The question came up today as I was meeting with a new client about automobile expenses. The business owner has the option of either deducting the actual automobile expenses used for the business or using a standard mileage rate. Because automobiles can be used for both personal and business purposes, the IRS terms these vehicles […]
02
Feb
Feb
Noncash charitable contributions are a good deduction if taken correctly. Here are 3 Rules to keep in mind. Rule No. 1. The donation must be made to a qualified charity (no, your needy college kids do not count). Rule No. 2. No deduction is allowed for a charitable contribution of clothing or household items unless the clothing […]
09
Jan
Jan
Hi everyone, my name is Jill. My place at Valentine CPA is right up front, at the reception desk. It’s the perfect place for me, because I really like people. Ron has asked me to write a little blog describing my philosophy concerning customer service. My mom was an avid gardener, and her skills at […]
06
Jan
Jan
If you pay tuition, fees, and other costs for attendance at an eligible educational institution for yourself, your spouse, or your dependent, you may be able to take advantage of one or more of the education tax benefits. You can claim more than one education benefit in a tax year as long as you do […]
08
Dec
Dec
The Purpose of a Business Plan A business plan is a written document created to detail all aspects of a business on a comprehensive level. Many banks and investors require a written business plan before lending to, or investing in, a business. Executive Summary The executive summary is a summary of the entire plan. It […]
31
Aug
Aug
Education Week This last week, my wife, Julie and I attended the Campus Education Week at my Alma mater, Brigham Young University (BYU). Every year, during the week between summer term and fall semester, the campus puts on an education experience for all who wish to attend. This year’s program offered over a 1,000 different […]
11
Aug
Aug
We are coming into football season! I love this time of year. I got an email from my 12-year-old son’s coach he asked if I would be able to help as one of his assistants. This is my son’s 4th year playing little league football. During this first week of practice, I’ve noticed that the […]
16
Mar
Mar
Victims of Credit Card Fraud or Identity Theft Report the crime to the police immediately. Get a copy of the police report or case number. Credit card companies, the bank, or insurance companies may ask for the reference to verify the crime. Immediately contact the credit card issuers. Get replacement cards with new account numbers […]
25
Feb
Feb
Which records should you keep? You should keep information that you and the IRS need to determine your correct tax. Everyone should keep the following records. Copies of tax returns. Keep copies of your tax re- turns as part of your tax records. Your tax returns can help you prepare future returns and amended returns. […]
17
Feb
Feb
Don’t Panic! Here at Valentine CPA, we will provide you the best advice on what to do if, for whatever reason, you find you can’t pay your taxes. We are here to help. Below are some basic guidelines and methods to get your taxes paid while reducing any penalties and interest. We are happy to […]