Shred Fest 2011

Buried in a mountain of paper? Concerned about Identity Theft? This complimentary service is provided by The Palm Beach Chapter of the Florida Society of Enrolled Agents

Royal Palm Beach- Identity theft is still a major problem in the United States and according to the US Federal Trade Commission they received 250,854 complaints about identity theft during 2010 – nearly one-fifth of the entire number of complaints received by the agency. For the eleventh year in succession, consumers complained about this subject more than any other.

The Commission’s identity theft statistics show that Florida had the highest per capita rate of reported ID theft, with Arizona and California following close behind. With the increased awareness of identity theft, it is important to dispose of records carefully.

To help protect you from becoming a statistic, on Saturday morning, September 24, from 9am-12pm, The Palm Beach Chapter of the FSEA is holding another SHRED FEST. Over 9000 pounds of documents was shredded at the last event. This is an incredible opportunity to protect yourself from identity theft by safely destroying your personal documents and papers in our shred truck…Right before your eyes.

This event will be held in the parking lot of the Holy Name of Jesus Church, 345 S Military Trail, W Palm Beach and the shredding is FREE to anyone concerned about Identity Theft and wants to dispose of personal and sensitive documents.

We will also be collecting old newspapers for the local school.

Enrolled Agents will be on site to answer your tax document retention questions.

Who are EA’s? Enrolled Agents (EA) are federally-authorized tax practitioners who have the technical expertise in the field of taxation and who are empowered by the U.S. Department of the Treasury to represent taxpayers before all administrative levels of the Internal Revenue Service for audits, collections, and appeals.

For more information about the Florida Society of Enrolled Agents, visit the website http://www.fseaonline.org

Florida Society of Enrolled Agents Install New Board of Directors

July 6, 2011

Kissimmee, FL- The 2011 Florida Society of Enrolled Agents Annual Conference was just held at the Gaylord Palm Hotel & Convention Center. The conference provided the members with the opportunity to network with other Tax Professionals, enhance their various skills and expand their knowledge on current tax legislation, emerging issues and changes in their profession. On Friday, July 1, 2011 the FSEA installed the new slate for the coming year.

From left to right: Immediate Past President, William Weidenbach, EA, Treasurer, Sue Anne Curd, EA, Secretary, Twila Midwood, EA, President- Elect, Ana Magda Guillen, EA, President, Anita Manuel, EA, and Vice-President, Jeffrey Schneider, EA,

The Florida Society of Enrolled Agents (FSEA) is the professional society representing Enrolled Agents (EAs) in Florida. Members are licensed by the U.S. Department of the Treasury to represent taxpayers before all administrative levels of the Internal Revenue Service (IRS), including examination, collection and appeals functions. For more information, please visit the website, http://www.FSEAonline.org. The FSEA is an affiliate of the National Association of Enrolled Agents (NAEA) and they urge all tax practitioners to consider the benefits of joining.

The National Association of Enrolled Agents (NAEA) is a national association of independent, licensed tax professionals called Enrolled Agents (EA). The association is dedicated to helping its members keep up the highest level of knowledge, skills and professionalism in all areas of taxation, so that their members may most effectively represent the needs of their clients.

Have you ever considered how history shifts on small decisions?

Image via Wikipedia

What we celebrated on the 4th was the bravery of men who said [I paraphrased] : “If you’re going to tax me, I need a representative. And, since you won’t give me THAT … well, we’re free anyway. Government doesn’t give us our rights; our Creator does. So, we declare that we are, in fact, independent.”

Imagine if, before this point, the King of England had said: “Alright, I’ll allow a representative from each colony a seat in the Parliament.” I mean really — it’s not like we wouldn’t have been taxed up the wazoo with representation … the votes would have been something like 250-13 to tax the colonies to high hell!

But at least there would have been representation! [Historians point out that Washington, Adams, Franklin and others, at first, wanted only the same rights as other British subjects. Only until the British remained stubborn did they opt for full independence.] Instead, the British lack of imagination helped birth the greatest experiment in freedom the world has seen over the last two+ centuries (IMHO).  It may just be that you need to have your own little declaration of independence. Here’s what I mean…

True Freedom … From The IRS
Well, the dream of freedom, birthed on the 4th , does still live. But let’s face it–our government (especially the IRS) is ready to become a deeper, larger influence in our lives. And it’s ironic, this month of Independence, to see how much power the IRS now has as probably one of the most powerful organizations in the USA. Solely responsible for collecting Federal taxes and imposing related penalties, the IRS poses one of the biggest financial threats to individuals and business owners. They have unique information resources, legal standing, and roles as a law enforcement agency.  On top of all this, the IRS has the authority to issue legislation and the freedom to make mistakes without consequences (they’re protected from penalties for false tax accusations)!

So what can we do to protect ourselves from the IRS’ power and potential for financial wrath???  … Well, if there were a concrete answer for that, the IRS wouldn’t be the intimidating and widely feared agency it is today.  But there is one thing each of us can do  to keep them off our back: Keep Records! (I know, a bit lame … but it’s true!)
Our best defense against audits and false accusations is keeping accurate, detailed records of the flow of all money into and out of our lives.  Now, depending on your situation, this could be complicated and time-consuming!  Where do you begin?
A great place to start is by calling our office; we can help you decide where to focus your record-keeping efforts, and help you develop a strong wall of defense around the “castle” of your finances.  Generally, the better and more accurate your records, the better your chances are for surviving an All-Out IRS Battle! 

Give us a call today (spending a little today, could save a lot later)! 
Email info@sfstaxacct.com  or call us (561-868-1868 or 772-337-1040) now!

If you  are NOT a subscriber to our weekly “Real World” Personal Strategy Email series, you may go HERE to  subscribe: http://jeffreyschneider.mylocaltaxpro.com/

DO YOU KEEP TRACK OF YOUR STUDENT DEBT?

As the school year comes to a close, many college seniors are attending financial aid exit interviews. But, we’d like to remind all college students – whether you are graduating or not – to take stock of your student debt at the end of every school year. We’ve heard horror stories from graduates who were shocked to see how much they actually borrowed over the course of college. Keep track of it now so you will be prepared when it comes time to repay your loans.

If you still need to settle your bill for this semester, or are already looking ahead to next semester, please visit our website; http://www.sfscollegeplanningspecialists.com and click on the Need a Student Loan? button.

Here are some tips to help you manage your student loan debt:

• Gather you loan details at the end of each year – Pull together the details for all the loans you took out, including loan servicer total amount, APR and first payment date.
• Keep track of your debt and update it yearly – Once you’ve gathered all of your loan details, pull all this information into a spreadsheet and track it on an annual basis.
• Update your loan servicer – Be sure to notify your loan servicer when you graduate, withdraw from school, transfer, or change your name, address, email or phone number.

As you wrap up your loan details for this past year, remember to think ahead to next semester.  It’s never too early to get a head start on planning for your next tuition bill.

Have a great summer.

 

Have You Thought About Capitalizing on Low Capital Gains Rates?

Investors should note that the historically low capital gains tax rates have been extended through 2012. With that in mind, it might be time to 

"harvest" some of your unrealized gains in case tax rates rise again in the future. Also a tax-savvy way to completely eliminate your capital 

gains tax might be to donate appreciated stock to charity and receive a deduction equal to the security's current market value. Special rules 

apply to noncash donations, so check with us before you move forward on this strategy.

Need great tax or accounting help? SFS Tax, Accounting & College Planning Services is a year round, full service firm offering; bookkeeping, 

accounting, tax, payroll and college funding and planning services. 

IRS problems? Our Enrolled Agent, Jeffrey Schneider specializes in; offer in compromise, IRS levies and garnishments, filing late taxes, penalty 

and interest abatement, and innocent spouse.

With our online, "Real Time" accounting, we can work with businesses and individuals outside the Port St Lucie and Royal Palm Beach area, 

throughout Florida, and the other 50 states.

Visit our website: http://www.sfstaxacct.com and sign up for your FREE report and get your Free Tax Tip every week. Or call for more 

information. 561 868-1868 or  772 337-1040.Located in Royal Palm Beach and Port St Lucie, FL to better serve you.

CHECK YOUR WITHHOLDING TAXES

Tax Tip of the Week:

Check your withholding early in 2011, and again whenever your circumstances change during the year (marriage, divorce, new baby, etc.) to be sure you are having the right amount withheld from your paycheck. You must meet minimum tax payment requirements, but don’t overwithhold, or you’ll be giving the IRS interest-free use of your money. If you need to adjust your withholding, file a new Form W-4 with your employer.

Need expert tax or accounting help? SFS Tax, Accounting & College Planning Services is a year round, full service firm offering; bookkeeping, accounting, tax, payroll and college funding and planning services.

IRS problems? Our Enrolled Agent, Jeffrey Schneider specializes in; offer in compromise, IRS levies and garnishments, filing late taxes, penalty and interest abatement, and innocent spouse.

With our online, “Real Time” accounting, we can work with businesses and individuals outside the Port St Lucie and Royal Palm Beach area, throughout Florida, and the other 50 states.

Visit our website: http://www.sfstaxacct.com and sign up for your FREE report and check the site weekly to get your Free Tax Tip.

Located in Royal Palm Beach and Port St Lucie, FL to better serve you.

Can you take the tax deduction?

Do you have a closet full of stuff that you would love to get rid of? Is your garage full to the point of exploding with your now married children’s toys and clothing? What do you do with all this “junk”. You can donate to the various charities (Goodwill, The Salvation Army or Am Vets to name a few), receive a tax deduction (if you itemize) and save about $20-$30 in real taxes or sell it.

Many people conduct periodic garage sales. You sell your stuff and pocket the change. If you have enough stuff, you can pocket a couple of hundred dollars and most of it is tax-free as the cost of the items sold are much more than what you sold it for. The other side is that you can not take the loss (sales price minus cost) as these transactions are considered personal, not business and personal losses are not deductible.

Other people take selling their unwanted toys and clothing to the internet using Ebay and Craigs List, amoung others. If you sell items on an occassional basis, you have tax free income via the new age “internet garage sale”. But what happens if you conduct hundreds of these transactions in any given year? In a recent court case, the IRS prevailed when they wanted to tax the seller on the gross income received from activity on EBay. Their case stemmed on the fact that the individual conducted hundreds of sales transactions in each of two years. They argued and the court agreed that this was a business and that the gross revenue received from each and every sale was income. The court did not put a number as to how many transactions constitute a business. In reading the case, it has more to do with a continuous and ongoing activity that was the deciding factor.

The good news is that the cost of every item sold is a deduction against that income and any fees incurred in the selling of these items are deductions.

The bad news: Who keeps receipts of a childs toy or article of clothing from a few years ago, not to mention 10 or more years. So if you want to conduct numerous transactions on any of these sites, make sure that you have documentation as to the cost of the items sold or the IRS may, not only attempt to subject the revenue to the income tax, but as a business, the self-employment tax.

Please contact SFS Tax, Accounting and College Planning Services before you begin anything that may be construed as a business so you can plan accordingly and limit your potential tax expoure. Our website is http://www.sfstaxacct.com or call us at 561 868-1868 or 772 337-1040.

Is This College Too Expensive?

Sarah Lawrence College just earned the top spot on the list of most expensive colleges in the country.
Sarah Lawrence will charge $58,716 for tuition, fees, room and board for the 2011-2012 school year.
In a recent piece, Karen Lawrence, the school’s president, defended that price tag by citing the school’s commitment to small class size, low staff-to-student ratios and the ability to handcraft your own education.
How do you feel about the cost? Is this school worth it? Let us know what you think

At SFS Tax, Accounting & College Planning we help remove the frustration and confusion experienced when planning and paying for college. We help you make sound financial decisions designed to achieve your families academic goals. There are many strategies that can make college affordable and we will work to find the right one for you.

Please visit our website http://www.sfscollegeplanningspecialists.com or call us 772 337-1040 or 561 868-1868 to find out how we can help you.

Do You Know the Seven Things about Getting More Time to File your Tax Return

Procrastinators can’t make the April 18 tax filing deadline? Need more time to file your tax return?
You can get an automatic six month extension of time to file from the IRS but, SFS Tax, Accounting & College Planning Services in Royal Palm Beach and Port St Lucie, Fl would love to help you out. However, if you prefer to file on you’re your own, keep reading……

Here are seven important things you need to know about filing an extension:

1. File on time even if you can’t pay:  If your return is completed but you are unable to pay the full amount of tax due, do not ask for an extension. File your return on time and pay as much as you can. The IRS will send you a bill or notice for the balance due. To apply online for a payment agreement, go to the IRS website at http://www.irs.gov and click “Apply for an Online Payment Agreement (OPA)” at the left side of the home page under Online Services. If you are unable to make payments, call the IRS at 800-829-1040 to discuss your options.
2. Extra time to file:  An extension will give you extra time to get your paperwork to the IRS, but it does not extend the time you have to pay any tax due. You will owe interest on any amount not paid by the April 18 deadline, plus you may owe penalties.
3. Form to file:  Request an extension to file by submitting Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, to the IRS by April 18, 2011, or make an extension-related electronic credit card payment. For more information about extension-related credit card payments, see Form 4868.
4. E-file extension:  You can e-file an extension request using tax preparation software with your own computer or by going to an professional tax preparer, an Enrolled Agent, who has the software. The IRS will acknowledge receipt of the extension request if you file by computer.
5. Traditional Free File and Free File Fillable Forms:  You can use both Free File options to file an extension. Access the Free File page at http://www.irs.gov.
6. Electronic funds withdrawal:  If you ask for an extension via computer, you can also choose to pay any expected balance due by authorizing an electronic funds withdrawal from a checking or savings account. You will need the correct bank routing and account numbers. For information about these and other methods of payment, visit the IRS website at http://www.irs.gov or call 800-TAX-1040 (800-829-1040).
7. How to get forms:  Form 4868 is available for download from the IRS website or ordered by calling 800-TAX-FORM (800-829-3676).You can also obtain the form at your local IRS office. Telephone requests normally take 7 – 15 days to process and ship.

SFS Tax, Accounting & College Planning Services is here to help you all year round. Tax professional, Jeffrey Schneider, Enrolled Agent is here to make certain you get all tax breaks legally allowed by the IRS. Call us now 561 868-1868 or 772 337-1040. Serving the Royal Palm Beach, Wellington, W Palm Beach, Port St Lucie, Ft Pierce, and Stuart and all surrounding areas as well as the rest of the 50 states.

Procrastinators you still have time to file your taxes!

April 18, 2011 is the Deadline for Filing Your Tax Return.
The IRS offers you three different options should you choose to file your tax return without the help an Enrolled Agent. If you are choosing to self prepare your return, remember to consider the many changes that went into effect as a result of the new tax acts.

There are three choices for filing Form 4868, Application for Automatic Extension of Time to File U.S. Individual Tax Return:
1) Electronically (such as by computer).
2) Paying the tax with a credit card through an outside service provider listed on the form.
3) By mail.

If you file your Form 4868 electronically you will receive an acknowledgement or confirmation number for your records and you do not need to mail in Form 4868. If you need to pay any additional taxes when filing Form 4868 electronically, you may do so through the outside service provider or through e-file. Besides filing electronically, you can generally get an extension of time to file if you pay part or your entire estimate of income tax due by credit card. You may pay by phone or Internet through one of the service providers listed on Form 4868. Each service provider will charge a convenience fee based on the amount of the tax payment. At the end of the transaction, you will receive a confirmation number for your records. In addition to filing Form 4868 electronically, or by paying part of your tax by credit card, you can file Form 4868 by filling out the form and mailing it to the proper address provided on the Form 4868.

Please be aware that an extension of time to file is NOT an extension of time to pay. If you believe that you will owe money, you should pay what you feel you will owe with the extension. If you owe monies with the return, you could be subject to interest and late paying penalties. The IRS can also invalidate the extension and subject you to late paying penalties, as well.

SFS Tax, Accounting & College Planning Services is available to help procrastinators and late filers complete their tax return by the due date or file an extension of time. Jeffrey Schneider, Enrolled Agent also specializes in penalty and interest abatement, offer in compromise and levies and garnishments. Contact us now at 561 868-1868 in Royal Palm Beach or 772 337-1040 in Port St Lucie.