Tag Archives: tax advice

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Buying Tax Software to File Your Tax Return Yourself?

Gretchen Ross-1By Gretchen Ross, CRTP

While it’s true that tax software has taken the number crunching out of doing it yourself, law changes keep adding complexity to every tax return.  A simple tax return simply does not exist anymore.
It’s not just the number of inaccurate returns I see that generate IRS letters or worse.  It’s the missed opportunities to save taxes or avoid pitfalls–maybe this year or maybe in the years to come.
Turbo Tax doesn’t accumulate knowledge of your financial goals or advise you of the tax consequence of big transactions and how it might affect your goals.
Turbo Tax isn’t there to talk to the IRS if something goes wrong.
There’s peace of mind in that and for only about a couple of hundred dollars or so over the cost of software.
When federal and state taxes are often the highest household expense outside of your mortgage are you going to rely on software?
Seriously?

Gretchen Ross has been preparing taxes since the 1993 tax season.  She and her husband, Mike Foster, CPA, run Central Coast Tax Professionals in Morro Bay.  Together, they provide personalized attention to their clients.  They have over 50 years of combined experience in helping people prosper.  Gretchen has her BA in International Studies, has run various businesses and has been involved in many aspects of real estate from development to management.  You can read past articles on her blog at www.cctaxpros.wordpress.com

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Coming Soon: ABLE Accounts

Gretchen Ross-1By Gretchen Ross, CRTP

It has been a real struggle for families to set up a savings safety net for their loved ones who are disabled. If a disabled person’s savings are too high, they are at risk for losing benefits such as Social Security, Medicaid or housing. The Achieving a Better Life Experience Act (ABLE) will change that and families will feel more secure that their loved one will have access to emergency funds even after they are gone. Continue reading Coming Soon: ABLE Accounts

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Did you resolve to keep better records this year?

By Gretchen Ross, CRTP

Gretchen Ross-1The questions our office is asked most often are about record keeping.   It’s a bother but you can set up a system that if you ever do need to show what your expenses and deductions were, you can easily substantiate it.
A calendar is the best tool out there.   Use it like a diary.  Write down meetings, errands, appointments, volunteer activities, etc.  It’s not coincidental that Andy Warhol began his famous diary after an IRS audit.  Using a diary can help you keep track of mileage for business or volunteer work, business related entertainment, and non-cash donations made to charities.  Yes, you still do need to keep your receipts for deductions, but it is much easier to go through your calendar at the end of the year than the boxes of Starbucks and Staple receipts that you have. Continue reading Did you resolve to keep better records this year?