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Tax breaks for vets Rozier CPA Thank you Vets

Tax breaks for vets

There are some tax breaks for vets which you might not be aware of. For example, if you are a disabled vet and you receive disability benefits from the VA, those payments do not count as taxable income. You don’t need to include those payments in your gross income. There are some vets who may not need to file taxes at all. If you are in doubt or if you have any questions, please call Rozier today for clarification. We are here to help!

 

If you are currently enlisted in the military, you pay no taxes on your combat pay. This applies to all military members as well as warrant officers and commissioned warrant officers. If you are a commissioned officer, however, your tax exclusion is restricted to the highest rate of enlisted pay.

 

If you have had to move due to relocation, unreimbursed moving costs can be deducted partially on Form 3903 (Moving Expenses). Beginning in 2018, the moving expense deduction is strictly limited to military members. In order to qualify for it, you must have moved within one year from the time when your active duty ended. The moving expense deduction is what is known as an “above the line” deduction, not an itemized one.

 

Once more, if you have any questions about your taxes, please call us today. If you have ever served in the military, we thank you for your service! On behalf of all of us here at Rozier, we wish you a happy and prosperous 2019!

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tax scams Rozier CPA

Tax scams and identity theft- protect yourself

TAX SCAMS AND IDENTITY THEFT- Ways to protect yourself:

Tax scams and identity theft are on the rise. It is quite unfortunate that identity theft and other financial scams are such a concern for everyone these days. However, there are ways to protect yourself. Don’t be duped by criminals who want to steal your funds or steal your identity. Let’s talk about some ways to remain safe and protect yourself. Every year, the IRS lists a compilation of the twelve most prevalent tax scams (called the “Dirty Dozen”). There are programs like Entegra Bank’s CardValet service that help protect consumers from fraud and theft. Keep your hard earned money out of the pockets of scam artists and black hat hackers. Beware of online phishing. Phishing can be done through phony E-mails or fake websites. Be careful to never reveal any personal information to someone you don’t know. It is sometimes challenging to identify which websites are legit and which aren’t. But remember this- the IRS never contacts taxpayers via E-mail. If you ever receive an E-mail which says that it is from the IRS, don’t click on it. Just delete it. In addition, the IRS never makes first contact over the phone. They send taxpayers an official correspondence through the mail. If you think that the call may actually be legitimate, hang up and call the IRS back at (800)829-1040. If there really is a tax related matter that needs to be addressed, the IRS employees will be able to help you. ID theft is on the rise. Always be alert and protect your family’s PII (personally identifiable info), like your Social Security number, where you are employed, tax ID numbers, etc. If you are concerned, there is software available on the market specifically for identity protection. Whether you prepare your taxes yourself or if you hire someone, do your research first and make certain that you are giving your personal information to a reputable, responsible person or organization (like Rozier). These are but a few examples of ways that you can protect yourself and your loved ones. If you employ a professional CPA like Rozier, you can avoid tax scams and other tax related problems. Call Rozier today for all your tax needs!

IRS website: https://www.irs.gov/

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tax bracket 2017 taxes

Tax Brackets

Some people are intimidated by certain tax terms. One example would be “tax bracket.” What is a tax bracket, anyway? A tax bracket simply states what you will owe in taxes according to your income. Every bracket covers a specific range of income amounts and applies a base percentage for taxes. Let’s say, for instance, that you are in the 10% tax bracket. If you earned $4000 that year, you owe $400. If you earned $7600, you are liable for $760. What about the expression “moving into a higher tax bracket?” This means that if you earn more money and exceed your bracket’s cutoff point, you will automatically move into the next bracket. Hence, you will owe a higher percentage in taxes. Would this sort of defeat the purpose of increasing your income? Not at all. If you move into a higher tax bracket, this means that you are now in two or more tax brackets. In 2016, if you earned $9275 or less, you were in the 10% bracket. Let’s give an example. Say you earned $9000. Your income taxes would be $900. You got a promotion and a raise at work (which is wonderful news). You received a whopping $3000 annual raise. Thus, your income would be $12K. This means that you would owe 10% of the $9275 (which is $927.50), and you would also owe 15% of the raised income (which calculates to $408.75. This figure comes from 15% of the pay difference between $9275 and $12000. The total owed would be $927.50 + $408.75 = $1336.25). Although taxes can be complicated, you will have zero worries when you call Rozier. We’re here to assist you with your tax challenges. Call today!

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accounting

ACCOUNTING 1 ON 1

Financial statements are prepared according to agreed upon guidelines. In order to understand these guidelines, it helps to understand the objectives of financial reporting. The objectives of financial reporting, as discussed in the Financial Accounting standards Board (FASB) Statement of Financial Accounting Concepts No. 1, are to provide information that

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accounting-services-bookkeeping accounting services financial statements

PROPER INVOICE INFO

Financial statements are prepared according to agreed upon guidelines. In order to understand these guidelines, it helps to understand the objectives of financial reporting. The objectives of financial reporting, as discussed in the Financial Accounting standards Board (FASB) Statement of Financial Accounting Concepts No. 1, are to provide information that

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