The Tax Goddess Blog

Gathering Information

The IRS places the burden of proof on each individual taxpayer. 

What I think is strange, is they place the burden of proof on the taxpayer, even if they have the documentation!

I am working on a case right now where the IRS says that they never received any w-2's or withholding for a taxpayer and therefore they are creating their own versions of multiple years worth of returns and then taking the $ they decided what theirs out of the taxpayers bank account.

What I love, is that when I called the IRS to get copies of what information they did have - w-2's was one of the items they HAD!

Now, how's that for you - left hand and right hand not talking!

Only goes to show, if you get a letter from the IRS, make sure you either have a CPA or get one to help you ASAP!  The IRS tells us different things than they will tell the taxpayer!

Good luck against "TheIRS"!

Your Tax Goddess   

Marketing to your Own Client Base - Don't Forget Them!

Today I received an email from a client that I thought was lost to the bigger world!  I had spoken to this potential client about 6 months back and we kind of dropped off from each other.

Basically, every time I speak to anyone, a new Vendor, a Potential Client, anyone, their email gets added to my Constant Contact email list.  They can, of course, remove themselves whenever they wish to, but it is a great way to get a constant reminder of who I am, what my Firm does, and what we can offer the world!

Lucky for me, this potential client had been reading the newsletters and had asked their current CPA what I meant by an article that I had written on cost segregation.  When that CPA couldn't answer, she emailed me, I explained, and I got a new Client!

All the benefits of staying in contact with those you meet, you never know who will need you and when!  So, never burn your bridges and always stay useful and helpful to those around you!

- Your Tax Goddess, greatful for those surrounding her.

Retirement Accounts - so you think Social Security will Still be around?

Today I was speaking with a client with regards to her business accounting.  She was mentioning that she is now starting to look at expanding her horizons and planning for her future.  I of course mentioned that as a self-employed person she had a few great opportunities to save for herself.  She looked very confused.

But I can only make an IRA contribution can't I?

Oh, I shook my head in shame!  No one EVER tells business owners about the wonders of the new rules and saving opportunities that the government has provided them.

Now, I am most certainly not a specialist in retirement savings / plans (I leave that up to the professionals such as Jason Washo and Michael Juilfs) but I do know a few things:

1) SEP IRA's - you can contribute a maximum of 25% of your net income up to $44,000 & get a write off for it!
2) 401(k) ROTH's - $14,000 of no deduction now, but endless earning potential!

Just between these two you could get some serious savings for yourself!  Now, isn't that better than paying Uncle Sam?

Just a thought, but people say Pay it Forward (great idea!) but don't forget to PAY YOURSELF!

- Your Tax Goddess fighting for your future!

Bookkeeping and You, Are you Kidding?

So,

Last night  I was out for dinner with a good friend of mine who is a bookkeeper.  She was commenting on how the restaurant we were at she has seen in many of her clients books and how she knows that it therefore must be pretty good.

That little tidbit brought up a thought for me:  Do you know what an IRS agent can tell about you from your set of books?

I see it all the time.  A Business owner running their gym membership, their finance's new engagement ring, their trip to Hawaii, all thru the business, and the owner stating that these are truly business expenses.

Now, imagine how your IRS audit will go.  So, Mr. Jones, what, exact, business purpose did that 1 carat diamond relate to?  Was it your new "marketing" strategy?

I'm not saying don't take advantage of the full benefits of being a business (by any stretch of the imagination, I am always up for a bit of aggressive deductions) but BE CAREFUL!  Too many little "mistakes" (buying personal stuff on the business accounts) can leave you in dire straights when it comes to convincing them that the 25,000 in meals and entertainment really had a business purpose when 12,500 of that was spent over the one weekend that you got married!

Anyway, just be careful :)  If you are going to eat out, always have that little receipt with the 5 W's:

Who
What
Where
When
&
Why

Your Tax Goddess (looking out for your best interests :)

Hat Tip for Tax Horoscopes

Posted Here is a great article based on each person's Tax Horoscope.

I loved it, considering I am a Taurus and therefore expect no refund, but nothing owed!

Want to check out your tax horoscope?  Take a Peek

Hat Tip to: Don't Mess with Your Taxes  and Tax Prof

SWC's Wine Tasting! Tonight!

Hi Everyone,

Tonight is the popular SWC Wine Tasting Event, starting at 7pm at the SWC Business Enterprises, PC offices in Scottsdale. 

I am really looking forward to seeing all of our clients, vendors, family and friends at the event and am looking forward to making it a night to remember!

If you have never been to one of our events, and are in town this evening, I would love to see you there!  Chocolate Fountains, Musicians, Red Wine Table, White Wine Table - the Works! 

Ahhh, the joys of tax season!  Now you know why I love it soooo much!

:)  Your Tax Goddess, bringing wine, chocolate, and music into the night air of Arizona!

Passion and Taxes?! Really?

You know, the other night I was out for dinner with a couple friends of mine and one of them asked me, so why do you enjoy tax season so much? 

My response? 

Because I get to see all of my clients, I get to see how they've grown over the years, what is happening and new in their lives, see how they are progressing and building their worlds, their families, and their passions.  Besides seeing the growth, I also get to help guide their growth, help them build up even stronger!  It just makes me feel so wonderful!

I have to say, a tax season without the passion of getting to know, and knowing better my clients would be a shame in my book.  I can't say how much I appreciate all of my clients and everything that they bring into my world and that I hope I can bring into theirs :)

Shauna~
The Tax Goddess!

HAPPY SEASON!