Tax Tips

Paid Preparer Competency testing

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 are offering courses you will need to meet your continuing education requirements and prepare for the test. 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!

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.

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  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.

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Posted in: Deductions

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

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.

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Posted in: Organization

Tax Tip: It’s not too late to e-file.

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.

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Posted in: Electronic Filing

Tax Tip: Medical mileage is deductible.

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.