SMEED CPA, Inc | 201 Sand Creek Road, Suite F | Brentwood, CA 94513 | Phone: 925-634-2344

       

 

 

Michael Uadiale, CPA, ACA, CGMA

SMEED CPA, Inc.

 

Call our Testimonial Hotline & give us your feedback at:

 

800-609-9006 extension 3638

 


 

Other Articles

Click here to review


This Month's Feature Articles

- Small Business and the Affordable Care Act
- Hobby or Business? Why It Matters
- Which Moving Expenses are Deductible?
 

Tax Tips

- Reduce Your Taxes with Miscellaneous Deductions
- Tips on Travel While Giving to Charity
- Six Tips on Gambling Income and Losses
- Tips for Self-Employed Taxpayers

 

QuickBooks Tips

- Customize Reports, Make Better Business Decisions

 


 

 

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September-October 2014
 

May-June 2014

 

Mar.-Apr. 2014

 

Jan.-Feb. 2014

 

Nov.-Dec. 2013

 
September-October 2013
 

July-August 2013

 

May-June 2013

 

March-April 2013

 

Jan. - Feb. 2013

 
 



 

 

2014 Tax Planning

& Expected Changes


 

2014 is almost coming to an end and income taxes are coming. In this most unusual tax season of 2015, all Americans will be seeing changes on their tax returns. Congress continues to discuss last minute income tax bills as of the date of this letter, and you can be assured we stay abreast of all the latest changes as they occur!
 

As usual, we will make our tax organizers available, for free, to anyone who requests one. If you have not used one in the past, please call the office to request one for 2014, as it is our attempt to be as thorough as possible in the preparation of your return.

 

If you received an organizer last year, we will mail this year’s organizer to the same address. The tax organizer may not be enough however, and we wanted to bring some special items to your attention below.
 

Affordable Care Act
All Americans will be affected in some manner by the Affordable Care Act from 2010 (some people call it Obamacare). 5 new tax forms were released by the IRS as a result of this act for 2014. If you received a Form 1095 from any issuer or agency, we MUST have all copies to prepare your tax return. If you don’t receive a 1095, we must ask you a number of additional questions about insurance coverage so that we can help you avoid any penalties for failure to have health insurance. The new 5 forms may add some additional fee to this year’s tax preparation bill, courtesy of the Affordable Care Act and the estimated 1-3 hours of additional time on our part to get things right.
 

Health Care Deductions
Last year’s tax bill reduced your deduction for medical costs, including health insurance for 2014. We will see very few deductions available for medical costs now unless you have substantial bills. The amount of your medical expenses in most cases must now be more than 10% of your income before we can deduct anything, so weigh carefully whether to go to the trouble of summarizing these costs. If you are self-employed, we still need to know how much you paid for health insurance.
 

Charity
ALL deductions of any amount must have a receipt. Any individual contribution over $250 must also have an acknowledgement letter from the charity, and the letter must be dated by the date we file your return. The letter should show the date and amount of any individual contribution over $250 and should also state that no goods or services were received in return for the contribution.
 

Foreign Accounts
If you have read any news in the last year, you know that the IRS is looking closely for offshore accounts. If you have an account, retirement account, or business interest with a value over $10,000 in a foreign country, or a foreign business ownership (not through a mutual fund), please let us know as some special rules will apply to you. There are substantial penalties for failure to disclose these items.
 

Mortgage Interest
We must obtain Form 1098 from you when you pay mortgage interest. Additionally we must obtain refinancing closing statements, and if you drew money out on a home mortgage or refinancing we must have general information on the use of the money according to the IRS.
 

Children/Student Tax Returns
Under absolutely no circumstances can you allow your dependent children or college students to file their own returns this year. We must file their return because of the Affordable Care Act. Allowing a child to file their own return, particularly a student, can cost the child and parent literally thousands of dollars in Health Care penalties and/or credits.
 

Rental Property
If you own rental property, this year the IRS has demanded substantially more information. We now need, FOR EACH PROPERTY SEPARATELY, the physical location, the type of property (single-family, duplex, etc), and Forms 1099-K received, and a record, by property, of the number of days rented and the number of days used for personal purposes.
 

Roth IRA Conversions
You will be continue to hear from lots of “experts” this year that you need to convert your retirement accounts to Roth IRAs. While there are a number of advantages to conversions, there are an equal number of disadvantages that carry some major tax consequences. Please do not convert your accounts in 2014 without coming in to see us for an appointment to discuss both the positives and negatives. All conversions for 2014 must be completed by December 31, 2014.
 

Gift Changes
Effective 1/1/2013, the amount you may give to one person in one year without any return filing requirements was increased to $14,000. Very, very few Americans need to worry about Federal estate taxes because of changes in the estate tax limit at the Federal level.
 

Surtaxes
If you are in what the press has called the 2% club, be aware that the rest of America will soon be joining you! When the surtaxes on this group of Americans were passed, Congress purposefully did not adjust the thresholds for inflation, and in 6 years, over 50% of all Americans will pay these surtaxes based on estimated inflation rates. Begin planning now whether you are a 2% club member or not by -in order- maximizing 401-k contributions; utilizing employer-sponsored cafeteria plans to their fullest limit; investigating and using employer sponsored fringe benefits such as child care and education; turn in job expenses for reimbursement; and consider your marital status as your income increases because of the incredible marital penalty built in to the surtaxes.
 

Tax Planning
There is still time to setup an appointment for year-end tax planning by November 31. We recommend a meeting if you have had any major changes during 2014 or are expecting major financial changes in 2014 or 2015, such as retirement, inheritances, etc.
 

Future Income Tax Rates & Other
We highly recommend that when you are getting your information to us for your 2014 Federal tax return, that you set an appointment for an after tax season “Tax Tune Up” to examine tax and estate planning strategies. If your income is over $200,000, it is almost mandatory that we meet for future tax planning because of surtaxes.
 

If you receive any Form 1099-k, please be sure to bring it to us. It may have a direct impact on your return.


There are literally hundreds of other changes, extensions and deletions that we will consider this year while preparing your 2014 return. Because of these changes, we are requesting everyone to try to have their tax information in to us at least two weeks earlier than normal, and no later than March 21, 2015. Please rest assured that we will utilize our best resources to once again provide you with timely, complete and accurate service while keeping your tax burden to the lowest legal amount. Thank you again for your continued support.

 

Again do not hesitate to call us at 925-634-2344 for your tax organizers if you have not used one in the past, as it is our attempt to be as thorough as possible in the preparation of your return.

 


 

SMEED CPA Adds Financial Services To Help Clients With Investments & Insurance Needs

So often we here at SMEED CPA are asked about financial issues that impact our clients investments and their portfolios. 

We always offered our opinion and suggestions but in order to help our clients actually execute the changes we suggest, SMEED has created a Financial Services division.

 

SMEED Financial Services, Inc. will be able to work with both individual and business clients on their investment portfolios and manage assets on their behalf.

 

SMEED Financial will include Michael Uadiale, ACA, CPA, CGMA; and Pablo Blanco who has recently joined SMEED and comes with over 18 years of financial sales and advising experience with affluent investors.

Watch your inbox and mail boxes for more specific information on services SMEED Financial Services, Inc will make available to you.

 


 

Would You Give Me Your Feedback & Testimonial on Our Hotline?

 

Hello it’s Michael Uadiale, CPA of SMEED CPA Inc.  We’ve just installed a toll-free number that I would like for you to call and tell me how you think we are doing as your CPA firm.

 

Just dial 800-609-9006 extension 3638 and follow the instructions.  If we’ve done a good job please let me know.  And if we can improve on anything, please mention that too.

 


 

Help Us Be Found on Yelp & Google!

 

Also as we expand our business, we find more and more people are using YELP and Google to look for us by searching Brentwood accountant or Brentwood CPA.

 

When they do this we want to be FOUND on GOOGLE.  One way you can help us is to give us an ONLINE REVIEW on our Google Maps/Places listing --->

or on our YELP local listing below.

 

Just click here to go to our Google Listing for SMEED CPA and click on the YELP link to go there.  Scroll down to the Review area.

 

On either site it may say:  Been here? Rate and review

You will click on the Rate and review link and then log in, then give us a review!

 

You can choose between 1 and 5 STARS and write in what you think about the tax or accounting work we have done for you.

 

It's that simple.  Thank you in advance for your help and cooperation!

 


 

As always you can call our offices if you have any questions about these or any other accounting related issues, at 925-634-2344. 

 

Regards, Michael Uadiale, CPA, ACA, CGMA

Managing Partner, SMEED CPA, Inc.

 
 

 

SMEED CPA, Inc | 201 Sand Creek Road, Suite F | Brentwood, CA 94513
The Next Frontier CPA Firm | www.SmeedCPA.com | info@smeedcpa.com
Phone: 925-634-2344 | Fax: 925-634-2346 | Cell: 925-207-6771