Timothy D. Humphreys, CPA | Business Builders for Entrepreneurs LLC | 1831 Delaware Avenue | Wilmington, DE 19806

 

Accounting Services by Business Builders for Entrepreneurs LLC introduces:

Kathy Jackson

Every day we work with small businesses to help them manage their ongoing needs with cost-effective bookkeeping, accounting, payroll and tax services. Our approach is simple, we take care of your business’ paperwork and tax filings without you having to do them yourself or manage an employee to do them for you. We have been assisting small businesses for over 25 years and have found that most small businesses are not ready for a full-time “CFO”. That is why you owe it to yourself to schedule a no-obligation review of your office needs. Once we have determined your bookkeeping, accounting, payroll or tax needs, we will present you with a proposal, outline the services you need and a flat monthly fee to handle those services. We also pick-up all your documents and handle it at our office every month! This allows you to focus your time and energy on important things like running your business and finding new customers! Call us today at 302.225.8800 and take care of more important issues to grow your business.


 

 

Tim Humphreys, CPA

Business Builders for Entreprenuers

 

Call our Testimonial Hotline & give us your feedback at:

 

800-609-9006 extension 1529

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Other Articles

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Feature Articles

- Tax Changes for 2012: A Checklist
- Ensuring Financial Success for Your Business
- How to Get Paid on Time

Tax Tips

- Tax Brackets, Deductions, and Exemptions for 2012
- IRS Announces 2012 Standard Mileage Rates
- Receive a Faster Refund with Direct Deposit
- Filing Requirements for Dependents

Financial Tips

- Create a Financial Plan and Monitoring System
- Set Up an Effective Filing System
- Prepare for Taxes

 



Click here to request
your Free Special Report
on 20 Questions to Ask
Before Hiring a Bookkeeper

 

Where Is My Refund?


With the tax filing due date behind us, those who have not yet received their refund might want to know when it will be processed.

If this applies to you, there is a way to check on the status of your refund online.

The popular “Where’s My Refund” feature on the IRS web site (www.irs.gov) allows taxpayers to see the status of their refund after filing their income tax return.
 

What You Should Know

IRefunds of e-filed returns usually take 10 to 21 days to process.  Paper returns take longer than e-filed returns.

The IRS states that 90% of refunds are processed within this 21 day time period.  Original refund processing projections can change.  This can be due to processing backlogs, or errors in your tax return.

Sometimes a delay is a good thing.  The IRS has acknowledged there is a huge increase in identity fraud as thieves try to steal tax withholdings. The IRS is using their data match programs to catch as much of this illegal activity as possible.

The IRS has a new e-file processing program that is getting a workout this year. Systems glitches are to be expected as this new process is ironed out by the IRS.

Using "Where's My Refund"

In the meantime, if you wish to check on the status of your refund this is what you should know:

Log on to: www.irs.gov and click on "I'm Waiting for my Refund.

When to check:
- 72 hours after an e-filed tax return confirmation (usually within three days of e-filing)
- 4 weeks after a mailed tax return is sent

What you need to provide:
- Social Security number
- Filing Status
- EXACT refund amount

Remember, the information provided to you by the IRS is not a guarantee of payment.

So please fight the urge to spend your refund before you receive it. Unfortunately, no amount of calling or checking will change the speed of returning your money.

With 140 million tax returns processed each year, sometimes all you can do is wait.

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Eligible Long-Term Care Premiums
Premiums for long-term care are treated the same as health care premiums and are deductible on your taxes subject to certain limitations. For individuals age 40 or less at the end of 2012, the limitation is $350. Persons over 40 but less than 50 can deduct $660. Those over age 50 but not more than 60 can deduct $1,310, while individuals over age 60 but younger than 70 can deduct $3,500. The maximum deduction $4,370 and applies to anyone over the age of 70.

Adoption Assistance Programs
For taxable years beginning in 2012, the amount that can be excluded from an employee's gross income for the adoption of a child with special needs is $12,650. In addition, the maximum amount that can be excluded from an employee's gross income for the amounts paid or expenses incurred by an employer for qualified adoption expenses furnished pursuant to an adoption assistance program for other adoptions by the employee is $12,650 (down from $13,360 in 2011).

The amount excludable from an employee's gross income begins to phase out under for taxpayers with modified adjusted gross income (MAGI) in excess of $189,710 and is completely phased out for taxpayers with modified adjusted gross income of $229,710 or more.

Taxpayers adopting children are eligible for both the adoption credit (see below) and the adoption assistance exclusion of adoption expenses paid for through an employer's adoption assistance plan. However, the same adoption expense cannot qualify for both the adoption credit and the adoption assistance exclusion.

Foreign Earned Income Exclusion
For taxable years beginning in 2012, the foreign earned income exclusion amount is $95,100, up from $92,900 in 2011.

Estate Tax
For an estate of any decedent dying during calendar year 2012, the basic exclusion amount is $5,120,000, up from $5,000,000 in 2011. Also, if the executor chooses to use the special use valuation method for qualified real property, the aggregate decrease in the value of the property resulting from the choice cannot exceed $1,040,000, up from $1,020,000 for 2011. The maximum tax rate remains at 35%.


Note that this is only a PARTIAL LIST and you can click here to read the rest of the article.  Please contact us if you need help understanding which deductions and tax credits you are entitled to. We are always available to assist you.

 


 

As always you can call our offices if you have any questions about these or any other accounting, tax, financial planning or insurance related issues, at 302-225-3000

 

Regards, Tim Humphreys, CPA

President, Business Builders for Entrepreneurs LLC

 

 

 

 

Timothy D. Humphreys, CPA | Business Builders for Entrepreneurs LLC 1831 Delaware Avenue | Wilmington, DE 19806 | Phone: (302) 225-3000 Fax: (302) 225-3930 | www.whcompany.com | tim@whcompany.com