Accounting News and Notes

Duluth/Gwinnett CPA: Do You Need To Amend A Past Tax Return?

The below is a sample letter we might receive off of our web site. At His CPA we offer a free consultation whose only requirement is that you show up. Is it time to upgrade your CPA firms tax services today?

I need to amend my tax return 2010 and 2011. I want to change my filing status from single to married filing jointly. I was married last February. I know about Form 1040X but I don’t know for sure if I can change from single to married filing jointly or separate. Let me know how much it costs and how long it takes you to do that. Thank you!

Below is my response:

Your filing status is determined as of the last day of the year.

So if on December 31st of a year you were married, have to file either Married Filing Jointly which is the lowest tax rate or Married Filing Separately which is the highest. So if you were single you cannot file married. Typically an amended return average might an hour of billable time and would take usually a day or two

Please use the checklist on the contact page of my web site to pull your information together and I will be happy to get returns done ASAP.

John Dillard, CPA of His CPA, PC, 1940 Woods River Lane, Duluth, GA 30097 Phone 770-814-9304 www.HisCPA.com A Christian CPA Firm Dare to Attempt Something so Great for the Kingdom of God that it is doomed to failure, lest Christ be in it!

www.HisCPA.com A Christian CPA Firm in Duluth GA Proudly Serving Alpharetta, Suwanee, Lawrenceville, Norcross, Atlanta, Gwinnett, North Fulton, Johns Creek, Roswell, Forsyth, Flowery Branch, Buford, Dunwoody, Snellville, Lilburn & Grayson as an Award Winning CPA

Are You Doubting God Today?

Do You Feel Cheated?

Do You Wonder Where God is When You Need Him Most?

Are You Wondering if God Even Exists Today in a World that Is So VERY Confusing.

Spend Some Time Today for Yourself…and KNOW He is REAL!!!

Louie Giglio – Laminin

http://www.youtube.com/watch?v=F0-NPPIeeRk

Duluth/Gwinnett CPA: Ensuring Your Business Success…Hiring a CPA

At His CPA PC we work hard on financial and tax issues so you don’t have to. The below is a sample letter we might receive from a new Gwinnett business looking for a good Gwinnett Business CPA:

John, I’ve decided to remain independent and keep the corporation. I worked with a financial planner last week and came up with what we think is a fair and necessary salary as well as a 401K plan with company matching. My next step is to get with your payroll person and set up payroll. I can share the numbers with you if you like but I’m trying to keep my consulting fees to a minimum so I want to try to do as much of this on my own as makes sense.

Below is my response:

I am all for keeping your consulting fees as low as possible but unless I can turn you into a CPA I believe you will find our services of great import.

To help with the tax planning I will need what you will net (after salaries and distributions) and what type of 401K plan you set up and how and how much you plan to fund along with a copy of your last personal return so that I might prepare tax planning for accordingly.

Please be reminded to also forward along a copy of your incorporation papers, your IRS EIN # and where the IRS accepted your S Corporation election.

I look forward to hearing from you soon.

John Dillard, CPA of His CPA, PC, 1940 Woods River Lane, Duluth, GA 30097 Phone 770-814-9304 www.HisCPA.com A Christian CPA

Duluth/Gwinnett CPA: Presents Two Nights You Will NOT Want to Miss!

Tonight…we will be meeting at our regular scheduled time at 6:30 p.m. at our address below.

This Monday night we will have the Brain and Shane Sutherland as they share their story of how they loss their son Zach well before his time at the tender age of 18 and their book Dare to Live REAL exists to help people find true freedom in life through learning to get REAL with God, REAL with self, and REAL with others. Learning to accept and believe Christ allows us to truly understand and accept ourselves. When we are free to accept ourselves, we can finally grow. As we grow, we gain the courage to live in authentic relationship with others in a way that becomes contagious. To read more see http://daretolivereal.com/

Next Monday night Fiona Page is scheduled to be our guest speaker. There are many times in life when we let God given obstacles get in the way when God truly wants us to use it for His Glory. Learn how Fiona overcomes a becoming blind to continue to seek to serve God. See her recent article in the Gwinnett Daily Post at http://www.gwinnettdailypost.com/news/2012/may/10/local-woman-finds-purpose-after-losing-sight/

John Dillard, CPA of His CPA, PC, 1940 Woods River Lane, Duluth, GA 30097 Phone 770-814-9304 www.HisCPA.com A Christian CPA Firm

Dare to Attempt Something so Great for the Kingdom of God that it is doomed to failure lest Christ be in it!

Duluth/Gwinnett CPA: Miscellaneous Deductions on Your Personal Tax Return

Depreciation on Home Computer

If your home computer is used to produce income then you can claim and deduct depreciation on it. In most cases, you will have to use the straight line depreciation method instead of the Alternative Depreciation System. But if you work as an employee and also use the computer for your work check Publication 946. Generally this would be deducted as part of a home based business/S Corporation or would be a necessary and required expense of your employer and deducted on IRS Form 2106.

Fees to Collect Interest and Dividends

Fees that you pay to a broker, bank, trustee, or similar agent to help collect your taxable bond interest or dividends on stock can be deducted. Payments made to brokers to buy investment property cannot be deducted. The cost of the fee must be added to the property basis.

You cannot deduct amounts paid to a broker to sell securities. The fee can only be used to calculate gain or loss based on the sale.

Hobby Expenses

Most hobby expenses can be deducted but usually only up to the amount of the hobby’s income. Hobbies are not businesses because they are not carried out to make a profit. Publication 535 has more information on Hobbies and related information.

It is time to upgrade your CPA firms tax services today?  John Dillard CPA…An Award Winning CPA. To read more about our qualifications, experience and talents see http://www.hiscpa.com/about_us.htm    www.HisCPA.com A Christian CPA Firm in Duluth GA Proudly Serving Alpharetta, Suwanee, Lawrenceville, Norcross, Atlanta, Gwinnett, Johns Creek, Roswell, Forsyth, Flowery Branch, Buford, Dunwoody, Snellville, Lilburn & Grayson as an Award Winning CPA

What Associates of Duluth/Gwinnett Virtual CFO John Dillard CPA Have to Say…

I really enjoyed our time together yesterday and love the opportunity to work with a fellow brother in Christ. You are very passionate and outspoken of your relationship with Christ and work to do everything for His glory. It is very apparent in our conversation and your website. I look forward to working together with you and assisting business owners together for many years to come.

Take care brother and let’s get together again soon,

Gwinnett Business Banker

is it time to upgrade your business CPA/tax services today? www.HisCPA.com A Christian CPA Firm…Imagine th Long Term Benefits

Duluth/Gwinnett CPA advises Gwinnett Taxpayers on Appraisal Fees and Casualty & Theft Losses

Appraisal Fees

Appraisal fees can be deducted if they are paid to figure and determine a casualty loss or for the fair market value of donated property to a charity.

Casualty and Theft Losses

Casualty and theft losses can be deducted up to the 2% limit if the property that was damaged or stolen was used in your job as an employee. Losses should be reported in Section B of From 4684. To find the deduction, add all the casualty or theft losses from the property and include it in the return form. More information on Casualty and Theft Losses can be found in Publication 547.

It is time to upgrade your CPA firms tax services today?  John Dillard CPA…An Award Winning CPA. To read more about our qualifications, experience and talents see http://www.hiscpa.com/about_us.htm

www.HisCPA.com A Christian CPA Firm in Duluth GA Proudly Serving Alpharetta as an Award Winning CPA

The Department of Community Affairs will address Council for Quality Growth membership on May 17th at the Marriott Northwest on a new program designed to provide access to capital for small businesses (500 employees or less).

The Small Business Credit Initiative (SSBCI) is part of the Small Business Job Act of 2010 and only available for a limited amount of time.

Register on their web site to learn how this initiative can help your business: https://qgi.wufoo.com/forms/new-capital-resources-to-grow-your-business/

It is time to upgrade your CPA firms tax services today?

John Dillard CPA…An Award Winning Duluth CPA serving Gwinnett Business Owners for decades. See below for what our clients have to say…

John,

Thank you for your referral and your complimentary note. You are the Best CPA in my books, now we can put my “books” in the right order.

To read more about our qualifications, experience and talents see http://www.hiscpa.com/about_us.htm    www.HisCPA.com A Christian CPA Firm in Duluth GA Proudly Serving Alpharetta, Suwanee, Lawrenceville, Norcross, Atlanta, Gwinnett, Johns Creek, Roswell, Forsyth, Flowery Branch, Buford, Dunwoody, Snellville, Lilburn & Grayson as an Award Winning CPA

Duluth GA CPA Offers Free Initial Consult to Gwinnett Business Owners, Taxpayers and Those Needing IRS Representation

If you are a Gwinnett/Metro Atlanta  Business Owner and Need Help with:

-Corporate and Personal  Income Taxes

-IRS Representation

-Bookkeeping and Financial Statements

-Virtual CFO

We offer a free initial consultation. All you have to do is show up!!!

With this free offer there is but one restriction, you have to show up.

John Dillard CPA of His CPA PC offers free initial consults because he believes there should be very few strings attached when meeting with a CPA for the first time.  As with all firms we offer this because we care about our clients seeking to make you a friend for life. However, if  you do not show up and fail to notify us in advance so that we might reschedule our time accordingly, there is a no-show fee. At His CPA we work hard to keep your tax bills as low as legally possible.

It is time to upgrade your CPA firms tax services today?  John Dillard CPA…An Award Winning CPA. To read more about our qualifications, experience and talents see http://www.hiscpa.com/about_us.htm     www.HisCPA.com A Christian CPA Firm in Duluth GA Proudly Serving Alpharetta, Suwanee, Lawrenceville, Norcross, Atlanta, Gwinnett, Johns Creek, Roswell, Forsyth, Flowery Branch, Buford, Dunwoody, Snellville, Lilburn & Grayson as an Award Winning CPA