ABS Tax Service

Paid Preparer Competency test is right around the corner.

ABSTAX — Tue, 06 Dec 2011 19:41:19 +0000

Did you know? The IRS has implemented competency testing and continuing education requirements for paid tax preparers. If you are a paid tax preparer, check out our tax school! We have the information you will need to pass the test. We will also be offering courses you will need to meet your continuing education requirements. If you are a taxpayer searching for a tax preparer, make sure your preparer is registered with the IRS and is keeping up with their continuing education.

Do we know our stuff? Sure we do, we wrote the book!

ABSTAX — Wed, 30 Nov 2011 16:28:14 +0000

We have a published author in our midst. Pick up a copy of Tax Preparation Made Simple by Mary W. Adams today, by visiting one of these sites:Authorhouse or Amazon

Tax Tip: Student Loan Interest can be a deduction.

ABSTAX — Wed, 07 Sep 2011 14:36:45 +0000

Student loan interest payments are generally deductible. You can generally use the interest payments as a deduction if you use any filing status other than Married Filing Separately and Â your Modified Adjusted Gross Income is less than $75,000 ($150,000 if Married Filing Jointly) and the loan was taken out for you, your spouse, or someone who qualified as a dependent when the loan was taken out.

Tax Tip: It’s never to early to begin getting your tax papers together.

ABSTAX — Tue, 06 Sep 2011 15:57:45 +0000

I know we do not like to think about income taxes at all, especially when it is not tax season yet. But imagine the time and stress you can save if you go ahead and start your files now. Get some boxes or folders and label them. When you have an expense that might be deductible, go ahead and make a note of it and put it in the correct file. The same thing goes for income documents. Also, write down any questions you think of so when you have the time to call us, you remember what you wanted to ask.

Tax Tip: It’s not too late to e-file.

ABSTAX — Sun, 28 Aug 2011 06:54:12 +0000

You can still e-file your 2010 tax return until October 15th, 2011. This can be done even if you didn’t file an extension. In fact, if you didn’t file an extension and are going to face a late filing penalty, it may be reduced if you e-file because the IRS will receive the return sooner.

Tax Tip: Medical mileage is deductible.

ABSTAX — Sun, 21 Aug 2011 03:44:55 +0000

Keep track of your mileage going to and from the Doctor’s office and the pharmacy when you go to fill your prescriptions. You can use this mileage as a deduction if you itemize on your tax return. Keeping a small calendar in your glove box is a convenient way to jot down your medical mileage.