Now that the IRS has finally instituted the Preparer Tax Identification Number(PTIN) requirements for paid preparers it is our duty to make sure that you know how to designate between the different professionals out there who prepare and file income tax returns for pay. In addition, we will show you samples of what IRS issued…
After a long hiatus thanks to a busy tax season, we’re back with news you can use. Here at JFTS we believe that this year’s April 18th filing deadline is just the beginning and that there is still so much we can offer to help you prepare for 2011. First off, this week marks Small…
In the tough times that small businesses are going through today, many business owners are choosing to levy payments for goods and services by bartering. It’s important to recognize that the fair market value of the goods or services provided or exchanged is still taxable income. By definition, bartering is the exchange of products or…
Missing a W-2? Here is what you do! In order to file your 2010 tax return, you need to have all of your financial and tax documents including all your W-2 employment forms. You should receive Wage and Tax Statement, Form W-2, from each employer you worked for in 2010. January 31st, 2011 was the…
According to the US Tax Laws, generally, most of your income is considered taxable but in some situations, certain types of income can be either only partially taxable or not at all taxable. In order to help you understand the difference between taxable and non-taxable income, here are some familiar examples of income not taxable…
There are several reasons to request previous year’s tax information. One of which is for purchasing a home or making any other substantial purchase. Another is if you are delinquent in filing your tax returns or just want to amend a previous year return. In this case you will need a copy of all information…
If you had a heart condition, would you go to your primary care doctor or a cardiologist? Easy question, huh? They why when it comes to taxes, do most people say “I’ve got an accountant who handles that.” What does your accountant do? Are they a specialist? Or just a “primary care giver“? For most…
If you work as a waiter/waitress or in any type of service job where tips are a major part of your income, you WILL be taxed on them. Even if you receive them in cash, the IRS has a way of calculating your tips based on your hours worked. This is known as an “allocated”…
I spoke recently with a friend who is a professional affiliate marketer. We got to the subject of taxes and mentioned a certain CPA that our Tax Patriots greatly admire and see as a authority on tax information. The irony was that the information he mentioned was the Section 179 depreciation which was one of…