2014 Tax Breaks

If You Are A Parent, You Want To Make Sure You Are Aware Of These 2014 Tax Breaks As a parent, you are always looking for a way to save a little extra money here and there, to put towards your general monthly expenses—or simply to save towards your child’s secondary education. One way to save a little extra money is to ensure that you are aware of the 2014 tax breaks below. While you are likely aware of the Dependent Exemption and Child Tax Credit that you qualify for, there may be a few other tax breaks that apply to you. Medical Mileage Deduction One tax break that no parent ever wishes they will have to account for is the Medical Mileage Deduction. This deduction is not designed for general doctors’ appointments, but if you have a sick child in need of increased medical attention, then this deduction may apply. Adoption Credit There are many expenses associated with adoption—such as attorney fees, court costs, and travel expenses. If you adopted a child, you may be eligible for a credit amount of up to $12,970 to help offset some of your expenses. While this credit may not cover all of your adoption expenses, it can drastically reduce the total amount of taxes you pay in 2014. Hiring Your Child In Your Small Business If you are the sole proprietor of a small business, you may be able to hire your child part time—and then write off their wages as a business deduction. As an added benefit, employees under the age of 18 are not required to pay any federal...

Why Choose A Private Firm For Your Tax Needs

Whether you are required to pay taxes quarterly or annually, when tax time rolls around, and you begin searching for someone to prepare and file your taxes—you may be wondering what benefit, if any, there is to working with a private tax firm opposed to a nationwide company. Below are just a few benefits of working with a private tax firm that you will not have access to when working with a nationwide firm—nor a general tax preparer. Work One-on-One With A Licensed Tax Professional When you choose a private firm for your tax needs, you will be working with a licensed tax professional who has in-depth knowledge of both State and Federal tax codes. If you have worked with nationwide firms in the past, the odds are you may have only been working with a general tax preparer whose comprehension of the 73,000 IRS Tax Codes pales in comparison to that of a licensed CPA. A Personalized Approach To Your Taxes When you hire a private firm, your tax professional will take a personalized approach to your tax needs. They will ask questions far beyond that of a general tax preparer to ensure that you are not paying more in taxes than required. Beyond preparing and filing your taxes, they will also give you suggestions as to how you can best prepare yourself for the next tax season. This includes any new credits or deductions that you may be eligible for, and how to accurately document your deductions. Access To Full-Service Tax And Financial Services Another advantage of working with a private tax firm is that you will...

The Truth About Nationwide Tax Firms

When tax time arrives, you will find pop-up offices by well-respected nationwide brands everywhere you look. While nationwide brands have the brand recognition, there are a few things you need to understand prior to hiring your tax professional. Below are a few questions you should ask before you make an appointment with a nationwide firm to prepare and file your taxes—and why a private firm may be more suitable for your needs. Will You Be Working With A Licensed CPA, Or A General Tax Preparer? A common assumption many of us make is that the individual they are meeting with at a nationwide tax firm is a Certified Public Accountant—when in many cases they are a “general tax preparer.” The difference between the two roles is significant. While general tax preparers have undergone basic tax preparation training, most only “do” taxes during tax season. They are also only familiar with the most basic of tax codes, and the software they utilize to prepare your taxes is comparable to free online tax software. A CPA renews their license annually to ensure that they are current with the most recent State and Federal tax codes. This means you can rest assured that all applicable credits and deductions will be fully accounted for. Do They Have A CPA You Can Work With? Nationwide tax firms do have CPAs, but most work only with corporate clients—or on personal tax cases for clients who earn over a specified amount of money each year. This is why when you call to schedule your appointment; you are asked a few questions to determine which services you...

Common Questions About Your Personal Taxes

If numbers aren’t your thing, or if your understanding of taxes is minimal—don’t worry because you are not alone! Below are answers to a few common tax questions, to help you gain a better understanding of some of the basics. How Often Do Tax Codes Change? Tax codes change each and every year—and are sometimes changed within the calendar year we are already in too. The current IRS Tax Code is over 73,000 pages long—and there are over 1,000 different tax forms in total. While not all tax codes will apply to you, it is essential to understand the codes that do. This is why many choose to work with a CPA to file their personal taxes. What Is A CPA? CPA is short for Certified Public Accountant. CPAs are licensed tax professionals who are required to have in-depth knowledge of both State and Federal tax codes. When you are searching for someone to help you prepare and file your annual taxes, it is important to understand if they are a “tax preparer” or a CPA. Tax preparers have a basic understanding of taxes, but are certainly not licensed tax experts. By turning to a CPA for your annual tax needs, you can rest assured that your taxes are properly prepared—and that you are aware of all applicable tax codes, meaning you can ensure all credits are accurately accounted for. How Can You Determine If You Are Going To Receive A Refund, Or If You Will Be Required To Pay More Taxes? There are many factors that determine which tax codes, credits, and deductions apply to you. Some of...

The Benefits Of Hiring A CPA For Your Corporate Tax Needs

If you own a business in the Roanoke, VA area—either a startup, growing business, or well-established business, there are many ways in which turning to a Certified Public Accountant for your tax needs is beneficial. Micah Fraim is a local CPA who can assist with your corporate tax needs, and so much more! All Tax Related Services When you turn to Micah Fraim as your Roanoke CPA, you have access to far more than preparing and filing your quarterly business corporate taxes. Micah will create a quarterly and annual tax plan for your business—and can provide all bookkeeping and accounting services too. He has extensive knowledge regarding the Internal Revenue Code (IRC), and will ensure you are in compliance with all applicable codes—while maximizing your deductions and credits. He will also create a tax plan to ensure you are setting aside enough money for your quarterly taxes, and that you time your investments to align with both your tax and financial goals. Business Planning And Consulting Services One of the main reasons many small businesses fail, or well-established businesses face financial hardship—is that there is not a solid business plan in place. Whether you are launching a new business, or need to strengthen the financial plan of a preexisting business—Micah will be the unbiased, advisor you require to get things right on track—and keep them there! He can work with your current business plan, or he can create a new one from scratch. Each quarter, or whichever timeframe you designate, Micah will help you to analyze your momentum—and further identify areas of opportunity for your business. He will also...