Indian CPA | Virtual Tax Consultancy serving all over US

Indian Tax Consultant serving across all 50 States

Roy Vargis CPA, CMA, CFM, CITA, EA, ACMA, CGMA

June 2014 Individual Due Dates

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  June 2 - Final Due Date for IRA Trustees to Issue Form 5498 Final due date for IRA trustees to issue Form 5498, providing IRA owners with the fair market value (FMV) of their IRA accounts as of December 31, 2013. The FMV of an IRA on the last day of the prior year (Dec 31, 2013) is used to determine the required minimum distribution (RMD) that must be taken from the … [Read more...] about June 2014 Individual Due Dates

8 QuickBooks Reports That You Should Be Running Regularly

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QuickBooks provides dozens of customizable report templates. You know when you need some of them, but which are musts? You send invoices because you sold products and/or services. Purchase orders go out when you’re running low on inventory, and there are always bills to pay, it seems like. All of this activity is, of course, important in itself, but all of your conscientious … [Read more...] about 8 QuickBooks Reports That You Should Be Running Regularly

Read This before Tossing Old Tax Records

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Article Highlights: Discarding old tax records Statute of limitations Basis substantiation  Now that you’ve completed your taxes for 2013, you are probably wondering what old tax records can be discarded. If you are like most taxpayers, you have records from years ago that you are afraid to throw away. To determine how to proceed, it is helpful to understand why the … [Read more...] about Read This before Tossing Old Tax Records

Are You In Danger of An Audit?

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Article Highlights  Chances of being audited EITC Returns Returns with and without a Schedule C Audit rates based upon income Audit rates for returns other than individual returns In recently-released data, the IRS divulged the audit statistics for returns the Service audited in fiscal year 2013. It provides information about the number of returns being audited and where … [Read more...] about Are You In Danger of An Audit?

Get a Big Refund This Year?

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Article Highlights: Average refund amounts Tax-free loan to Uncle Sam Plan your withholding and estimated tax payments  The IRS reported that approximately 118 million Americans received tax refunds in 2013 averaging around $2,640. The average refund this year is expected to be even higher. If you are among those who received a refund, you are probably celebrating. While … [Read more...] about Get a Big Refund This Year?