DAVID S. BABOIAN, CPA, PC

  • Home
  • Services
    • What we do
    • Are we right for you?
    • $99 Jump-start
  • Client zone
    • Individual clients >
      • Identity Theft - IRS Affidavit
      • Personal Financial Statement
    • Business & rental clients >
      • Example expenses
      • Mileage log
      • Petty cash log
      • Sales tax
      • W9 for subcontractor
      • Example Profit & Loss
      • Obamacare Self-employment Ledger
    • Payroll services >
      • Employee paystub portal
      • EMPLOYEE set up forms for new hires
      • EMPLOYER set up forms
    • Web Links
  • About us
    • Contact
    • Our team
    • Dave's resume
    • Dave's band - Dance Fever
    • Haunted Chamber
    • Picture gallery
  • Secure email

8/31/2016

August 31st, 2016

Read Now
 
TAX TIP OF THE DAY... considering leaving the country if your nightmare candidate wins in November?
If you move but keep your citizenship, the US will continue to tax you.  The US taxes its citizens on worldwide income, no matter where they reside.  

Tax credits and foreign income exclusions are available to provide relief in certain situations.  You can email me your tax info from Canada, and I can still help you out!  

Source: Kiplinger Tax Letter

SHARE WITH A FRIEND. 
http://www.baboiancpa.com/blog

Share

8/11/2016

August 11th, 2016

Read Now
 
TAX TIP OF THE DAY... payments to family caregivers are tax-free

State programs sometimes pay family members for in-home care for their elderly/disabled relatives who would otherwise require institutional care.    The IRS ruled that these payments can be received tax free.    

SHARE WITH A FRIEND 
http://www.baboiancpa.com/blog

Share

8/8/2016

August 08th, 2016

Read Now
 
TAX TIP OF THE DAY... IRS has noticed Uber drivers

The IRS is taking notice of side income earned from Uber, TaskRabbit, Airbnb, Etsy, etc.  According to a recent study, a significant portion of people getting paid for these activities are unaware of their related tax obligations.  The IRS is planning an information campaign before the next tax filing season.


SHARE WITH A FRIEND. 
http://www.baboiancpa.com/blog

Share

8/8/2016

August 08th, 2016

Read Now
 
TAX TIP OF THE DAY... avoid Obamacare subsidy surprises

If you are receiving a subsidy to help pay for Obamacare health insurance, be sure to update the Marketplace about changes that could affect your subsidy.  This includes changes to: your income, number of household members, marriage filing status.

If you have an unreported change, you will be required to repay all or a portion of the excess subsidy paid to you.  My office specializes in minimizing this repayment.  


SHARE WITH A FRIEND. 
http://www.baboiancpa.com/blog

Share

8/8/2016

August 08th, 2016

Read Now
 
TAX TIP OF THE DAY... wrongful imprisonment compensation is tax-free

A 2015 tax act made all damages paid for wrongful imprisonment tax-free.  Under prior law, such payments were taxable unless related to injuries incurred while in prison.

SHARE WITH A FRIEND. 
http://www.baboiancpa.com/blog

Share

8/7/2016

August 07th, 2016

Read Now
 
TAX TIP OF THE DAY... deduct volunteering for a charity or non-profit

There is no deduction for your time.  But you can deduct mileage for charitable driving, parking and tolls.  Deduct out-of-pocket costs such as postage, ingredients, cell phone & home internet.  Get a written acknowledgement from the charity and save receipts.

SHARE WITH A FRIEND. 
http://www.baboiancpa.com/blog

Share

8/7/2016

August 07th, 2016

Read Now
 
TAX TIP OF THE DAY... IRS releases average charity deductions

If your household income is $50k-$99k:
The average charity deductions were $3,147.

If your household income is $100k-$200k:
The average charity deductions were $4,130 . 

These figures are based upon 2014 tax return data for the entire US.  You won't automatically be audited for having above-average deductions.  But deduction averages are definitely used to help determine which taxpayers are audited by the IRS.  


SHARE WITH A FRIEND. 
http://www.baboiancpa.com/blog

Share

8/3/2016

August 03rd, 2016

Read Now
 
TAX TIP OF THE DAY... Feds crack one IRS impersonation phone scam

Treasury agents arrested five people in Miami on May 23, 2016 allegedly involved in schemes to impersonate IRS agents in telephone calls to obtain money from victims by falsely stating the victims owed taxes or fees, TIGTA said.

The five, all Cuban nationals, according to news reports, were charged in federal complaints filed in Arkansas, Minnesota, and Texas with wire fraud and conspiracy to commit wire fraud. They defrauded more than 1,500 victims of nearly $2 million, often by threatening them with arrest if they did not wire money immediately, court documents stated. TIGTA estimates $36.5 million has been stolen from 6,400 victims in these and similar schemes.

Source: 
 http://www.journalofaccountancy.com/issues/2016/aug/tax-line-items.html#sthash.qP0bt5Xf.dpuf

SHARE WITH A FRIEND. 
http://www.baboiancpa.com/blog

Share

8/1/2016

August 01st, 2016

Read Now
 
TAX TIP OF THE DAY... sales tax change for graphic design business owners effective 08/01/16

Old law…  if you emailed info but never followed up with a printed product or computer disc, the transaction was not taxable for sales tax purposes.

New law…
Effective August 1, 2016, licensees are now required to collect tax on electronically delivered videos, photographs, books, any other taxable printed material, apps, games, music, any audio service including satellite radio or canned software.  This only applies to in-state customers. 
Taxable sales on these items made on or after August 1, 2016, must be included when filing sales tax returns. The date of sale is the date of the invoice or other similar document. 

SHARE WITH A FRIEND. 
http://www.baboiancpa.com/blog

Share

8/1/2016

August 01st, 2016

Read Now
 
TAX TIP OF THE DAY... sales tax change for businesses owners
Effective 08/01/16, the early sales tax filing 1% discount is capped at $25 per month.  In the past there was no limit to this discount.

Monthly filers…  this starts for sales in August 2016
Quarterly filers…  this starts for 3rd quarter 2016
Semi-annual filers…  this starts for July-Dec 2016

SHARE WITH A FRIEND. 
http://www.baboiancpa.com/blog

Share

<<Previous
Details

    Author

    David S. Baboian, CPA

    Archives

    February 2018
    January 2018
    December 2017
    October 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015

    Categories

    All

    RSS Feed

  • Home
  • Services
    • What we do
    • Are we right for you?
    • $99 Jump-start
  • Client zone
    • Individual clients >
      • Identity Theft - IRS Affidavit
      • Personal Financial Statement
    • Business & rental clients >
      • Example expenses
      • Mileage log
      • Petty cash log
      • Sales tax
      • W9 for subcontractor
      • Example Profit & Loss
      • Obamacare Self-employment Ledger
    • Payroll services >
      • Employee paystub portal
      • EMPLOYEE set up forms for new hires
      • EMPLOYER set up forms
    • Web Links
  • About us
    • Contact
    • Our team
    • Dave's resume
    • Dave's band - Dance Fever
    • Haunted Chamber
    • Picture gallery
  • Secure email