cpasense

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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

Tuesday, February 27, 2007

Standard Deduction or Itemizing: Which is Right for You?

A key decision taxpayers face is whether to take the standard deduction or to itemize on their tax returns. The standard deduction is a flat amount established by the...

Michigan Association of CPAs

Sunday, February 25, 2007

Missing Your Form W-2?

If you do not receive your Form W-2, contact your employer to inquire if and when the W-2 was mailed. If it was mailed, it may have been returned to your employer because of an incorrect or incomplete address. After contacting your employer, allow a reasonable amount of time for your employer to resend or to issue the W-2.

If you still do not receive your W-2 by February 14th, contact the IRS for assistance at 800-829-1040. When you call, have the following information:

Employer's name, address, city, and state, including zip code.
Your name, address, city and state, including zip code, and Social Security number

Internal Revenue Service

Wednesday, February 21, 2007

Where's My Michigan Income Tax Refund?

You may obtain account specific information by clicking on the box "Where's My Income Tax Refund"

For privacy and security reasons you will be asked for your social security number, name, federal adjusted gross income, household income and filing status.

Michigan Treasury

IRS Tools For Tracking Your Tax Refund

The Internal Revenue Service offers two tools for tracking your tax refund:

IRS e-file 2007 Refund Cycle Chart lists the dates on which taxpayers will receive their 2006 tax refund (whether via direct deposit of snail mail), based on the week in which they electronically file their return. For example, for returns electronically filed this week, refunds will be deposited in the taxpayer's bank account via direct deposit on March 2, and refund checks will be mailed March 9.

Where's My Refund? is a web-based tool to check on the status of your refund by entering three pieces of information:

Social Security Number
Filing Status
Exact Refund Amount Shown on Return

AICPA Savings Tips For "Year Of The Pig"

With the ringing in of the Chinese Year of the Pig this week, Benjamin Bankes is urging 25 to 34 year-olds to "feed the pig."

Smartpros.com

Tuesday, February 20, 2007

Tips and Taxes: What You Need to Know

What do waiters and waitresses, taxi and limo drivers, and hairdressers and spa workers have in common? They are all service industry workers who derive a significant portion of their income from...

Michigan Association of CPAs

Monday, February 19, 2007

Value Of A CPA

Certified Public Accountants (CPAs) advise individuals, businesses, financial institutions, nonprofit organizations and government agencies on a wide range of financial and related matters.
In Michigan, CPAs are licensed by the Michigan State Board of Accountancy to practice public accounting

Michigan Association of CPAs

Electronic IRS: File, Pay ....And More

The number of electronic options available is increasing every year, helping reduce your burden and improve the timeliness and accuracy of tax returns. Within IRS.gov, you can accomplish many things electronically through one single source. The Electronic IRS is a gateway to the many IRS electronic options available.

Sunday, February 18, 2007

The Earned Income Credit

It’s easier than ever to find out if you qualify for EITC

The Earned Income Tax Credit (EITC) sometimes called the Earned Income Credit (EIC), is a refundable federal income tax credit for low-income working individuals and families. Congress originally approved the tax credit legislation in 1975 in part to offset the burden of social security taxes and to provide an incentive to work. When the EITC exceeds the amount of taxes owed, it results in a tax refund to those who claim and qualify for the credit.

To qualify, taxpayers must meet certain requirements and file a tax return, even if they did not earn enough money to be obligated to file a tax return.

Internal Revenue Service

Friday, February 16, 2007

IRS Moves To Stop Abusive Tax Refund Requests

Search Warrants Target Tax Preparers in Seven Cities Nationwide

Search warrants were carried out in seven cities this week by special agents from the Internal Revenue Service. According to affidavits filed in federal court, the IRS is seeking evidence from tax-preparation businesses suspected of preparing returns on behalf of clients requesting egregious amounts involving this year’s special telephone excise tax refund.

Thursday, February 15, 2007

Saving for Retirement Tops Consumer Financial Concerns, According to CPA Financial Planners

AICPA

Tax Check: Is Your Filing Status Accurate

Choosing the right filing status is important. Not only does it determine the tax rate that applies to your taxable income, reports the Michigan Association of CPAs, but also the amount of...

Tuesday, February 13, 2007

CCH Gives Love Advice - Happy Valentine's Day

The love struck are expected to spend $16.9 billion on Valentine's Day gifts this year -- not including the amount their Valentine may be costing them in taxes, quips tax firm CCH, a Wolters Kluwer business.

Smartpros.com

Monday, February 12, 2007

Long Term Care Insurance: What to Ask Before You Buy

Planning for your future care or that of a loved one has emotional and financial implications. According to the Michigan Association of CPAs, there are a number of important...

Life Insurance Facts

All life insurance policies have one thing in common: They provide a tax-free death benefit to your beneficiary when you die. But, that’s where the similarities stop. Here, the...

Michigan Association of CPAs

Sunday, February 11, 2007

Health Savings Accounts: What You Need to Know

Healthcare consumers may realize significant financial benefits from Health Savings Accounts (HSAs). Created under the 2003 Medicare Act, an HSA is a tax-favored savings plan...

Michigan Association of CPAs

SEPS Help Business Owners Boost Retirement Savings

If you’re self-employed and looking for a simple and efficient way to save for retirement, consider a SEP (Simplified Employee Pension) plan, suggests the Michigan Association of CPAs. SEPs are a great way to save for retirement, especially if you don’t have employees working for you. Here’s why

Saturday, February 10, 2007

IRS Moves To Prevent Telephone Tax Refund Abuse

The Internal Revenue Service has announced it is taking additional steps to prevent abuse by tax preparers and help taxpayers make accurate requests for the one-time telephone excise tax refund.

Friday, February 09, 2007

Michigan Governor Granholm's 2008 Budget Highlights

A Copy Of The Budget And Related Materials Are Also Available At:
http://www.michigan.gov/budget

Saturday, February 03, 2007

Tax Myths For The Poker Player

That's the title of the article I've written for the 2+2 Online Magazine. If you're a poker player, the magazine (which is free) is a great resource; I heartily recommend it.My article covers many tax myths that I've seen in online poker forums. You can read the article here. The entire 2+2 magazine is available here.

Russell Fox EA - Taxable Talk Blog

Michigan Emergency Fiscal Advisory Panel Report

February 2, 2007 - Press Release - The Emergency Fiscal Advisory Panel convened by Governor Jennifer Granholm today provided its report to the governor.
The unanimously approved report says that the State of Michigan currently faces the most serious financial crisis in many years

Advisory Panel Report - 176229 bytes

Thursday, February 01, 2007

IRS Says Taxpayers Neglect Phone Tax Refund

More than a third of early tax return filers are not requesting the one-time telephone tax refund entitling them to at least $30, the Internal Revenue Service said Wednesday, January 31

Smart Pros
Associated Press