McIlvain & Associates

McIlvain Staff Volunteer at Habitat House Build

Janine Castleberry — Mon, 18 Feb 2013 19:33:51 +0000

Partner, Kelli Strube and Jeni Masters took a break from tax season to assist with a Habitat build this last Saturday. Others on are staff are looking forward to their turn to participate in late March. Jeni commented, that she “just couldn’t describe how good it feels to hammer those nails!”

Where’s My Refund?

Janine Castleberry — Fri, 08 Feb 2013 21:01:14 +0000

With the IRS not releasing their updated tax forms or accepting returns until after January 30th this year, folks are having to wait even longer for their long-anticipated refunds. Once these returns start flowing in the coming weeks, the next question is often: Where’s My Refund? Taxpayers can access this information at IRS.gov. The information required in order to check your refund status is: Your social security number, filing status and the exact dollar amount of the refund you are expecting. Have a copy of your tax return in front of you, and the process is quick and easy.

McIlvain & Associates CPAs Honor our Troops on Wear Red Friday!

Janine Castleberry — Fri, 08 Feb 2013 20:46:10 +0000

http://redshirtfridays.org/

Important Information for Taxpayer’s Age 70 1/2 and Older…

Janine Castleberry — Wed, 23 Jan 2013 21:46:59 +0000

The American Taxpayer Relief Act of 2012 (ATRA), signed into law on January 2, 2013, extended the charitable IRA rollover provision, allowing taxpayers ages 701/2 or older to donate up to $100,000 ($200,000 per couple) of their IRA assets to a public charity for 2013. This effectively avoids the federal tax on otherwise RMD distributions. If certain circumstances are met, the charitable donation can be elected for the 2012 tax year, BUT one must elect to do so by January 31, 2013. If you have questions concerning this, give our office a call at 817-545-1277.

IRS Announces Simplified Option for Claiming Home Office Deduction Starting This Year; Eligible Home-Based Businesses May Deduct up to $1,500;

Janine Castleberry — Thu, 17 Jan 2013 18:50:48 +0000

WASHINGTON — The Internal Revenue Service today announced a simplified option that many owners of home-based businesses and some home-based workers may use to figure their deductions for the business use of their homes.

In tax year 2010, the most recent year for which figures are available, nearly 3.4 million taxpayers claimed deductions for business use of a home (commonly referred to as the home office deduction).

The new optional deduction, capped at $1,500 per year based on $5 a square foot for up to 300 square feet, will reduce the paperwork and recordkeeping burden on small businesses by an estimated 1.6 million hours annually. To view the entire articles, click here: read full article

Our staff of tax professionals are available to help you develop a tax strategy in these changing times. Call our office today to schedule your free 30 minute consultation!

Fiscal Cliff 2013 and Payroll

Janine Castleberry — Wed, 02 Jan 2013 17:10:22 +0000

Kelli Strube communicated the following in a memo to some of our clients this morning. McIlvain and Associates can be your trusted resource to answer questions and to help to ensure your compliance as these decisions are being made in Washington.

“Regarding payroll processing, a few changes are now in effect based on Congress’s decisions of late. If we handle your payroll processing, we will make sure the software is updated and the new payroll calculation is correct. Most importantly, you may need to go over the new legislation with your employees– they will now have 6.2% social security withholding vs. 2012’s rate of 4.2% (up to a wage limit of $113,700). In addition, employees making over $200,000 will have an additional medicare tax of .9% withheld (total medicare withholding rate of 2.35%).

Individuals making $400,000 ($450,000 if file jointly) will have higher federal tax withholdings, as the new law raised the tax rate from 35% to 39.6% on these employee’s wages.

Under the legislation, you have until February 15^th to implement these payroll changes.

If you handle your own payroll processing, let us know if you need our assistance with any implementations.”

Regards,

Kelli Strube, CPA & Partner – McIlvain & Associates

Year End Goal Setting

Janine Castleberry — Mon, 31 Dec 2012 19:04:53 +0000

At this time of year, many of us carve out a little down time to reassess the previous year and then set some lofty goals for the new year. I personally love this season of new beginnings, and I came across a helpful article on goal setting that contains ‘”Seven P’s” worth sharing.

“When you are inspired by the generosity of philanthropists, you aspire to be one of them. However, you have to be rich. In order to be rich you need to do something to bring you the wealth. What you need is a goal to turn your dream into reality. Here are the 7 P’s in goal setting:

1. Passionate: Are you fervently interested in what you intend to do. Not only that, are you able to do it easily and better than other people? Your goal is your inspiration and aspiration.

2. Positive mindset: A positive mental attitude is essential to realize your objectives. You will look at things on the bright side and work diligently towards your goals.”

To read the entire article (and the 5 additional P’s) by Charles Chua, visit: http://www.motivationalwellbeing.com/goal-setting-7-ps.html

HAPPY NEW YEAR!

Ready to Tackle that Year-End Organization Project?

Janine Castleberry — Thu, 27 Dec 2012 18:39:53 +0000

New Year’s resolutions seem to follow a pattern year after year: Reduce clutter, tackle paperwork, organize finances, and get a jump on taxes. But even the most digitally savvy consumer can amass reams of paperwork by year’s end, from ATM and gift receipts to credit card statements and tax forms. Here’s the skinny on what to keep and what to toss.

http://www.dailyfinance.com/2012/12/26/year-end-paperwork-purge-what-to-keep-and-what-to-shred/

Congratulations to DONNA GREEN for winning our $100 “FB LIKE” Contest!

Janine Castleberry — Wed, 26 Dec 2012 20:07:52 +0000

$100 is on it’s way to her chosen charity: http://ladderalliance.org/

IRS Offers Tax Tips for “The Season of Giving”

Janine Castleberry — Thu, 06 Dec 2012 22:01:52 +0000

December is traditionally a month for giving generously to charities, friends and family. But it’s also a time that can have a major impact on the tax return you’ll file in the New Year. Here are some “Season of Giving” tips from the IRS covering everything from charity donations to refund planning:

Contribute to Qualified Charities. If you plan to take an itemized charitable deduction on your 2012 tax return, your donation must go to a qualified charity by Dec. 31. Ask the charity about its tax-exempt status. You can also visit IRS.gov and use the Exempt Organizations Select Check tool to check if your favorite charity is a qualified charity. Donations charged to a credit card by Dec. 31 are deductible for 2012, even if you pay the bill in 2013. A gift by check also counts for 2012 as long as you mail it in December. Gifts given to individuals, whether to friends, family or strangers, are not deductible.
What You Can Deduct. You generally can deduct your cash contributions and the fair market value of most property you donate to a qualified charity. Special rules apply to several types of donated property, including clothing or household items, cars and boats.
Keep Records of All Donations. You need to keep a record of any donations you deduct, regardless of the amount. You must have a written record of all cash contributions to claim a deduction. This may include a cancelled check, bank or credit card statement or payroll deduction record. You can also ask the charity for a written statement that shows the charity’s name, contribution date and amount.
Gather Records in a Safe Place. As long as you’re gathering those records for your charitable contributions, it’s a good time to start rounding up documents you will need to file your tax return in 2013. This includes receipts, canceled checks and other documents that support income or deductions you will claim on your tax return. Be sure to store them in a safe place so you can easily access them later when you file your tax return.
Plan Ahead for Major Purchases. If you are making major purchases during the holiday season, don’t base them solely on the expectation of receiving your tax refund before the bills arrive. Many factors can impact the timing of a tax refund. The IRS issues most refunds in less than 21 days after receiving a tax return. However, if your tax return requires additional review, it may take longer to receive your refund.

For more information about contributions, check out Publication 526, Charitable Contributions. The booklet is available on IRS.gov or order by mail at 800-TAX-FORM (800-829-3676).

As you make your year-end tax planning decisions, the staff at McIlvain & Associates is available to assist you by preparing a Tax Projection for 2012 and also in helping you to develop a plan for 2013. If you are a prospective client, ask about our 30 minute consultation when you call.