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How to save on your taxes! Part One

If you operate a small business, such as a Sole Proprietorship, a would like to introduce to strategy that could have a significant savings for your business, help to provide your spouse with social security contributions and help you safe guard your health.

This won’t work for all businesses, and the strategy I am suggesting would work best for a sole proprietorship with no other…

Should I hire a tax professional to do my taxes?

A common question I receive from clients is why should I hire a Tax Professional?

The answer is, It Depends!

Not all Tax Professionals are created equal.

Until recently, there were no Federal regulations on the tax preparation industry.

A Tax Professional and a Tax Preparer are not necessarily one in the same.

Let me explain.
There are a few “Big Box” Tax Preparation companies…

I owe taxes on my tax return what should I do?

I am often asked by my Clients that owe taxes if they should file the Tax Return by the due date.

In my opinion, if you owe taxes and cannot pay the full amount due, you should still file the tax return.

Why file the tax return if you can’t pay! By filing the tax return with a balance due by April 15, you significantly reduce the penalties that will be accessed because there are two main…

Recordkeeping for Income Tax Purposes and Adequate Records for Tax Purposes

Recordkeeping (Pub 552)
The best defense against the IRS is keeping good records. This means keeping complete and accurate written records, when ever possible.

How long should you keep your records?
As long as necessary. For most people this is for at least 4 years after your tax return has filed.
There are many exceptions such as when the cost basis of stock or property is involved. Suc…

Do I need to issue a 1099 form?

Quick Tips Tax Tips
Form 1099 Miscellaneous Basics
Common Situations when a 1099 is required

These quick tips tax tips provide basic and general guidelines for issuing a 1099 form. The information is presented as an introduction to the basic requirements. Additional research may be necessary and you may need to consult additional resources or consult a tax professional.

What is a…

IRS Taxable Income. Beware of what you deposit into your bank account!!!


Under the INTERNAL REVENUE CODE (IRC) section 62,all income is taxable unless it is specifically non-taxable, exempt or deferred by the grace of congress.

Caution: the IRS can and will review your bank account deposits to help them determine if you have under reported or unreported income. What is a bank deposit analysis? It is simply the total of all of your deposits into your bank…

W-2’s Coming Soon

Employers should have W-2’s in the mail by January 31. Many employers now have W-2’s available on-line.

If you don’t receive your W-2 from your employer, contact them to make sure they have your correct mailing address.

It’s common for employees to move and not update their address with a current or former employer. Make sure to have a change of address on file with the Post Office.


Need Tax Relief?

Do you have tax problems?

You are in good company!

In 2011 there were over 3.7 million IRS tax liens and tax levies of bank accounts, wage garnishments and 3rd parties.

There were over 3.8 million delinquent tax returns.


Whether you need to file current or back year tax returns.

We can help!

Whether you need Bookkeeping or…

Don’t Fall for Phony IRS Websites

Special Edition Tax Tip 2012-12, Oct. 25, 2012

The Internal Revenue Service is issuing a warning about a new tax scam that uses a website that mimics the IRS e-Services online registration page.

The actual IRS e-Services page offers web-based products for tax preparers, not the general public. The phony web page looks almost identical to the real one.

The IRS gets many reports of fak…

Employers Need to Act Soon to Get Expanded Credit for Hiring Vets

Special Edition Tax Tip 2012-11, June 12, 2012

Employers that hired unemployed veterans during late 2011 and early 2012 had an expanded period to request the required certification for claiming the expanded Work Opportunity Tax Credit (WOTC). That expanded period ends on Tuesday, June 19.

The IRS is reminding employers that for eligible veterans hired on or after Nov. 22, 2011 and befor…

Beretania Office

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Exercise caution and common sense if you hire a tax professional to help you. Experience is critical. Generally you do not need an Attorney to resolve a tax issue, but you should use an Enrolled Agent or a CPA. Check with an organization such as the Better Business Bureau before paying out money and make sure you know what the contact terms and conditions are. Pay by credit card in the event of a dispute, you may be able to dispute the charge.

Click for the BBB Business Review of this Tax Return Preparation in Honolulu HI

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