Request transcripts by calling the Internal Revenue Service at 1-800-829-1040, or order by mail using IRS Form 4506T. Allow two weeks for delivery.
cpasense
About Me
- Name: Milt Baker CPA
- Location: Westland, Michigan, United States
Graduate of Walsh Institute Of Accountancy (Now Walsh College) Michigan in 1959. Retired in 1987, but still active in the profession **World War II Veteran (Pacific) **PHONE 734-261-1979 **E-MAIL -cpabakem01@yahoo.com **(Domain Name CPASENSE Registered) **Mentioned in the Journal of Accountancy, SmartPros, Tax Prof Blog, CPA2BIZ, CPA Journal, AccountingWEB, CPATrendlines & More **Search Accounting Blogs: http://www.blognetnews.com/accounting (Includes cpasense)**TOPICS - FINANCE - FEDERAL & MICHIGAN TAXES ** Making Sense Of Your Finance & Taxes
Monday, February 27, 2006
Need a Copy of Your Tax Return?
Request transcripts by calling the Internal Revenue Service at 1-800-829-1040, or order by mail using IRS Form 4506T. Allow two weeks for delivery.
Request transcripts by calling the Internal Revenue Service at 1-800-829-1040, or order by mail using IRS Form 4506T. Allow two weeks for delivery.
Deductible Medical Expenses You Can't Afford To Overlook
When you have health problems, medical expenses can quickly add up, even if you have health insurance. That is why it’s important to understand the rules for deducting qualified medical and dental expenses. According to the Michigan Association of CPAs, if you itemize your deductions, you may be eligible to deduct unreimbursed medical, dental, and vision care expenses for yourself, your spouse and your dependents....-MORE-
When you have health problems, medical expenses can quickly add up, even if you have health insurance. That is why it’s important to understand the rules for deducting qualified medical and dental expenses. According to the Michigan Association of CPAs, if you itemize your deductions, you may be eligible to deduct unreimbursed medical, dental, and vision care expenses for yourself, your spouse and your dependents....-MORE-
Sunday, February 26, 2006
Friday, February 24, 2006
Recordkeeping For Travel, Entertainment, Gift, and Transportation Expenses
http://www.irs.gov/publications/p463/ch05.html
Internal Revenue Service
http://www.irs.gov/publications/p463/ch05.html
Internal Revenue Service
Thursday, February 23, 2006
Popular Gift Cards Could Come With Strings Attached
The Federal Trade Commission (FTC) reported to consumers that the ever-popular gift card, whether from a retailer or financial institution, may come with strings attached. During the 2005 holiday season alone, consumers reportedly purchased more than $18 billion in gift cards. For this reason, the FTC issued a new consumer alert, Buying, Giving and Using Gift Cards. Some of the most common unknowns are that some gift cards have expiration dates, or some may have fees that can lessen the card’s value. Visit the FTC web site for further consumer tips in purchasing gift cards.
Michigan Association of CPAs
The Federal Trade Commission (FTC) reported to consumers that the ever-popular gift card, whether from a retailer or financial institution, may come with strings attached. During the 2005 holiday season alone, consumers reportedly purchased more than $18 billion in gift cards. For this reason, the FTC issued a new consumer alert, Buying, Giving and Using Gift Cards. Some of the most common unknowns are that some gift cards have expiration dates, or some may have fees that can lessen the card’s value. Visit the FTC web site for further consumer tips in purchasing gift cards.
Michigan Association of CPAs
Wednesday, February 22, 2006
IRS Guidance - Homeowner's 2006 Energy Credits
The Treasury Department and the IRS have issued guidance on the certification that homeowners may rely on when they claim credits for purchases that make their homes more energy efficient.
Also See Notice 2006-26
http://www.irs.gov/pub/irs-drop/n-06-26.pdf
Also See Notice 2006-26
http://www.irs.gov/pub/irs-drop/n-06-26.pdf
Tuesday, February 21, 2006
Michigan Taxpayers Rights & Responsibilities
As an employee of the Michigan Department of Treasury, we will comply with Michigan laws by providing............
If we fail to provide these services, you have the right to file a complaint.
As a taxpayer, it is your responsibility to ..........
Michigan Department of Treasury
If we fail to provide these services, you have the right to file a complaint.
As a taxpayer, it is your responsibility to ..........
Michigan Department of Treasury
Michigan Prescription Drug Pricing Web Site
Provided here are average prices for the top 25 most commonly used prescription drugs used in Michigan, as reported to the state by First Health Services Corporation
State of Michigan
State of Michigan
Monday, February 20, 2006
Understanding The Child And Dependent Care Tax Credit
Is the cost of child or dependent care taking a big chunk out of your employment income? If so, you’ll want to read what the Michigan Association of CPAS has to say about how the child and dependent care tax credit can help ease the financial burden....-MORE-
Is the cost of child or dependent care taking a big chunk out of your employment income? If so, you’ll want to read what the Michigan Association of CPAS has to say about how the child and dependent care tax credit can help ease the financial burden....-MORE-
Sunday, February 19, 2006
Bankruptcy - The Basics - Updated October 17, 2005
Michigan Bankruptcy Exemptions - Updated October 17, 2005 - Federal Law In Effect:
http://www.bankruptcyaction.com/miexemptions.htm
Bankruptcy Court - Eastern Michigan
http://www.mieb.uscourts.gov
http://www.bankruptcyaction.com/miexemptions.htm
Bankruptcy Court - Eastern Michigan
http://www.mieb.uscourts.gov
Going To Court With The IRS
You can go to U.S. Tax Court, Federal District Court, or the Court of Federal Claims, Most people pick the Tax Court because you don't have to pay the contested tax ahead of time to have your case heard.
Some people choose Federal District Court or the Court of Federal Claims because they think their chances are better, but these courts generally will hear tax cases only after you've already paid the tax and filed a refund claim.
U.S. Tax Court:
http://www.ustaxcourt.gov
Federal District Court - Eastern Michigan
http://www.mied.uscourts.gov/index.cfm
Court of Federal Claims
http://www.uscfc.uscourts.gov
You can go to U.S. Tax Court, Federal District Court, or the Court of Federal Claims, Most people pick the Tax Court because you don't have to pay the contested tax ahead of time to have your case heard.
Some people choose Federal District Court or the Court of Federal Claims because they think their chances are better, but these courts generally will hear tax cases only after you've already paid the tax and filed a refund claim.
U.S. Tax Court:
http://www.ustaxcourt.gov
Federal District Court - Eastern Michigan
http://www.mied.uscourts.gov/index.cfm
Court of Federal Claims
http://www.uscfc.uscourts.gov
Saturday, February 18, 2006
Michigan Department Of Treasury
Income Tax Information
InstructionsInformation for Senior Citizens and Retirees
Where's My Income Tax Refund?
Income Tax Information
InstructionsInformation for Senior Citizens and Retirees
Where's My Income Tax Refund?
Wednesday, February 15, 2006
Ask The Right Questions To Claim Business Travel Deductions
Despite email, faxes, teleconferencing, and videoconferencing, there are times when business travel is essential to your business. Such travel can be expensive, but you can offset the costs with a little help from Uncle Sam. To understand the rules governing business travel deductions, the Michigan Association of CPAs suggests you ask yourself the following questions....-MORE-
Despite email, faxes, teleconferencing, and videoconferencing, there are times when business travel is essential to your business. Such travel can be expensive, but you can offset the costs with a little help from Uncle Sam. To understand the rules governing business travel deductions, the Michigan Association of CPAs suggests you ask yourself the following questions....-MORE-
Saturday, February 11, 2006
Michigan's 2005 Top Ten Consumer Complaints
Michigan Attorney General Mike Cox has announced the top ten complaint categories for 2005. Identity theft continues to be a problem and identity theft complaints span all top ten complaint categories.
Friday, February 10, 2006
Michigan Proposed Bill On Cell Phones
Bill No. 127 - Communications; cellular phones; consent to list number in a cell phone directory; require.
Unknowingly, some mobile-phone users have consented to have their numbers included in the directory because their contracts included fine print to include their number.
http://www.legislature.mi.gov/
Bill No. 127 - Communications; cellular phones; consent to list number in a cell phone directory; require.
Unknowingly, some mobile-phone users have consented to have their numbers included in the directory because their contracts included fine print to include their number.
http://www.legislature.mi.gov/
Wednesday, February 08, 2006
Estate Planning Scams
In Financial scams expected to boom as boomers age, USA Today Kathy Chu describes scams which are being run on individuals and recommends steps on how to avoid them.
Here are a few highlights from the article:
* In Michigan, a company sponsors a steak dinner seminar with an "IRA Technician" provided the attendee is not accompanied by a financial adviser.
* Overselling of inter vivos trusts and annuities.
Ten Tips For Avoiding Scams:
* Don't be a "courtesy" victim.
* Check out strangers touting strange deals.
* Stay in charge of your money.
* Don't judge a book by its cover.
* Watch out for salespeople who prey on fear.
* Don't make a tragedy worse with rash financial decisions.
* Monitor your investments and ask tough questions.
* Look for trouble retrieving your principal or cashing out profits.
* Don't let embarrassment or fear keep you from reporting fraud or
abuse.
* Beware of "reload" scams.
Provides a chart listing financial adviser designations along with the experience required, educational requirements, continuing education requirements, and the complaint process.
In Financial scams expected to boom as boomers age, USA Today Kathy Chu describes scams which are being run on individuals and recommends steps on how to avoid them.
Here are a few highlights from the article:
* In Michigan, a company sponsors a steak dinner seminar with an "IRA Technician" provided the attendee is not accompanied by a financial adviser.
* Overselling of inter vivos trusts and annuities.
Ten Tips For Avoiding Scams:
* Don't be a "courtesy" victim.
* Check out strangers touting strange deals.
* Stay in charge of your money.
* Don't judge a book by its cover.
* Watch out for salespeople who prey on fear.
* Don't make a tragedy worse with rash financial decisions.
* Monitor your investments and ask tough questions.
* Look for trouble retrieving your principal or cashing out profits.
* Don't let embarrassment or fear keep you from reporting fraud or
abuse.
* Beware of "reload" scams.
Provides a chart listing financial adviser designations along with the experience required, educational requirements, continuing education requirements, and the complaint process.
Credit Card Security
Recommendations from credit card companies
Michigan Department of Information Technology
Michigan Department of Information Technology
IRS Announces "Dirty Dozen" Tax Scams For 2006
The Internal Revenue Service today issued the 2006 “Dirty Dozen”––its latest annual tally of some of the most notorious tax scams––along with an alert to taxpayers this filing season to watch out for schemes that promise to reduce or eliminate taxes.
Tuesday, February 07, 2006
IRS Frequently Asked Questions
Welcome to the Internal Revenue Service's Frequently Asked Questions. Each year we update the answers to reflect the latest changes in tax regulations. These questions and answers came from taxpayers like you. We hope you find them helpful and informative
OnLine Tax Paying Options
In an effort to better connect with taxpayers, the Internal Revenue Service (IRS) has added online payment options to the usual ways for us to pay our taxes. Paying your taxes online integrates with their current electronic filing program. In 2004, more than 68 million taxpayers filed electronically, according to Bankrate.com.
Most people file electronically because they are due refunds, but now the IRS is offering ways to pay for the rest of us who might pay writing a check, according to Bankrate.com. Any of these options will surely be welcome come Monday, April 17th.
Accountingweb
Most people file electronically because they are due refunds, but now the IRS is offering ways to pay for the rest of us who might pay writing a check, according to Bankrate.com. Any of these options will surely be welcome come Monday, April 17th.
Accountingweb
IRS Phishing: Beware Refund Scam
Interesting article on ComputerWorld, Phishing E-mail Purports to be From IRS; E-mail Declares "Refund Notice!":
The IRS today confirmed that an e-mail purporting to be from the IRS is part of a scam designed to trick users into revealing their personal information, including Social Security and credit card numbers. The subject line of the e-mail reads "Refund Notice!" and claims to be from "refund@irs.gov." A portion of the e-mail reads, "You filed your tax return and you're expecting a refund".
Interesting article on ComputerWorld, Phishing E-mail Purports to be From IRS; E-mail Declares "Refund Notice!":
The IRS today confirmed that an e-mail purporting to be from the IRS is part of a scam designed to trick users into revealing their personal information, including Social Security and credit card numbers. The subject line of the e-mail reads "Refund Notice!" and claims to be from "refund@irs.gov." A portion of the e-mail reads, "You filed your tax return and you're expecting a refund".
Monday, February 06, 2006
Business Entertainment: What's Deductible And What's Not
In today’s competitive market, small business owners need to do more than keep a close watch on the bottom line: they need to take steps to improve it. Taking charge of taxes is a good first step. For example, the Michigan Association of CPAs advises small business owners to deduct qualified business entertainment expenses. Here’s how to claim the deductions you deserve....-MORE-
In today’s competitive market, small business owners need to do more than keep a close watch on the bottom line: they need to take steps to improve it. Taking charge of taxes is a good first step. For example, the Michigan Association of CPAs advises small business owners to deduct qualified business entertainment expenses. Here’s how to claim the deductions you deserve....-MORE-
Friday, February 03, 2006
Thursday, February 02, 2006
Rate Yourself Using Debt-To-Income Ratio
Mortgage lenders have long used ratios to determine whether applicants are credit-worthy. Typically, they like to limit your housing expenses to 28 percent of your gross income, and your total debt payments to no more than 36 percent of your income.
To figure out if you're within that range, add up what you spend in a month on your mortgage, home insurance and real estate taxes, and divide that figure by your monthly gross income. Your answer should be under .28.
Go back and add in your car payment, credit card payments and other debt payments to the first total, and divide again by your monthly gross salary. The answer should be under .36.
Mortgage lenders have long used ratios to determine whether applicants are credit-worthy. Typically, they like to limit your housing expenses to 28 percent of your gross income, and your total debt payments to no more than 36 percent of your income.
To figure out if you're within that range, add up what you spend in a month on your mortgage, home insurance and real estate taxes, and divide that figure by your monthly gross income. Your answer should be under .28.
Go back and add in your car payment, credit card payments and other debt payments to the first total, and divide again by your monthly gross salary. The answer should be under .36.