Hurricane Harvey, I.R.S. and Tax Relief Areas
Mike McVay and McVay Business Services want you to know that our thoughts and prayers are with those who’ve been affected by Hurricane Harvey – our clients, friends, family members, and all who have suffered injury, damage or loss from the devastating impact of this storm.
We want to share with you that so far, the Internal Revenue Service has announced significant tax relief for Hurricane Harvey victims in parts of Texas. Taxpayers in the officially designated federal disaster area will have until January 31, 2018, to file individual or business tax returns for 2016.
We will keep up to date with all the changes and tax relief codes that will be offered to all our clients affected by this devastation. If we can do anything to help you, please let us know. Mike McVay, Accountant. McVay Business Services - Pensacola, FL & Houston, TX 850-725-5696
One of the highlights of living in our technologically-advanced age is the ability to buy tools to do almost anything. If your kid fractures his arm playing baseball, you can hop on over to Amazon and order an orthopedic bone saw for less than the cost of a tank of gas. Then you can (probably) head over to YouTube and watch a video explaining how to smooth off the rough edges and set it for best results. You might not want to do that all yourself. But the tools are there if you want them.
Here in the tax business, there's no shortage of similar tools you can use to help satisfy your obligations with your friends at the IRS. TurboTax, TaxCut, and similar programs give you much the same power as professional tax-prep systems. If your circumstances are simple enough, and you're familiar with the process, you might be able to do a perfectly serviceable job of preparing your own return. You might not want to write off an entire weekend wrestling with the various questions, forms, and procedures — but the tool is there if you want to.
But sometimes, doing it yourself really isn't the best idea. We just learned that the hard way, to the tune of a trip to Tax Court (where he represented himself, of course). Carry used to use accountants to prepare her taxes. But two years ago she wanted to try it herself and see the value in hiring a professional to prepare a pretty complicated return. Here's how his DIY tax prep worked out:
Here's the real irony, at least as far as we're concerned. Preparing your taxes, on your own or with a professional, is important. But all that really does is record history. The real value comes from planning your taxes to pay less in the first place. So call us when you're ready for planning, and don't let cheap office-supply store software bully you into paying more than you have to! We have helped 6 individuals just this summer that have been audited by the I.R.S. after using Turbo Tax for their 2015 returns. It appears that more audits from the I.R.S are being conducted by people using Turbo Tax.
For a true Professional Tax Accountant that keeps up with all the latest I.R.S laws and regulations, call Mike McVay at 850-725-5696. Mike@MikeMcVay.com - Free review and 30% off your tax return for 2016.
PMI Employer Payroll in Panama City owes I.R.S 27 Million in payroll taxes - McVay has a better option for you!
See this link about a local PEO payroll company not paying their clients tax obligations. McVay uses a PEO that is 100 % compliant with I.R.S. taxes for their clients. If you find your your self with PMI you should seek a new PEO company immediately! Call Mike McVay today for a PEO company that have your back and the capital that makes them one of the top PEO's in the country.
Watch video below:
Mike McVay, PEO/Payroll Expert 850-725-5696 Mike@MikeMcVay.com
The new FASB lease standard will have a major impact on how both lessees and lessors recognize, measure, and present assets, liabilities and expenses arising from leases. Mike McVay, Accountant in Pensacola Florida will update you on the new lease accounting standard and detail how its changes will affect lease transactions. With so many QuickBooks Online & Tax clients soon to be affected, now is the time to learn the new rules and gain the answers to the many questions you will be asked. Also learn how the standards will affect balance sheets.
McVay Business Services is a QuickBooks, Payroll & Tax firm serving clients in multiple states.
Mike McVay, GAAP Tax Accountant
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7 Mid-Year Tax Moves for Business and Individuals
After April 15, most of us are happy to ban all thoughts of income tax until next April’s deadline looms. But taking a little time to do a mid-year check-in and tuneup can really be worth it – saving you last-minute panic and big bucks. “Summer is a good time to make sure you’re on track because, for a lot of people, the pace is a little slower,” says Barbara Weltman, attorney and author of “J.K. Lasser’s 1001 Deductions & Tax Breaks 2014.” “If you wait until year-end to check on your tax status, you’ll be right in the middle of holiday season. And summer is your tax advisor’s slow time, too.” Here are some points Weltman and other experts recommend you cover in a mid-year checkup.
Mike McVay, Tax Accountant Blog
Certified QuickBooks ProAdvisor & Licensed Tax Accountant Pensacola, FL
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