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January 2014
Issue: 47

Another Tax Season is Upon Us!!!


Happy New Year!  I hope everyone had a wonderful holiday season and was able to take some time off to spend with family and friends. Of course, the new year also means another tax season is upon us. It is time to start getting your tax information organized to file your 2013 tax return. We are currently taking appointments to prepare 2013 tax returns. Most of you should have your W-2's and other tax documents by the first week of February and we encourage you to call now to schedule an appointment to get your taxes prepared. Last year my calendar booked up really fast so call early to schedule your tax meeting. Please download our Income Tax Data Itemizer and fill out the areas that apply to you prior to your appointment. If you are a small business owner, then please visit the forms section of our website to download the worksheets to fill out to record the activity in your small business for 2013. It is much easier for us to prepare your tax return if these forms are completed when you come in for your appointment. If you have any questions when you are filling out the forms, please contact us and we'll be happy to help answer any questions you have. Our extended busy season hours are Monday through Thursday 9am - 9pm, Friday 9am - 7pm, and Saturday hours are 10am - 3pm. Feel free to call anytime between these hours with questions or to make an appointment. For those that live out of state or prefer not to make an appointment, the option is available for you to mail, email, or drop off your tax information.


I have hired one new accountant this year on a part-time basis.  Chris Thomas is an old friend of mine and brings over 5 years experience preparing personal and business tax returns.  He is a great guy and we are excited to have him!  He joins Rick Kleinbaum and Brian Egerman who are returning for another busy season with us.  Jared Miller & Doreen Stockman continue to work in the office year-round and are excited that another tax season has arrived.  And of course my fabulous mother, Mary, is back again to help keep the office in order and manage the chaos that busy season brings.  We are all happy to help you with your tax returns and answer any questions you might have!


The New Year has also brought us some remodeling of our offices.  We are in the same location but the offices will look completely different when you come in this year.  The office is currently under construction and it is scheduled to be completed on January 27th.   Until then, we are working out of a portion of our old offices until the new offices are ready.  We are hoping the new offices look nice and will provide a little more efficiency to our operations.


It was a quiet year from a tax standpoint with the biggest changes relating to the implementation of several provisions included in ObamaCare.  I have included an article that details many of the new items that will affect your tax returns this year and encourage everyone to review them to see if you are affected by any of these changes.  I also included and article about the delayed start date of tax season due to the government shutdown last October. 


As always, if you have any questions or concerns, please don't hesitate to give me a call or shoot me an email.  I look forward to seeing everyone over the next couple of months.


Enjoy this month's newsletter!

Despite the announcement from the Internal Revenue Service about the late start to tax season, taxpayers are already confused.  Why the confusion? Tax preparer advertising. Some tax preparers are accepting tax returns before filing season officially opens - and that's causing my inbox to fill up pretty quickly. The biggest question: "If I file now, will I get my refund faster?"


Read more... 


Take stock of tax year 2013's new and changed provisions, including several for higher-income taxpayers.


For the second year in a row, practitioners will experience a less-than-flying start to tax season. As this article went to press, tax season was expected to begin between Jan. 28 and Feb. 4, a result of the 16-day partial government shutdown in October, although the IRS was hoping to minimize the delay. CPA return preparers, in turn, might encounter snags as they grapple with a number of new or changed provisions.


Read more... 

There's no reason to pay more tax than is legally required, but there's also no reason to make yourself a target for an Internal Revenue Service audit or to get your return flagged by the IRS' computers, which match billions of documents each year. So consider what situations might make you more likely to invite government scrutiny at tax time.

In This Issue
Filing Early? IRS Has Set The Date
Buckle Up For Tax Season
15 Ways to Invite an IRS Audit
How To Help Clients Make the Right Social Security Election
Upcoming Tax Deadlines

Tips for Making The Right Social Security Election

As the wave of Baby Boomer retirements continues, it is more important than ever for CPAs to understand how to help clients be in the best position to maximize Social Security benefits. Mastering the intricacies of the rules is no easy task, especially for accountants who don't concentrate full time on financial planning. Fortunately, a CPA does not have to be a Social Security expert to raise the topic with clients or answer basic questions. To help CPAs get started, this article presents a primer on what to consider when making the Social Security election.


Upcoming Tax Deadlines

January 15th - Final 2013 estimated tax payment is due for individuals
January 31st - Deadline to file 2013 payroll tax returns, including W-2's
March 17th - Deadline to File 2013 Corporate Tax Returns (Forms 1120 & 1120S)
April 15th - Deadline to File 2013 Individual Tax Returns (Form 1040) and Partnership Tax Returns (Form 1065).


Please let us know if there is anything we can do for you!!


Vetscher & Associates, LLC


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