The Potts Reporttag:typepad.com,2003:weblog-13441702012-01-02T10:45:10-06:00Potts & Company ~ Certified Public AccountantsTypePadTax Season 2012tag:typepad.com,2003:post-6a00e008cfcf6488340168e4dbd8d7970c2012-01-02T10:45:10-06:002012-01-02T10:45:10-06:00Potts & Company has been plotting and planning for the past few months to make Tax Season 2012 a low stress and comfortable experience for our clients. When considering income taxes, change is inevitable. The present economic and political environment...T David PottsAre You Living In the Dark Ages? Its Time to Step Up and E-file Your Income Tax Return.tag:typepad.com,2003:post-6a00e008cfcf6488340147e1c85b7b970b2011-01-20T13:06:29-06:002011-01-20T13:06:29-06:00The IRS has been working for more than a decade to reach a goal set by the IRS Restructuring and Reform Act of 1998 for 80% of all individual tax returns to be filed electronically by 2007. They didn’t reach...T David PottsTax Tip Use Your Credit Cards to Generate Tax Deductionstag:typepad.com,2003:post-6a00e008cfcf6488340148c6c0abae970c2010-12-14T21:05:34-06:002010-12-14T21:13:09-06:00Individuals, except in very rare circumstances, are cash basis taxpayers. Many businesses have elected to be taxed on the cash basis of accounting. For income taxes, this means your deduction is allowed when the expense is paid, not when the...T David PottsLet's Make a Dealtag:typepad.com,2003:post-6a00e008cfcf6488340148c67f1543970c2010-12-07T15:55:57-06:002010-12-07T15:55:57-06:00Beat into submission, President Obama reached an agreement with Republicans to extend the Bush tax cuts for two more years and also give workers a 2% reduction in Social Security tax for 2011. The agreement also allows a $5 million...T David PottsGet Ready for 2012, NOW!tag:typepad.com,2003:post-6a00e008cfcf6488340147e04d00bb970b2010-12-02T06:12:42-06:002010-12-02T06:59:49-06:00If you are a landlord, you need to get ready for 2012, now. The Small Business Jobs Act of 2010 imposed a new requirement that recipients of rental income (landlords) are required to file a 1099-MISC with the IRS for...T David PottsYour Tax Questions, Asked and Answered (by a U.S. Treasury Official)tag:typepad.com,2003:post-6a00e008cfcf6488340134898d3ae3970c2010-11-27T13:22:00-06:002010-11-27T13:22:00-06:00I just stumbled across an interesting article. You may be familiar with the books Freakonomics and Super Freakonomics by Steven D. Levitt and Stephen J. Dubner. The New York Times publishes their blog, also titled Freakonomics. A couple of weeks...T David PottsWhere Are You?tag:typepad.com,2003:post-6a00e008cfcf6488340133f61572c9970b2010-11-19T05:56:30-06:002010-11-19T08:38:38-06:00The best way to begin planning what options you have to lower your income tax burden is to determine where you are, or where you will be at the end of the year, tax wise. In other words, start your...T David PottsTax Planning: A Guessing Game?tag:typepad.com,2003:post-6a00e008cfcf6488340133f5e33446970b2010-11-15T21:30:56-06:002010-11-16T05:57:22-06:00The election is over and the result was a shift in power in Washington D.C., a shift that caused Obama to change his tune somewhat regarding income tax increases. A shift influenced by the unofficial Tea Party whose candidates promised...T David PottsA Lame Duck- A Short History Lessontag:typepad.com,2003:post-6a00e008cfcf6488340134890328e3970c2010-11-15T20:49:24-06:002010-11-15T20:58:12-06:00What is a "lame duck"? It has nothing to do with income taxes, but here is an article in the Christian Science Monitor that explains the etymology of the term "lame duck" just as Congress enters its lame duck session.T David PottsTax Foundation Ranked Arkansas 39thtag:typepad.com,2003:post-6a00e008cfcf6488340133f57f2f9e970b2010-11-01T05:57:41-05:002010-11-01T05:57:41-05:00The Tax Foundation, a non-profit research group focusing on tax policy, released its 2011 State Business Tax Climate Index (Eighth Edition) last week. In order to determine each state's rank, the Tax Foundation compared the tax systems of each state...T David Potts