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Christian InTech Articles - Mobile Cell Phones
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Are You A Green Thumb Leader?
From my home office, I can look out and see my garden. It’s loaded with wonderful, terrible sights, sights that mirror much I find in many of America’s organizations. You’d recognize it too. There are roses speckled with mildew and rust from the...
Getting The Most Bang For Your Buck Out Of Your Banking Services
I realize most people have already made their resolutions for the New Year, but try adding one more. Decide that you are going to get the biggest bang for your buck out of your banking services this year. My husband and I have been using the same...
Making The Most Of Turn-Key Businesses
Getting Started At Home in Your Very Own Business Making The Most Of Turn-key Businesses Have you given consideration to the different models we touched on? I know what its like when you decide to start your very own business. You become blinded...
Organize Your Office and Improve Productivity
Are you frustrated with your office space? Do you hunt for a pen
every time you put one down? Is the search for documents a
half-day event? Is your paper filed chronologically - working
your way down the pile to 'one week ago' and unable to pull...
The Truth Aboutt Getting Rich
Two buddies graduated from high school one warm summer day. They both went on to get similar jobs with a manufacturing company. When it was time for their five-year high school reunion one shows up in an old suit and a car that is in the shop at...
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10 Items You Need For Your 2005 Tax Return
The following list includes the 10 items you are likely to need
when preparing your tax return. Although you may be required to
provide additional information, this list brings you the most
common items we have identified based on hundreds of our
clients' tax returns.
1. IRS form W2 -
summarizes your annual taxable wages, federal income tax
withheld, social security withheld, Medicare withheld and state
income tax withheld. Additionally your contribution to an
employer based retirement plan is also listed on the W2.
2. Rental Income and Expenses, Cost of Property, Date property
placed in service -
Rental income include actual payments received by the tenants
during the tax year. As a cash basis tax payer, do not include
any payments still owed by the tenant for the year, only
payments received. Rental expenses include: management fees,
mortgage interest, insurance, condo fee, cleaning, utilities,
advertising, travel to and from the property, real estate taxes,
legal and other professional fees and brokerage commissions.
Cost of property and date placed in service are necessary to
calculate depreciation.
3. Family members: Names, DOB, Social Security Numbers, Full
Address -
To calculate personal exemptions, child tax credit, education
credit, and child care expanse credit. Additionally EIC ("Earned
Income Tax Credit") is also calculated using this information.
4. Mortgage Interest Payments in 2005 (or form 1098) -
form 1098 summarizes your annual mortgage interest payments and
any real estate taxes paid through your mortgage escrow account.
5. Property tax payments in 2005 (or form 1098) -
If you pay your real estate taxes independently of the mortgage
escrow account you will need copy of your property tax year for
the year or copies of cancelled check with which you paid your
property tax.
6. Child care expenses paid in 2005 (for each child and per
child care provider) -
The information necessary to calculate child care expenses
credit includes names and social security numbers of the
children, names, addresses and tax ID numbers of the day care
providers.
7. Amount of money taken out from 401K (or form 1099-R) -
The IRS requires that your 401K company reports to you on IRS
Form 1099-R any distributions that you took from your retirement
plan last year even if you rolled them into another plan. The
same information must be submitted to the IRS.
8. Interest / Dividend Income (US or foreign) (form 1099-INT,
1099-DIV) -
Those forms summarizes the interest and dividend
payments you
have received during the year from your bank, brokerage firm or
any other U.S. source. The information provided to you is also
submitted to the IRS.
9. Stock Sales and cost (form 1099-B) -
Summarizes the proceeds you have received from selling stocks
during the year. The form lists the symbol of the stock sold,
date of sale and number of units sold, proceeds received and
commission paid. To calculate capital gains or losses you must
assign cost to each of the stocks you have sold, and then need
to group the stocks into 2 categories: long term (stocks held
for a year or more) and short term (stocks held for less than a
year).
10. Business Income and Expenses (or employee un-reimbursed
expenses) -
* Home office - if you use portion of your residency as home
office * Job search - resume writing, interview travels, fax and
phone calls, retainer paid to a job search firm * Professional
expenses - courses and licenses * Investment expenses - margin
interest * Travel - business travel or work related travel *
Seminars - to keep you up to speed * Professional literature -
books to maintain your experience and knowledge * Tax
preparation expenses - payments to tax advisor or tax software *
Legal expenses - if it was paid to generate income
Tax USA Inc. ------------ Tax USA, Inc. is a complete tax,
accounting and financial management firm specializes in small
businesses, corporations and high income individuals. Tax USA
Inc.'s mission is to exceed clients' expectation by providing
superb tax, accounting & financial Management services. We offer
our clients tax, accounting and bookkeeping services, CFO
Outsourcing, Budget Review and Business Plans, Cash Flow
Management, Payroll Services and Entities' Incorporation.
Our Clients We focus on small and mid size businesses,
non-profit organization and high income individuals. Client list
comprised of corporations, non-profit organizations and
high-tech employees. Our corporate clients operate in various
industries:
- Security - Information Technology - Internet - Retail -
Manufacturing - Transportation - Real Estate - Project
Management - Business Development
About the author:
ARIK ROZEN, CPA --------------- Mr. Rozen is a certified Public
Accountant; holds a BA in accounting and M.B.A. (majored in
Finance). Mr. Rozen has 15 years of experience in tax, public
accounting and financial management, serving in a range of
executive financial positions and as an independent CPA for
various companies and organizations. Mr. Rozen has specialized
in accounting and taxation of micro and small businesses.
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