gifts, bequests and inheritances;
•Welfare benefits;
•Damage awards for physical injury or sickness;
•Cash rebates from a dealer or manufacturer for an item you buy; and
•Reimbursements for qualified adoption expenses.
Some income is not taxable except under certain conditions. Examples include:

•Life insurance proceeds paid to you because of an insured person’s death are usually not taxable. However, if you redeem a life insurance policy for cash, any amount that is more than the cost of the policy is taxable.
•Income you get from a qualified scholarship is normally not taxable. Amounts you use for certain costs, such as tuition and required course books, are not taxable. However, amounts used for room and board are taxable.

01/18/2013

3.8% Medicare surtax
This wasn't part of the fiscal cliff deal, but you better be aware of it if you earn more than $200,000 ($250,000 for joint
filers). Any investment income (interest, dividends, rents, royalties, distribution from non-qualified annuities, income
from passive activities, etc.) above that income level will be hit with an additional 3.8% Medicare surtax. So, if you're a
single filer with $230,000 in income, of which $30,000 is investment income, you face an additional tax of $1,140
($30,000 at 3.8%). That brings the potential tax on short term dividends for high-income taxpayers to as much as
43.4% (39.6% plus 3.8%).

01/14/2013

Following the January tax law changes made by Congress under the American Taxpayer Relief Act (ATRA), the Internal Revenue Service announced it plans to open the 2013 filing season and begin processing individual income tax returns on Jan. 30.

01/10/2013

Beginning on Jan 1, 2013 the standard mileage rate for business miles driven is 56.5 cents per mile.

01/04/2013

Your income tax rates will not increase in 2013 unless your taxable income is more than $400,000 ($450,000 for joint returns). It's only an additional 4.6% and that applies only to the income above $400,000 ($450,000). So, a couple making $550,000 would pay an extra $4,600 ($100,000 at 4.6%). The rest of us are still paying under the old rates.

This is a somewhat significant decrease than what would have happened if the Bush Era Tax Cuts had expired. If they had expired, a couple with $100,000 of taxable income would have paid income tax of $20,129 instead of $17,054. A couple with $550,000 of taxable income would have paid income tax of $180,043 instead of $166,240.