Accounting is a Boring Subject…

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Not everyone will master the art of accounting.

An art is the study of implementation of techniques and methods. Accountants are the artist that turn the scientific method into practical use. The art of accounting is taking those diverse ranges of human activities, studying them, and presenting the financial findings by following and implementing GAAP.

Having an accountant can drastically influence the success of your business or your finances. TaxAssurances specialize in bookkeeping, payroll, tax return preparation (both business and personal) and IRS and state tax relief.

Check our Yelp reviews to see the experience other clients have had with us. Also we’re TAKING $50 OFF TAX RETURNS FOR THE NEXT 5 NEW CLIENTS.

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We Don’t Waste A Lot of Our Tax Dollars on Welfare

According to the Department of the Treasury, in 2016, the federal government spent $3.8 Trillion to pay its bills (I.e. Military, Social Security, Medicare/Medicaid, Education etc.). Here’s how much of it was spent:

* Medicare/Medicaid  – $1.1 Trillion

* Social Security  – $976 Billion

* Dept. of Defense  – $565 Billion

* Dept. of Treasury INTEREST ONLY on our Debt – $429 Billion

Those four “items” alone account for roughly $.80 for every $1 spent by the federal government.

Also according to the Department of the Treasury, the food stamps program which is part of spending through the Department of Agriculture, is less than 2% of overall federal spending each year. 2 cents of every $1 we pay in taxes

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Quick Summary of Social Security for 2016

According to the Department of the Treasury, the federal government spent $976 Billion (of $3.8 Trillion in total) for Social Security benefits in 2016. They took in $1.06 Trillion (of $3.2 Trillion in total) for 2016.

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Why Can’t We Just Make Taxes Simpler to Do?

It’s safe to say that most Americans want a simpler way to file their tax returns. It’s a sentiment that we all hear around the country. But the reality of how complicated many people’s lives are make the prospect of a simpler tax return almost impossible.

The tax code will always stay complicated because it incentives certain “trying, positive societal behavior.” Namely, going to college or a trade school, buying a home, running a business that employs people, having a family while working. And many others.

Yes, there is abuse and there is a need to fix a lot of our tax code. However, lets think about this scenario. If I sit in my relatives garage playing video games (not as a job) all day and contribute nothing to society, should I get the same treatment as someone who is “trying?” Going to school, struggling with daycare, etc.

That’s why the tax code will always be complicated in a nation of 320 million people.

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Free Tax Return Reviews

At TaxAssurances we love Turbotax by Intuit and all of the other self prep tax software out there! We would give it away for free if we could.

To most people that sounds strange. Why would a professional tax preparer like something that cuts them out completely and is cheaper competition?

I’ll tell you why. FREE REVIEWS!!! That’s why TaxAssurances loves Turbotax.

Over the years, in doing FREE REVIEWS of Turbotax and other self prepared tax returns that have already been filed with the IRS, TaxAssurances has realized that between 25 – 30% of the returns were wrong. Flat out!

The taxpayer cheated themself out of a bigger tax refund because they didn’t want to “pay someone a lot of money just to put numbers in the computer.” They could “do it themselves and save money.”

So when we’ve shown the taxpayer the hundreds or thousands of dollars extra in refunds they were entitled to but #missed, they gladly pay the extra $250 or more to #fixit and get their bigger refund. And tell friends what we did.

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Tax Prep Fee National Averages

Knowing what to charge clients in a service business is an art and a science. Any number of elements go into it. Time, work, competition, client budgets, just to name a few.

That’s why TaxAssurances is glad when independent organizations like the National Society of Accountants (NSA) releases results of national surveys letting us know what tax preparers are charging for their services. It provides a great point of reference for everyone.

In the survey, they cover not only personal tax returns but business returns as well.

Here are the results.

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Chapter from TaxAssurances’ Book: Educator Expenses

The following post is a chapter in the TaxAssurances’ book, “Top 12 Tax Deductions You Might Have Missed. Tax Tips For People Who Do Their Own Federal Taxes.”

You can purchase the full book on Amazon.

Chapter 11 Educator Expenses

Every year TaxAssurances prepares tax returns for a number of people in the education profession. They all spend countless hours preparing to help educate young children. Along with that time, these educators spend their own money helping educate children. The IRS rewards that effort in a small way by providing a tax benefit.

As a result, the IRS allows teachers, instructors, counselors, principals, and aides that work at least 900 hours in elementary or secondary schools deductions of up to $250 of any unreimbursed expenses.

Those expenses include:
• books
• supplies
• computer equipment
• Other equipment that they use in the classroom.

The IRS does have these following requirements on taking these expenses as a deduction:

“Qualified expenses are deductible only to the extent a number of such expenses exceed the following amounts for the tax year:

• The interest on qualified U.S. savings bonds that you excluded from income because you paid qualified higher education expenses,

• Any distribution from a qualified tuition program that you excluded from income,

• Any tax-free withdrawals from your Coverdell education savings accounts,

• Any reimbursed expenses not reported to you in box 1 of your Form W-2 (PDF).”

For more information about the educator expense deduction, read IRS Topic 458 on the IRS.gov website.

Again, You can purchase the full book on Amazon.

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