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Archive for the ‘Uncategorized’ Category

Last Minute Tax Deductions for 2015

Tuesday, December 29th, 2015

2015 is almost over so now is the time to make those last minute purchases if you are looking for extra tax deductions or credits. This means that you need to make the purchases by December 31, 2015 in order for you to take advantage of it on your 2015 tax return. Personally this could range from getting charity deductions, payments out to colleges or supplies if you are a qualified teacher. You should especially look at your numbers if you are a business owner.

Whether you own a corporation or are a sole proprietor, you should do some sort of tax planning before the year is over in case you need to make any additional purchases. An example of this is if you know you are going to need to buy a business vehicle in the next few months, is it advantageous for you from a tax standpoint to purchase the vehicle in 2015 or 2016? The same also goes for if you know you need to buy a major piece of equipment in the near future, when should you buy it? These are all factors where it may be beneficial for you to meet with your account before the year end to form a strategy that works best for you.

Please consult your tax advisor on all the above information.

IRS Scam Phone Calls Have Picked up Again

Thursday, October 22nd, 2015

The IRS is again warning the public to be alert for scam phone calls from people looking for money claiming to be from the IRS. The thieves claim they are an IRS official and that you owe a false tax bill. The scammers try to scare and intimidate their victims into paying them asap or they will be arrested, deported, or have their license revoked.

You will hear from the IRS via mail before any phone calls. The IRS will also never require you to pay your tax bill a certain way, such as a prepaid card (which is what the scammers usually ask for).

If you receive a questionable call like this you should not give any of your information out and hang up immediately. If you have any doubt in your mind that you may possibly owe taxes once you hang up you should call the IRS directly at 800-829-1040. A person from the IRS can look up your account and be able to tell you if you owe anything or not.

You should also report the call to the Treasury Inspector General for Tax Administration by calling 800-366-4484 or by using the following link:

https://www.treasury.gov/tigta/contact_report_scam.shtml

Also please keep in mind that the scammers are constantly coming up with new ways to try and con you out of your money so always be aware and call the IRS if there is any doubt.

Please consult your tax advisor about all the above information.

2014 Personal Tax Returns on Extension are Due 10/15/15

Wednesday, October 14th, 2015

This is just a reminder that 2014 personal tax returns that are still on extension are due tomorrow, Thursday October 15th, 2015.

Miscellaneous Expenses You May Not Have Known Are Deductible

Wednesday, September 30th, 2015

Miscellaneous deductions are a great way to help reduce your tax liability for the year. If you itemize your deductions on a Schedule A you may be able to utilize certain expenses that you previously didn’t know were deductible. The catch with these deductions are that their total needs to be more than two percent of your adjusted gross income in order for you to actually deduct them and get a benefit. These expenses include the following:

• Tools for your job.
• Job search costs for a new job (but the new job needs to be in the same line of work that you are currently in).
• Certain work clothes and uniforms (consult your tax advisor to see if yours qualify for the deduction).
• Unreimbursed employee expenses.
• Union dues.
• Work-related travel and transportation.
• Tax preparation fees (which includes efile fees and tax software costs)

Hopefully the above list can get you some additional deductions on your tax return! Please consult your tax advisor on all the above issues.

The 2013 Year End is Fast Approaching!

Thursday, November 14th, 2013

This is a friendly reminder that the end of 2013 is fast approaching. Now is the time to properly plan for the year end before it is to late. Please contact us if you need any help with 2013 year end tax planning.

Beware of Telephone Scam

Monday, November 4th, 2013

The IRS is warning that there is a new telephone scam which is targeting taxpayers, which includes recent immigrants. The scammers are telling taxpayers that they owe money to the IRS and then requesting that wire transfers or pre-loaded debit cards be sent to in order to pay this phony amount they are asking for. The scammers are also threating arrest, deportation, or driver’s or business license suspension.

The IRS will most likely contact you via mail if the issue is legit. If you receive a call like this the best action to take is to call the IRS directly at 800-829-1040 to inquire if there are actually any taxes owed.

Please consult your tax advisor on all the above information and visit our website, www.steveveseycpa.com, to inquire about further information.

2013 Tax Return Filing Date

Monday, October 28th, 2013

The start of the 2014 will be delayed due to the government shutdown.

2013 Individual tax returns cannot be filed until January 28th, 2014 at the earliest so make sure you plan accordingly.

Please consult your personal tax advisor on all the above information.

2012 Tax Returns on Extension are Due October 15th

Thursday, October 10th, 2013

This is a friendly reminder that if your 2012 tax return is still on extension then it is due this Tuesday October 15th. Happy filing!

12/31 Corporate Tax Returns on Extension are due Today!

Monday, September 16th, 2013

2012 corporate tax returns that are still on extension are due today, September 16th. Please consult your tax advisor if this applies to your corporation.

Monday, September 9th, 2013

Baby Boomer Seminar

Corporate Tax Returns on Extension are Due Soon

Tuesday, August 13th, 2013

If your corporate year end is December 31st, 2012 and the corporation is on extension, the tax return is due soon. The deadline to file your returns is September 16th, 2013. This date will sneak up on us so you should start pulling your information together so you are in a position to file your returns by the deadline.

Please consult your tax advisor on all the above information and “Like” us on Facebook for your chance to win gift certificates to great local restaurants, www.facebook.com/veseyandcompany.

Have you Recently Received a Notice from the IRS?

Monday, August 5th, 2013

It is the summertime which means some taxpayers are receiving notices from the IRS that additional taxes may be owed resulting from a discrepancy they discovered on your tax return. If you received one of these notices you should begin working on resolving it as soon as possible because penalties and interest may be accruing as time goes on. You should definitely research and find out exactly why you received the notice.

Some taxpayers will pay the notice without finding out why they received it in the first place. In some cases, those taxpayers did not owe the additional money. A perfect example of this is if you inadvertently forgot to include stock sales on your return the IRS will send you an additional bill for the tax owed on the full stock sale. What the IRS does not take into account in the notice is that you may have had an original cost basis in those stocks so the tax owed may not be on the full sale. If you receive a notice the best thing to do is to start working on it as soon as possible and show it to your accountant as well.

Please consult your tax advisor on all the above information and “Like” us on Facebook for your chance to win gift certificates to great local restaurants, www.facebook.com/veseyandcompany.

Tips to Keep Tax Return Fees in Check

Tuesday, July 30th, 2013

With the complex tax laws this day and age many people need to hire accountants to prepare their tax returns. Even though a fee for the preparation is inevitable, there are steps that the taxpayer can take in order to try to keep those fees from getting too high. Some accountants will charge a flat fee for your return and some will charge by time, by what most accountants have in common is that if you show up to their office with shoe boxes full of receipts, you can expect a higher invoice. The following steps can help keep your tax preparation fees in check:

• Keep accurate records. This means logging all your transactions into software such as Excel or QuickBooks.

• Do not show up to your accountant’s office with stacks of receipts. Some accountants will add up all the receipts for you but will most likely charge an extra fee to do it.

• Include ALL your tax forms when you submit them to your accountant. Many times clients will drop off only a portion of what the accountant needs to complete the returns, the extra time it takes to track down the missing information can add up in some cases.

• Be prompt in returning any calls or emails from your accountant. Time adds up if your accountant has to resend emails or make additional calls to get the needed information.

• Make sure to have all your expenses totaled and categorized prior to submitting them to your accountant. If you use excel, make sure to have each expense category totaled for the entire year.

Following these above steps may help keep you from paying some avoidable fees. Please consult your tax advisor on all of the above information.

Are Gambling Winnings Taxable?

Tuesday, July 23rd, 2013

The answer to that question is yes, gambling income is taxable. Gambling income includes winnings from casinos, raffles, lotteries, races, cash, and the fair market value of any prizes you win during the year such as a trip or a car. You may receive a Form W-2G from the payer which states your gross winnings, a copy of this form also gets sent to the IRS by the payer. The income still needs to be reported on your tax return even if you did not receive a Form W-2G. The casual gambler will report this income on line 21 “Other Income” of the Form 1040.

There is a silver lining though; you may be eligible to deduct gambling losses on the Schedule A, Itemized Deductions Form. You can only deduct losses to the extent of your winnings. As an example, if you won $1,000 from the lottery the maximum gambling losses deduction amount you may qualify for is $1,000.

Please consult your tax advisor on all the above information and “Like” us on Facebook for your chance to win gift certificates to great local restaurants, www.facebook.com/veseyandcompany.

How to Get a Copy of Your Tax Return

Monday, July 15th, 2013

Many taxpayers have been in the situation where they need a copy of their prior year’s returns and can’t seem to locate it in their records. The great news is that there is an easy solution for this problem. You can fill out Form 4506, Request for Copy of Tax Return, to get a copy of the return you need. This form can be found on IRS.gov.

You can also obtain a transcript of your tax return online. Just go to IRS. gov, click on “Order a Return or Account Transcript” and follow the steps. The transcript will normally be mailed to you in 5 to 10 calendar days.

Please consult your tax advisor on all of the above information and “Like” us on Facebook for your chance to win gift certificates to great local restaurants, www.facebook.com/veseyandcompany.

Are you Newly Married?

Monday, July 8th, 2013

If the answer is yes and your last name has also changed then it is important to know that you need to report the name change to the Social Security Administration. This is an issue we often see in our office with newlyweds. Not filing the name change with the SSA may cause a delay in the filing of your tax returns. To report the name change you will file Form SS-5, which is available on SSA.gov or by calling 800-772-1213.

Please consult your tax advisor on all of the above information and “Like” us on Facebook for your chance to win gift certificates to great local restaurants, www.facebook.com/veseyandcompany.

IRS Will be Closed on July 5th, 2013

Wednesday, July 3rd, 2013

The Internal Revenue Service will be closed on July 5th, 2013 for the day. This includes toll-free hotlines, IRS offices, Taxpayer Advocate Service, and taxpayer assistance centers. No deadlines have been changed, all filings are still due on their normal due dates.

Please consult your tax advisor on all the above issues and “Like” us on Facebook for your chance to win gift certificates to great local restaurants, www.facebook.com/veseyandcompany.

Do You Owe Money to the IRS That You Cannot Afford to Pay?

Monday, June 17th, 2013

If the answer to that question is yes, then you may want to explore an Offer in Compromise with the IRS. An Offer in Compromise is an agreement with the IRS that will allow you to settle your tax debt for an agreed upon amount that is less than what you actually owe. This may be a good option for you if you are unable to pay your full tax liability owed due to financial hardship or if paying the full amount owed will create a financial hardship. The four circumstances the IRS will review when considering this offer are your ability to pay, income, expenses, and assets. The IRS may accept the offer if the amount proposed is the maximum they will collect in a reasonable time frame.

The IRS Pre-Qualifier tool can be found at http://irs.treasury.gov/oic_pre_qualifier/. Please consult your personal tax advisor on all the above information.

What is the Time Limit to Rollover a Retirement Plan Withdrawal?

Wednesday, June 5th, 2013

The simple answer to this is that you have 60 days to transfer a withdrawal from one qualified retirement plan to another. This transfer will be considered a rollover if you complete it before the 60 day deadline. If the transfer is considered a rollover, it is not subject to income tax.

Please consult your tax advisor on all of the above information and “Like” us on Facebook for your chance to win gift certificates to great local restaurants, www.facebook.com/veseyandcompany.

2013 Traditional and Roth IRA Contribution Limits

Tuesday, May 28th, 2013

The amount you can contribute to a Traditional or Roth IRA in 2013 is $5,500; this is up $500 from 2012. If you are at least 50 years old at the end of the year you can make a catch up contribution of an additional $1,000, meaning you can contribute a total of $6,500 for the year.

Please consult your tax advisor on all the above information and “Like” us on Facebook for your chance to win gift certificates to great local restaurants, www.facebook.com/veseyandcompany.

2013 Business Mileage Rate

Wednesday, May 22nd, 2013

The standard mileage rate for 2013 is now 56.5 cents per mile, this is up one cent from 2012. Miles driven for medical purposes and job-related moves is up to 24 cents per mile while the mileage driven for charity remains at 14 cents per mile.

It is very important to keep a mileage log for all mileage that you plan on writing off. This log will keep track of certain items such as the date of each trip, total round trip mileage, the destination, and the purpose of each trip.

Please consult your tax advisor on all the above information. Please “Like” us on Facebook for your chance to win gift certificates to great local restaurants, www.facebook.com/veseyandcompany.

Tips for Amending Your Tax Return

Friday, May 3rd, 2013

It is not uncommon for an individual to have to amend their tax returns for whatever reason but what forms do you need to file? The federal form you need to file is the 1040X, Amended U.S. Individual Income Tax Return, and the Massachusetts form is the CA-6. This form needs to be filed within three years from the date you filed your original tax return or two years of the date you paid the tax, whichever one is later. If any forms or schedules changed as a result of your adjustments, you need to include those forms in the amended return as well.

Amended returns generally to up to 12 weeks to process but you can track the status of your return online. Go to IRS.gov and click on “Where’s My Amended Return?” and follow the steps.

Please consult your tax advisor on all the above information. “Like” us on Facebook for helpful tax updates and your chance to win gift cards to great local restaurants, www.facebook.com/veseyandcompany.

Is it Time to Start Planning for Your 2013 Tax Return?

Wednesday, April 24th, 2013

It is never too early to start getting ready for the current tax year, even though your returns may not be due for another eleven months. Early and proper tax planning can help reduce the risk of owing money on your upcoming tax returns and also help reduce the risk of getting any penalties because you owe with your returns.

Now may be the time to adjust the withholding on your wages. If you owed money with your 2012 tax returns getting more tax withheld from your paychecks may help reduce the risk of owing when you file your 2013 tax returns. Claiming zero on your Form W-4 will withhold the most amount of tax from your paychecks. Another great planning tool is to frequently visit IRS.gov to stay up to date on any new tax law changes. Following these easy tips may lead to a happier tax season!

Please consult your tax advisor on all of the above information and “Like” us on Facebook for your chance to win gift certificates to great local restaurants, www.facebook.com/veseyandcompany.

All 2012 Tax Returns Are Now Being Accepted

Tuesday, March 5th, 2013

The IRS announced that all tax returns are now being accepted starting Monday March 4th, 2013. Happy Filing!

Are You Having Trouble Finding a Copy of Your Prior Tax Return?

Tuesday, February 26th, 2013

It is tax time and you are all ready to go get your refunds except for one minor problem…you cannot find your return from the prior year. No need to panic, there are a few different methods to obtain a copy of this return:

1) You can obtain a copy of your transcript directly from the IRS by mail, phone, or online. The transcript will show most of the line items on your tax return. You can call 800-908-9946 to order a copy of the transcript. You can also complete and mail Form 4506T-EZ. The third option is by visiting IRS. gov and click on “Order a Transcript”.

2) You can get an actual copy of your return for a fee of $57 for each copy. Generally you can get returns as far back as six years. To obtain this copy visit IRS.gov and complete Form 4506 and mail it to the IRS.

Please consult your personal tax advisor on all the above information and “Like” us on Facebook for your chance to win gift certificates to great local restaurants, www.facebook.com/veseyandcompany.

How Should You Choose a Tax Preparer?

Tuesday, February 19th, 2013

With tax season upon us, it is very important to choose the right tax preparer to assist you in the completion of your tax returns. The following are a few suggestions that will help guide you in the right direction when you choose a preparer:

– Research the background and the history of the preparer. An easy way to do this is ask around to find others who have used the preparer to get actual testimonials and also make sure the preparer has a PTIN number. The consumer can also check with the Better Business Bureau, the state boards of accountancy, or the IRS Office of Enrollment to check the history of the preparer.

– Ask about fees ahead of time and never have your refunds deposited in the preparers bank account to pay the preparer fee.

– The preparer needs to be accessible even after April 15th in case any questions come up pertaining to your tax return.

– A qualified preparer will always ask questions to verify your income and deductions and request the proper documentation to confirm your figures.

– Review your tax return completely before you sign your paper return or e-file forms. Your preparer should be able to clarify all of your concerns before your return is filed.

– Make sure the preparer includes their PTIN number when they sign the returns.

Hopefully these hints will help you find the tax preparer that is a match for you. Please consult your advisor on all of the above information.

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How Long is the Child Tax Credit Available to Parents?

Monday, February 11th, 2013

Many parents wonder how long they will be able to claim the child tax credit on their individual tax returns. If you qualify for the credit, it can be worth up to $1,000 per child. In order to qualify for this credit, your child needs to be under the age of 17 on the last day of the tax year. So make sure to plan accordingly if your child is going to turn 17 in the current tax year.

Please consult your tax advisor on the above information. You can also “Like” us on Facebook for your chance to win gift certificates to great local restaurants, www.facebook.com/veseyandcompany.

Many Businesses Can File Their Returns Today

Monday, February 4th, 2013

Beginning Monday February 4th, many businesses will be able to file their 2012 tax returns. This covers Form 1120 for corporations, Form 1120S for S Corporations, Form 990 for Exempt organizations, Form 1065 for Partnerships and Form 720 for Quarterly Excise Tax Returns. Many businesses will still not be able to file their returns because of the delayed forms resulting from the January tax law changes.

Please consult your tax advisor on all the above issues and “like” us on facebook for your chance to win gift certificates to great local restaurants, www.facebook.com/veseyandcompany.

Certain Taxpayers Cannot File Their Returns Until Later

Monday, January 28th, 2013

Most taxpayers can begin filing their returns on January 30th, but some will have to wait. The IRS has a list of certain forms that will not be ready until Late February or early March. The most notable form that will affect many taxpayers is the depreciation and amortization schedule. Please click on the following link to the IRS website for a full list of the schedules that will not be ready on January 30th.

http://www.irs.gov/uac/Newsroom/List-of-IRS-forms-that-1040-filers-can-begin-filing-in-late-February-or-into-March-2013

Please “Like” us on Facebook to receive helpful tax updates and to be entered into our drawings for a chance to win gift certificates to great local restaurants, www.facebook.com/veseyandcompany. Our first drawing will be Thursday January 31st for a $50 gift card to Demaino’s Restaurant in Revere.

Please consult your tax advisor on all the above information.

IRS to Begin Accepting Returns Soon

Tuesday, January 22nd, 2013

The IRS plans to begin accepting individual tax returns on January 30th, 2013. This will reflect the majority of tax changes that were signed on January 2nd. The taxpayers that require more extensive forms in order to file will be able to do so in late February or early March. The main items that will not be ready on January 30th are residential energy credits, depreciation and amortization, and general business credits.

Please consult your personal tax advisor on all the above information.

2013 Capital Gains and Dividend Rates

Wednesday, January 9th, 2013

The 2013 capital gains and dividends rates have just been released. A 20% rate applies to individuals at the top bracket threshold, 15% for the middle brackets, and a zero rate for the 10% and 15% bracket.

So plan accordingly based on these 2013 rates. As always, please consult your tax advisor on all of the above information.

Payroll Tax Increase!

Thursday, January 3rd, 2013

This is just a helpful hint to make you aware that the amount of social security tax withheld from your paychecks has increased from 4.2% to 6.2% starting on 1/1/13. Unfortunately that means that your paychecks will be smaller in the New Year, so you may want to plan accordingly.

Please consult your tax advisor regarding the above information.

Two Fiscal Cliff Tax Impacts for the Taxpayer

Friday, December 28th, 2012

The Bush-era tax cut expiration is right around the corner, as of right now no new deal has been implemented for the December 31st, 2012 deadline. We want to highlight two of the many factors that may happen come January 1st that could lighten your pockets:

• The social security payroll tax holiday may expire on December 31st. This will raise the amount of social security tax withheld from each employee from 4.2 to 6.2 percent. This will mean that each of your paychecks will be smaller every pay period.

• Tax refunds could be delayed. If the tax cuts expire on the 31st then the IRS needs to create revised tax forms that may not be ready by the time of your usual filing.

So you may want to plan accordingly if these changes happen, but look at the bright side, I am sure we have all already saved a couple dollars from not having to pay for Bruins tickets this year 🙂

As always, please consult your personal tax advisor on all the above information.

2012 Year End Tax Planning is a Must!

Monday, December 17th, 2012

With the end of 2012 fast approaching us it is more important than even to do year-end tax planning. Unless any tax laws change before the end of 2012, as of January 1st, 2013, the long term capital gains tax rate is set to go from 15% up to 20%. There may also be an increase on the tax rate of qualified dividends, which may go from 15% to 39.6%. This one potential change alone may have major tax implications on your personal situation. It may work in your favor to make changes to your portfolio before January 1st, 2013 to take advantage of the lower rates.

Please contact our office if you would like to make a tax planning appointment before the end of the year. As always, consult your personal tax advisor on all of the above information.

Standard Mileage Rate Set to Increase!

Monday, December 3rd, 2012

Great news for those of you who operate a vehicle for business, medical, or moving purposes, the standard mileage rate is set to increase beginning January 1st, 2013. The rate is set to increase 1 cent from the 2012 rate. The new rates are as follows:

• 56.5 cents per business mile driven
• 24 cents per medical or moving mile
• 14 cents per charitable mile driven

It is important that you keep detailed records of your mileage which includes the date, destination, purpose, contact and the actual miles driven. You should also keep track of any actual expenses you incur during each trip such as gas, tolls, parking, etc. You will be happy you prepared this log once it is time to prepare your tax return, it will also be very helpful if the IRS comes knocking!

As always, please consult your personal tax advisor on all the above information.

Has Your Business Received an Annual Minutes Form?

Monday, November 26th, 2012

An entity has been recently sending out a form to businesses titled “2012 – Annual Minutes Records Form” in an attempt to solicit $125 to complete corporate meeting minutes on behalf of the corporation. Massachusetts corporations are not required to file corporate minutes with the Secretary of State. It appears this entity chose the fee of $125 in an attempt to trick people because that is normally what is due for most corporations’ annual report, which is required by law to be filed with Massachusetts.

It is not required that you do business with Compliance Services. It is important to know that any official statement or request from the Office of the Secretary of State will have the name “William Francis Galvin” clearly displayed on it. You can also contact the office of the Secretary of State if you have any questions about any inquiries you receive, 617-727-9640.

As always, please consult your personal tax advisor on all of the above information.

Could Hiring a Veteran Get You an Expanded Tax Credit?

Tuesday, November 13th, 2012

The answer to that question is, yes, there is a chance your company may be eligible for an expanded tax credit if you hire a veteran that begins work before January 1, 2013. Businesses may qualify through the Work Opportunity Tax Credit to receive thousands of dollars for this credit. Some key facts about the credit include:

1) To claim the credit, the qualified veterans need to have begun work on or after November 22, 2011 but before January 1, 2013.

2) The maximum amount of the credit is $9,600 per worker employed by for-profit businesses, or for tax exempt businesses, the maximum credit is $6,240.

3) The amount of the credit will depend on the length of the veteran’s unemployment before being hired, the amount of wages the veteran receives during the first year of employment, and the number of hours the veteran has worked.

4) Hiring disabled veterans with service-related disabilities may make your business eligible for the maximum credit.

5) Employers must file Form 8850 with their state workforce agency. This form needs to be filed 28 days after the qualified veteran begins work.

As always, please consult your personal tax advisor about all of the above information.

Hurricane Sandy Tax Relief

Tuesday, November 6th, 2012

The IRS has postponed various tax filings and payment deadlines beginning in late October for the victims of Hurricane Sandy in Connecticut, New Jersey, and New York. This will give taxpayers until February 1, 2013 to file these returns and pay any amounts due. The postponed deadlines include payroll and excise tax returns and payments for the third and fourth quarters, the third quarter is normally due on October 31, 2012 and the fourth on January 31, 2013. The postponed deadlines also include fourth quarter individual estimated tax payments which are normally due on January 15, 2013. The relief also applies to tax-exempt organizations required to file Form 990 series with an original or extended deadline which falls within this time period.

The IRS also is waiving failure to deposit penalties for excise tax and federal payroll tax deposits normally due on or after the disaster area start date and before November 26, but the deposits have to be made by November 26, 2012.

The filing and payment relief applies to the following localities:

Connecticut: Fairfield, Middlesex, New Haven, and New London counties and the Mashantucket Pequot Tribal Nation and Mohegan Tribal Nation located within New London County;

New Jersey: Atlantic, Bergen, Cape May, Essex, Hudson, Middlesex, Monmouth, Ocean, Somerset, and Union Counties;

New York: Bronx, Kings, Nassau, New York, Queens, Richmond, Rockland, Suffolk, and Westchester counties.

As always, please consult your personal tax advisor on all the above issues.

A Must Read to Avoid Phony IRS Websites

Tuesday, October 30th, 2012

A warning was just issued by the IRS that a new tax scam is out. The phony site offers an E-Services online registration page look that’s identical to the real IRS page. Criminals use these websites in an attempt to get your personal and financial information to steal your identity or money.

The official IRS website is www.irs.gov. It is important to know that the real website ends in .gov; scams will often provide sites that end in .org, .com, .net, etc.

Another important fact is that the IRS never contacts anyone by email to request personal information. If you receive an unsolicited email that claims to be from the IRS, you should report it by sending it to phishing@irs.gov. Knowing this information will greatly reduce the risk of getting scammed by any fake IRS sites. As always please contact your personal tax advisor about all of the above issues.

Are You a Recently Married Taxpayer?

Monday, October 22nd, 2012

If so, let me start off by saying congratulations!!! The end of the wedding season is upon us which means many of you will now be filing married as opposed to single. A new life also creates new tax changes.

One of the biggest issues when filing your new tax status on your return will be the change in your last name. Your name and social security number need to match what is on your tax return. This means it is very important to notify the Social Security Administration after you get married to report your name change. You will need to file Form SS-5 which is available at their website or by calling 800-772-1213.

Good luck on your new tax journey and as always, consult your tax advisor on all the above issues.

Tax Tip for Small Business Owners

Tuesday, October 16th, 2012

If you have employees in your business you may be subject to a new provision as part of the Health Care Reform Law for 2012. This new provision requires certain employers to report additional information on their W-2’s. Employers will now have to report the total value of an individual employee’s health benefits on their Form W-2.

For the tax year 2012, this applies to employers that filed 250 or more Form W-2’s for the previous tax year. This does not apply to employers filing less than 250 Form W-2’s.

These health care costs are only informational and are not taxable to the employer or employee. The cost of the health coverage will be reported in box 12 of the W-2 and will have the code “DD”.

As always, consult your tax advisor on all the above information.

Ever Wonder the Status of Your IRS Refund?

Wednesday, October 10th, 2012

Many of us have filed are tax returns and have been waiting around patiently for that refund, but where is it? The IRS provides an easy way to find out, you will need your social security number, filing status, and the amount of the refund. Just simply go to IRS.gov and click on the “Where’s My Refund” icon on the right hand side and then enter your information. They will inform you if and when your refund was issued or will be issued.

As always, please consult your tax advisor on the above issue.

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All Personal Tax Returns are Due Soon!!

Monday, October 1st, 2012

Uncle Sam is calling! This is just a helpful reminder that if your personal return is still on extension, the due date to file the return is Monday October 15th, 2012.

If you need assistance getting your returned filed by the 15th our office will be happy to help. Please visit our website, www.steveveseycpa.com, for further information. As always, please consult your tax advisor on all the above information.

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Have You Received a Notice From the IRS?

Monday, September 24th, 2012

If the answer to that question is “yes” then we will jump right to the first of eight tips, (1)do not panic. Many of these issues could have simple solutions, such as a 1099 was inadvertently left off of your return when you filed it.

(2) There are many reasons why the IRS sent the letter, but it will pertain to a specific issue about your account. The exact issue needs to be identified.

(3) The letter will give you specific instructions on how to proceed.

(4) If the letter involves a correction to a return you previously filed, you need to check it against your records to make sure the changes are correct.

(5) If you agree with the changes to your account, normally no response is needed unless a payment is due as a result of the change.

(6) Respond in writing if you do not agree with the changes. Include your explanation and any supporting documentation for the IRS to review. Mail the information to the address shown on the lower left corner of the notice.

(7) If you need to speak with a representative from the IRS, call the number listed on the upper right hand corner.

(8) Keep all copies of any notices the IRS sends you for your records.

As always, please consult your personal tax advisor on all of the above issues.

Are Gambling Winnings Taxable??

Thursday, September 20th, 2012

Unfortunately the answer that question is yes, your gambling winnings are fully taxable. Gambling winnings include, but are not limited to, winnings from casinos, horse races, lotteries, and raffles.

This news is not all bad though. You can deduct your gambling losses to the extent of your winnings on Schedule A. So make sure to keep those accurate records of your losses and keep all receipts!

Small Business Marketing Seminar 9/26/12

Tuesday, September 18th, 2012

Do you feel your advertising has not been attracting new customers? If that is the case this Guerrilla Marketing Seminar may be for you.

This is an informative and interactive seminar where you will learn how to use easy and inexpensive techniques to increase your profits for your company. This meeting will give strategies to compete with bigger businesses and attract your target customers.

For further information and registration details please visit the Innovative Business Network’s website:

http://innovativebusinessnetworking.com/events-2/

Back to School Tax Tips!

Wednesday, September 5th, 2012

There are two education credits taxpayers should be aware of. The first is the American Opportunity Credit. The credit can be up to $2,500 per eligible student. It is available for the first four years of post secondary education at an eligible institution. This credit is also refundable, meaning you may be able to receive an additional $1,000 even if you don’t owe any taxes.

The second credit,The Lifetime Learning Credit, may be up to $2,000 for qualified education expenses paid for a student in eligible institutions. There is no limit on the number of years you may be able to claim this credit.

You can only claim one type of credit per student per year. The qualified expenses for these credits include tuition and fees, course related books, supplies and equipment. As always, please consult with your personal tax advisor on all the above information.

“Accounting For a Cure” and The Jimmy Fund

Wednesday, August 29th, 2012

Every day 3,000 Americans are diagnosed with cancer. Cancer does not discriminate against anyone. For the past 50 years, The Jimmy Fund has been working to try and beat this disease. On Sunday September 9th, the Jimmy Fund is holding their annual cancer walk to raise funds in an attempt to find a cure.

Vesey and Company is fully committed to help The Jimmy Fund in this quest so we have decided to put down the adding machines for a day and dust off the old walking shoes to participate in this important event. Our goal is to raise at least $300 per person to help with the fight against cancer. Any donations for this event will be greatly appreciated. Donations can be made by using the link below, just select any individual on our team, “Accounting For a Cure”, to make the donation. Thank you for your help.

http://www.jimmyfundwalk.org/faf/search/searchTeamPart.asp?ievent=1000775&lis=1&kntae1000775=F602B4C961334A1FBF667AA212DD4DBE&team=5156015

Having Problems With the IRS?

Monday, August 27th, 2012

If you are having problems with the IRS that you need help with, you should contact the Taxpayer Advocate Service. This agency is specifically designed to help taxpayers deal with issues and serve as your voice to the IRS on behalf of individuals or businesses. This is a free service and tailored to meet your specific needs. You may be eligible for this service if you have tried to solve your problem through normal channels and have hit a dead end.

If you do qualify for this service, the Taxpayer Advocate Service will assign you one advocate to get your problem resolved. There is at least one office in every state, including the District of Columbia, and Puerto Rico. You can either visit IRS.gov/advocate or call 1-877-777-4778 to get information. You can also visit the tax toolkit website www.TaxpayerAdvocate.irs.gov to get a better understanding of your rights that the IRS must abide by.

Our office also helps taxpayers deal with IRS issues, you can give us a call at 978-774-3000 for further information and as always, please consult your personal tax advisor about all the above issues.

What to Keep for Tax Records and How Long?!?!

Wednesday, August 15th, 2012

The general rule of thumb is that you need to save your tax records for at least three years after that tax return has been filed. That is not to say that the IRS cannot go back even further. If they audit a particular year and find any type of fraud regarding the return, they then can go back and look at seven years.

Now that you know how long you should keep your tax records, the next question is what should you keep?

For individuals, you should keep any supporting documentation such as bills, credit card and all other receipts, invoices, mileage logs, canceled and substituted checks and other proof of payments on all the deductions you took. You should also keep all the documentation on any properties that you have sold or disposed of. Some other examples include bank statements, credit card statements, home purchase or improvements, stocks and other investments, retirement transactions, and rental property records.

Please consult with your personal tax advisor on all the above information.