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12/28/2019

New I.R.S Withholding Calculator Launched for 2020. See Link

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Link to the new I.R.S 2020 W-4 Withholding Calculator

Click Here - Download new W-4 if you want to change w/h taxes on at your job. 

1: Complete the I.R.S Calculator Interview
2: Download the new 2020 W-4 form
3: Complete the new 2020 W-4 form with the info on the calculator
4: Sign and date your new W-4 and turn into your jobs admin

Mike McVay, Tax Accountant 
850-725-5696
Authorized I.R.S Fresh Start Program Center
Mike@MikeMcVay.com 

12/24/2019

Turbo Tax May Not Be Your Friend in 2020

A Warning about Turbo Tax 

More and more people are seeing I.R.S Audits when they have used Turbo Tax to prepare their taxes. They may also get a surprise with the bait and switch that Intuit uses when they lure you into the FREE tax filing gemick. 

Remember TURBO TAX is NOT Free. Well it is, but if you have more than just a W-2 you will have more forms and have to pay anywhere between 39.95 & 250.00. The audit protection is a joke with Turbo Tax as they only cover if the actual calculation are incorrect. Well its software so the calculations will never be wrong, yet it will allow you to take deductions and credits you are not entitled to if you interpret the questions incorrectly. 

This is from a client that came to McVay Business Services last year after spending days and days working with Turbo Tax. After his nightmare she received 2 letters from the I.R.S stating his return was incorrectly prepared. 

A TurboTax Seminaro I don't want any of you to fall into. I went to file my taxes yesterday the same way I have done for several years, with the TurboTax free file. I noticed a few things that I thought I'd share:

When I got to the section for the child and dependent care credit, the software kept telling me that I don't qualify. I knew that I still qualified for the credit so I googled it. Turns out, when you enter your W2 at the beginning for you and your spouse, it defaults both of them to one persons name (so it appeared that I made too much money for the credit, while my husband had no income). As soon as I went back and assigned one of the W2 to my husband I qualified for the credit, which boosted my refund by $600.

Because I filed for a specific credit, TT software said I needed to pay the $39.99 as the free software didn't cover one of the forms I'd need done to file. I was already finished by this point and was getting money back so I figured ok, I'll pay it, and that I will just file by hand next year. TT gave me the option to pay this fee out of my refund, saying something like "no need to reach for your wallet, we can just take this from your refund". Nowhere on this page did it indicate that there would be a fee to do so. When I was completely done and ready to file, TT asked me to consent to the charges and hit submit. I noticed that the fees suddenly went from $39.99 to 79.99 and I didn't understand why until I searched the internet and found dozens of complaints from last year. Apparently TT is charging an extra $39.99 in order for them to take the original fee from your return with very little explanation and quite deceptive language on their website. I paid the original fee with my credit card and filed without issue.
I know this is a bit strange and I am not trying to blast TT in general, but I do think it is fair that people be aware of these fees and quirks of the software. Hope this helps someone!

After filing, I received 2 letters from the I.R.S, said I owed another $2,174.00 with penalties and interest. After finding Mr. McVay, Tax Expert in Pensacola, FL I found that several of the questions Turbo Tax ask was ambiguous and I guess I thought my answer should be different. When I called Intuit for help they said they only guarantee the calculations are right and that I am on my own when it comes to the questions that Turbo Tax ask. Well, its bye bye to Turbo Tax. Mr. Mike McVay, Tax Accountant not only corrected my return but was able to abate all the penaities associated with the I.R.S and set-up a payment plan so I can pay monthly for this extra tax I was not expecting to owe. I will always from now on use a local Pensacola Tax professional to prepare all my income taxes.

Pensacola FL Tax - McVay Business Services
5336 n Blue Angel Pkwy
Pensacola, FL 32526
850-725-5696

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12/2/2019

Preparing to close out your Year-End Bookkeeping - SPECIAL !

Preparing for year-end closeout of your business bookkeeping can be a daunting task. McVay makes it simple. In December you can receive our year-end discounts if you use our QuickBooks Review and year-end close out services. Contact us for appointments between December 1st and December 23rd. We can work remotely or I can visit your office. Free evaluation of your QuickBooks Data is available. If your required to send 1099's for 2019 for anyone making over $600.00 I can help. We have a full e-file 1099 system that not only sends your recipients but will efile with the IRS. You must reserve this service prior to December 31st.   Tax Filing Starts January 21st 2020.
Remember we also do: 
  • Accounting
  • Book cleanup
  • Bookkeeping
  • Financial planning
  • Financial reporting
  • IT consulting
  • Payroll
  • Personal tax
  • QuickBooks consulting
  • QuickBooks Payroll
  • QuickBooks setup
  • Self-employed Schedule C tax
  • Small business tax
  • Tax advice
  • Tax consulting services
  • Tax planning
  • Tax preparation
  • Tax services
  • Tax setup
Please review these items for business taxes....
  • Profit and loss review. The first thing you should do before and after this checklist is review your profit and loss statement
  • Collect W-9s. Related. ...1099's
  • Gather and organize your receipts
  • Reconcile your bank accounts and credit cards
  • Check payroll liabilities,payments and W-2s
  • Accounts receivables and invoice reconciliation
  • Take physical inventory on 12/31/2019
  • Call and book your business tax appointment today @ 850-725-5696 - Mike@MikeMcVay.com

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  • Step 1: Get your bookkeeping in order Without updated books, you can’t file your taxes. Here’s what you need to do before tax season hits to get your books in shape.
  • Make sure all of your business transactions are recorded properly Screwing up your taxes because of a missing or erroneous transaction can be stressful—but also easily avoidable.
  • Make sure you’re recording all of your business transactions in your general ledger, and that you’re categorizing each transaction as accurately and consistently as you can. If you’re paying a developer to build an app for your Cat Cafe, for example, don’t record it as an “investment” one month and a “marketing expense” the other. Be consistent.
  • Make sure your books are balanced If you use double-entry accounting, make sure that your books are balanced—that is, that the sum of all the credits is equal to the sum of all debits.
  • If you’re using a program like QuickBooks, don’t worry about this part—it should be done automatically. If you’re doing your bookkeeping on paper or in Excel, check out our guide to double-entry bookkeeping.
  • Reconcile your bank accounts“Reconciling” is just a fancy accounting term for “make sure your books match your bank records.” But doing so can save you and your bookkeeper loads of time and trouble in April.
  • Your bookkeeping isn’t really done until you’ve checked it against what the bank says.
  • Separate personal and business expenses Not separating personal and business expenses can become a huge headache around tax time. It generally takes more time to sort through expenses when they’re mixed up in one account, and you might miss some deductions.
We are an approved IRS Fresh
​Start Program center.
Mike McVay, Tax Accountant 
850-725-5696
Mike@MikeMcVay.com
    Mike McVay, Tax Accountant Blog
    Certified ​QuickBooks ProAdvisor & Licensed Tax Accountant Pensacola, FL

    Best Price
    ​No Compromise

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    Author

    Mike McVay, Accountant Experienced IRS Tax Resolution Specialist
    With over 20-years experience working with individuals, families & small business owners. McVay has long term knowledge in taxation to help with their income tax, I.R.S tax issues and businesses management.
    850-725-5696​
    Mike@MikeMcVay.com

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​850-725-5696

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Pensacola, FL 32526


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