Your Receipts are Important: Save Them

When it comes to taking qualified deductions on your federal tax return, three things must happen:

Children, Taxes, and their New Job

Is your child thinking about taking on a job for extra money this summer? If so, both of you may have questions about taxes. The following are a few tax tips to help you prepare.

Midyear Tax Planning More Important Than Ever

 

Summertime usually makes us think of vacations, backyard barbecues, and general relaxation. Tax planning may not be on the top of your summertime to do list, but this year you may want to consider making time for it.

Tax time is scam time - IRS announces the Dirty Dozen

 

Each year the IRS produces its "Dirty Dozen" list of tax scams. As criminals become savvier at stealing personal information and scamming people out of their money, taxpayers must be more vigilant than ever. Here are some of the more common scams you may encounter.

Identity theft: The IRS continues to receive fraudulent returns filed with someone else's social security number each year. While the agency is making progress in finding and prosecuting these criminals, taxpayers must be extremely cautious with their personal information to avoid becoming a victim.

Are the tax benefits of end-of-year equipment purchases worth the wait?

Tax breaks are attractive. But Gary I. Glassman, CPA counsels that you buy the equipment your veterinary hospital needs, your team will use, and your finances will appreciate with great ROI.

https://www.youtube.com/watch?v=UPJbRtmbdzM

 

7 Tax Season Tips: Strategies to better position yourself, or your practice, for 2015

We thought you'd find this article by Gary Glassman, CPA to be informative: http://blogs.idexx.com/7-tips-for-tax-season/

Maximize Retirement Plans Contributions & Minimize the Effects of Recent Tax Changes

The use of retirement plans and maximizing that potential may keep those who would be subject to the new tax under the threshold. Here’s a tax tip for practice owners: make sure you’re fully maximizing 401K or SIMPLE plan limits. These have increased for 2013 and are $17,500 for 401K plans and $11,500 for SIMPLE plans. A veterinary accountant can help you prepare for retirement, compare the types of plans available and help you learn which plan is right for you or your practice to ensure your nest egg(s).