Be Sure You Do Them Right
Though Personal Returns Are Due 10-15-13; Be Sure You Do Them Right so you will avoid unnecessary IRS audits, liens, collections, amendments, penalties and interest. The below is a sample letter we might send to a taxpayer to ensure that a proper return is filed reflecting only their lowest legal possible tax:
Before you mail the data please make the below changes to the spreadsheet you forwarded and then resend to me.
For the spreadsheet:
Please list your total revenue for your LLC on the Profit and Loss Statement.
Please set up a separate category for fixed assets and put all individual purchases of items over $1000 each (such as office chairs, computers etc.) in that category.
If the amount you list as a deposit has not yet been earned by the payee, please take it off your profit and loss schedule as it would still be an asset for your business and not deductible until/if the monies are earned by the payee.
Take prescriptions off the recap of your LLC data, as they are personal, but be sure to list the total in the items that you forward for your personal return.
Please separate out Meals & Entertainment and set up a separate account for them.
For your medical insurance please list the total paid for both you and your family out of your LLC.
Please forward me everyone in your families birth-date.
Please do not hesitate to call might you have any questions.
John Dillard, CPA of His CPA, PC (An Atlanta CPA firm) 1940 Woods River Lane, Duluth, GA 30097 Phone 770-814-9304 http://www.hiscpa.com/ To retain John Dillard CPA (An Atlanta Christian Speaker/Author) for your business group or church congregation, you can contact him today at 770.814.9304
We advise clients on: IRS representation, Offer in Compromise, Tax Problems, Incorporation in Georgia, Corporate and Personal Income Tax Returns, Part-time CFO, Virtual Controller, Business Planning, Back Taxes, Business Acquisitions/Sales, Forensic Accounting, Business Valuations and Bookkeeping.
Dare to Attempt Something so Great for the Kingdom of God that it is doomed to failure, lest Christ be in it!