Daniel Hathcock, CPA - Small Business,Tax Returns,QuickBooks,Tax Planning

01/22/2015

"Someone's sitting in the shade today because someone planted a tree a long time ago."

Warren Buffet

01/16/2015

"Our greatest weakness lies in giving up. The most certain way to succeed is always to try just one more time."

Thomas A. Edison

01/16/2015

I forgot that the data can sync between your phone, your computer and the cloud. This allows you to add notes describing the trip and/or expense from your computer instead of typing it or speaking the notes into your phone.

01/16/2015

Although we are just over two weeks into the new year it is time for those of us who track business mileage to review our system.

I highly recommend this app

https://triplogmileage.com

For only $25/year an individual can track the mileage on up to five cars and track all business expenses. A few of the features I like are:

* Track the trip through GPS automatically tracking mileage.
* Enter trips manually when I forget to activate the GPS.
* Take a picture of a receipt and attach it to all trips or expense purchases.
* Produce reports that should be acceptable as an expense report for your employer or the IRS.

To prove how much I believe this is the best app for tracking mileage and expenses I have not included the link which allows me to share in the fees paid by people I refer. I do not want to give the appearance of an ulterior motive with this recommendation.

If you try it let me know what you think of it. For the price and performance there wasn't a better solution in my opinion.

TRIPLOG is the most innovative and feature rich app that assists you to automatically track car mileage, expenses and manage fleet. This app can be downloaded on both iOS and Android.

01/14/2015

"Optimism is the faith that leads to achievement. Nothing can be done without hope and confidence."

Helen Keller

01/14/2015

Are you ready?

"Following the passage of the extenders legislation, the Internal Revenue Service announced today it anticipates opening the 2015 filing season as scheduled in January.
The IRS will begin accepting tax returns electronically on Jan. 20. Paper tax returns will begin processing at the same time."

01/07/2015

Affordable Care Act (Obamacare)

The health care law addresses health insurance coverage and financial assistance options for individuals and families, including the premium tax credit. It also includes the individual shared responsibility provision and health coverage exemptions from that provision.

Please contact us at (314) 469-7588 to review how this new law and new forms will affect your individual tax returns for 2014.

12/31/2014

Scam Phone Calls Continue

Remember the IRS does not use unsolicited email, text messages or any social media to discuss your personal tax issue.

12/26/2014

Many people give to charity each year during the holiday season. Remember, if you want to claim a tax deduction for your gifts, you must itemize your deductions. There are several tax rules that you should know about before you give. Here are six tips from the IRS that you should keep in mind:

Qualified charities. You can only deduct gifts you give to qualified charities. Use the IRS Select Check tool to see if the group you give to is qualified. Remember that you can deduct donations you give to churches, synagogues, temples, mosques and government agencies.

Monetary donations. Gifts of money include those made in cash or by check, electronic funds transfer, credit card and payroll deduction. You must have a bank record or a written statement from the charity to deduct any gift of money on your tax return. This is true regardless of the amount of the gift. The statement must show the name of the charity and the date and amount of the contribution. Bank records include canceled checks, or bank, credit union and credit card statements. If you give by payroll deductions, you should retain a pay stub, a Form W-2 wage statement or other document from your employer. It must show the total amount withheld for charity, along with the pledge card showing the name of the charity.

Household goods. Household items include furniture, furnishings, electronics, appliances and linens. If you donate clothing and household items to charity they generally must be in at least good used condition to claim a tax deduction. If you claim a deduction of over $500 for an item it doesn’t have to meet this standard if you include a qualified appraisal of the item with your tax return.

Records required. You must get an acknowledgment from a charity for each deductible donation (either money or property) of $250 or more. Additional rules apply to the statement for gifts of that amount. This statement is in addition to the records required for deducting cash gifts. However, one statement with all of the required information may meet both requirements.

Year-end gifts. You can deduct contributions in the year you make them. If you charge your gift to a credit card before the end of the year it will count for 2014. This is true even if you don’t pay the credit card bill until 2015. Also, a check will count for 2014 as long as you mail it in 2014.

Special rules. Special rules apply if you give a car, boat or airplane to charity.

12/25/2014

While not exactly a "Christmas" song I think it is a great rendition of a great hymn. In my opinion I do not know if I have heard a better performance. But of course that is only my opinion. And to think she said "You opened the floodgates, I hope I can make it through this..." before she began.
I think she more than made her way through it.
https://www.youtube.com/watch?v=xX15hq2VxdQ

Carrie singing "How Great Thou Art" with Vince Gill on Girls' Night Out special! Credit: blitzer50!