Provide Year End Tax Planning Tips For Business:
1. Sole Proprietors:
Q1: Did You Pay Correct Amount Of Estimated Tax based upon your 2013 Income ?
If your Business Revenue was better than last year, need to Pay More Tax in Jan 2014 Quarterly Payment.
Q2: Self Employed Business can also revisit Retirement Plans SEP, SIMPLE, IRA, 401K to see if Maximum Pre-Tax Investment is made for 2013 ?
Q3: Do you Qualify For Health Savings Account or Have Family Health Insurance Deduction ?
Q4: Employee Vs Contractor ? 1099-MSC Vs W2 - TRS Requirements
2. LLC:
Q1: What is the Tax treatment - Partnership / C-Corp/ or S-Corp ?
Q2: What are Effects of Profit / Loss Distributions on your Personal Taxes ?
3. S-Corp:
Q1: How Are the Articles Of Incorporation Executed through out the Year ?
Q2: What to do if your hired Employees in 2013 ?
Q3: Did your business Sign Guaranteed Service Agreement in the 2013 ?
4. C-Corp:
Q1: What would the Corp do with Retained Earning ?
Q2: Is Your Business Fully Utilizing Business Credits ?
For More Information or Q & A Contact :
Kash, @ (925) 963 4891
Yajnik & Mehta Associates (YMA)
Facebook : www.facebook.com/yma.taxpro
Twitter : http://twitter.com/kash_yajnik
Linked-In URL:
http://www.linkedin.com/company/3246905?trk=tyah&trkInfo=tas%3Ayajnik%20and%20mehta%2Cidx%3A1-1-1
Thursday, December 26, 2013
Friday, December 20, 2013
" Charity Begins At Home And Ends In Your Tax Return !! "
So what will your Charitable Donations on your Tax Return look like ? Smiling, Tax Tips!
If Tax Payer Files Schedule A with Form 1040, tips on what is required at Tax time for Charitable Donations:
1. Cash Donations - Keep Receipts from Church or other Charitable Organizations.
2. Non-Cash Donations :
o Number of Bags of clothing donated
o Appliance/ Furniture /TV : Fair Market Value on Donation day, Purchase Price/ Date Of Purchase
3. Car/ Boat / RV - Receipts from the Buyer/Organization after the Donated item is sold.
Happy Holidays from Yajnik & Mehta Associates - Stay Healthy & Stay Safe...
For More Information or Q & A Contact :
Kash, @ (925) 963 4891
Yajnik & Mehta Associates (YMA)
Facebook : www.facebook.com/yma.taxpro
Twitter : http://twitter.com/kash_yajnik
Linked-In URL:
http://www.linkedin.com/company/3246905?trk=tyah&trkInfo=tas%3Ayajnik%20and%20mehta%2Cidx%3A1-1-1
If Tax Payer Files Schedule A with Form 1040, tips on what is required at Tax time for Charitable Donations:
1. Cash Donations - Keep Receipts from Church or other Charitable Organizations.
2. Non-Cash Donations :
o Number of Bags of clothing donated
o Appliance/ Furniture /TV : Fair Market Value on Donation day, Purchase Price/ Date Of Purchase
3. Car/ Boat / RV - Receipts from the Buyer/Organization after the Donated item is sold.
Happy Holidays from Yajnik & Mehta Associates - Stay Healthy & Stay Safe...
For More Information or Q & A Contact :
Kash, @ (925) 963 4891
Yajnik & Mehta Associates (YMA)
Facebook : www.facebook.com/yma.taxpro
Twitter : http://twitter.com/kash_yajnik
Linked-In URL:
http://www.linkedin.com/company/3246905?trk=tyah&trkInfo=tas%3Ayajnik%20and%20mehta%2Cidx%3A1-1-1
Monday, December 16, 2013
" What Are The Year End Business Tax Planning Tips?"
Provide Year End Tax Planning Tips For Business:
1. Sole Proprietors:
Q1: Did You Pay Correct Amount Of Estimated Tax based upon your 2013 Income ?
If your Business Revenue was better than last year, need to Pay More Tax in Jan 2014 Quarterly Payment.
Q2: Self Employed Business can also revisit Retirement Plans SEP, SIMPLE, IRA, 401K to see if Maximum Pre-Tax Investment is made for 2013 ?
Q3: Do you Qualify For Health Savings Account or Have Family Health Insurance Deduction ?
Q4: Employee Vs Contractor ? 1099-MSC Vs W2 - TRS Requirements
2. LLC:
Q1: What is the Tax treatment - Partnership / C-Corp/ or S-Corp ?
Q2: What are Effects of Profit / Loss Distributions on your Personal Taxes ?
3. S-Corp:
Q1: How Are the Articles Of Incorporation Executed through out the Year ?
Q2: What to do if your hired Employees in 2013 ?
Q3: Did your business Sign Guaranteed Service Agreement in the 2013 ?
4. C-Corp:
Q1: What would the Corp do with Retained Earning ?
Q2: Is Your Business Fully Utilizing Business Credits ?
For More Information or Q & A Contact :
Kash, @ (925) 963 4891
Yajnik & Mehta Associates (YMA)
Facebook : www.facebook.com/yma.taxpro
Twitter : http://twitter.com/kash_yajnik
Linked-In URL:
http://www.linkedin.com/company/3246905?trk=tyah&trkInfo=tas%3Ayajnik%20and%20mehta%2Cidx%3A1-1-1
1. Sole Proprietors:
Q1: Did You Pay Correct Amount Of Estimated Tax based upon your 2013 Income ?
If your Business Revenue was better than last year, need to Pay More Tax in Jan 2014 Quarterly Payment.
Q2: Self Employed Business can also revisit Retirement Plans SEP, SIMPLE, IRA, 401K to see if Maximum Pre-Tax Investment is made for 2013 ?
Q3: Do you Qualify For Health Savings Account or Have Family Health Insurance Deduction ?
Q4: Employee Vs Contractor ? 1099-MSC Vs W2 - TRS Requirements
2. LLC:
Q1: What is the Tax treatment - Partnership / C-Corp/ or S-Corp ?
Q2: What are Effects of Profit / Loss Distributions on your Personal Taxes ?
3. S-Corp:
Q1: How Are the Articles Of Incorporation Executed through out the Year ?
Q2: What to do if your hired Employees in 2013 ?
Q3: Did your business Sign Guaranteed Service Agreement in the 2013 ?
4. C-Corp:
Q1: What would the Corp do with Retained Earning ?
Q2: Is Your Business Fully Utilizing Business Credits ?
For More Information or Q & A Contact :
Kash, @ (925) 963 4891
Yajnik & Mehta Associates (YMA)
Facebook : www.facebook.com/yma.taxpro
Twitter : http://twitter.com/kash_yajnik
Linked-In URL:
http://www.linkedin.com/company/3246905?trk=tyah&trkInfo=tas%3Ayajnik%20and%20mehta%2Cidx%3A1-1-1
Monday, December 2, 2013
" What is Year End Tax Planning for Tax Payers ? "
For Tax Payers who would file 1040 for 2013, see the list of Tax Planning Items to focus on:
1. If 2013 Income is lower than prior Years and is expected to go high in the future years Consider converting Traditional IRA into a Roth IRA. Since the Income is lower the tax on conversion will also be lower than future years.
2. If you have invested in Stocks & Securities and the current price is higher, it would be prudent to hold on to them for longer than year since long term gains are taxed at a lower rate than short term rate.
3. However, is the Stocks and Securities that you bought in the year, have less value than what you paid, it would be wise to sell them before the year end and deduct the capital loss on your 2013 tax return.
4. Are you withholding enough to pay for your Taxes and Avoid the April 15th, tax shock ?
5. If you are getting a large Refund, Increase your allowances to withhold less tax and get more money in your pay check.
6. Make Charitable donations before the year end and keep receipts.
For More Information or Q & A Contact :
Kash, @ (925) 963 4891
Yajnik & Mehta Associates (YMA)
Facebook : www.facebook.com/yma.taxpro
Twitter : http://twitter.com/kash_yajnik
Linked-In URL:
http://www.linkedin.com/company/3246905?trk=tyah&trkInfo=tas%3Ayajnik%20and%20mehta%2Cidx%3A1-1-1
1. If 2013 Income is lower than prior Years and is expected to go high in the future years Consider converting Traditional IRA into a Roth IRA. Since the Income is lower the tax on conversion will also be lower than future years.
2. If you have invested in Stocks & Securities and the current price is higher, it would be prudent to hold on to them for longer than year since long term gains are taxed at a lower rate than short term rate.
3. However, is the Stocks and Securities that you bought in the year, have less value than what you paid, it would be wise to sell them before the year end and deduct the capital loss on your 2013 tax return.
4. Are you withholding enough to pay for your Taxes and Avoid the April 15th, tax shock ?
5. If you are getting a large Refund, Increase your allowances to withhold less tax and get more money in your pay check.
6. Make Charitable donations before the year end and keep receipts.
For More Information or Q & A Contact :
Kash, @ (925) 963 4891
Yajnik & Mehta Associates (YMA)
Facebook : www.facebook.com/yma.taxpro
Twitter : http://twitter.com/kash_yajnik
Linked-In URL:
http://www.linkedin.com/company/3246905?trk=tyah&trkInfo=tas%3Ayajnik%20and%20mehta%2Cidx%3A1-1-1
Monday, November 25, 2013
"What is IRS Warning about Telephone Scammers ?"
IRS Warns people today that Phone Scam is rampant and is targeted towards Taxpayers including recent Immigrants through out the country.
Victims are told they owe money to IRS and must be paid promptly with Debit Card or wire Transfer. If the victim refuses to cooperate then they are threatened with arrest, deportation, or suspension business or Drivers License. In many case the caller becomes hostile or insulting.
Rest Assured, IRS never asks for Credit Card or Debit Card Numbers, nor do they send Emails or Voice messages. Sometimes Scammers use Common Fake Names and Surnames, and IRS Badge Numbers. Sometimes Fakers recite the Last four digits Of Social Security Number. Scammers also make it looks like IRS Toll free number. Threat is also followed by fake IRS like calls threatening jail time if payment is not made.
If you get such calls call IRS at 1 800 829 1040, if there is payment issue. Remember IRS uses US Mail Service for their correspondence. They do not make threatening calls nor demand Immediate payment and jail time. So, Beware Scammers your Gig is up and cover is blown...
For More Information or Q & A Contact :
Kash, @ (925) 963 4891
Yajnik & Mehta Associates (YMA)
Facebook : www.facebook.com/yma.taxpro
Twitter : http://twitter.com/kash_yajnik
Linked-In URL:
http://www.linkedin.com/company/3246905?trk=tyah&trkInfo=tas%3Ayajnik%20and%20mehta%2Cidx%3A1-1-1
Victims are told they owe money to IRS and must be paid promptly with Debit Card or wire Transfer. If the victim refuses to cooperate then they are threatened with arrest, deportation, or suspension business or Drivers License. In many case the caller becomes hostile or insulting.
Rest Assured, IRS never asks for Credit Card or Debit Card Numbers, nor do they send Emails or Voice messages. Sometimes Scammers use Common Fake Names and Surnames, and IRS Badge Numbers. Sometimes Fakers recite the Last four digits Of Social Security Number. Scammers also make it looks like IRS Toll free number. Threat is also followed by fake IRS like calls threatening jail time if payment is not made.
If you get such calls call IRS at 1 800 829 1040, if there is payment issue. Remember IRS uses US Mail Service for their correspondence. They do not make threatening calls nor demand Immediate payment and jail time. So, Beware Scammers your Gig is up and cover is blown...
For More Information or Q & A Contact :
Kash, @ (925) 963 4891
Yajnik & Mehta Associates (YMA)
Facebook : www.facebook.com/yma.taxpro
Twitter : http://twitter.com/kash_yajnik
Linked-In URL:
http://www.linkedin.com/company/3246905?trk=tyah&trkInfo=tas%3Ayajnik%20and%20mehta%2Cidx%3A1-1-1
Thursday, November 7, 2013
" What Estimated Taxes Should the Sole Proprietors Pay ? "
Our Tax system is based upon " Pay as you go basis " i.e. Tax payer is supposed to pay 90% of the Tax liability as the tax year progresses. Generally, Self Employed Businesses will make Quarterly Tax Payments based upon prior year Revenue.
Catch: What if the current year income is More / Less than prior year income by a wide margin? There may be April Surprise for the Tax payer...
Solution: Meet with your Tax professional to verify that Correct amount Quarterly Estimated Taxes are paid to avoid the April Surprise.
For More Information or Q & A Contact :
Kash, @ (925) 963 4891
Yajnik & Mehta Associates (YMA)
Facebook : www.facebook.com/yma.taxpro
Twitter : http://twitter.com/kash_yajnik
Linked-In URL:
http://www.linkedin.com/company/3246905?trk=tyah&trkInfo=tas%3Ayajnik%20and%20mehta%2Cidx%3A1-1-1
Catch: What if the current year income is More / Less than prior year income by a wide margin? There may be April Surprise for the Tax payer...
Solution: Meet with your Tax professional to verify that Correct amount Quarterly Estimated Taxes are paid to avoid the April Surprise.
For More Information or Q & A Contact :
Kash, @ (925) 963 4891
Yajnik & Mehta Associates (YMA)
Facebook : www.facebook.com/yma.taxpro
Twitter : http://twitter.com/kash_yajnik
Linked-In URL:
http://www.linkedin.com/company/3246905?trk=tyah&trkInfo=tas%3Ayajnik%20and%20mehta%2Cidx%3A1-1-1
Tuesday, October 29, 2013
" What Are Post October 15, Tax Return Filing Implications ? "
When Tax Payer Files Tax Return after October 15, implications for Federal Tax and CA Returns are Listed Below::
1. The Federal & CA Tax Return can only be Paper Filed i.e. eFile Option is not available.
2. If the Tax Payer Owes money to IRS, following Penalties may apply:
o Failure To File Penalty
o Failure To Pay Penalty
o Electronic Payment Withdrawal Option From Tax payer Account is Not Available
3. If the Tax Payer is getting a Refund:
o Failure To File Penalty may apply.
o Refund Check will be processed in 6 weeks and mailed to Tax Payer.
o eDeposit Of Refund Check into Multiple Checking Accounts is not Available.
For More Information or Q & A Contact :
Kash, @ (925) 963 4891
Yajnik & Mehta Associates (YMA)
Facebook : www.facebook.com/yma.taxpro
Twitter : http://twitter.com/kash_yajnik
Linked-In URL:
http://www.linkedin.com/company/3246905?trk=tyah&trkInfo=tas%3Ayajnik%20and%20mehta%2Cidx%3A1-1-1
1. The Federal & CA Tax Return can only be Paper Filed i.e. eFile Option is not available.
2. If the Tax Payer Owes money to IRS, following Penalties may apply:
o Failure To File Penalty
o Failure To Pay Penalty
o Electronic Payment Withdrawal Option From Tax payer Account is Not Available
3. If the Tax Payer is getting a Refund:
o Failure To File Penalty may apply.
o Refund Check will be processed in 6 weeks and mailed to Tax Payer.
o eDeposit Of Refund Check into Multiple Checking Accounts is not Available.
For More Information or Q & A Contact :
Kash, @ (925) 963 4891
Yajnik & Mehta Associates (YMA)
Facebook : www.facebook.com/yma.taxpro
Twitter : http://twitter.com/kash_yajnik
Linked-In URL:
http://www.linkedin.com/company/3246905?trk=tyah&trkInfo=tas%3Ayajnik%20and%20mehta%2Cidx%3A1-1-1
Monday, October 14, 2013
" When Will I get My IRS Refund Check ? "
Scenario:
Taxpayer Filed Extension, before April 15th, and Does the following:
1. eFiled 2012 Tax Return Before Octo 15, 2013.
2. Requested a Refund Check for 1000 $.
The Question is " When Will I get my Refund Check ? "
The Answer is - After the Government Shut Down Is Over.
The IRS is not sending out the Refund Checks as long a the Government is shut down. So Expect a delayed check.
For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (YMA) (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Twitter : Kash_Yajnik@kash_yajnik
Taxpayer Filed Extension, before April 15th, and Does the following:
1. eFiled 2012 Tax Return Before Octo 15, 2013.
2. Requested a Refund Check for 1000 $.
The Question is " When Will I get my Refund Check ? "
The Answer is - After the Government Shut Down Is Over.
The IRS is not sending out the Refund Checks as long a the Government is shut down. So Expect a delayed check.
For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (YMA) (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Twitter : Kash_Yajnik@kash_yajnik
Friday, October 4, 2013
" How Government Shut Down Affects IRS In SF East Bay Area ? "
Effects Of Current Government Shut Down on IRS in East Bay area are as follows:
1. IRS Walnut Creek Tax Payer Center is closed.
2. Refund Checks won't be sent.
3. Tax Courts are Closed.
4. Continue to eFile Tax Returns Until October 15, 2013.
5. Many IRS Departments are closed - So call before sending items.
6. Much Longer Wait Times on IRS Telephone Calls.
For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (YMA) (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Twitter : Kash_Yajnik@kash_yajnik
1. IRS Walnut Creek Tax Payer Center is closed.
2. Refund Checks won't be sent.
3. Tax Courts are Closed.
4. Continue to eFile Tax Returns Until October 15, 2013.
5. Many IRS Departments are closed - So call before sending items.
6. Much Longer Wait Times on IRS Telephone Calls.
For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (YMA) (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Twitter : Kash_Yajnik@kash_yajnik
Monday, September 30, 2013
" What is the Tax Return Deadline for 1 Person LLC ?"
If You Filed Extension For 1 Person LLC By April 15, 2013 then you must file your Tax Return by Octo 15, 2013 to avoid IRS penalties.
Remember Its an Extension to File Tax Return Not an Extension to Pay.
If you need help in Tax Return Preparation, call Kash @ YMA.
For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (YMA) (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Twitter : Kash_Yajnik@kash_yajnik
Remember Its an Extension to File Tax Return Not an Extension to Pay.
If you need help in Tax Return Preparation, call Kash @ YMA.
For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (YMA) (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Twitter : Kash_Yajnik@kash_yajnik
Monday, September 23, 2013
" Do You Need To File Tax Return By Octo 15, 2013 ? "
If You Filed Extension By April 15, 2013 then you must file your Tax Return by Octo 15, 2013 to avoid IRS penalties. Remember Its an Extension to File Tax Return Not an Extension to Pay.
If you need help in Tax Return Preparation, call Kash @ YMA.
For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (YMA) (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Twitter : Kash_Yajnik@kash_yajnik
If you need help in Tax Return Preparation, call Kash @ YMA.
For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (YMA) (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Twitter : Kash_Yajnik@kash_yajnik
Monday, September 16, 2013
" What Are Current Tax Return Extension Deadlines ? "
Following Deadlines for Tax Returns If you filed Extension in April 2013:
1. C-Corp / S-Corp. / LLC ( S-Corp.) ---> Sept 16, 2013
2. Individual Returns / Partnerships / LLC ( Partnership ) --> Octo 15, 2013
For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (YMA) (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Twitter : Kash_Yajnik@kash_yajnik
1. C-Corp / S-Corp. / LLC ( S-Corp.) ---> Sept 16, 2013
2. Individual Returns / Partnerships / LLC ( Partnership ) --> Octo 15, 2013
For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (YMA) (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Twitter : Kash_Yajnik@kash_yajnik
Monday, September 9, 2013
Postponed - Free Lunch & Learn On 9/12/2013...
The Following Session is Postponed...
For Business, IRS Guidelines on "How to Deduct Travel, Meals, And Entertainment Expenses? " LIMITED SEATING- Free Lunch and Learn 9/12/13, Pleasanton, CA.
To Reserve Email - .
Kash Yajnik, E.A., Yajnik & Mehat Associates, (925) 963 4891
For Business, IRS Guidelines on "How to Deduct Travel, Meals, And Entertainment Expenses? " LIMITED SEATING- Free Lunch and Learn 9/12/13, Pleasanton, CA.
To Reserve Email - .
Kash Yajnik, E.A., Yajnik & Mehat Associates, (925) 963 4891
Monday, September 2, 2013
IRS Guidelines, 4 Business "How to Deduct Travel, Meals, & Entertainment ?"
For Business, IRS Guidelines on "How to Deduct Travel, Meals, And Entertainment Expenses? " LIMITED SEATING- Free Lunch and Learn 9/12/13, Pleasanton, CA.
To Reserve Email - .
To Reserve Email - .
Monday, August 12, 2013
" What is Required To Deduct Business Expenses ? "
FREE Lunch & Learn Session At Pleasanton Chamber Of Commerce , 777 Peter's Avenue on September 12, 2013 on " What is Required To Deduct Business Expenses ? " According to Current IRS Rules.
To Reserve Your Seat Call
Kash Yajnik
Yajnik & Mehta Associates
(925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
To Reserve Your Seat Call
Kash Yajnik
Yajnik & Mehta Associates
(925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Monday, July 29, 2013
" Who Qualifies To Be Enrolled Agent ? "
Enrolled Agents have to Pass 3 Part Computerized IRS Exam with a passing Grade of 80% or above. These Exams cover Individuals, Business Tax Laws for Different Entities, and Ethics.. The Enrolled Agents have to take 24 Hours Per Year of Continuous Professional Education (CPE) including 2 Hours in Ethics. IRS Reviews & Renews EA Status Every 3 years.
So, Ask Your Tax Preparer: Are you Enrolled Agent ? If Not, then choose an Enrolled Agent in Your Area. Note Yajnik & Mehta Associates (YMA) has 2 Full Time EAs on their Staff.
For More Information On Enrolled Agents, Contact
Kash, @ Yajnik & Mehta Associates (YMA) (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
So, Ask Your Tax Preparer: Are you Enrolled Agent ? If Not, then choose an Enrolled Agent in Your Area. Note Yajnik & Mehta Associates (YMA) has 2 Full Time EAs on their Staff.
For More Information On Enrolled Agents, Contact
Kash, @ Yajnik & Mehta Associates (YMA) (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Monday, July 22, 2013
" What Diffentiates Enrolled Agents From Other Tax Preparers ? "
Enrolled Agents (EA) are tested for Competency In Tax Laws and are required to Demonstrate Competence in Tax Matters. They are Authorized to Represent Tax payers by the U.S. Department Of Treasury. While Many Tax Return Prepares See their job as Seasonal Ending on April 15, EAs provide Services through out the year.
Enrolled Agents are also Governed By and Follow the IRS Ethics Standards - Circular 230. Every year They are mandated to take at least 2 Hours of Course in Ethics.
So Ask Your Tax Preparer : Are you Enrolled Agent ? If Not, then choose an Enrolled Agent in Your Area. Yajnik & Mehta Associates (YMA) has 2 Full Time EAs on their Staff.
For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (YMA) (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Twitter : Kash_Yajnik@kash_yajnik
Enrolled Agents are also Governed By and Follow the IRS Ethics Standards - Circular 230. Every year They are mandated to take at least 2 Hours of Course in Ethics.
So Ask Your Tax Preparer : Are you Enrolled Agent ? If Not, then choose an Enrolled Agent in Your Area. Yajnik & Mehta Associates (YMA) has 2 Full Time EAs on their Staff.
For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (YMA) (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Twitter : Kash_Yajnik@kash_yajnik
Monday, July 15, 2013
" Who Are Enrolled Agents (EA) ? "
Enrolled Agent (EA)s are Tax Professionals Licensed by the Federal Government to Represent Taxpayers. They Defend Taxpayers in IRS Tax Return Examination and also State Tax Return Audit.
E.A. is Licensed to Practice in Any of the 50 states Unlike a CPA who is Licensed to Practice in a Specific State. Yajnik & Mehta Associates (YMA) has Two Enrolled Agents.
While Many Tax Return Preparers work Seasonally, Enrolled Agents Provide Year Round Tax Return Preparation, Tax Planning, Tax Consultation, & Tax Representation Services. Therefore, E.A. may also provide Tax Problem Resolution Services.
For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (YMA) (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Twitter : Kash_Yajnik@kash_yajnik
E.A. is Licensed to Practice in Any of the 50 states Unlike a CPA who is Licensed to Practice in a Specific State. Yajnik & Mehta Associates (YMA) has Two Enrolled Agents.
While Many Tax Return Preparers work Seasonally, Enrolled Agents Provide Year Round Tax Return Preparation, Tax Planning, Tax Consultation, & Tax Representation Services. Therefore, E.A. may also provide Tax Problem Resolution Services.
For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (YMA) (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Twitter : Kash_Yajnik@kash_yajnik
Monday, July 8, 2013
" What Intangible Benefits Do YMA Tax Clients Get? "
Yajnik & Mehta Assocates (YMA) is in 10th year of Tax Return Preparation & IRS Representation Business for Individuals & Businesses in the Tri-Valley area.
We offer the following benefits to our clients through out the year:
1. FREE Tax Planning.
2. FREE Tax Consultation.
3. FREE IRS / CA FTB Audit Assistance.
4. FREE Annual Tax Return Warranty.
5. FREE Senior Home Visits
6. FREE Tax Q&A
7. Deep Discount For War Veterans.
7. Deep Discount For War Veterans.
We provide Tax Firm Like Services without the Office Overhead and Pass Savings to Customers.
For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Twitter : Kash_Yajnik@kash_yajnik
Monday, July 1, 2013
" How Much Foreign Financial Assets You Own ? " IRS
If Tax Payer Owns, Financial Assets worth more that $50,000 0r $75,000 (Higher Threshold For Married Filing Jointly or Living Abroad) any time during the 2012 Year, You Must file Form 8938, Statement Of Specified Foreign Financial Assets at Overseas Financial Institutions. Use the End Of the Year Exchange Rate for Conversion to US Dollars.
The Form 8938 is due by the Tax Dead Line plus and extension for the Income Tax Return. File this form with your Tax Return.
Penalty: Up To 10K$ for Failure to Disclose and 10K$ for each additional 30 days of Non-Filing after IRS Notice. Potential Maximum Penalty of 60K$. Beware! Criminal penalties may also apply.
For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Twitter : Kash_Yajnik@kash_yajnik
The Form 8938 is due by the Tax Dead Line plus and extension for the Income Tax Return. File this form with your Tax Return.
Penalty: Up To 10K$ for Failure to Disclose and 10K$ for each additional 30 days of Non-Filing after IRS Notice. Potential Maximum Penalty of 60K$. Beware! Criminal penalties may also apply.
For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Twitter : Kash_Yajnik@kash_yajnik
Monday, June 24, 2013
" If You Own Foreign Bank Accounts..." Read This.
US Tax Payers with Foreign Bank Accounts that exceeded $10,000 any time during the year in 2012 must file US Treasury Department Form TD F90-22.1. This is not a Tax Form and is Due June 30, 2013 to the Treasury Department. See IRS Publication 4261 for details. eFile or Paper File this form.
For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Twitter : Kash_Yajnik@kash_yajnik
For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Twitter : Kash_Yajnik@kash_yajnik
Monday, June 17, 2013
" What Is SEP Employee Retirement Plan ? "
Eligible Employees include anyone who is at least 21 Years old and who worked for the Employer during at least 3 of the last 5 years and received at least 550$ in compensation in 2012. High Lights are listed below:
1. Allowable Contribution is 25% of the wages can be contributed. The Maximum Contribution is limited to $50,000.
2. 10% Penalty For Early Withdrawal (Before 59 1/2 Yrs. Age) with some exceptions. Withdrawals must begin after 70 1/2 Age.
3. Plan must be established and contributions made by Tax Return due date including extensions.
4. Employer contribution is not required. Borrowing is not permitted.
5. Rollover to SEP IRA, Traditional IRA, or Qualified Plan is permitted.
6. Penalty for excess contribution is 6%.
For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Twitter : Kash_Yajnik@kash_yajnik
1. Allowable Contribution is 25% of the wages can be contributed. The Maximum Contribution is limited to $50,000.
2. 10% Penalty For Early Withdrawal (Before 59 1/2 Yrs. Age) with some exceptions. Withdrawals must begin after 70 1/2 Age.
3. Plan must be established and contributions made by Tax Return due date including extensions.
4. Employer contribution is not required. Borrowing is not permitted.
5. Rollover to SEP IRA, Traditional IRA, or Qualified Plan is permitted.
6. Penalty for excess contribution is 6%.
For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Twitter : Kash_Yajnik@kash_yajnik
Monday, June 10, 2013
" What Self Employed Should know about the SEP Plans ?"
Anyone, regardless of age with Self Employed (SE) Income is eligible to participate in Self Employed Retirement Plan. If contributions are made for Self Employed, they must also be made for eligible employees. High Lights are listed below:
1. Allowable Contribution is 20% of Net SE Income after SE Tax Deduction. The Maximum Contribution is limited to $50,000.
2. 10% Penalty For Early Withdrawal (Before 59 1/2 Yrs. Age) with some exceptions. Withdrawals must begin after 70 1/2 Age.
3. Plan must be established and contributions made by Tax Return due date including extensions.
4. Employer contribution is not required. Borrowing is not permitted.
5. Rollover to SEP IRA, Traditional IRA, or Qualified Plan is permitted.
6. Penalty for excess contribution is 6%.
For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Twitter : Kash_Yajnik@kash_yajnik
1. Allowable Contribution is 20% of Net SE Income after SE Tax Deduction. The Maximum Contribution is limited to $50,000.
2. 10% Penalty For Early Withdrawal (Before 59 1/2 Yrs. Age) with some exceptions. Withdrawals must begin after 70 1/2 Age.
3. Plan must be established and contributions made by Tax Return due date including extensions.
4. Employer contribution is not required. Borrowing is not permitted.
5. Rollover to SEP IRA, Traditional IRA, or Qualified Plan is permitted.
6. Penalty for excess contribution is 6%.
For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Twitter : Kash_Yajnik@kash_yajnik
Monday, May 27, 2013
" What Taxes Would Students Pay For Summer Jobs? "
List Tax Information for Students Having Summer jobs:
1. As new employee you would need to fill out Form W-4, to withhold the correct amount of taxes from your pay check. Use IRS Withholding Calculator tool from www.irs.gov fill the form our correctly.
2. For Jobs with tips, keep a daily log of the amount of tips received. If Tips that exceed 20$ in a month it should be reported to your employer.
3. For Self Employed Students Income doing odd jobs, such as lawn mowing or baby sitting, is subject to Self-employment Tax. You might not earn enough money to pay Income Tax but you may have to pay Social Security & Medicare Taxes.
4.For ROTC, Active Pay such as Pay Received in Summer Camp is Taxable. But, the Food and Lodging allowances received in Advanced Training are not Taxable.
5. For News Paper Carrier or Distributors, Special Income Rules apply.
For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Twitter : Kash_Yajnik@kash_yajnik
1. As new employee you would need to fill out Form W-4, to withhold the correct amount of taxes from your pay check. Use IRS Withholding Calculator tool from www.irs.gov fill the form our correctly.
2. For Jobs with tips, keep a daily log of the amount of tips received. If Tips that exceed 20$ in a month it should be reported to your employer.
3. For Self Employed Students Income doing odd jobs, such as lawn mowing or baby sitting, is subject to Self-employment Tax. You might not earn enough money to pay Income Tax but you may have to pay Social Security & Medicare Taxes.
4.For ROTC, Active Pay such as Pay Received in Summer Camp is Taxable. But, the Food and Lodging allowances received in Advanced Training are not Taxable.
5. For News Paper Carrier or Distributors, Special Income Rules apply.
For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Twitter : Kash_Yajnik@kash_yajnik
Monday, May 20, 2013
" What Separates YMA From Other Tax Service Providers ? "
Yajnik & Mehta Associates (YMA) is a Ten Years old Year Round Tax Service provider for Individuals & Businesses in the Tri-Valley area. The following Intangibles and Reduced Prices separate it form other Tax Service Providers:
For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Twitter : Kash_Yajnik@kash_yajnik
1. Reduced Prices - No Office Overhead
2. FREE Tax Planning.
3. FREE Tax Consultation.
4. FREE IRS/CA FTB Audit Assistance.
5. FREE Annual Tax Return Warranty.
6. FREE Senior Home Visits
7. Seniors/Vaterans Price Discounts
For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Twitter : Kash_Yajnik@kash_yajnik
Monday, May 13, 2013
" Did you Receive Fake IRS Emails...?"
Beware of IRS look alike eMails. These appear to be authentic with IRS like Logos etc., but are actually not from IRS.
Such a scam is called "Phishing", where you are being tricked in revealing your personal, and financial information. Criminals use such information for Identity Theft to steal your money. Suggest following actions:
1. Don't reply the message.
2. Don't open attachments.
3. Don't click on any links in the email.
IRS wants you to know the following:
o IRS Doesn't contact Tax Payers by email.
o IRS never asks for personal information like Passwords, or Credit Card Numbers etc.
o Official IRS Web Site is www.irs.gov i.e.ends in .gov for Government. All other web addresses are bogus.
For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Twitter : Kash_Yajnik@kash_yajnik
Such a scam is called "Phishing", where you are being tricked in revealing your personal, and financial information. Criminals use such information for Identity Theft to steal your money. Suggest following actions:
1. Don't reply the message.
2. Don't open attachments.
3. Don't click on any links in the email.
IRS wants you to know the following:
o IRS Doesn't contact Tax Payers by email.
o IRS never asks for personal information like Passwords, or Credit Card Numbers etc.
o Official IRS Web Site is www.irs.gov i.e.ends in .gov for Government. All other web addresses are bogus.
For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Twitter : Kash_Yajnik@kash_yajnik
Monday, May 6, 2013
" Six Tax Tips For Self Empoyed..."
List following six tips for the Self Employed:
1. Self Employed Income includes your W2 Wages and other part time compensation.
2. File Schedule C or C-EZ in addition to 1040 Form showing Income & Expenses to generate it.
3. Self Employed people pay Self Employment Tax which includes Social Security & Income tax on Schedule SE.
4. If you are Self Employed all year, you should plan to pay Estimated Taxes.
5. Some assets like Appliances, Furniture, Computer ( % of Business Use ) may be depreciated over its useful life.
6. Only Ordinary & Necessary cost of business appropriate for your trade or industry can be deducted as Business Expense.
For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Twitter : Kash_Yajnik@kash_yajnik
1. Self Employed Income includes your W2 Wages and other part time compensation.
2. File Schedule C or C-EZ in addition to 1040 Form showing Income & Expenses to generate it.
3. Self Employed people pay Self Employment Tax which includes Social Security & Income tax on Schedule SE.
4. If you are Self Employed all year, you should plan to pay Estimated Taxes.
5. Some assets like Appliances, Furniture, Computer ( % of Business Use ) may be depreciated over its useful life.
6. Only Ordinary & Necessary cost of business appropriate for your trade or industry can be deducted as Business Expense.
For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Twitter : Kash_Yajnik@kash_yajnik
Monday, April 22, 2013
" What To Do If You Missed The Tax Deadline? "
IRS suggests following actions if you missed April 15, 2013 Tax Deadline :
1. File As Soon As Possible.
2. If you owe Taxes, Penalties and Interest may accrue. For a reasonable cause IRS may abate penalties but not Interest.
3. eFile is your best option.
4. Taxpayers whose Income is less than $57,000, qualify for Free eFile with Major Software Brands
5. Pay as much as you can. IRS will bill you for the balance.
6. Installment Agreements are Available.
7. Refunds may be waiting up to three years. Unclaimed Refunds will go to the US Treasury.
For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Twitter : Kash_Yajnik@kash_yajnik
1. File As Soon As Possible.
2. If you owe Taxes, Penalties and Interest may accrue. For a reasonable cause IRS may abate penalties but not Interest.
3. eFile is your best option.
4. Taxpayers whose Income is less than $57,000, qualify for Free eFile with Major Software Brands
5. Pay as much as you can. IRS will bill you for the balance.
6. Installment Agreements are Available.
7. Refunds may be waiting up to three years. Unclaimed Refunds will go to the US Treasury.
For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Twitter : Kash_Yajnik@kash_yajnik
Monday, April 15, 2013
" Watch Out For Most Common Tax Return Errors... "
IRS listed most common Tax Return Errors to avoid. Watch out for these Errors if you are prepare and file your Tax Return in a Hurry without Review:
1. Incorrect or Missing Social Security Numbers.
2. Misspelled Or Incorrect Names
3. Filing Status Errors
4. Math Mistakes
5. Credit Or Deduction Calculation Errors.
6. Incorrect Bank Account Numbers
7. Unsigned or Non-dated Forms
8. Electronic Signature Errors.
For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Twitter : Kash_Yajnik@kash_yajnik
1. Incorrect or Missing Social Security Numbers.
2. Misspelled Or Incorrect Names
3. Filing Status Errors
4. Math Mistakes
5. Credit Or Deduction Calculation Errors.
6. Incorrect Bank Account Numbers
7. Unsigned or Non-dated Forms
8. Electronic Signature Errors.
For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Twitter : Kash_Yajnik@kash_yajnik
Monday, April 8, 2013
" IRS Vision Of April 15th..."
From IRS Point Of View these points describe April 15th Calendar Of Events:
1. No Refund Pay Out for 2009 Taxpayer Returns.
2. Last date to Start Collection Process if the Taxpayer owes money on 2009 Tax Returns.
3. Were The Paper Filed 2009 Tax Returns timely i.e. Post Marked April 15th ?
4. Make sure that Penalties & Interest are applied on the Late Returns where money is owed to IRS.
5. For 2012 Tax Returns were enough taxes withheld/paid to cover Tax Liability with Extensions filed ?
6 What Penalties and Interest charges apply for Tax Payer Liability?
7. To Gather Tax Statistics for Tax Year 2012 Returns.
8. How to improve Income Tax Filing, Processing, Collection, Enforcement Processes, and make current Tax laws Fairly Applicable to all the citizens.
For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Twitter : Kash_Yajnik@kash_yajnik
1. No Refund Pay Out for 2009 Taxpayer Returns.
2. Last date to Start Collection Process if the Taxpayer owes money on 2009 Tax Returns.
3. Were The Paper Filed 2009 Tax Returns timely i.e. Post Marked April 15th ?
4. Make sure that Penalties & Interest are applied on the Late Returns where money is owed to IRS.
5. For 2012 Tax Returns were enough taxes withheld/paid to cover Tax Liability with Extensions filed ?
6 What Penalties and Interest charges apply for Tax Payer Liability?
7. To Gather Tax Statistics for Tax Year 2012 Returns.
8. How to improve Income Tax Filing, Processing, Collection, Enforcement Processes, and make current Tax laws Fairly Applicable to all the citizens.
For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Twitter : Kash_Yajnik@kash_yajnik
Monday, April 1, 2013
" Cliam It Or Lose It.." IRS
Dead Line to Claim 2009 Tax Year Refund is April 15, 2013. The Refund pot for 2009 is $917 Million.
In order to Claim the Refund following steps are required:
1. File 2009 Tax Returns - Federal & CA to Claim the Refund Amount.
2. Paper File The Returns before the Due date 0f April 15, 2013.
3. If Tax Payer Owes money, IRS will charge Penalty and Interest on the amount owed.
IRS Will keep the Unclaimed Refund Pot.
For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Twitter : Kash_Yajnik@kash_yajnik
In order to Claim the Refund following steps are required:
1. File 2009 Tax Returns - Federal & CA to Claim the Refund Amount.
2. Paper File The Returns before the Due date 0f April 15, 2013.
3. If Tax Payer Owes money, IRS will charge Penalty and Interest on the amount owed.
IRS Will keep the Unclaimed Refund Pot.
For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Twitter : Kash_Yajnik@kash_yajnik
Monday, March 25, 2013
" 2012 Education Credits Overview "
IRS allows three Education Credits - American Opportunity Credit, Lifetime Learning Credit, and Tuition & Feed Deduction. Student should choose the credit that provides the maximum tax benefit. Only one credit can be claimed i.e. no double dipping. Any of the three credits are available to a student that is:
1. Enrolled at least half year.
2. The Education Institution has to be accredited.
3. Typically student receives 1098-T from the University.
A) American Opportunity Credit - If a taxpayer pays over $4000 per year in Qualified Expenses this $2500 credit is available for a four year post secondary education. Tution & Books expenses qualify.
B) Tution and Fees Deduction- Varies depending upon the Adjusted Gross Income(AGI). If AGI is less than 130K$ for Married filing Jointly, $4000 Credit is available.
C) Life Time Learning Credit: Limited to 20% of the Education expenses with a maximum of $2000. Many educational requirements are reduced and many taxpayers generally qualify for it.
For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Twitter : Kash_Yajnik@kash_yajnik
1. Enrolled at least half year.
2. The Education Institution has to be accredited.
3. Typically student receives 1098-T from the University.
A) American Opportunity Credit - If a taxpayer pays over $4000 per year in Qualified Expenses this $2500 credit is available for a four year post secondary education. Tution & Books expenses qualify.
B) Tution and Fees Deduction- Varies depending upon the Adjusted Gross Income(AGI). If AGI is less than 130K$ for Married filing Jointly, $4000 Credit is available.
C) Life Time Learning Credit: Limited to 20% of the Education expenses with a maximum of $2000. Many educational requirements are reduced and many taxpayers generally qualify for it.
For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Twitter : Kash_Yajnik@kash_yajnik
Monday, March 18, 2013
" Want a Piece of the 917M$ Tax Refund Pie? " - IRS
Estimated to be 984,000 Taxpayers, who have not claimed their Refund for the Tax Year 2009 Returns. Date date to claim this refund by filing a tax return is April 15, 2013. If the refund is not claimed, IRS will be happy to keep taxpayer's refund check. The average potential refund check is estimated to be around $500.
IRS reminds taxpayers that the 2009 refund checks will be withheld if the 2010 & 2011 Tax returns aren't filed. Also, the refund may be used to Offset any unpaid, State Agency, Unpaid Child Support, or Past due Federal debt such as Student Loan. In addition, many low income families also stand to loose Credits such as Earned Income, Child & Defendant Care, Child Tax Care, and Education.
For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Twitter : Kash_Yajnik@kash_yajnik
IRS reminds taxpayers that the 2009 refund checks will be withheld if the 2010 & 2011 Tax returns aren't filed. Also, the refund may be used to Offset any unpaid, State Agency, Unpaid Child Support, or Past due Federal debt such as Student Loan. In addition, many low income families also stand to loose Credits such as Earned Income, Child & Defendant Care, Child Tax Care, and Education.
For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Twitter : Kash_Yajnik@kash_yajnik
Monday, March 11, 2013
" Do you Barter? " IRS - Know 4 Things..
Businesses Barter Products or Services they Need. Bartering is trading one product or services for another.
Usually there is no Cash Exchange. IRS requires that Tax payers Report Fair Market Value (FMV) of the Product or Service received as Taxable Income. Also, Both Parties must report this Income. Some facts about Bartering :
1. Barter Exchanges - Organized market place for bartering Products and services. They are required to issue Form 1099-B for all Broker & Barter Exchange for transactions.
2. Barter Income - Barter Trade Dollars are same as cash dollars for tax reporting purposes. Report FMV all of the services received.
3. Tax Implications - Barter Income is Taxable in the year of transactions. Barterers may owe Income or Self Employment Tax.
4. Report Bartering Trade or Businesses Income on 1040 Schedule C after deducting Barter costs.
For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Twitter : Kash_Yajnik@kash_yajnik
Usually there is no Cash Exchange. IRS requires that Tax payers Report Fair Market Value (FMV) of the Product or Service received as Taxable Income. Also, Both Parties must report this Income. Some facts about Bartering :
1. Barter Exchanges - Organized market place for bartering Products and services. They are required to issue Form 1099-B for all Broker & Barter Exchange for transactions.
2. Barter Income - Barter Trade Dollars are same as cash dollars for tax reporting purposes. Report FMV all of the services received.
3. Tax Implications - Barter Income is Taxable in the year of transactions. Barterers may owe Income or Self Employment Tax.
4. Report Bartering Trade or Businesses Income on 1040 Schedule C after deducting Barter costs.
For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Twitter : Kash_Yajnik@kash_yajnik
Monday, March 4, 2013
" If You Changed Name..." IRS Suggests...
Because of Marriage, Divorce, or Voluntary Name Change, IRS suggests following Taxpayer Actions:
1. Notify SSA about the Name Change. This way IRS Computers can match your New Name with the Social Security Number.
2. After divorce if you are using your prior last name, notify SSA about name change.
3.To Inform SSA about the name change, File Form SS-5, which is Application For a Social Security Card, at your local SSA office or by mail with a proof of your legal name change - (800) 772 1213
4.Go to SSA website www.ssa.gov for on line From SS-5.Your new card will have the same SS# but with New Name.
5. If you have adopted Spouse's children, you would like to update their Names as well. For adopted children without SSNs, parents can apply for Adoption Taxpayer Identification Number by filing out Form W-7A
For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Twitter : Kash_Yajnik@kash_yajnik
1. Notify SSA about the Name Change. This way IRS Computers can match your New Name with the Social Security Number.
2. After divorce if you are using your prior last name, notify SSA about name change.
3.To Inform SSA about the name change, File Form SS-5, which is Application For a Social Security Card, at your local SSA office or by mail with a proof of your legal name change - (800) 772 1213
4.Go to SSA website www.ssa.gov for on line From SS-5.Your new card will have the same SS# but with New Name.
5. If you have adopted Spouse's children, you would like to update their Names as well. For adopted children without SSNs, parents can apply for Adoption Taxpayer Identification Number by filing out Form W-7A
For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Twitter : Kash_Yajnik@kash_yajnik
Monday, February 25, 2013
Did You Receive IRS eMail ?
Beware Of Phishing Web Sites that send IRS look alike Logos in Emails for following reasons:
1. To Steal Tax payer Identity
2. To Obtain Personal Information about Tax Payer
3. To gain Financial Info. about Tax payers
4. End Result is that the Security Of the Tax payer's Bank and Credit/Debit Card Account is compromised
IRS advises Tax payers to do the following:
o Don't Reply the Message.
o Don't Open Attachments
o Don't Click on any links in the eMail.
o Report Suspicious eMails to phishing@irs.gov
Note: IRS doesn't communicate with Tax payers using eMails or Social Media to request Financial or Personal Information. IRS Only Communicates through then US mail.
For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Twitter : Kash_Yajnik@kash_yajnik
1. To Steal Tax payer Identity
2. To Obtain Personal Information about Tax Payer
3. To gain Financial Info. about Tax payers
4. End Result is that the Security Of the Tax payer's Bank and Credit/Debit Card Account is compromised
IRS advises Tax payers to do the following:
o Don't Reply the Message.
o Don't Open Attachments
o Don't Click on any links in the eMail.
o Report Suspicious eMails to phishing@irs.gov
Note: IRS doesn't communicate with Tax payers using eMails or Social Media to request Financial or Personal Information. IRS Only Communicates through then US mail.
For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Twitter : Kash_Yajnik@kash_yajnik
Monday, February 18, 2013
IRS 2012 Tax Program Update...
The New Tax law was passed on Jan 2, 2013 and since then following events have occurred:
1. IRS started accepting eFile returns by Jan 30, 2013 rather than customary Jan 15, of the current year.
2. Certain returns with Education credits, and Depreciation are beginning to be processed by Feb15, 2013.
3. Estimated Tax Payments forms 1040-ES will be processed beginning Feb 20, 2013.
Other Tax Programs are being constantly updated as IRS begins to process current year returns. and the industry reacts to all the changes in the new tax law.
For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Twitter : Kash_Yajnik@kash_yajnik
1. IRS started accepting eFile returns by Jan 30, 2013 rather than customary Jan 15, of the current year.
2. Certain returns with Education credits, and Depreciation are beginning to be processed by Feb15, 2013.
3. Estimated Tax Payments forms 1040-ES will be processed beginning Feb 20, 2013.
Other Tax Programs are being constantly updated as IRS begins to process current year returns. and the industry reacts to all the changes in the new tax law.
For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Twitter : Kash_Yajnik@kash_yajnik
Sunday, February 10, 2013
Dirty Dozen Scams : #10, #11, & #12
2011 Dirty Dozen Tax Scams According to IRS, will be listed and explained to the informed Tax Payer.
# 10 Zero Wages - Typically Form 4852 (Substitute For W-2) or Corrected "1099" is used to Improperly reduce taxable Income to Zero. Taxpayer might submit statement rebutting wages and taxes reported by payer to IRS. Fraudulent tax payers explain on Form 4852 that company has issued erroneous W-2 and refuse to correct it for fear of IRS retaliation. Taxpayers should not participate in such schemes. Such Filings may result in $5000 penalty.
#11 Trust Misuse - Unscrupulous Promoters have for years asked taxpayers to transfer assets in to trusts to shelter or evade income tax. While many such transfers are legitimate, some highly questionable transactions promise reduction of Income subject to taxes, less deductions, and reduced gift or estate taxes. Such trusts rarely promise what they deliver and avoid income tax or shelter income illegitimately. Recently IRS has stepped up activities to monitor Annuity and Foreign trusts to shift Income & deduct personal expenses. Seek a trusted Professional before entering such trust arrangements.
#12 Fuel Tax Credit Scams - IRS receives claims for excessive Fuel Tax Credits.While some farmers who use fuel for off-highway business purposes, are eligible for fuel tax credit, other Individuals claim tax credit for nontaxable uses of fuel when their occupations & income levels make such claims unreasonable. Fraud involving Fuel Tax Credit is frivolous tax claim and can result in $5000 penalty.
For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Twitter : Kash_Yajnik@kash_yajnik
# 10 Zero Wages - Typically Form 4852 (Substitute For W-2) or Corrected "1099" is used to Improperly reduce taxable Income to Zero. Taxpayer might submit statement rebutting wages and taxes reported by payer to IRS. Fraudulent tax payers explain on Form 4852 that company has issued erroneous W-2 and refuse to correct it for fear of IRS retaliation. Taxpayers should not participate in such schemes. Such Filings may result in $5000 penalty.
#11 Trust Misuse - Unscrupulous Promoters have for years asked taxpayers to transfer assets in to trusts to shelter or evade income tax. While many such transfers are legitimate, some highly questionable transactions promise reduction of Income subject to taxes, less deductions, and reduced gift or estate taxes. Such trusts rarely promise what they deliver and avoid income tax or shelter income illegitimately. Recently IRS has stepped up activities to monitor Annuity and Foreign trusts to shift Income & deduct personal expenses. Seek a trusted Professional before entering such trust arrangements.
#12 Fuel Tax Credit Scams - IRS receives claims for excessive Fuel Tax Credits.While some farmers who use fuel for off-highway business purposes, are eligible for fuel tax credit, other Individuals claim tax credit for nontaxable uses of fuel when their occupations & income levels make such claims unreasonable. Fraud involving Fuel Tax Credit is frivolous tax claim and can result in $5000 penalty.
For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
Facebook : kash@yajnikandmehta.com
Twitter : Kash_Yajnik@kash_yajnik
Monday, January 28, 2013
IRS Dirty Dozen Tax Scams: # 9 Disguised Corporate Ownership
2011 Dirty Dozen Tax Scams According to IRS, will be listed and explained to the informed Tax Payer.
# 9 Disguised Corporate Ownership - IRS Continues to monitor Corporate and other disguised entities formed and operated in certain states by requesting Employer Identification Numbers through third parties. Such entities under report income, take fictitious deductions, don't file tax returns, participate in listed transactions, launder money, and even finance terrorist activities. IRS is working with state authorities to bring such entities into compliance with us tax laws.
For Q & A, Call Kash @ Yajnik & Mehta Associates (925) 963 4891
# 9 Disguised Corporate Ownership - IRS Continues to monitor Corporate and other disguised entities formed and operated in certain states by requesting Employer Identification Numbers through third parties. Such entities under report income, take fictitious deductions, don't file tax returns, participate in listed transactions, launder money, and even finance terrorist activities. IRS is working with state authorities to bring such entities into compliance with us tax laws.
For Q & A, Call Kash @ Yajnik & Mehta Associates (925) 963 4891
Monday, January 21, 2013
IRS - Dirty Dozen Scams: # 8 Abusive Retirement Plans
2011 Dirty Dozen Tax Scams According to IRS, will be listed and explained to the informed Tax Payer.
# 8 Abusive Retirement Plans - IRS Continues to discover Retirement Plan Abuses in Roth IRA and IRA Accounts. The Service is looking for taxpayers who avoid the limits on contribution and transactions that are not properly reported as early distribution. Beware of advisers who shift Assets into IRA at less than Fair Market Value and try to circumvent the annual contribution limits. Some LLCs engage in activity that is considered prohibited.
For Q & A call Kash @ Yajnik and Mehta : (925) 963 4891
# 8 Abusive Retirement Plans - IRS Continues to discover Retirement Plan Abuses in Roth IRA and IRA Accounts. The Service is looking for taxpayers who avoid the limits on contribution and transactions that are not properly reported as early distribution. Beware of advisers who shift Assets into IRA at less than Fair Market Value and try to circumvent the annual contribution limits. Some LLCs engage in activity that is considered prohibited.
For Q & A call Kash @ Yajnik and Mehta : (925) 963 4891
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