Getting Organized for Tax Season Article (Tax OrganizationTips)

I wrote a new article this week  for the Dedicated Accounitng site titled "Getting Organized for Tax Time"

"Yes it’s that time again, the tax man is coming.  If you’re like most people you haven’t thought about taxes since the check cleared your bank account last year.  But, a little up front effort will help keep you from the inevitable scramble on April 15. " 

See the full article here

Is Family Tax Planning for You

James Maule wrote an interesting article Monday about a tax case involving a man living with his mother and three siblings.  The circumstances of the case were such that the mother didn’t receive any tax benefit for claiming her third child, so the man having taxable income of his own and because the child met all of the tests to be his qualifying child claimed his third sibling on his personal income tax.  The rule as stated at the time would have disallowed the claim if his mother had also claimed the child but the mother and the man had used careful tax planning to receive the maximum benefits allowed.  The rule has since been restated to “may be claimed” and closed this loophole, but still leaves the door open for sibling to claim each other.  If the sibling’s adjust gross income is higher than that of their sibling and parents.  James used this case to illustrate the complication of the tax code and there’s no question he is right, but I’d like to use it to highlight the need for careful tax planning with your tax preparer.  Today, when children are living longer with their parent’s tax planning as a group maybe a beneficial strategy.

New Years Gift from Congress: Tax Increase

Many of you may not know what the congressional “Super Committee” is.   Because politics in America appears to be broken so you’ve lost interest, or you simply don’t believe that it’s helping you in your everyday life.  But I can hurt!  The panel of 6 Republicans and 6 Democrats tasked with cutting 1.2 trillion from the deficit has chosen to punt.  Through all the political posturing what has been lost is a solution to the $100 billion tax increase scheduled to hit American workers on January 1.  The 2% payroll tax holiday enacted last year is due to lapse and individual will see an instant increase of on average $35 per check.  Happy new year from Congress!

Do You Want Your Boss's Job?

I'm a member of the IMA (Institute of Management Accountants), I'm working on getting my CMA.  They had an interesting article on their site this week about wanting your boss's job.  75% of the people they surveyed wouldn't want their boss's job.  They sighted reasons like having to make difficult unpopular decisions.  I think it depends on your age and what position you hold.  they also said 65% of the people don't believe they could do  a better job than their boss.  That made we wonder do you think you could do a better job than your boss?  Do you want their job?  Send me a comment and I'll tally my own survey results.

About Me: Country Boy Bookkeeper

I thought I'd start with a little about myself.  I'm 32 and live in Waseca Minnesota, it's a small town in southern Minnesota.  I'm a country boy, we actually live on a farm near New Richland. I have a wife and three kids, a 7 year old girl and twin boys who are five.  I've worked as an Accountant for about 10 years.  I also own a bookkeeping and tax preparation service for individuals and small business.  I love working with other business owners, I love football hockey and my family.  It's actually my daughters birthday tomorrow, so happy birthday Madison.

I just added this blog to our website http://www.dedicatedaccounting.com/