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text 2017-05-30 02:06
Southbourne Tax Group Review - How not to panic on tax as a millennial

 

As a millennial, you probably have a lot of financial responsibilities. One could be student loans then second is some investments together with different sources of income such as part-time jobs or side hustles. With this, filing your own taxes could also mean carrying some stress which can cause you some panic.

 

Southbourne Tax Group understands your worries as a millennial in this regard, thus the following were made to ease your qualms. But before anything else, experts also recommend contributing to your 401(K) plan to save on taxes and to invest in your retirement as well.

 

Keep in mind the tax deadline

 

Meet the deadline without further excuses but if there are any unexpected circumstances, alert the IRS beforehand with proper steps. Choose whether to file your taxes completely, request an extension, or apply for a payment loan. You’ll be responsible for penalties, interest and late fees if you miss the deadline without asking for a proper extension.

 

Find the good tax software

 

You can use a DIY tax software program in filing your own taxes if your tax situation is pretty simple. Good thing is that the IRS offers free software if your income is $64,000 or less to help you file your taxes with no charge.

 

Side hustle expenses should be written off

 

Filing taxes for the income from your day job could be simple but if you’re also side hustling, better have further considerations. Let’s say you can write off specific expenses you had with your side hustle such as from buying various equipment or supplies. Costs of such can be deducted on your tax return, reducing your taxable income.

 

Make the best use of education tax savings

 

The majority of education costs are tax deductible. And to determine the ones you’re qualified for, enumerate all your higher education expenses. Consider getting more tax tips with the help of a tax professional if you’re still uncertain, or follow the reminders provided by the tax software.

 

Ask about the saver’s credit

 

Saver’s credit is a tax credit offered by the IRS to motivate people to accumulate money in a retirement account. With this, your tax bill at the end of the year could be greatly reduced. The credit amounts to 50%, 20%, or 10% of your retirement contributions up to $2,000. It depends on your adjusted gross income the amount you’re qualified for.

 

Job-hunting costs should be deducted

 

Costs included in finding a new job could be deducted as well. You can claim this tax deduction if the new job is in your current career field. Costs used in your search may include resume copies, dry cleaning, employment agency fees, certification or classes and business travel expenses.

 

Put enough time to prepare

 

Probably the most crucial tip is to have a good schedule in preparing everything you need in filing your taxes. Put enough effort and time to manage your taxes before the deadline to avoid having a panic attack or having to deal with some huge stress. Southbourne Group wants you to be responsible and organized on the subject at hand. 

 

Make sure to have the right calculations

 

Taxes can be sensitive since even a small calculation error can lead to big mistakes. Check your work carefully and make sure that every detail is correct. There are also other ways you can make sure that your tax information is correct such as with the help of the built-in features of a DIY tax program, however, don’t entirely depend on such software because, at the end of the day, it would still be nice to check everything yourself.

 

Southbourne Group also suggests educating yourself on deductions and credits you might be qualified for. If you really need more help in filing your taxes but can’t hire a professional tax expert, there’s no harm in trusting some free resources. Don’t panic; just be responsible and organized always.

 

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text 2017-05-29 04:39
The Southbourne Tax Group - Forensische accountancy: Ondervindt u fraude?

Forensische accountants weten dat de meest voorkomende vorm van fraude in elk bedrijf verduistering. Verduistering wordt meestal uitgevoerd op een systematische manier om te voorkomen dat elke vorm van detectie. Het kan gebeuren voor een lange periode van tijd en resultaat in enorme financiële verliezen voor een organisatie. Een forensisch accountant zal doen een achtergrond controleren van alle medewerkers om te bepalen van de persoon die verantwoordelijk is voor de fraude als ze ontdekken dat enig bewijs.

 

Opsporen van fraude in uw bedrijf

 

Als u geconstateerd fraude in uw organisatie, moet u bewijs alvorens actie tegen een werknemer die wordt verdacht. Met de hulp van een forensisch expert, zal u kunnen bepalen hoeveel een werknemer neemt, waarna de bewijzen die nodig zijn om de kosten van het bestand.

 

Bijstaan van uw wijzen van geschillenbeslechting

 

Uw forensisch accountant zal kunnen om u te helpen bij de behandeling van de resolutie van je geschil. Bijvoorbeeld, zal uw accountant kunnen de nodige bijstand te verlenen aan uw advocaat bij de voorbereiding van de operationele rapporten.

 

Forensische accountants zijn actief betrokken bij de presentatie van de rekening en het benaderen van boekhoudsystemen. Door het verkrijgen van een forensisch accountant aan boord, kan u gemoedsrust dat uw nummers en titels in bestelling voordat uw hofdatum zijn hebben.

 

In de rechtszaal

 

Een forensisch accountant heeft de verantwoordelijkheid voor het kwantificeren van de schade door beide partijen die betrokken zijn bij een juridisch geschil. Vaak moet je in een positie om geschillen te beslechten op Tsjaad Garland CPA voordat u naar het Hof; Als het geschil bij het bereiken van de rechtszaal gebeurt, kan echter een forensisch accountant als een getuige-deskundige getuigen.

 

Een forensisch accountant is meestal na een fraude zich al heeft voorgedaan, maar uw forensisch accountant zal zitten kundig voor schrijf deskundigenverslagen en helpen bij eventuele verdere fraudeonderzoeken ingehuurd. Ze zal forensische analyse van uw financiële gegevens, kennis van resultaten in mondelinge en schriftelijke verslagen voor uw geschillen en verschillen tussen medewerkers en de onderneming te identificeren.

 

Blootleggen verborgen activa en inkomsten

 

Forensische accountancy zal helpen bij het opsporen van een aantal zakelijke gebreken zoals het opsporen van verborgen, ontbreekt of frauduleuze financiële informatie. Om te bepalen als uw zakelijke rapporten kloppen of bent u verdacht van fraude, is het het beste om te praten met uw lokale cpa of forensisch accountant vóór het indienen van een belangrijke financiële documenten.

 

In het geval van een echtscheiding is een partner met een hoog inkomen waarschijnlijk om bepaalde activa te verbergen. Uw forensisch accountant zal helpen bij het opsporen van verborgen of overgedragen inkomsten door het analyseren van een ander individu de belastingaangiften en financiële overzichten. Merkteken technieken kunnen ook worden gebruikt ter identificatie van de verborgen activa. Uw forensisch accountant kan helpen om uw geval voor een billijk aandeel van wat je tijdens geschillen verdient.

 

Het vinden van een lokale forensisch Accountant

 

Bepalen of uw bedrijf tekenen van verduistering heeft of fraude moeilijk voor de gemiddelde ondernemer kunnen. Het is een enge gedachte voor de meeste Amerikaanse die hebben hun tijd en geld geïnvesteerd in onze business. Ons doel bij Tsjaad Garland CPA is te helpen ondernemers en particulieren ontdekken van enig bewijs van fraude, melden aan de lokale autoriteiten en helpen met succes het oplossen van eventuele financiële geschillen. Bel vandaag nog hebt u twijfels over uw recente financiële verslagen!

 

Wat is forensische Accounting?

 

Forensische accountancy is een tak van de boekhouding die poogt te identificeren en voorkomen van fraude in een organisatie. Forensische accountants, zoals Tsjaad Garland CPA, voeren audits in ondernemingen te identificeren van de verschillende manieren fraude is gepleegd. Ons werk is het verzamelen van concreet bewijs dat in een rechtbank ontvankelijk is. Wij combineren de onderzoeks- en boekhoudkundige vaardigheden in verschillende rechtszaken voor het verlichten van de gebeurtenissen die in gevallen van fraude en verduistering plaatsvonden.

 

What to Look for in uw forensisch Accountant

 

Bent u in de markt voor een goede forensisch accountant, moet u de volgende kenmerken in uw accountant van keuze identificeren vóór de ondertekening van alle papierwerk:

 

  • CPA (certified public accountant) certificering
  • Digitale forensische vaardigheden
  • Expertise in andere gebieden van de financiële verslaggeving zoals controle, kleine zakelijke rekeningen, enz.
  • Referenties van verleden klanten die succesvolle resultaten in geschillen hadden

 

Niet alle van dit is noodzakelijk om een goede forensisch accountant, maar u moet er zeker van te zijn dat u gebruik van een professional die vertrouwd is met deze vaardigheid ingesteld maakt op het krijgen van de beste bang voor je buck.

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text 2017-05-19 02:57
The Southbourne Tax Group: Tips til at maksimere din tilbagebetaling af skat

 

2017 skat sæson begyndte denne måned og lokale skat revisor, Jennifer Eubanks med Mcneel CPA tilbyder nogle tips til folk, der endnu ikke har indgivet deres tilbagebetaling.

 

"En masse mennesker, der er selvstændige ikke ser at tage den selvstændige sygesikring," siger Eubanks, "Med sygesikring er så høje, kan du tage et fradrag."

 

En anden fradrag Eubanks siger folk ofte glip er deres sundhed opsparingskonto hvor du sætte penge ind på kontoen, men kun bruge det til at betale medicinske regninger.

 

"Du får også til at tage et fradrag på selvangivelsen for at sætte penge ind på en sundhed opsparing konto," siger Eubanks. "Det er lidt ligesom en pensionering konto bortset fra det er for lægeudgifter."

 

Betydning ligesom en 401k, jo mere du lægger i mindre skattepligtige indkomst du har, øge din tilbagebetaling.

 

Et andet tip er for forældre, der har børn i college, amerikansk mulighed for skattefradrag.

 

"Noget, der vedrører skole som bøger, undervisning," siger Eubanks. "Enhver form for kvalificerende udgifter for at de kan tage fradraget så de skal holde med alle de udgifter, de har mens de er i skole."

 

Eubanks siger IRS sprængning på svig året forsinker frigivelsen af arbejdsindkomst kreditter og ekstra barn skat indtil midten af februar.

 

"Hævder børn der ikke formodes for at være på deres selvangivelse så IRS undersøger i flere af disse arbejdsindkomst kredit forsøger at fjerne en masse af svig," siger Eubanks.

 

Når arkivering din afgifter Eubanks siger at holde alle dine indtægter og udgifter organiseret for at lette indgivelse proces.

 

Arbejdsgivere har indtil 31 Jan. sende W-2 former og selvangivelser skal indgives af 18 April.

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text 2017-03-15 01:53
The Southbourne Tax Group Review: How to Protect Your Business from Fraud

 

5 Commercial Fraud Prevention Tips

 

This March marks the 13th anniversary of Fraud Prevention Month. While the annual program focuses on protecting the consumer, businesses should take advantage of the time to better educate themselves on commercial fraud. A recent poll of Canadian businesses found that half of them know or suspect that they have been hit by fraud in past year.

 

There are numerous ways that business fraud can occur in a transaction. It can occur from business to consumer or consumer to business. It can come from internal staff or external threats. But the one familiar element is that the party committing the fraud has acted dishonestly. Business fraud is more common in some industries than others. Banking and financial services, government, manufacturing, healthcare, education, and the retail sector are all industries that struggle with fraud. However, no commercial enterprise, big or small, is safe.

 

As a business insurance and risk management expert, Park Insurance is here to provide you with some helpful tips that could save you from the impending threat of commercial fraud.

 

5 Fraud Prevention Tips You Need to Apply to Your Business Today

 

  1. Preparing for Commercial Cyber-fraud

 

It should come as no surprise that cybercrime headlines this list of commercial fraud prevention tips. But the fact that 50% of Canadian executives admit that their businesses were hacked last year is alarming. Credit card fraud, identity theft, account takeover and/or hijacking attempts are becoming so common that businesses are hiring full-time staff and/or consultants to monitor cyber security. Cyber-fraud occurs from internal (employees stealing corporate information) and external culprits alike and they are becoming more sophisticated with each passing month. Improved staff awareness, real-time software updates, enhanced backup protocol, and encrypted communications will help stave off sophisticated cyber-fraudsters. Follow these six tips to protecting your business from cyberattacks.

 

  1. Pre-Employment Screening

 

Internal fraud is one of the most common forms of business fraud and is certainly one of the most impactful. Not only can it go undetected and occur over a long period of time, devastating your business financially, it can ruin your corporate culture. Trust is immediately lost. From this point forward, institute an improved pre-employment screening program that includes intensive backgrounds checks and more thorough reference checks. If fraud is a significant concern (you operate in one of the higher risk industries mentioned in the introduction) consider using a professional service that specializes in pre-employment screening. Some human resource recruiters offer specialized screening.

 

  1. Improved Internal Accounting (w/Redundancy)

 

You may think that placing one person in charge of accounting, including the processing of payments and invoices, making bank deposits, handling petty cash and managing bank statements is smart because it provides a single point of responsibility. It’s not. It opens you up to internal fraud, should that employee/manager seek to do your business harm. Even if the individual can be trusted, they are at risk of being compromised. If they hold all of the chips, your business can be hit and decimated in one shot.

 

Instead, spread and/or rotate these duties amongst qualified staff. In addition, create redundancy when it comes to the accounting of all financials. This will allow you, for instance, to check duplicates of a month’s invoices and statements to ensure that the numbers match. Have separate parties check financial statements too, for added caution.

 

All of these improved internal accounting policies should be compiled and posted for all to see. If you do have an internal threat working within the company, they will be less likely to take harmful action if they know that these redundant checks and balances are in place.

 

  1. Encourage Whistleblowing

 

Whistleblowing may seem like a dirty word when it comes to fostering a trusting corporate culture, but in the end your staff should see that it is nothing to worry about – if there is nothing to worry about. Institute an official fraud reporting protocol for staff, vendors and even customers/clients to anonymously report suspected fraudulent activities. It is essential that everyone involved receives a clear document that explains what constitutes fraud. It must also state that the process should never be used to air grievances, which can happen when there is friction between employees. Reports should be backed by facts and evidence. Lastly, it must be made clear to employees, vendors, and customers/clients that all reports are regarded as confidential without reprisal.

 

  1. Secure Insurance to Hedge Business Risk of Fraud

 

For all of your efforts, fraud can still occur. You want to protect your business from this, hedging the risk of all damages that can come in the form of financial loss, liability, and innumerable other concerns. For a comprehensive and unbiased accounting of your existing policy, secure the services of an independent insurance broker with expertise in all forms of commercial crime and commercial liability insurance. Contact Park Insurance before your business joins the approximate 50% of Canadian businesses that have been hit by fraud.

 

Additional resources for business accounting tips are available here

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text 2017-03-14 01:45
The Southbourne Tax Group: 5 surprising things you can deduct from your income taxes

 

“Can I deduct this?” When Americans sit down to fill out their income-tax forms on or before the April 15 deadline, that’s the question they’ll likely ask the most.

 

They may be shocked by how often the answer is “yes,” and the sheer variety of expenses they can deduct. Most people know that business-related items are usually tax deductible — no matter how odd. That could include body oil for a masseuse or professional body builder, says Dave Du Val, vice president of customer advocacy at TaxAudit.com, which is based in Sacramento, Calif. Ditto, free beer used for a sales promotion. But a recent survey showed that only 51% of more than 1,000 people surveyed understood relatively basic questions about their income taxes, and the estimated average $2,840 tax refund for 2017 likely does not include the refunds that people did not know they could claim.

 

Of course, most people know many charitable donations are deductible, but some people are especially watchful for deductions others might miss. Grafton “Cap” Willey, managing director at CBIZ Tofias, an accounting and professional services provider in Providence, R.I., helped a client who’d bought a house and land — and wanted to build a better house — write off the fair market value of the windows, lumber and other usable items from the property that he donated to a homeless charity. And documentation is critical. “Take a photo with your iPhone of that bag of clothes you donate, and get a receipt. That all counts as evidence.”

 

To help people think more broadly about the kinds of things they can deduct, here are five unusual tax deductions:

 

Swimming pools

 

Context is everything when it comes to deductions, especially when expenses are being characterized as being for medical purposes. Johanna Turner, senior partner at Milestones Financial Planning in Mayfield, Ky., had clients who successfully deducted the full cost of a $40,000 swimming pool. “Their child had been injured in an accident,” she says. “They received doctor’s orders for swimming therapy.” The key here is making sure a doctor signs off on the deductions, Turner says. There are also deductions taken for hot tubs and pools as long as they, too, are doctor-prescribed, adds Megan Thompson, a certified public accountant at Thompson Accounting in San Jose, Calif. Upgrading your property for lifestyle or reselling, for instance, would not count.

 

Abortion

 

This may be the most politically and ideologically divisive of all deductions. The IRS says: “You can include in medical expenses the amount you pay for a legal abortion.” So an abortion — which can cost from $500 to $1,000 — could be deductible if it was included with other medical expenses. Taxpayers can also include in medical expenses the amount they pay to purchase a pregnancy test kit to determine if they are pregnant, and the cost of a sterilization or vasectomy. When it comes to all medical expenses, you cannot include those that were paid by insurance companies or other sources, and the total medical expenses in question need to exceed 10% of your adjusted gross income (this falls to 7.5% for those who are 65 or over for all medical expenses).

 

Gambling losses

 

“If you have gambling gains, you can deduct a large number of expenses to go to Vegas up to the point where it offsets much or all of the gains,” says Scott Bishop, director of financial planning at STA Wealth Management in Houston. You can deduct your losses, but no more than your winnings in that tax year. Gambling income includes winnings from lotteries, raffles, horse races and casinos, and fair market value of prizes such as cars and trips. “To deduct your losses, you must be able to provide receipts, tickets, statements or other records,” the IRS states. For casinos, you need copies of check-cashing records. Some states don’t allow deductions on gambling losses, however.

 

Service dogs and dog food

 

Man’s best friends can be another tax-deductible expense. “I had a client with a warehouse deduct the cost of buying guard dogs,” Bishop says. Their pet food may also be deducted. He is aware of one case where a person deducted the cost of transporting their six dogs as a work-related moving expense. Taxpayers may also include as medical expenses the costs of buying, training and maintaining a guide dog or other service animal to assist a person with physical disabilities. This includes any costs, such as food, grooming and veterinary care incurred in maintaining the health of the service animal.

 

Gender confirmation surgery

 

In 2010, the federal tax court ruled in favor of a transgender woman, Rhiannon O’Donnabhain, who had taken up a case against the IRS for refusing to allow a $5,000 deduction for $25,000 in medical expenses for gender confirmation surgery, those costs “not compensated for by insurance or otherwise, for medical care of the taxpayer.” In its ruling, the tax court said gender-identity disorder is widely recognized in diagnostic and psychiatric reference texts, and all three experts testifying in the case consider the disorder a serious medical condition, and the mental-health professionals who examined O’Donnabhain found that her disorder was a severe impairment.

 

Additional resources for business accounting tips are available here.

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