THANK YOU FOR YOUR ONGOING BUSINESS!

There are a lot of CPAs to choose from and we appreciate you & your business and the opportunity to give you solid accounting and tax guidance every year.

If you have a question or comment about our service please call us at 317-674-3335 and leave a message if we are not there.

Thank you!

OBAMACARE TAX IMPACTS for 2014

With the next election coming up there will be changes to ObamaCare that may impact you and your family and possibly your business.

Join me next month for a live WEBINAR where I cover these changes and how they may impact your family or your business.

Click here to register for the Webinar or call our offices at (317) 674-3335 for details.

FREE REPORT on RETIRING in this ECONOMY & MARKET



Click here to request and download my free report on the Top 13 Mistakes Made by Retirement Plan Investors!

 

 
 

3 Tips for Safeguarding Your Business & Personal Tax Records

 

Although the Atlantic hurricane season will be over in a month or so I (and the IRS) want to encourage individuals and businesses to safeguard their tax records against natural disasters as well as common accidents, by taking a few simple steps.

Here are 3 tips to help you prepare in case an accident or disaster strikes.

1) Backup Your Records Electronically

You should keep a set of backup records in a safe place away from the original set. Keeping a backup set of records, bank statements, tax returns, insurance policies, etc is easier now that many financial institutions provide statements and documents electronically.

Even if the original record is only available on paper, it can be scanned into an electronic format. With documents in electronic form, taxpayers can download them to a portable backup storage device such as an external hard drive, CD or DVD that you can take with you in the event that you need to evacuate.

2) Document Your Valuables

 

Taxpayers should photograph or videotape the contents of their home, especially items of higher value. A photographic record can help an individual prove the market value of items for insurance and casualty loss claims. Photos should be stored at an outside location.

To document your valuables, the IRS has a disaster loss workbook, Publication 584, Casualty, Disaster and Theft Loss Workbook, which can help taxpayers compile a room-by-room list of belongings.

3) Update Your Emergency Plans

Emergency plans should be reviewed at least once a year. Personal and business situations change over time as do preparedness needs. When employers hire new employees or when a company changes functions, plans should be updated and employees should be informed.

 

NOTE: If we are doing your taxes we have copies of your return but not copies of all your support documentation like physical receipts, bills, invoices and so on.  If you scan documents a simple strategy is to copy or burn them to a flash drive or CD/DVD and store it offsite in a safe deposit box, storage unit or give it to a trusted family member or relative who doesn't live with you.  Online backup services like Carbonite will also work for electronic files.  Either way that 2nd or backup copy will come in handy if you ever need it.



Identity Theft Scams Are On The Rise!

The IRS has issued several consumer warnings about the fraudulent use of the IRS name or logo by scamsters trying to gain access to consumers’ financial information in order to steal their identity and assets.

Scamsters will use the regular mail, telephone, fax or email to set up their victims. When identity theft takes place over the Internet (email), it is called phishing.

The IRS does not initiate taxpayer communications through email. Unsolicited email claiming to be from the IRS, or from an IRS-related component such as EFTPS, should be reported to the IRS at phishing@irs.gov.

Additionally, clicking on attachments to or links within an unsolicited email claiming to come from the IRS may download a malicious computer virus onto your computer.

Learn more about identity theft.

Learn how to protect your personal information.

You may also report instances of IRS-related phishing attempts and fraud to the Treasury Inspector General for Tax Administration at 1-800-366-4484.


 

As always if you have a tax, accounting, bookkeeping or investment type of question, feel free to give me a call here at the office at 317-674-3335. 

If you are not a client already, I do offer a Free 30-Minute Private Consultation to discuss your situation and see if I can help.

Regards, Wile E. Coyote
ACME Accountants & CPAs

9999 Keystone Crossing Parkway, Suite 888

Noblesville, IN 46060
317-674-3335

www.MyNewCPA.com