August 28, 2008
Earlier this month, the IRS sent out a reminder that it has a free, helpful tax calendar for small business owners on its website at www.irs.gov. This calendar is invaluable since it provides important dates for small business owners to keep track of so you can meet your tax filing deadlines on time. It also provides important information on deductible mileage rates, business tips and how to keep your travel and business expenses organized.
Not only that, each page of the calendar provides helpful tax tips regarding accounting methods, business planning, record keeping, and most importantly, protecting the information relevant to your small business. The calendar also provides handy information you can use without going to the IRS website to look it up. Topics covering everything from Social Security to electronic filing and payment options are covered.
You can download this valuable calendar, Publication 1518 at http://www.irs.gov/pub/irs-pdf/p1518.pdf or you can order a copy by calling 1-800-TAX-FORM (800-829-3676). In addition, you can find other free business tools on the JK Harris Small Business Services website at www.jkharrisadvisors.com.
August 14, 2008
The power of the Internet truly is amazing. You can find just about anything in the world with just a click. In fact, the Internet is how Ira Love found the tax help he needed when it came to his IRS debt.
The Texas warehouse worker said he went online and found a lot of companies to choose from, as far as helping him with his back tax issues. But, it was the name JK Harris that popped up and stuck in his head. And, when it was all said and done, JK Harris helped negotiate an Offer in Compromise that saved Mr. Love nearly $14,000.
“Thank you, JK Harris, for giving me my life back,” Mr. Love said in a written statement to us. “Thanks for the good service and care…I’m so happy I picked JK Harris. The name is what sold me. I like the name JK Harris. It sounds powerful.”
Well, Mr. Love, you are very welcome. We appreciate your comments, and when it comes to taxes, we work very hard and do everything in our power to negotiate the best settlement we can for our clients. I’m so glad everything worked out for you. Congratulations, Mr. Love.
August 6, 2008
The IRS sent out a press release today regarding charitable contributions. The release serves as a reminder the rules on record keeping for charitable donations changed as of January 2007. This is a good point in the year for everyone to remember to keep proper records of charitable contributions so we’ll all be prepared come next tax season.
Things to remember:
- If you make a cash donation, you must have a bank record or written communication from the charity showing the name of the charity and the amount of the donation. A bank record can be the cancelled check, bank or credit union statement, as long as it lists the charity’s name, the date and amount of the contribution.
- Personal records such as bank registers, diaries and notes are no longer considered acceptable proof of contributions.
- All contributions must be made to a qualified charitable organization.
- Any used items (such as clothing, linens, appliances, etc.) must be in good condition and may only be deducted at the price you could reasonably ask for the item in used condition.
- For contributions worth $250 or more, you must have a written receipt or letter from the organization. For contributions worth $500 or more, you must file Form 8283 (Noncash Charitable Contributions) and attach it to your form 1040.)
If you need more information on charitable contributions, check out JK Harris press releases with information on charitable contributions and rules regarding charitable contribution changes. Or visit the IRS website at http://www.irs.gov/pub/irs-pdf/p526.pdf.