fbpx

Don’t Get Social With Your Social Security Number

If someone gets their hands on your social security number, they can wreak havoc on your life by using your social security number illegally and assuming your identity to create numerous financial problems.   When it comes to protecting you against items such as identity theft and tax fraud, keeping your social security number sacred is in my opinion the number one priority for confidentiality within your records. Tax Returns- We have seen this type of theft escalate in droves over the past five years.  Someone who grabs your social security number can file a tax return in your social security number and get your refund before you even file a tax return.  In fact, you won’t even find out until you actually try to file your own return. Getting Credit- Once a thief has your social security number, they can easily complete an application for credit.   Retailers make huge money off of store based credit cards, so this is a ...

Read More →

Ten Common Mistakes Tax Filers Make

Don’t you hate that thought of getting your taxes done only to realize later that you make a common mistake that could cost you time or money? The tax code seems to be getting more and more complicated every year (500 changes alone in 2008), and we all seem to be strapped for time these days. Here are 10 mistakes we see taxpayers make all the time which could put a few dollars in your pocket this tax season. 1) If you are single and are caring for an elderly parent, you should investigate seeing if you qualify for ‘head of household’ for your filing status. As a general rule of thumb, you should be paying for 50% or more of the elderly parent’s expenses. 2) You should make sure you have kept track of your charitable mileage that you drove during the year. Eligible miles will have a .14 cents on the mile write off on your tax return ...

Read More →

How Business Credit Cards Affect Your Personal Credit

Forming a new LLC, S-Corp, or C-Corp can be intimidating. Not only will you have to navigate the fees, taxes, and filing requirements, but also learn how to build credit history from scratch for this new entity. One of the most common ways people do this is to apply for business credit cards. But guess what? Those might not help your business credit – and sometimes – it can even hurt your personal credit. Here are five caveats you need to know about. #1. Banks require personal guarantees Nowadays all of the business credit cards on the market require a personal guarantee. That means you will have to apply with your Social Security number. Approval (or denial) will be based upon your personal credit history and if anything goes wrong with the account after it’s opened, it will show up on your personal credit report. Is it possible to get a business card without a personal guarantee? Sure, but there ...

Read More →

What If I Do Not File My Taxes?

I am still amazed about how many people call us or come into our office having not filed their taxes for multiple prior years.   Some people file for an extension ever year at tax time, while others work feverishly to get them done by April 15th.  What happens if you don’t file your taxes? Obviously, we don’t ever recommend using this as a strategy.  As the famous saying goes, the only thing you can count on in life are death and taxes.  Beyond the interest you will owe for failure to file/failure to pay/underpayment issues, there could also be a number of penalties that you could face as well. Criminal Fraud – Unless you want the old Wesley Snipes issue, evading pay taxes is illegal anyway that you slice it up.   It’s my opinion that the IRS is going to get even tougher on these non-taxpayers, and if you are found guilty you could be subject to massive court determined ...

Read More →