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Thursday, May 18, 2017

Filing Past Due Tax Returns


  

It is in your best interest to file all tax returns that are due, regardless of whether or not you can pay any tax due in full.

 

Here's Why You Should File Your Past Due Tax Returns...NOW

 

1-Limit interest interest charges and late payment penalties.

 

2-Avoid the risk of losing a tax refund you were due.

 

3-Protect Social Security & Disability Benefits

 

4-Avoid issues obtaining loans.

 

What Happens If You Don't File Voluntarily?

 

If you fail to file your tax return, the IRS may file a substitute tax return for you...one that will be the worst of all worlds since they will report only income and no, exemptions, deductions and tax credits you may be entitled to.

 

If You Need Information To File A Prior Year Tax Return

 

If you need wage and income information, complete Form 4506-T Request for Transcript of Tax Return, and check the box on line 8. This way you be be sure you are reporting all income when you do file your tax return and avoid having the IRS sending you a notice for unreported income.

 

 

This article was written by Donald M. Scherzi, CPA, CFP, LLC

Mike Lupo, SCORE Counselor


 

 

Thursday, May 11, 2017

When it all works right



We recently had the need to replace a washer/dryer. The old one just got tired and was preparing to go out with a lot of noise. We searched all the big suppliers and found that an exact replacement was not generally available. We knew our system was old. After a few days of on line searching, I found one and only one potential supplier that had a few similar units. Much to my surprise their web site had an exact model replacement. A phone call determined that they did, in fact, show a few in of them in inventory. The site reflected an unusually low price as well, and the phone conversation confirmed the price.

We were in the store within hours and purchased the exact replacement for the price shown. But this is only part of the story. That evening the washer completely failed. The store confirmed a delivery date within three days and time, within four hours. When the time passed, we called and were told the truck broke down, but they expected to make the delivery later that day. They did, after renting a replacement truck and shifting the items to be delivered on the route. I knew this was true because of the rental truck company name on the vehicle. They overcame the issues with three very tired delivery men. These men removed the old unit, installed and checked out the new one and made sure we were satisfied before they left.

 

We recommended this store to three friends who were also pleased. Now we are considering replacing a stove, oven and dishwasher. Guess where we will be going!!!

 

How does your business stack up?

 

 

Steve Koenig, SCORE Counselor


 

 

Sunday, May 7, 2017

Business Conference a BIG SUCCESS

South Palm Beach SCORE Business Conference was a BIG SUCCESS


Jennifer Suzuki not only helped us at the Conference, she shares her thoughts (as a client) with the "world"
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Jennifer Suzuki said she was with you at Saint John Paul II Academy in Boca Raton, FL . Jennifer wrote: "Speaking to business owners at an unbelievable SCORE event here in BOCA Raton, FL. Hoping to inspire local businesses here in South Florida to identify and follow their purpose, passions and plan. #SCORE #FloridaBusiness For those of you unfamiliar with this non-profit, we live in a great country that provides invaluable resources to be your own boss and thrive as an Entreprenuer!! #SmallBusiness #eDealerSolutions" Learn more about tagging on Facebook .
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Jennifer Suzuki said she was with you at Saint John Paul II Academy in Boca Raton, FL.
Jennifer wrote: "Speaking to business owners at an unbelievable SCORE event here in BOCA Raton, FL. Hoping to inspire local businesses here in South Florida to identify and follow their purpose, passions and plan. #SCORE #FloridaBusiness For those of you unfamiliar with this non-profit, we live in a great country that provides invaluable resources to be your own boss and thrive as an Entreprenuer!! #SmallBusiness #eDealerSolutions"
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Monday, May 1, 2017

Amortization Expense




The tax laws offer new and existing businesses the opportunity to deduct amortization expense on various intangible assets acquired and used for business purposes.

Common intangible assets include: Business Start-Up Costs, Business Organization Costs, Copyrights, Customer Lists, Franchise Agreements, Goodwill, Licensing Agreements, Non-compete Agreements, Patents, Trademarks/names, and Trade Secrets (Formulas and Recipes).

In order to compute the correct amount of amortization each year, the following records need to be maintained:

1-Description of the asset

2-Date Acquired

3-Date Purchased

4-Total Purchase Amount

5-Date Placed In Service for Business Use (If different form date acquired)

6-Business Use Percentage (if less than 100%)

IRS Publication 535 provides detailed information on intangible assets and amortization and is available for Free form the IRS by calling 800-829-3676.

The laws have specific rules for the various types of intangible assets which must be followed each year.

Amortization expense is thus a deductible business expense that helps a business owner reduce income taxes each year.

 

This article was written by Donald M. Scherzi, CPA, CFP, LLC

Mike Lupo, SCORE Counselor