Author - Marissa Adler

Extension – March 29, 2019

Hello Fellow Taxpayers, April 15th is only 18 days away and your tax return is due by midnight on the 15th. Just for kicks here is a list of the 10 most popular reasons for filing late or not filing at all: 1. Laziness 2. Forgetfulness 3. Confusion 4. Death or Serious Illness of Taxpayer or Immediate Family 5. Invalid Advice From a “Competent” Professional 6. Active Duty Military Service 7. Incarceration 8. Ignorance 9. Destruction of Records 10. Belief That Paying Income Taxes is Voluntary Are you using one of these [...]

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Conclave – March 23, 2019

Hello Fellow Taxpayers, Even if you are not a college basketball fan, you may have noticed that the NCAA is starting their tournament to crown the 2018/2019 college basketball champions. Schools that win their conference (and there a load of them) automatically get a bid to the tournament. There is a committee that goes behind closed doors (not unlike a Conclave) and picks the remaining schools to come to a full 64 colleges. It is like selecting a baseball all-star [...]

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What’s in a name?- March 8, 2019

Hello Fellow Taxpayers, Have you ever gone to a restaurant and ordered a Coke, but the server said that they only had Pepsi? Unless you are my lovely wife who actually does not like Pepsi, do you usually say “Whatever”? Well, your name is very important when dealing in the tax game. When a client comes in, specifically a new client, they fill out the client profile and provide me with their driver’s license. We always ask for a copy [...]

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Back to Basics! – March 7, 2019

March 7, 2019 Back to Basics Jeffrey Schneider, EA, CTRS, ACT-E, NTPIF is the head- honcho at SFS Tax & Accounting Services and has been preparing individual and business tax returns for over 40 years along with handling monthly booking, setting up entities, providing payroll and keeping his business clients compliant with state and federal taxes. As all business owners know, your business can easily wither on the vine if you don’t evolve and change with the times. Several years back, Jeffrey [...]

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CryptoCurrency – March 1 2019

Morning Fellow Taxpayers, I was going to write about Triple Net leases and how they generally don’t qualify for the 20% Qualified Business Income Tax Deduction (new §199A); However, Ali said what I wrote was way too complicated for this email. As such, she is going to publish it as a blog. If you or someone you know is a landlord and has tenants on a Triple Net Lease, they need to schedule a consult with their tax advisor or [...]

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8.4%?? – February 22, 2019

Hello fellow taxpayers 8.4%!!! What does this mean? If you have been listening to the news recently, all the pundits and the know-it-alls are telling anyone who will listen that the average taxpayer is getting 8.4% less on their refunds. Well, my fine fellow tax filers, it’s your own money. Let’s not forget that if you are getting a refund (not due to an extraordinary item), you paid too much. This money goes into the government war chest (or “wall” chest); [...]

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1099? – February 15 2018

Hello Taxpayers! Over the past week or so, several new clients have come in. Each handed me ONE 1099-MISC. This form showed an amount in Box 7 (“Non-employee Compensation”), which indicates that they were treated as independent contractors and not employees. So before I went through my litany of questions such as what type of expenses they had, I confirmed with them that they only worked for this one company as they gave me just ONE 1099. It is apparent [...]

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“GOAT”- Best EA- February 5, 2019

Hello Fellow Taxpayers, Well, the GOAT has done it again. Though it was not the best played Super Bowl of all time, the best quarterback and maybe the best head coach of all time, won their 6th championship, more than anyone else. Also, they are both, the oldest to have done so. The point, my friends is that there is hope for us to succeed, no matter how old we are. We can always do better at our jobs, our relationships [...]

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199 Cap A- February 1 2019

Hello fellow taxpayers. This is a short, LOL! but very important email. I am repeatedly asked about the 199 Cap A by folks that have businesses; even though I have mentioned this subject before it bears repeating. One of the most complicated aspects of the tax law is the new “20% Qualified Business Deduction”, also referred to “Section 199 Cap A” rule. Without getting too technical, this section applies to all who are self-employed, an owner of an LLC, shareholder in an [...]

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