Hayes, CPAs

Hayes, CPAs Accounting firm providing tax and finacial services to individuals and small businesses. We also pr

12/28/2018

There's Still Time - Tax Tip #7 - 2. Gift Tax Exclusion – The gift tax exclusion is now $15,000. Which means that you can give up to $15,000 per year to as many people as you wish, without paying gift tax. Since the taxable estate tax limit is now $10 million, estate taxes (and thus planning for estate taxes) affects very few of us now.

But I have encouraged my clients, the ones that are of retirement age mostly, to take advantage of the gift tax exclusion and gift some of their money to family members. I believe that the funds that grandparents give to grandchildren when the grandchildren are just beginning their adult lives are sooooo appreciated, and needed, and put to good use, and so much more valuable to the young people than it will be to their parents who will inherit those funds, usually about the time they retire.

So, if you are in that “golden age” and you have money that you don’t expect to need, consider helping out the younger people in the family as they incur those start-up expenses when beginning a family, or buying a house, or paying off student loans, or recovering from a bad personal situation, etc…..

Remember to “share” this post so that your friends can benefit from these tips. And as always, we are available to talk with you or your friends about how any of these tips can help you. AND we would like to help you with your tax preparation and reporting too. Call us for advice or to make an appointment at 615-895-7578.

12/27/2018

Tax Tip # 6 - If you have a business – If you are going to need new equipment in the next 3 or 4 months, you should probably consider purchasing that equipment in 2018. You have a couple of days to make the purchase. The new depreciation rules and some additional equipment purchase write offs might be available to you. They can be pretty complicated to calculate and claim, but it might be worth your time and effort.

Remember to “share” this post so that your friends can benefit from these tips. And as always, we are available to talk with you or your friends about how any of these tips can help you. AND we would like to help you with your tax preparation and reporting too. Call us for advice or to make an appointment at 615-895-7578.

12/21/2018

Tax Tip #5 - If you have a business – Don’t even think about doing your own taxes!!! I realize this sounds a little self-serving, but I believe it is just good advice.

There is an old adage that goes something like “He who represents himself in court has a fool for a client”. Well, self-preparation of your tax return has gotten close to applying to this old saying, especially if you have any type of business (Schedule C, S-Corp, LLC, Rental Property, Investment Activity, Retirement Income).

Think long and hard about trying to tackle doing your own taxes.

Remember to “share” this post so that your friends can benefit from these tips. And as always, we are available to talk with you or your friends about how any of these tips can help you. AND we would like to help you with your tax preparation and reporting too. Call us for advice or to make an appointment at 615-895-7578.

12/18/2018

Tax Tip #4 - 3. If you have a business – If you have a business, big or small, consider paying your children. You can pay each of your children up to $12,000 per year without them owing any tax on the income. In addition, you don’t have to pay Social Security or Medicare taxes on that $12,000, and you get to deduct the payment as a business deduction (saving the income tax and self-employment tax on that amount).

Now, they are supposed to perform some type of work for their wages, so I wouldn’t try to get away with paying your 6 month old, but your 4 year old can probably sweep the floor and take out the trash can. So be creative.

Let me know if you find these posts useful, or entertaining, or instructive, or ....

Remember to “share” this post so that your friends can benefit from these tips. And as always, we are available to talk with you or your friends about how any of these tips can help you. AND we would like to help you with your tax preparation and reporting too. Call us for advice or to make an appointment at 615-895-7578.

12/14/2018

Tax Tip # 3 - Self-Preparation – I know that you have heard the new tax law referred to as “tax simplification”. Well let me assure you, that is a LIE! I’ve just spent 3 whole days in seminars learning the new rules, changes to the old rules, changes to forms, and which old rules are no longer in effect. Yes, as you have heard, the Form 1040 (by the way, there are no longer any Form 1040-A or Form 1040-EZ) is now only 1 page (the front and back of ½ of a page). BUT, the same information that was included on the old Form 1040 is now contained on 6 new schedules (Sound easier to you).

So if you have, in the past, prepared your own taxes, be afraid, be very afraid. The forms are not simpler, the rules are not simpler, and thus the questionnaire that you go through with TurboTax (or any other of the online programs) will not be simpler.

And, especially if you have any items other than simple W-2 wages and maybe interest income, consider seeking professional help with your tax return.

Remember to “share” this post so that your friends can benefit from these tips. And as always, we are available to talk with you or your friends about how any of these tips can help you. AND we would like to help you with your tax preparation and reporting too. Call us for advice or to make an appointment at 615-895-7578.

12/11/2018

Tax Tip # 2 - Tax Scams – Every year the IRS clamps down on the previous tax scams. And every year the crooks come up with a new scam, or two, or three.

Hotmail User Scam: According to the IRS, there is a new tax scam targeting Hotmail users. The scam is being used to steal personal and financial information from people with .com email addresses. The phishing email subject line reads, “Internal Revenue Service Email No. ###X – We are processing your request soon – T######-######”. The email leads people to sign in to a fake Microsoft page and then asks for personal and financial information.

Whatever you do, don’t click on any link in an email that you receive. Clicking on the link may give the crooks the ability to load down harmful programs to your computer and/or steal the information on your computer. An email may even look like it’s an official communication from one of the companies you use (bank, insurance co., broker, etc.). Instead, go to the institutions website and proceed from there.

And Remember: The IRS will not email you or telephone you. They always use the U.S. Postal Service for their communications.

Remember to “share” this post so that your friends can benefit from these tips. And as always, we are available to talk with you or your friends about how any of these tips can help you. AND we would like to help you with your tax preparation and reporting too. Call us for advice or to make an appointment at 615-895-7578.

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805 S Church Street, Ste 9
Murfreesboro, TN
37130

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Wednesday 9am - 5pm
Thursday 9am - 5pm
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