Top 10 Ways The Tax Extenders Law Will Help You - If You Act Very Fast!

Over 50 benefits in the tax law expired at the end of 2013.  As you've probably heard Congress passed a last minute bill to extend most of them to the end of 2014.  The President signed this December 19, so this is now official.

I will leave to others the discussion of how much this hurt all of us that it took until this late hour to get this done.  And, yes, this means we are going through this all over again next year.

Let's get to what you really care about - a Top 10 list of what will save you tax right now this year in this law:  (And get on this right away, you only have until December 31 to take action on these)

Become Profitable Through Business Organization!

Question 6 of the 12 Most Asked Questions When Starting a Business is:

How can the business effectively delegate responsibilities so each and every need of the business is assigned to a particular position and there is an orderly accountability to each?

In less than 90 seconds, this video gives 7 points that answer this question.

I look forward to working with you on these concepts and more.

QuickBooks Classes in Hurricane Begin Dec 8

Announcing QuickBooks training classes in Hurricane, Utah!

• Each class lasts 45-60 minutes, with opportunities to ask personalized questions throughout the presentation.  
• Class size is limited to 8 to ensure individual attention.  
• Tuition is $25 per class, pick the topics most beneficial to you!
• Location:  Accutek Solutions, 51 North 1000 West, Suite 5
• Reserve your seat now by emailing Alisa Davis:  alisa@accuteksolutions.co  

Here's the schedule (all of these classes begin at 10 am):


Monday, December 8.  Lesson 1: Getting Started - A Quick Overview of the Accounting You Need To Know To Use QuickBooks

12 Most Asked Questions When Starting A Business (Final 4)

This is the third of a three-video series that discuss the 12 most asked questions when starting a business.

I look forward to working with you on these questions and more.

12 Most Asked Questions When Starting A Business (Middle 4)

This is the second of a three-video series that discuss the 12 most asked questions when starting a business.

I look forward to working with you on these questions and more.

Become Profitable Through Entity Choice - LLC, S or C Corp

How is a sole proprietorship, general or limited partnership, LLC, S or C corporation different – which of these entity types is best for this business and its members?

I look forward to working with you on these questions and more.

12 Most Asked Questions When Starting A Business (First 4)

This is the first of a three-video series that discuss the 12 most asked questions when starting a business.

I look forward to working with you on these questions and more.

How Long Do I Have To Keep My Tax Documents ... Really?

Recent question from a client:  I have tax returns back to 1988, I am having items shred, can I shred some of these?

My answer:  Under "normal" circumstances, you can be audited for 3 years from the date you filed a return or the April 15 deadline, whichever is later for a given year.  Just to be safe, I advise keeping all records used to justify income and deductions on a return for one year beyond that, or 4 years.  All records include such things as all the W-2s, 1099s, bank and credit card statements, invoices, receipts, calendars, mileage records, etc.  Scanned copies of all these is a good option, as long as you keep a backup in a separate physical location.  I particularly recommend scanning any receipts or other documents printed on thermal paper, because these rapidly fade to an unreadable, useless state.

"Normal" circumstances implies that

Utah Tax Commission Issues Tax Filing Guidance For Same-Sex Couples For 2013

On January 15, 2014, the Utah State Tax Commission issued a tax notice, "Individual Income Tax Returns For Same-Sex Couples For Tax Year 2013", which includes this statement:

"Same-sex couples who are eligible to file a joint federal income tax return and who elect 

to file jointly, may also file a joint 2013 Utah Individual Income Tax return as provided in Utah 

Code § 59-10-503. Eligible married couples may file a joint return if they are married as of the 

close of the tax year."

As recently as December 6, 2013, Dolores J. Furniss, a Manager with the Commission, noted in her yearly presentation at the Utah State University Income Tax School that same-sex couples who were eligible to and do file joint federal income tax returns for 2013 would have to file as single taxpayers in Utah.  While the January 15 notice is thus an important change for affected taxpayers to consider when filing their 2013 tax returns, this is not a permanent change at this point.  The notice goes on to say:

"This notice is limited to the 2013 tax year. Filing information for future years will be 

provided as court rulings and other information become available. If any taxpayers are required 

to file amended 2013 tax returns based on future court rulings, they will not be subject to 

penalties for any tax deficiencies resulting solely from following this guidance."

Tax laws and regulations change daily, so whether this change impacts you or not, something else will.  Staying informed is more important than ever.

Are You The Right Person To Work With Me?

Accutek is the professional services company I founded. It is building a team of experienced associates of varied backgrounds that work together with each other and with each individual client to develop unique financial and tax solutions for each client’s personal and business needs.  We are based in Hurricane, Utah, and serve wonderful clients locally and wherever Internet and overnight delivery services can reach.

I think there's a good chance that you, my reader, might just be a great fit for our team.  Please click below to continue reading and learn more about this opportunity!

IRS Will Begin Accepting 2013 Personal Income Tax Returns on January 31

The IRS has announced the following dates they will begin processing 2013 income tax returns:

1040 Series Individual Tax Returns:        January 31, 2014 (please click here for more info)

Entity Tax Returns:                                 January 13, 2014 (please click here for more info)

My suggestion is that you use the time until these dates to organize all your documents and get them to your tax professional so that you are ready to electronically file when the IRS processing date arrives.  You will still get the fastest and best response from the IRS by electronically filing; any paper returns filed will be held until the initial batches of electronically filed returns are processed.