Friday, February 26, 2010

Tax And Accounting Services When You Need It.

Are you a working mom or dad? or a professional business person consistently on the go?
Do you regret tax season? Do you regret having to gather all your receipts for the entire year?

And gosh where in the world are all your receipts. In the sofa cushions, on the kitchen counter, in the junk drawer, on your desk under all the paperwork that has been laying there for 3 months.

In the ash tray in the car, in the console in the car, in the glove box or stuck in the visor of the car. How many have you washed because you forgot to take them out of your pockets before putting your clothes in the washing machine.

And you look at the calender and see Oh! no it is April 14, and you have not even thought about scheduling an appointment with a tax preparer to file your taxes.

Believe me when I tell you, been there done that and it is no picnic. But, there is a solution. First Tax Solution offers not only full accounting services but Tax Service When You Need It.

First Tax Solution offers Virtual Accounting, Virtual Bookkeeping and Virtual Tax Preparation, while you are in the comforts of your own home. You scan and up load your tax information in our secure on line client portals and walla your taxes are done.




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Monday, February 22, 2010

Sarah Palin One Of Jay Leno's First 'Tonight Show' Guests


Well, hopefully we will get to see if she has a since of humor. We don't see that side of her out side of politics.
Read the Article at HuffingtonPost

Sunday, February 21, 2010

Charitable Contributions Must Be Made to Qualified Organizations

Tax Payers Be Ware The Irs is cracking down on Charitable Contributions.
YOU MUST HAVE RECEIPTS, STATEMENTS AND DOCUMENTS TO SUPPORT YOUR DEDUCTION.

1. If your contribution entitles you to merchandise, goods, or services, including admission to a charity ball, banquet, theatrical performance, or sporting event, you can deduct only the amount that exceeds the fair market value of the benefit received.

2. For a contribution of cash, check, or other monetary gift (regardless of amount), you must maintain as a record of the contribution either a bank record or a written communication from the qualified organization containing the date and amount of the contribution and the name of the organization.

3. You generally can deduct the fair market value of any property you donate, as well as your cash contributions, to qualified organizations. See Publication 561, Determining the Value of Donated Property.

4. For any contribution of $250 or more (including contributions of cash or property), you must obtain and keep in your records a contemporaneous written acknowledgment from the qualified organization indicating the amount of the cash and a description of any property contributed, and whether the organization provided any goods or services in exchange for the gift.

5. One document from the qualified organization may satisfy both the written communication requirement for monetary gifts and the contemporaneous written acknowledgment requirement for all contributions of $250 or more.

6. You must fill out Form 8283, and attach it to your return, if your total deduction for all noncash contributions is more than $500.

7. If you claim a deduction for a contribution of noncash property worth $5,000 or less, you must fill out Form 8283, Section A. If you claim a deduction for a contribution of noncash property worth more than $5,000, you will need a qualified appraisal of the noncash property and must fill out Form 8283, Section B. If you claim a deduction for a contribution of noncash property worth more than $5,000,000, you will also need to attach the qualified appraisal to your return.

For more information contact us a http://firsttaxsolution.com

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Obamas To Host Governors At White House Ball


Will someone explain to our President that this country is in a recession.

People are loosing everything, and the open check book he keeps writing checks from is over drawn, and the American Citizen Credit Card is trillions of dollars over it's limit. And Mom and Dad is telling him no you can not spend anymore because we can not afford it.



Please someone inform him.



Our President makes a comment do not go to Vegas instead may your mortgage, be responsible. Does that not apply to him?
Read the Article at HuffingtonPost

Saturday, February 20, 2010

The New Poor: Millions Of Unemployed Face Years Without Jobs


continued from prior posts



Our government needs to control large American Corporations, like Wal Mart, Intuit, Sears, Levi and many many others.



By controlling the percentage of jobs that can outsource to other countries to less than 20% and control how much Foreign products that can import and sell in their businesses. Wal Mart for example imports products from other countries that are sold in Wal Mart American stores somewhere around 10 -15% of the total amount the entire United States Imports.



Which is billions of dollars of Foreign goods. Many other large Corporations are doing the same, just not the same amount. Please read http://wakeupwalmart.com/facts/



I am not totally sure how many jobs have been outsourced but I feel sure it is more than the 14.5 million Americans that our government is now saying is unemployed. And by this article this number will continue to rise. http://www.cfr.org/publication/7749/



I do realize that we need to do some trading with other countries, just to keep a good re pore with them.



But solutions are right in front of us. WE must take care of ourselves first, before we can help other countries.



The airlines have that part figured out. When the airline personal explains about cabin pressure, when the oxygen mask deploys put it on your face (the adult) first then help your children. Makes perfect since to me.



The United States of America First.

God Bless America



http://firsttaxsolution.com
Read the Article at HuffingtonPost

The New Poor: Millions Of Unemployed Face Years Without Jobs


First, we need to pray for our country, our government, for each other and our selves. Pray to your God for guidance, and for solutions.



We live in the greatest country in the world. Thank God for that. And we Americans will get through this. We need to work together and to stick together.



Next there are solutions for job creation. First if we just bring back 40% of the jobs that we have out sourced to other countries our unemployment would be less than 4%. We have lost 2.7 million manufacturing jobs to Mexico alone. There are over 4 millions jobs in India and other Foreign countries like, computers, technology, phone support, technical assistance etc. Automotive manufacturing. Something like 3.7 million jobs lost in the USA.



The rest above.

firsttaxsolution.comn.com
Read the Article at HuffingtonPost

Move Your Money: More Americans Considering Smaller Banks

www.huffingtonpost.com

“There are more benefits to banking with smaller banks and credit unions than people realize.

1. Cost associated with banking is normally less
2. Convenience for the most part is better (expect if you go to an area that does not have a branch: you just have to plan ahead, and we do have debit and credit cards)
3. With Technology today it really does not matter all banks today offer online banking.
4. The majority of small banks remember what is is like to be a normal person. The President and CEO does not make 25 million dollars a year.
5.. To me the most important part is the bank associates, Branch Manager and staff actually know who you are and knows your name. (amazing)

http://firsttaxsolution.com”

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More Americans Considering Community Banks

www.huffingtonpost.com

“To all those that are saying that small banks concoct schemes to increase bank revenue, unfortunately your are so right, but the big difference is that you know who the people in charge at the smaller banks and you do have a voice.

Unlike Bank of America, Wells Fargo, etc., who could care less that you the customer is unhappy.

Smaller banks care more for the most part, and they do want to keep your business.

I am sure as with everything there are some smaller banks that are not very good.

Do your due diligence when looking for and changing banks.

http://firsttaxsolution.com”

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Friday, February 19, 2010

Donations for Haiti Relief Paid in 2010 may qualify to be Deducted on Your Tax Return in 2009

Certain Cash Contributions for Haiti Relief Can Be Deducted on Your
2009 Tax Return
Congress passed a new law which allows you to choose to deduct certain charitable contributions of
money on your 2009 tax return instead of your 2010 return. The contributions
must have been made after January 11, 2010, and before March 1, 2010, for the
relief of victims in areas affected by the January 12, 2010, earthquake in Haiti.
Contributions of money include contributions made by cash, check, money order,
credit card, charge card, debit card, or via cell phone.
The new law was enacted after the 2009 forms, instructions, and publications
had already been printed. When preparing your 2009 tax return, you may
complete the forms as if these contributions were made on December 31, 2009,
instead of in 2010. To deduct your charitable contributions, you must itemize
deductions on Schedule A (Form 1040) or Schedule A (Form 1040NR).
The contribution must be made to a qualified organization and meet all other
requirements for charitable contribution deductions. However, if you made the
contribution by phone or text message, a telephone bill showing the name of the
donee organization, the date of the contribution, and the amount of the
contribution will satisfy the record keeping requirement. Therefore, for example, if
you made a $10 charitable contribution by text message that was charged to
your telephone or wireless account, a bill from your telecommunications
company containing this information satisfies the record keeping requirement.

Contact us for more information at www.firsttaxsolution.com

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Tuesday, February 16, 2010

You May Qualify Credit for Qualified Retirement Savings Contributions

For tax year 2009, if you make a contribution to a traditional or Roth IRA or to a qualified employer plan (like a 401(k)), you may be eligible to receive a tax credit of up to $2,000 for the year. To qualify, your adjusted gross income for the year must be less than $27,750 if you are single ($41,6250 for head of household and $55,500 if married filing jointly).

This is one of the very many credits tax payers miss. When filing his or her own tax return without a professional tax preparer.

Your tax preparer will need to prepare form 8880 to reflect this credit. See Irs.gov

contact us for more help. http://firsttaxsolution.com


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Monday, February 15, 2010

Is Borrowing from your 401 k plan The Best Solution?

Individuals who participate in a 401(k) plan sometimes borrow from their
plan. While you may justifiably feel squeamish about taking out a 401(k)
plan loan, it can actually make good sense in appropriate
circumstances?assuming it is paid back on time. For instance, in today's
tough economy, plan loans can be a source of much-needed cash when bank
loans are unavailable or prohibitively expensive.
401(k) plan loans are generally economical and easy to obtain. In
particular, a 401(k) plan participant with less-than-stellar credit or
tapped out credit lines may find it much easier and cheaper to borrow from
their 401(k) plan than from a commercial lender.
401(k) plan loans provide participants with access (within limits) to
their 401(k) plan dollars without incurring income tax liabilities and the
10% premature withdrawal penalty tax. The 10% penalty tax generally applies
to withdrawals before age 59 1/2, however, exceptions are available. In
essence, the participant (borrower) pays interest to himself or herself when
taking out a plan loan.
401(k) plan loans are only permitted if the plan document allows them,
and many plans do. The maximum amount that can be borrowed is generally the
lesser of $50,000 or 50% of the participant's (borrower's) vested account
balance. Most 401(k) plan loans are secured exclusively by the participant's
vested account balance (although other forms of security, such as a lien
against the participant's home, are sometimes seen).
At least two major potential pitfalls are associated with 401(k) plan
loans. First, the participant's account balance is irreversibly diminished
if the loan is not paid back. Second, the federal income tax consequences
are harsh for failure to pay back a plan loan according to its terms, and
the loan will usually have to be repaid in full soon after the employee
leaves the job for any reason. Such failure to repay the loan can result in
a deemed distribution of the unpaid loan balance that triggers a federal
income tax hit (possibly a state income tax hit, too). In addition, the
dreaded 10% premature withdrawal penalty will generally apply unless the
participant is age 59 1/2 or older.
Interest paid on a loan secured by the participant's (borrower's) 401(k)
plan account balance is nondeductible if any of the account balance used to
secure the loan is attributable to elective deferrals (i.e., elective salary
reduction contributions the employee signed up for). This is true regardless
of how the loan proceeds are used and regardless of the existence of other
security for the loan, such as the participant's home. Since 401(k) account
balances will almost always include at least some elective deferral dollars,
interest on loans from such plans will usually be nondeductible.
In most cases, borrowing from your 401(k) plan should only be done when
funds are not available elsewhere. But, during this difficult economic time,
it may be prudent to do so. But, for me use this as the last resort.

Please contact us if you have questions on the tax ramifications of
401(k) plan loans or other tax compliance or planning issues.
www.firsttaxsolution.com
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Tuesday, February 9, 2010

Exhausted

I don't know about everyone else, but I am on information over load. I am trying to learn about SEO Search Engine Optimization, which I have learned alot, but I still don't understand more than I know. SEM Search Engine Marketing, Web Marketing.

Can some one please help?

Thursday, February 4, 2010

Home Office Deduction Are you taking Advantage

Web site www.firsttaxsolution.com
Generally, you cannot deduct items such as mortgage interest and real estate taxes as business expenses. However, you may be able to deduct expenses related to the business use of part of your home if you meet specific requirements. Even then, your deduction may be limited. Use this section and Figure A, later, to decide if you can deduct expenses for the business use of your home.

To qualify to deduct expenses for business use of your home, you must use part of your home:

*

Exclusively and regularly as your principal place of business (defined later),
*

Exclusively and regularly as a place where you meet or deal with patients, clients, or customers in the normal course of your trade or business,
*

In the case of a separate structure which is not attached to your home, in connection with your trade or business,
*

On a regular basis for certain storage use (see Storage of inventory or product samples, later),
*

For rental use (see Publication 527), or
*

As a daycare facility (see Daycare Facility, later).

Additional tests for employee use. If you are an employee and you use a part of your home for business, you may qualify for a deduction for its business use. You must meet the tests discussed above plus:

*

Your business use must be for the convenience of your employer, and
*

You must not rent any part of your home to your employer and use the rented portion to perform services as an employee for that employer.

If the use of the home office is merely appropriate and helpful, you cannot deduct expenses for the business use of your home.

Exclusive Use

To qualify under the exclusive use test, you must use a specific area of your home only for your trade or business. The area used for business can be a room or other separately identifiable space. The space does not need to be marked off by a permanent partition.

You do not meet the requirements of the exclusive use test if you use the area in question both for business and for personal purposes.

Example.

You are an attorney and use a den in your home to write legal briefs and prepare clients' tax returns. Your family also uses the den for recreation. The den is not used exclusively in your profession, so you cannot claim a deduction for the business use of the den.
Exceptions to Exclusive Use

You do not have to meet the exclusive use test if either of the following applies.

*

You use part of your home for the storage of inventory or product samples (discussed next).
*

You use part of your home as a daycare facility, discussed later under Daycare Facility.

Storage of inventory or product samples. If you use part of your home for storage of inventory or product samples, you can deduct expenses for the business use of your home without meeting the exclusive use test. However, you must meet all the following tests.

*

You sell products at wholesale or retail as your trade or business.
*

You keep the inventory or product samples in your home for use in your trade or business.
*

Your home is the only fixed location of your trade or business.
*

You use the storage space on a regular basis.
*

The space you use is a separately identifiable space suitable for storage.

Example.

Your home is the only fixed location of your business of selling mechanics' tools at retail. You regularly use half of your basement for storage of inventory and product samples. You sometimes use the area for personal purposes. The expenses for the storage space are deductible even though you do not use this part of your basement exclusively for business.
Regular Use

To qualify under the regular use test, you must use a specific area of your home for business on a regular basis. Incidental or occasional business use is not regular use. You must consider all facts and circumstances in determining whether your use is on a regular basis.
Trade or Business Use

To qualify under the trade-or-business-use-test, you must use part of your home in connection with a trade or business. If you use your home for a profit-seeking activity that is not a trade or business, you cannot take a deduction for its business use.

Example.

You use part of your home exclusively and regularly to read financial periodicals and reports, clip bond coupons, and carry out similar activities related to your own investments. You do not make investments as a broker or dealer. So, your activities are not part of a trade or business and you cannot take a deduction for the business use of your home.
Principal Place of Business

You can have more than one business location, including your home, for a single trade or business. To qualify to deduct the expenses for the business use of your home under the principal place of business test, your home must be your principal place of business for that trade or business. To determine whether your home is your principal place of business, you must consider:

*

The relative importance of the activities performed at each place where you conduct business, and
*

The amount of time spent at each place where you conduct business.

Your home office will qualify as your principal place of business if you meet the following requirements.

*

You use it exclusively and regularly for administrative or management activities of your trade or business.
*

You have no other fixed location where you conduct substantial administrative or management activities of your trade or business.

If, after considering your business locations, your home cannot be identified as your principal place of business, you cannot deduct home office expenses. However, see the later discussions under Place To Meet Patients, Clients, or Customers or Separate Structure for other ways to qualify to deduct home office expenses.
Administrative or management activities. There are many activities that are administrative or managerial in nature. The following are a few examples.

*

Billing customers, clients, or patients.
*

Keeping books and records.
*

Ordering supplies.
*

Setting up appointments.
*

Forwarding orders or writing reports.



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