just.read.the.blog

IRS cracking down on Independent Contractors! Please Read!

noreply@blogger.com (BBHP Reporter 1) — Mon, 31 Mar 2008 02:11:00 +0000

Does it really irk you that you pay taxes that your employer should be paying? Man, do I have the answer for you. This, to me, is one of the most incredible new things the IRS has done. Starting in 2007 if you feel that your employer should be taking taxes out and they are not, you can file a specific form and it’s completely private. Your employer doesn’t have to know a thing! And the best part is, you don’t have to pay the self employment tax! Yes, you read this correctly.
So, if you have been really trying to stick it to your employer about him/her not paying your taxes and giving you that dreaded 1099. You know you pay that 15.3% tax and it just makes your stomach turn. Now, you can turn the tables on your boss without them knowing. Now, if you are the only “subcontractor” that works at your office or business establishment then it may be not in your best interest to play this card but you know what’s best for you.
Ladies and gentlemen, this is one of the most progressive moves the Internal Revenue Service has made. This will change the landscape of people who misclassify their workers. This has been a pain in the side of IRS for a long time, and this may be one of the smarter moves they have made.
On the flip side, it may be creating unnecessary work for agents of the IRS. They could be reading alot of disgruntled employees who really want to stick it to their employers. Who knows what will become of this? But this is HUGE.
If you think you may truly be an employee and yet your employer won’t do the right thing, you may want this form. E-mail us here and we will send it to you. Just put in the subject ”we want the form”!

Economic Rebate checks will begin arriving...

noreply@blogger.com (BBHP Reporter 1) — Mon, 24 Mar 2008 19:12:00 +0000

The payout schedule is now set. The first rebate will be wired on May 2 to taxpayers who had their 2007 refunds deposited directly to their bank accounts. IRS will finish wiring these rebates by May 16. The order depends on the last two digits of the social security number of the primary filer. the lower the number, the quicker payment. Paper checks will go out May 16 to non direct depositors based again on the last two digits of their social security number. If you owe back taxes are owed, the Service will grab a filer's rebate.

Update: You must have your return electronically filed April 10, 2008.

A meaningless Duke/UNC game ?

noreply@blogger.com (BBHP Reporter 1) — Sun, 09 Mar 2008 00:44:00 +0000

I am taking time out from doing taxes and getting ready to watch the usually heated game between the Duke Blue Devils vs North Carolina Tarheels. Most people who know college basketball know that Duke vs North Carolina is your modern day Hatfields vs McCoys. This particular game does have a solemn event attached to it. The death of the student body president for North Carolina really tames this game down. It's an important game granted, however, the game has a somber tone today. With Eve Carson being a victim of senseless violence, you can't help but feel sorry for the Tar Heels. And as hated as they are to the Duke campus, you can bet for a brief moment, albeit short, that Duke will feel their pain.

Nobody understands tragedies like this. Certainly we can't say this enough but our young people are getting killed way too early. I use to live in Auburn, and the tragedy that hit that community yesterday will be one of the most somber events in a long time for the campus. That's two random acts of violence in three days on campuses that are not known for violence. It's not a fun situation for any campus to go through. What did we learn from Northern Illinois and Virginia Tech? Will this ever end?

One of the greatest basketball rivalry games are tarnished tonight. Duke is favored to win and probably will. Some think North Carolina will come and play their hearts out for their fallen president. Regardless, nobody is truly a winner tonight.

Update: NC won. Doesn't feel like a normal tar heel win. And why should it with one less fan in the crowd.

You have got to be Kidding Part 2 - Life of an Accountant during tax season.

noreply@blogger.com (BBHP Reporter 1) — Thu, 28 Feb 2008 05:32:00 +0000

You knew it was coming. The month of February would not go out without a tax client bang. I got an email today that made me laugh. When you do a tax return, it's standard to let the husband be the taxpayer and the wife be the spouse. It's not a feminist thing at all. It's just how the Internal Revenue Service labels their returns.

One of our clients emailed me today and mention that she wanted to be the taxpayer and her husband should be the spouse. I was thinking is it really that big of a deal? Apparently it was. She made me change the return. Her tone was one of complete displeasure as if almost to assume that I was being a sexist pig. Readers, I really wasn't but it was the first time I have ever been exposed to this. But maybe I am wrong for assuming that the taxpayer should always be the man. In the grand scheme of things, is it a big deal? No, but to keep a client happy and returning why not.

Second fun client of the day. I did a clients return and they were not happy with the size of the refund (surprise..) One thing they did not do was bring in their 2006 return. I really wanted it but they said it would be too much trouble to bring back. So, I said call me on the phone and we can run through it. So, this 20 minute return has now cracked the hour and some change barrier and the return isn't that much in revenue. So, I do my job and review the 2006. Come to find out that the prepare from last year made a big mistake. He double county state and local tax. This should trigger a letter from the state and the clients should owe the state some money. All of a sudden I am the real bad guy now. 1) I am the guy that lowered their refund from prior years and 2) I am the guy who found a mistake that will cost them money. Why did I have to overturn that rock? But thats a double edge sword. If I did not catch that I would probably be quizzed and grilled why I did not catch it even though I didn't do the return.

Corporate tax deadline is close guys. March 17, 2008 and don't forget clocks go back next weekened.

It's hard being a good tax accountant.

Themes for your BlackBerry

noreply@blogger.com (BBHP Reporter 1) — Tue, 26 Feb 2008 06:11:00 +0000

We have a great site for those who have Blackberry phones. If you need Ringtones for your Blackberry or themes and wallpapers, please check out http://www.tuneusin.com/. The site is on the rise!

What City is this?

noreply@blogger.com (BBHP Reporter 1) — Tue, 26 Feb 2008 06:06:00 +0000

I have a picture that I am trying to see if I can get anybody to tell me what city this is. I know the answer but I wanted to see how many could guess right.

Take a stab!

Tax Rebate Clarification

noreply@blogger.com (BBHP Reporter 1) — Fri, 22 Feb 2008 20:52:00 +0000

Make sure you file your 2007 tax return if you want to see this tax rebate. But did you know that the rebate is technically an advance payment of a special 2008 tax credit? For most, the rebate will equal the tax credit allowed. For those whose credit exceeds their rebate will claim the balance on their 2008 tax return. If your rebate is bigger than your credit, you would not have to repay the Treasury.
Do you want to check to see what your upcoming rebate will be head to www.kiplinger.com/tools/rebate and answer a couple of questions.

Weddings are not cheap

noreply@blogger.com (BBHP Reporter 1) — Thu, 21 Feb 2008 04:31:00 +0000

So, my fiancee and I are planning our wedding here in a few months, and I will admit I am a true guy. I didn't know the ins and outs, the etiquette, and all of the other things women seem to inately know about this most sacred day.

But I will be the first to admit that I had no clue weddings were so expensive to plan. There seems to be a cost related to everything. Since my fiancee and I are planning (and more importantly) paying for this whole thing, I am very cash conscious. Plus being an accountant, I do have this frugal gene in my mind that is automatically set to remember every receipt/expense.

I just want to share with you a few wedding expenses that shocked me.

Let's talk about flowers. Flowers for a wedding can be expensive. After seeing the bill for the flowers, I thought to myself, what about weeds? Weeds are always fashionable and in style. I can get these for next to nothing and we can make them look stylish and the cost!!! But I digress because that is never going to happen.

Let's talk about photography. Yeah this can get in the several thousand dollar mark rather quickly but what I have learned about women is that they have a couple of things that are very special to them in the wedding. This is one of them. Me being a typical guy can stick about 60 disposable cameras on the tables and let the audience go to town. But again we will be having a top notch photographer with a top notch price tag.

How about registering? She made the suggestions of Crate and Barrel, Target, Bed Bath and Beyond which are all great suggestions but I think she forgot the obvious spot to register. Bank of America. No returns. No refunds. I won't be saddened by the amount of gift. I mean this makes sense to me but maybe I am too contemporary. That's why I set up a wedding fund on this blog at the bottom of the page. Feel free to make a donation and be sure you will be getting a thank you card.

Now, I am still sick so I am going to end this now but I will have more to come best be sure. I gotta figure a way to make this wedding tax deductible.

The Flu

noreply@blogger.com (BBHP Reporter 1) — Thu, 21 Feb 2008 04:30:00 +0000

Sorry guys but I have been out with the flu for the last couple of days so I have not had a chance to blog anything. I will be back in a few.

Ecomonic Stimulus Tax Rebate Check - The Facts You Should Know

noreply@blogger.com (BBHP Reporter 1) — Mon, 18 Feb 2008 04:42:00 +0000

Everybody asks about this tax rebate check thats coming soon because of the signed economic stimulus package. While on paper it looks good, there are some facts you need to know. Sadly, you may think you are getting it and you are not. So, let's get the facts.

1. The good news. $600 for single persons. $1200 for married couple filing jointly. $300 a child.

2. The bad news. Single people it begins to phases out if your adjusted gross income is $75,000. Marrieds it is $150,000.

To illustrate - You lose 5% of the dollar amount above the applicable cap, such as $50 for each $1,000 over the threshold. For example, a married couple filing jointly with no kids and income for 2007 of $174,000 wouldn't qualify for a Treasury payment this year. Neither would a single person (with no kids) and income for 2007 of $87,000.

3. For the majority of Americans, all you have to do is file your 2007 taxes.

4. The first payments will be issued in May according to the acting IRS commissioner

5. If you are a low income taxpayer please file your taxes even if you don't have to or if you aren't getting a refund. Thats because the IRS says "low-income workers or those who receive Social Security benefits or veterans' disability compensation, pension or survivors' benefits received from the Department of Veterans Affairs in 2007." These guys will earn $300 (600 if married) if they had 3000.00 in income.

6. The perinnial extension filers read the next sentence. You will not get your refund until you file your taxes.

7. This refund will not be taxed as income.

More to come...

When Will I get my Tax Refund?

noreply@blogger.com (BBHP Reporter 1) — Sun, 17 Feb 2008 16:12:00 +0000

I am sitting in a hotel right now in New York paying ungodly nightly fees and I started to think that if I get a tax refund I know where it's going. Judging by the number of emails I get, many of you wonder how long it takes to get your refund after you file your taxes....well that is if you get a refund. I personally am a big fan of e-filing. It's secure and it really does give you the opportunity to get your refund fairly quickly. I am not a big fan of that rapid refund stuff. Check the fees. It's ridiculous. And there is a good shot you won't see that in the future if IRS has their way. Read upcoming post!
But here is your schedule for your refunds and the dates of direct deposit.
Side Note: Dwight Howard = slam dunk champion.

Should Blackberry Application Developers boycott Handango?

noreply@blogger.com (BBHP Reporter 1) — Sat, 16 Feb 2008 06:58:00 +0000

If you on a BlackBerry you realize that the wal mart of stores for BlackBerry Applications is Handango. It comes with an icon on all BlackBerries and you press it and get a world of Applications developed by genuises throughout the world. If you are an application developer though, you will not like what you are about to read. Handango has just raised royalty fees if you have stuff on their site. How much you say? Oh they are truly sticking it to you enterpreneurs.

This is crazy! Thanks for the report Boy Genuis. Read the full article here . Now if you are an application developer I am about to hit you with some inside info. There is a company called presidio matrix corp that is about to launch a store and their royalties will shock you. They are letting you keep most of your money. Their website is about to be launched but if you want information now email artist@pmatrixcorp.com. Thanks for the tip Dave.

I'm quitting...now what?

noreply@blogger.com (BBHP Reporter 1) — Fri, 15 Feb 2008 17:43:00 +0000

This post is for Bankergirl. When a good person is about to leave their job, there usually is an event that occurs that really makes them re-evaluate thier work situation. And so they talk it over with their spouse or significant other and decide what they will do. But let's for a second think about the situation from the other side. Think about if you are the employer. What are you thinking when that employee comes in your office and puts the letter of resignation or even better oral words of "I quit". Check out my human resource friend Angie's post on this.
Perhaps you are the employer having to make the decision... Convince them to stay or good riddance.

Workers Compensation paid for her new breasts.....

noreply@blogger.com (BBHP Reporter 1) — Fri, 15 Feb 2008 17:37:00 +0000

Occasionally I love reading good human resource stuff and blogging it.. This is one I could not pass up. This will cause some uproars in some companies, but it will also give some good ideas to creative thinkers. This was pretty interesting. Pay attention to the error that was made. Read below.

The North Carolina Court of Appeals recently decided whether workers' compensation covered the replacement of a woman's breast implants after she was involved in a work-related car accident.

In the case, a certified nursing assistant was working for Maxim Healthcare/Allegis Group when she was involved in a car accident while driving to pick up food for a client for whom she was caring. The woman experienced swelling in her face and right knee as a result of the accident. She also sustained injuries to her chest. She said she began experiencing a decrease in the size of her breast implants, which she had gotten 5 years earlier, as well as a rippling of the breasts almost immediately after the motor vehicle accident. She eventually had her breast implants replaced and sought workers' compensation benefits for the replacement and other treatment she received while recovering from the accident. The employer and the insurer denied liability.

However, the North Carolina Industrial Commission ruled in favor of the woman and granted an award. The employer and insurer appealed the decision. In its decision, the North Carolina Court of Appeals noted that while it had never addressed the issue of compensability of damage to breast implants before, it has affirmed workers' compensation awards for cosmetic surgery. The court said that breast implants are covered under the Workers' Compensation Act because "the weight of authority supports a determination that breast implants satisfy the statutory requirement as a compensable prosthetic device that functions as part of the body." However, the court said the commission had erred in granting workers' compensation benefits for replacement of both breast implants. The court said that the woman was entitled to compensation for her right breast implant only. "

The commission found that replacement of the left breast implant was necessary 'because the replacements would have to be symmetrical and evenly matched. Replacement of one implant required replacement of both,'" the court wrote. "Dr. Bowers (a board certified specialist in plastic surgery), however, never testified to this effect. Instead, he stated unequivocally that the rippling in the left breast most likely was due to the original implant's being underfilled and that the rippling was not caused or aggravated by the accident." The court sent the case back to the commission to decide the appropriate amount of compensation for replacement of the right
breast implant. Source: BLR

You have GOT to be Kidding me!

noreply@blogger.com (BBHP Reporter 1) — Thu, 14 Feb 2008 17:01:00 +0000

During the course of tax season you will get various posts from me that will be pure venting over the idiocy of some clients. Today is one of those posts.

A client walks in and brings in her previous year tax return. I look at it and they got 16,000 back in refunds. (What?) I look at the return and there are obvious red flags all over the spot. No comments at first just in case the guy who did this return is a dear friend. Hmm. He would have to be to put his name on this thing.

Anyway, I do the return. Wow. She get's 11,000 back in refunds. I am about ready to pop the cork and celeberate with her. This is the biggest refund I have ever personally put my hands on. But I look over and the client is blatantly upset. Dare I say pissed! Maybe she thought I said a payment due of 11,000. So, I reiterate that it's a refund. She proceeds to say these words. "
Is that all?" Let's stop for a second because I know my heart stopped for at least 1 minute. "Excuse me" I said. "That's 5,000 less than last year." Now, readers please indulge me for a second. What could you do with 11K right now? 1)pay off bills 2) pay for my wedding 3)by a Flat screen 4) renovate houses 5)new dogs and cats 6) put in the bank 7) spoil yourself. Ok you get the point.

I lived in a town where 11,000 was the average salary for a year. So, now you see where I am coming from. She said that she could not understand why it's so much lower than last year. Who cares? it's 11,000.00 She made me redo the whole return. (No problem, I'll bill her for this montrosity)

I redo it, and it did not change. (surprise....) So, let me give the kicker readers!!!!!!!! You ready for this....? Her accountant from last year is in jail! Why? Tax Fraud. (I didn't crack a smile. I didn't crack a laugh. The only thing that changed was her bill. It doubled just now.) So now she wants me to join her convicted accountant in jail? Nah buddy. Here is the deal. I told her like it was. I opened the flood gates. I told her about last years accountant's indiscretions and basically I scared her to death. But do you think i truly scared her? Nope. She still complained about the refund. (I had a hunch she was crazy, but you can add the certificate to it now) Now, there is another kicker too but I can't bring myself to write it guys. I just can't because as is, I am passionate but this will get me angry. Comment if you want to hear it.

There is alot of greed in the world guys. alot of greed. Don't let your impending success change your moral values. You may think you win for at first, but you will lose in the end. It may not be money but it couldn't be something far more valuable.

How much do you love me Honey?

noreply@blogger.com (BBHP Reporter 1) — Thu, 14 Feb 2008 05:04:00 +0000

For those who are considering marriage you may want to pay attention here. You probably know weddings are expensive. You probably know jewelry is expensive too. Have you ever thought about how much money you spend on courting, dating, and engagements gifts? Now let's say that figure was a lot higher than you expected. Would you break it off with your girlfriend/fiancee because of that figure being higher than you would like? If you are considering dating, you may want to pass over this article. If you are dating or engaged you probably can confirm everything you are about to read. Either way it's a good read.

Can these two be friends?

noreply@blogger.com (BBHP Reporter 1) — Thu, 14 Feb 2008 04:48:00 +0000

At&t has announced, well sort of, that they will have an iPhone tethering plan. Read the letter At&t sent to its employees but my question is who would tether on the EDGE network? I mean that's painful. But there is quite the controversy about this email. You need to read the comments on this post.

Layoffs for Yahoo as Merger Talk Looms (Eye Peeler)

noreply@blogger.com (BBHP Reporter 1) — Wed, 13 Feb 2008 19:07:00 +0000

Every enterpreneur should look at headlines like this and be motivated to take the next step to working for themselves. Out of these 1000 layoffs there are 10% of these folks that can go and build their own business and be successful. There are 60% who could try and make their jump to self employment. But I can tell you this. 100% of these layoffs will need to do something unless they are independently wealthy. Keep your eyes peeled to headlines like this. I see opportunity. Go get it!

More information on the layoffs at Yahoo click here.

Can Nextel Survive?

noreply@blogger.com (BBHP Reporter 1) — Wed, 13 Feb 2008 18:55:00 +0000

Boy I remember these days. I had a nextel phone, and I thought I was it.The beep beep feature set this phone apart from the competitors. I was in Brazil two-waying a friend in Baltimore and it was fine. But somewhere down the line, Nextel quality fell off. But I am thinking that it wasn't that the quality fell off, but I was just rather fortunate. My phone didn't give me many problems. I was closing deals on that phone. It was my partner and no matter what I read, I instantly dismissed the issues my friends were having. But what made me change was the Blackberry. I got it for Nextel and then watched as the AT&T's, T-Mobiles, and Verizon's made these staunch enhancements on the BlackBerry's that Nextel/Sprint just weren't keeping up with. So, I switched carriers and never looked back. And, I have to say it was a great move. Do I miss the Push to talk? A little. Do I miss the never correct Nextel bills? Not at ALL! But Sprint has visions of making a comeback but is it to late? Read this article and see for yourself. I am not optimistic.

RIM's reason for the Outage Yesterday

noreply@blogger.com (BBHP Reporter 1) — Wed, 13 Feb 2008 05:32:00 +0000

Many of you BlackBerry users like me experienced an outage yesterday and the second one this year. Do you know why yesterday's happened? Click here to find out. I suppose Windows is not the only one who suffers with new upgrades.

T-Mobile Loses Starbucks Contract

noreply@blogger.com (BBHP Reporter 1) — Wed, 13 Feb 2008 05:04:00 +0000

T-Mobile has been the little sister of most of the major cell phone providers but one thing they had to be envious of was their monopoly of wi-fi service provider for the green and brown mogul we know as StarBucks. But don't think this accountant will cry. Why you ask? Because the new StarBucks provider is At&t and they are offering 2 hours free of wi-fi before they hit you with their hourly charges. It will be 2 hours for 3.99 and/or a monthly charge of 19.99. That's great news! That will cut into my panera bread time now. I hate panera's coffee anyway but their wifi is free. So, this will no doubt cut into t-mobile's revenue stream. The change will occur in the spring. Had to blog this.

What are not deductions for your taxes!

noreply@blogger.com (BBHP Reporter 1) — Tue, 12 Feb 2008 19:48:00 +0000

January and early February always brings out the best in tax clients. I am sure you have thought about asking your accountant some crazy questions but refrained because they would feel like idiots. And you know what? I can respect that! I encourage that because 9.9 times out of 10 it is crazy and ludicrous. But for the majority that want to test out the patience, sanity and trigger finger of tax accountants I just want to give you a couple of hints of things not try. Here is the list.
1. No your dog is not a dependant. I know you feed him and provide for him but it won’t work. Sorry I don’t make the rules.
2. Your sister’s kid is not eligible to be a dependant on your return just because she does not need them on their return this year. I don’t make the rules.
3. You made $15,000 in income and have 30,000 in mortgage interest. Ok. Listen. There is a possibility this could happen but the stars have to align right. Probably not the smoothest move on your return but if it’s truly legit ok.But this is asking for an investigation.And a thorough one.
4. It’s 2008 right now. No, you can not go buy a car and claim it on last year’s return now. There is a date on most receipts. This won’t fly.
5. Botox and Breast implants are usually not deductions. Now, most woman probably just zoned in on the word “usually”. So when is it a deduction. There is a good shot if you are a stripper it will fly. That’s about all I care to talk about though. If you think of other ways please comment below.
6. You and your spouse don’t live together but you both want to claim the children. Who wins? I am not a marriage counselor nor do I claim to be one. So, you and your spouse need to work this out. Most divorce decrees have it outlined on them. But if divorce is not in the picture please try and play nice.
7. You must have done the tax return wrong because I owe money. HA! I love this one! Some accountants do make mistakes. Granted. However, you have 1 w-2 and you think it’s a mistake. Put the subpoena back in the purse. Check your w-4 at the office because they may not be taking enough taxes out of your checks. This happens alot.
Feel free to give me some more of your favorites

Can the IRS deposit our refund to my Best Buy Account?

noreply@blogger.com (BBHP Reporter 1) — Tue, 12 Feb 2008 19:43:00 +0000

What a great question? It’s funny how people have their refunds spent before they have them in hand but thats what Americans do. Buy now and pay later. Now, I have been getting a large amounts of advice, counsel and suggestions about what I should do with my refund. They span from savings to setting up IRAs, mutual funds, stocks and bonds. Duly noted guys thanks!
However, when I look at the NFL schedule this weekend and realize that New England and Jacksonville are going to be playing and San Deigo and Indy along with the NFC beasts and then I glance over to my 16 inch “television” (the picture on the left)that will show these games I get disgusted. Do you know how it feels when nobody wants to come to your house to watch the games? Peyton Manning would be hurt. I am at the point where they don’t even ask around me. They make the plans and give me a courtesy email on my BlackBerry so I can feel like part of the group. In actuality they look at me as the guy with the poverty level TV. You know what? They are right. My tv needs to be stepped up. Its not like I have not tried. Oh, I have had plans for a new TV for a long time but emergency purchases come up. The wife needs a hair cut (every flipping week). She needs her nails done. (Who pays $45 for that?) The car needs brakes. The kids need to eat. All of these so called “must haves” have deprived me of my new “nicotine” as it were. I walk into best buy and let me tell you something. I am not alone. You know how many guys have that invisible bracelet around their neck?
You may not be able to see it but I do. But they see mine too. And every time we come close to that 60 inch plasma (picture on the right above) or LCD I get shocked. My wife could be in India or South Korea and if my left foot gets within ten feet of the Television section of Best Buy I am done.
She has plans for the refund this year. She sat down and calculated that it should be around 2,500. She has it all planned out. A family trip to Disney World for a week. Guess again sugar lips. Unless my new televisions name is “Mickey Mouse” and we rename our house the Magic Kingdom, there will be no disney trip. I’ll get the disney channel for the kids. Heck, even on demand disney. But this is a must have for me. I need my man hood back. She took it when she turns on Emerill or Oprah and expects me to watch it with her. Ok, fine compromises we make in marriage but there is no compromise here. My way or the highway. The best buy this year is my 60 inch. US Treasury don’t fail me now. Instead of direct depositing it in my account can you do it to my Best Buy Account or gift card? If you don’t, my wife somehow will see it and I am doomed like the last 6 years. You take my taxes out every week. You scare us with letters. Oh, Mighty IRS please deposit it to my Best Buy account. PLEASE!!!!!!! Gotta go. Wifey lurks.
I need to hear from all who can understand where i am coming from. Comment please.