Tax Checklist. A list of items we need to prepare your return.

FAQS

57 easily overlooked tax deductions.

We are more than a tax preparation firm.

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Dear Valued Client: Thank you for your continued trust and business;
Telephone: 217-241-4597 Fax: 217-789-9827 Email: taxpartnerclients@gmail.com Web site: www.1taxes.com Address: 2060 W. Monroe Springfield, IL 62704 Open every day until April 15th. We accept Amex, Visa, Mastercard. No appointment is necessary but we suggest you make one to avoid long waits. No up-front costs.

Our longevity is primarily based upon one thing.you, our client. especially for your referrals.

Thanks again--

We continue to offer a remarkable value in the still-somewhat-crowded tax business. Our pledge to you remains the same as when we started so many years ago:

Traditionally we have included a personal organizer with our January mailing that allowed you to enter information for this year while comparing deductions and income from last year. Some clients loved the organizer. Some didnt use it.

In August I attended the IRS Nationwide Tax Forum. Many tax preparers in attendance were wearing a t-shirt with the message Why? I dont have to tell you that 2013 proved to be one of the most challenging tax seasons ever. Delayed form availability. Delayed processing of returns. The IRS did not start accepting tax returns that had depreciation until March. Loss refunds. Inquiries about earned income credit causing heartache for clients who really needed their refunds. I guess it was their not-so-subtle way to send a message to the IRS powers, that despite it all, we tax preparers and taxpayers made it. I dont think the message got through. But we sure got a lot more gray hairs as a result. Although the IRS has delayed the acceptance day they will start processing tax returns this should not be deterrent for your to file your tax returns.

Talk to you soon. Donald C. Fuener E.A. President

Better value income tax services

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If youre expecting a refund, or looking for ways to reduce your liability, here are the quick simple steps you need to follow.
1. Personalized organizer

2. W2 and other income form

3. Investment income

4. Credits

5. Deductions

If you owe taxes the IRS will collect. An extension is not an extension to pay your taxes, just an extension to pay. Not filing and not paying can compound the liability, not reduce it. You will penalized by IRS for both not filing and not paying. The combined penalties can be as much as 25% of the tax liability. There is a solution if you cannot pay your tax liability. IRS allows us to set up a payment plan at the time we file your income tax return. Most liabilities can be paid over time. They do charge interest. We have the forms and file the payment plan request right with your return. Although the payment plan request is subject to approval, we have found that most reasonable proposals are accepted as filed.

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Whether you are borrowing money, cant find the paper copy of your return, applying for financial aid or any other reason you will sometimes need a copy of your tax return. This year we are offering a solution to getting you a copy of your tax return, securely, easily, and efficiently. Please take advantage of our free PortalSafe online file sharing system. PortalSafe is a secure alternative to high-risk delivery methods such as e-mail, fax and snail mail. It is available 24 hours a day. It is compliant with all the new privacy rules. And it is included with our tax preparation service. Simply call our office anytime and we will upload your tax information to your own secure private file cabinet. Even we cant open it. We will email you when everything is available. You can forward that information to your banker or download you copy at home.

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In an effort to stem what is called earned income credit fraud the IRS has imposed new rules for all tax preparers concerning the way we gather information and calculate the credit. Granted the fraud figures are rather staggering. An estimated 27 to 32 percent of all earned-income-credit dollars claimed are fraudulent according to GAO figures. That translates into $11.6 billion, by far the highest amount of fraud in any government entitlement program. IRS has placed additional burden and record keeping requirements for your tax preparer, and it changes things dramatically. We are required to take extra steps to make sure that we document that you are entitled to claim the earned income credit. Please be prepared to provide us with additional paperwork.

In addition, we must maintain a copy of records that indicate that any child claimed for earned income credit lived in your household. Such records that IRS suggest we keep a copy of include: School records or statements; Landlord or property management statement; Health care provider statement; Medical records; Child care provider records; Placement agency statement; Social services records or statements; Place of worship statement; Indian tribal official statement; Employer statement; You dont need to have all of these things, but youll need at least one thing to prove that your child lives in your house. The school records are probably the easiest if your child is of school age.

If you are claiming a disabled child, youll need to prove the disability. Here are the documents for that: Doctor statement Other health care provider statement Social services agency or program statement If you are self-employed, additional records are required. Youre going to need to prove that you really have some sort of business with the following records: Business license 1099 MISC forms Records of gross receipts I Income summary Expense summary Bank statements These records are pretty standard for anyone who is self-employed so this shouldnt be a burden. Bottom line here isif you have a business, you need to run it like a business and keep proper business records.

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Here is some tips to help you prepare for your taxes.

Being in business means you must follow special tax laws and special requirements concerning record keeping in order to prepare your tax return. The IRS does not specify a specific way to keep your business records. According to the IRS, you may choose any record keeping system suited to your business that clearly shows your income and expenses. Except in a few cases, the law does not require any special kind of records. Whatever system you choose, in all cases, you are required to accurately report your taxable income. In every case, whether you are reporting rental or self-employment income, each IRS form requires you to summarize your income, detail your expenses, and calculate your net profit or loss. The amount of income and expenses should reflect the entire year. There are certain rules for certain deductions. Some entertainment deductions are not fully deductible and others are. Auto expenses can be deducted in a variety of ways. Some expenses, such as penalties and fines are not deductible. And finally some capital purchases such as buildings, improvements, computers and vehicles may be fully deductible or may require a depreciation calculation. In every case you can rely upon our experience and education to make sure that we accurately report your business deductions while still achieving a mutual goal of calculating the lowest tax liability allowed by law. Generally, you cannot deduct personal, living, or family expenses. However, if you have an expense for something that is used partly for business and partly for personal purposes, divide the total cost between the business and personal parts. You can deduct the business part. For example, if you borrow money and use 70% of it for business and the other 30% for a family vacation, you can deduct 70% of the interest as a business expense. The remaining 30% is personal interest and is not deductible. Do you operate your business out of your home office? Although the home office deduction has a stigma attached to it....I wish I had a dollar for every time a client told me that they didnt want to take the deduction because it was a red flag In 2013 the IRS has issued a simplified method for small business owners, such as you, how to take the home office deduction using a standard rate. So much for the red flag. Home office deductions are extremely valuable deductions and should not be overlooked. Again we are here to help. We can help you calculate your home office deduction. Clear as mud?

Taxes are one of the most important issues facing small and growing businesses. And like a company's profits, its annual tax bill will in part reflect the owner's skills and knowledge. Business owners need to be sure that they are meeting all of their responsibilities to the tax man and also seizing every opportunity to reduce their taxes. For more than 32 years we have been the small business accountants. We encourage you to call our office and meet with one of our tax professionals. During this no-cost, no-obligation meeting we can show you how we can put our experience to work for you.

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CONTACT US ANYTIME WE ARE OPEN YEAR ROUND

We are more than a tax preparation service. Even more services from your trusted tax guys.
If you need live local resources, answers to the new healthcare law, we are here to help at no charge. Our staff can help you reduce your property tax bill on a contingent basis. Good stuff. 3 Each year we help clients just like you reduce tax liability by helping them act on common sense, legal tax reduction plans. Whether you are refinancing your home, or applying for a new mortgage, or any other reason, as long as you are an active client we will provide you a copy of any tax return at no charge. See page four. Dealing with the largest most feared collection agency in the world, the IRS, daily. We literally have change peoples lives by solving the unsolvable. We have the skill sets government tax agencies require. If you own a business you need to accept credit and debit cards. Our trusted advisor programs saves you money.

Phone: 217-241-4597 Fax: 217-789-9827 www.1taxes.com

Better Value income tax services

Tax Partner Holdings 2060 W Monroe Springfield IL 62704 , Phone: 217-241-4597 Fax: 217-789-9827 Taxpartnerclients@gmail.com www.1taxes.com

IMPORTANT TAX INFORMATION ENCLOSED

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