11 Temmuz 2012 Çarşamba
Tax Loophole, Reduce Tax Liability on Large Amount of Reportable Income
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Need a Job? Freelancing, No Fee. How to Get Clients When You Are First Starting
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10 Temmuz 2012 Salı
8 Temmuz 2012 Pazar
Straigt Answers on Scoliosis & Spine Health
To contact us Click HERE
By Dr. Randall Hensley, D.C., Hensley ChiropracticIt's likely your first and only exposure to this term was during a junior high scoliosis screening. As such this musculoskeletal condition is frequently surrounded by confusion, questions, and fear. The following points are offered to settle your nerves regarding this diagnosis.
What is it?
From the Greek “skolios” for twisted or crooked, the term “scoliosis” describes any functional or structural tilting or sideways curvature of the spine. The human spine should have three curves front to back as looking from the side but when looking straight at a mirror, there should be no sideways curvature or asymmetry.
What causes it?
Measured in degrees of curvature, scoliosis can be “structural” such as a curve caused by a malformed vertebrae or “nonstructural” as in a compensatory curve due to a muscle spasm caused by a nerve irritated by a disc herniation. Although there are 7 different classifications of spinal curves and 8 different types of “structural scoliosis” the “idiopathic structural” form of scoliosis is by far the most common and most frustrating because “idiopathic” means “unknown cause”. There is a strong hereditary and female predilection. Scoliosis is usually progressive during adolescent growth spurts and later as degenerative changes remodel the spine.
What are the signs and symptoms?
Very often scoliosis is totally asymptomatic until severe. A chiropractor or other health professional trained in screening for scoliosis will look for differences in shoulder or hip height, lateral deviation of the head or shoulders, rib-cage deformity, muscular imbalances, etc. In additional to the visual and orthopedic examination, the gold standard for curvature diagnosis is a weight-bearing standing x-ray of the full spine.
How much curve is too much curve?
Two main questions arise from a positive scoliosis exam. How curved is it and is it getting worse? The second of these questions is very significant because it is the driving force behind the selected treatment and timeline.
How is it treated?
The ideal goal of treatment begins with a correct and early diagnosis. Secondly, one must identify and eliminate any subtle cause or modifiable contributing factors such as poor postural habits, structural imbalance, asymmetrical foot pronation, etc. Although some debate exists regarding the efficacy of certain treatments, options range from simply watching for progression, corrective postural exercises, chiropractic adjustments, palliative symptom care, corrective orthotics, full spine bracing, traction, and invasive spinal surgery.
What to do:
Parents, please be observant of your child's posture, be pro-active in requesting a spinal exam from your health care providers, and do all you can in minimizing the consequences of this potentially life-altering condition.
What is it? From the Greek “skolios” for twisted or crooked, the term “scoliosis” describes any functional or structural tilting or sideways curvature of the spine. The human spine should have three curves front to back as looking from the side but when looking straight at a mirror, there should be no sideways curvature or asymmetry.
What causes it?
Measured in degrees of curvature, scoliosis can be “structural” such as a curve caused by a malformed vertebrae or “nonstructural” as in a compensatory curve due to a muscle spasm caused by a nerve irritated by a disc herniation. Although there are 7 different classifications of spinal curves and 8 different types of “structural scoliosis” the “idiopathic structural” form of scoliosis is by far the most common and most frustrating because “idiopathic” means “unknown cause”. There is a strong hereditary and female predilection. Scoliosis is usually progressive during adolescent growth spurts and later as degenerative changes remodel the spine.
What are the signs and symptoms?
Very often scoliosis is totally asymptomatic until severe. A chiropractor or other health professional trained in screening for scoliosis will look for differences in shoulder or hip height, lateral deviation of the head or shoulders, rib-cage deformity, muscular imbalances, etc. In additional to the visual and orthopedic examination, the gold standard for curvature diagnosis is a weight-bearing standing x-ray of the full spine.
How much curve is too much curve?
Two main questions arise from a positive scoliosis exam. How curved is it and is it getting worse? The second of these questions is very significant because it is the driving force behind the selected treatment and timeline.
How is it treated?
The ideal goal of treatment begins with a correct and early diagnosis. Secondly, one must identify and eliminate any subtle cause or modifiable contributing factors such as poor postural habits, structural imbalance, asymmetrical foot pronation, etc. Although some debate exists regarding the efficacy of certain treatments, options range from simply watching for progression, corrective postural exercises, chiropractic adjustments, palliative symptom care, corrective orthotics, full spine bracing, traction, and invasive spinal surgery.
What to do:
Parents, please be observant of your child's posture, be pro-active in requesting a spinal exam from your health care providers, and do all you can in minimizing the consequences of this potentially life-altering condition.
3 Ingredients for Younger Looking Skin
To contact us Click HERE
By Rhaina Butler, Just Be Beautiful
The three most concerning area's were
1. Crows Feet/Wrinkling. Secret Ingredient: PEPTIDES
PCA Skin Care ExLinea™ Peptide There are many different peptides on the market that perform different functions in the skin. The peptide in ExLinea™, acetyl hexapeptide-3, is specifically targeted for relaxing facial tension that can cause facial wrinkling while reducing the depth of existing lines. ExLinea™ also incorporates hyaluronic acid to increase the skin’s moisture binding ability.
PCA Skin Care eyeXcellence This triple-action eye cream reduces puffiness, dark circles and wrinkles around the eye area. Its combination of three peptides increases collagen production, capillary function and circulation to leave the eye area smooth, even and bright. Moisturizing properties leave skin healthy and hydrated.
PCA Skin Care peptide lip therapy This scientifically advanced formula helps plump lips while improving overall lip health and appearance. It enhances barrier protection to shield lips from damaging free radicals, helps rebuild the collagen matrix for increased strength and resiliency, and boosts moisture retention and accumulation for maximum hydration.
2. Age Spots. Secret Ingredient: AZELAIC ACIDS
PCA SKIN CARE TCA PEELS
Trichloroacetic acid (TCA) peels are often thought of as very aggressive and producing substantial discomfort. PCA Professional™ TCA peels are very different from the standard. Our TCA solutions are blends formulated with many ingredients including lactic acid, ascorbic acid (vitamin C), plumping phytohormones and kojic and azelaic acids to produce dramatic results without the discomfort and downtime associated with traditional TCA peels.
3. Scaly Dry Skin. Secret Ingredient: ALPHA HYDROXY ACIDS (AHA)
PCA Skin Care Facial Wash
This refreshing, skin-friendly AHA and aloe gel cleanser gently and effectively removes makeup and environmental impurities while leaving the skin supple and pH balanced. It soothes skin and loosens impacted cells to smooth surface texture.
PCA Skin Care Nutrient Toner
This formulation of vitamins, amino acids, enzymes and alpha hydroxy acids helps refine pores, remove superficial dead skin cells and provide added nutrients. It is recommended for all skin types and conditions. Pumpkin is the source for many of the important ingredients.
PCA Peels Enhanced Jessner's Treatments
This peel is ideal for more sensitive skin types, ethnic skin and/or those allergic to hydroquinone. This treatment will help unclog pores, clear acne and rejuvenate the skin. With its blend of alpha and beta hydroxy acids and brighteners, it is also an excellent choice for maintaining even pigmentation and correcting pigment discolorations for those with hydroquinone sensitivities.
Ask your skin care professional to create a customized treatment plan that will address your personal skin care needs.This Is My Town USA.com Small Business Web Marketing 800-596-6218
The three most concerning area's were
1. Crows Feet/Wrinkling. Secret Ingredient: PEPTIDES
PCA Skin Care ExLinea™ Peptide There are many different peptides on the market that perform different functions in the skin. The peptide in ExLinea™, acetyl hexapeptide-3, is specifically targeted for relaxing facial tension that can cause facial wrinkling while reducing the depth of existing lines. ExLinea™ also incorporates hyaluronic acid to increase the skin’s moisture binding ability.
PCA Skin Care eyeXcellence This triple-action eye cream reduces puffiness, dark circles and wrinkles around the eye area. Its combination of three peptides increases collagen production, capillary function and circulation to leave the eye area smooth, even and bright. Moisturizing properties leave skin healthy and hydrated. PCA Skin Care peptide lip therapy This scientifically advanced formula helps plump lips while improving overall lip health and appearance. It enhances barrier protection to shield lips from damaging free radicals, helps rebuild the collagen matrix for increased strength and resiliency, and boosts moisture retention and accumulation for maximum hydration.
2. Age Spots. Secret Ingredient: AZELAIC ACIDS
PCA SKIN CARE TCA PEELS
Trichloroacetic acid (TCA) peels are often thought of as very aggressive and producing substantial discomfort. PCA Professional™ TCA peels are very different from the standard. Our TCA solutions are blends formulated with many ingredients including lactic acid, ascorbic acid (vitamin C), plumping phytohormones and kojic and azelaic acids to produce dramatic results without the discomfort and downtime associated with traditional TCA peels.
3. Scaly Dry Skin. Secret Ingredient: ALPHA HYDROXY ACIDS (AHA)
PCA Skin Care Facial Wash
This refreshing, skin-friendly AHA and aloe gel cleanser gently and effectively removes makeup and environmental impurities while leaving the skin supple and pH balanced. It soothes skin and loosens impacted cells to smooth surface texture.
PCA Skin Care Nutrient Toner
This formulation of vitamins, amino acids, enzymes and alpha hydroxy acids helps refine pores, remove superficial dead skin cells and provide added nutrients. It is recommended for all skin types and conditions. Pumpkin is the source for many of the important ingredients.
PCA Peels Enhanced Jessner's Treatments
This peel is ideal for more sensitive skin types, ethnic skin and/or those allergic to hydroquinone. This treatment will help unclog pores, clear acne and rejuvenate the skin. With its blend of alpha and beta hydroxy acids and brighteners, it is also an excellent choice for maintaining even pigmentation and correcting pigment discolorations for those with hydroquinone sensitivities.
Ask your skin care professional to create a customized treatment plan that will address your personal skin care needs.This Is My Town USA.com Small Business Web Marketing 800-596-6218
Add New Traditions to Your Holidays
To contact us Click HERE
By Ashlei Jackson, Qlixite
The holidays are centered around tradition! Everyone has that time-honored activity or item that reminds them of childhood memories of Christmas or Hanukkah or Kwanza...or however you celebrate - these traditions make this ‘Wonderful Time of the Year” special and give meaning to the holidays. Thinking of adding a new tradition this year? Here are some various traditions that can add to your festive season!
• The Christmas Pickle - The exact country of origin for putting a pickle ornament on your tree is fairly unknown but visit any ornament section of the store and you’re bound to find a pickle ornament! The Tradition: The ornament is hidden on the tree on Christmas Eve. On Christmas morning, all of the children in the house take turns looking for the pickle ornament and the child who finds the Christmas pickle receives an extra present for his or her good work.
• Caroling - Also called a noel, song or hymn - the act of groups of people singing outside in the wintertime goes back to the Middle Ages making them some of the oldest musical compositions still regularly sung. The Tradition: Whether you physically go sing in a choir or caroling group - include singing as a family (not just listening) to your regular holiday activities to add an uplifting note.
• Hang Holly - To the Irish Celtics, holly represented both life and rebirth; the evergreen leaves symbolized life during a time when all else was bare and the red berries represented the coming of Spring. The Tradition: Add Holly to your home to welcome in the New Year and remind you of hope.
• Light a Rememberance Candle on the Winter Solstice - The Winter Solstice is the day of the year when the position of the earth in respect to the sun results in the shortest period of daylight hours. It became very important for many cultures to ‘remind’ people that the light would ‘return.’ The Tradition: On the evening of the Winter Solstice, sit in a darkened area and each person take turns lighting a candle. Whether you choose to light candles to symbolize those people who may have passed away or choose to have the candles represent goals is up to you. Leave the candles lit until bedtime, then use a lid to extinguish the flames instead of blowing them out which would blow away the good ‘luck’ or ‘memories.’
• Stocking Buttons - Children often go through minor depression the day you take down all decorations. The Tradition: On the chosen day of clean up, at dinner, a small box is set next to the dinner plate of each person. Inside is a button that relates to the person/child. After dinner each person sews the button on their stocking which then gets packed away. This special activity makes cleaning up a positive event.
• The Higher Gift Box - This is one of my own traditions that I am starting. Every year the term ‘Wish List’ turns into practically an epic quest; find the perfect gift. This year the higher gift box is making us think beyond ourselves all year long. The Tradition: Buy or make a small box. Place it somewhere high on the tree or mantle where it can be easily seen but ‘out of reach’. On a specific day, like Christmas Eve, retrieve the box and have each person write down a ‘gift’ they plan to give in the coming year on a piece of paper - the gift can be to your family, community, God, the world - anyone! But it cannot be something bought with money and forgotten. Put all of the papers in the box and store away. The following Christmas, whether privately or as a family discuss your gifts, whether they were achieved and how important giving is to this time of year.
The holidays are centered around tradition! Everyone has that time-honored activity or item that reminds them of childhood memories of Christmas or Hanukkah or Kwanza...or however you celebrate - these traditions make this ‘Wonderful Time of the Year” special and give meaning to the holidays. Thinking of adding a new tradition this year? Here are some various traditions that can add to your festive season!• The Christmas Pickle - The exact country of origin for putting a pickle ornament on your tree is fairly unknown but visit any ornament section of the store and you’re bound to find a pickle ornament! The Tradition: The ornament is hidden on the tree on Christmas Eve. On Christmas morning, all of the children in the house take turns looking for the pickle ornament and the child who finds the Christmas pickle receives an extra present for his or her good work.
• Caroling - Also called a noel, song or hymn - the act of groups of people singing outside in the wintertime goes back to the Middle Ages making them some of the oldest musical compositions still regularly sung. The Tradition: Whether you physically go sing in a choir or caroling group - include singing as a family (not just listening) to your regular holiday activities to add an uplifting note.
• Hang Holly - To the Irish Celtics, holly represented both life and rebirth; the evergreen leaves symbolized life during a time when all else was bare and the red berries represented the coming of Spring. The Tradition: Add Holly to your home to welcome in the New Year and remind you of hope.• Light a Rememberance Candle on the Winter Solstice - The Winter Solstice is the day of the year when the position of the earth in respect to the sun results in the shortest period of daylight hours. It became very important for many cultures to ‘remind’ people that the light would ‘return.’ The Tradition: On the evening of the Winter Solstice, sit in a darkened area and each person take turns lighting a candle. Whether you choose to light candles to symbolize those people who may have passed away or choose to have the candles represent goals is up to you. Leave the candles lit until bedtime, then use a lid to extinguish the flames instead of blowing them out which would blow away the good ‘luck’ or ‘memories.’
• Stocking Buttons - Children often go through minor depression the day you take down all decorations. The Tradition: On the chosen day of clean up, at dinner, a small box is set next to the dinner plate of each person. Inside is a button that relates to the person/child. After dinner each person sews the button on their stocking which then gets packed away. This special activity makes cleaning up a positive event.
• The Higher Gift Box - This is one of my own traditions that I am starting. Every year the term ‘Wish List’ turns into practically an epic quest; find the perfect gift. This year the higher gift box is making us think beyond ourselves all year long. The Tradition: Buy or make a small box. Place it somewhere high on the tree or mantle where it can be easily seen but ‘out of reach’. On a specific day, like Christmas Eve, retrieve the box and have each person write down a ‘gift’ they plan to give in the coming year on a piece of paper - the gift can be to your family, community, God, the world - anyone! But it cannot be something bought with money and forgotten. Put all of the papers in the box and store away. The following Christmas, whether privately or as a family discuss your gifts, whether they were achieved and how important giving is to this time of year.
How Can Children Lower Taxes - 8 ways?
To contact us Click HERE
Got kids? They may have an impact on your tax situation. Here are the top 8 things to consider if you have children.
1. Dependents: In most cases, a child can be claimed as a dependent in the year they were born. Be sure to let us know if your family increased this year and we'll take a look at whether you can claim the child as a dependent this year.
2. Child Tax Credit: You may be able to take this credit on your tax return for each of your children under age 17. If you do not benefit from the full amount of the Child Tax Credit, you may be eligible for the Additional Child Tax Credit. The Additional Child Tax Credit is a refundable credit and may give you a refund even if you do not owe any tax.
3. Child and Dependent Care Credit: You may be able to claim this credit if you pay someone to care for your child under age 13 so that you can work or look for work. Be sure to keep track of your child care expenses so we can claim this credit accurately.
4. Earned Income Tax Credit (EITC): The EITC is a benefit for certain people who work and have earned income from wages, self-employment, or farming. EITC reduces the amount of tax you owe and may also give you a refund.
5. Adoption Credit: You may be able to take a tax credit for qualifying expenses paid to adopt a child.
6. Coverdell Education Savings Account: This savings account is used to pay qualified expenses at an eligible educational institution. Contributions are not deductible; however, qualified distributions generally are tax-free.
7. Higher Education Credits: Education tax credits can help offset the costs of education. The American Opportunity and the Lifetime Learning Credit are education credits that reduce your federal income tax dollar for dollar, unlike a deduction, which reduces your taxable income.
8. Student Loan Interest: You may be able to deduct interest you pay on a qualified student loan. The deduction is claimed as an adjustment to income so you do not need to itemize your deductions.
As you can see, children can have an impact on your tax profile. If you're a parent, we'll go over your situation with you to make sure you're getting the credits and deductions you're entitled to.
Do you have more question? Are you maximizing your deductions? Give us a call for all your Bookkeeping and Tax Preparation Needs! Serving Auburn and Placer County.
Executive Resources FSI Deborah Sandbank - 530-888.6691 Auburn, Ca
Got kids? They may have an impact on your tax situation. Here are the top 8 things to consider if you have children. 1. Dependents: In most cases, a child can be claimed as a dependent in the year they were born. Be sure to let us know if your family increased this year and we'll take a look at whether you can claim the child as a dependent this year.
2. Child Tax Credit: You may be able to take this credit on your tax return for each of your children under age 17. If you do not benefit from the full amount of the Child Tax Credit, you may be eligible for the Additional Child Tax Credit. The Additional Child Tax Credit is a refundable credit and may give you a refund even if you do not owe any tax.
3. Child and Dependent Care Credit: You may be able to claim this credit if you pay someone to care for your child under age 13 so that you can work or look for work. Be sure to keep track of your child care expenses so we can claim this credit accurately.
4. Earned Income Tax Credit (EITC): The EITC is a benefit for certain people who work and have earned income from wages, self-employment, or farming. EITC reduces the amount of tax you owe and may also give you a refund.
5. Adoption Credit: You may be able to take a tax credit for qualifying expenses paid to adopt a child.
6. Coverdell Education Savings Account: This savings account is used to pay qualified expenses at an eligible educational institution. Contributions are not deductible; however, qualified distributions generally are tax-free.
7. Higher Education Credits: Education tax credits can help offset the costs of education. The American Opportunity and the Lifetime Learning Credit are education credits that reduce your federal income tax dollar for dollar, unlike a deduction, which reduces your taxable income.
8. Student Loan Interest: You may be able to deduct interest you pay on a qualified student loan. The deduction is claimed as an adjustment to income so you do not need to itemize your deductions.
As you can see, children can have an impact on your tax profile. If you're a parent, we'll go over your situation with you to make sure you're getting the credits and deductions you're entitled to.
Do you have more question? Are you maximizing your deductions? Give us a call for all your Bookkeeping and Tax Preparation Needs! Serving Auburn and Placer County.
Executive Resources FSI Deborah Sandbank - 530-888.6691 Auburn, Ca
7 Common Small Business Misconceptions about Taxes
To contact us Click HERE
One of the biggest hurdles you'll face owning your own business is staying knowledgable about your numerous obligations under the federal, state, and local tax agencies. Tax codes are always changing.
The adage, "ignorance of the law is no excuse" is most often applied in tax settings and it is safe to assume that a tax auditor presenting an assessment of additional taxes, penalties, and interest will not look kindly on an "I didn't know I was required to do that" claim. It is important to note, it is surprising how many small businesses actually overpay their taxes, neglecting to take deductions they're legally entitled to that can help them lower their tax bill.
Preparing your taxes and strategizing as to how to keep more of your hard-earned dollars in your pocket becomes increasingly difficult with each passing year. Your best course of action to save time, frustration, money, and an auditor knocking on your door, is to have a professional accountant handle your taxes.
When it comes to tax planning for small businesses, the complexity of tax law generates a lot of folklore and misinformation that also leads to costly mistakes. With that in mind, here is a look at some of the more common small business tax misperceptions.
Business start-up costs refer to expenses incurred before you actually begin operating your business. Business start-up costs include both start up and organizational costs and vary depending on the type of business. Examples of these types of costs include advertising, travel, surveys, and training. These start up and organizational costs are generally called capital expenditures.
Costs for a particular asset (such as machinery or office equipment) are recovered through depreciation or Section 179 expensing. When you start a business, you can elect to deduct or amortize certain business start-up costs.
For tax years beginning in 2010, you can elect to deduct up to $10,000 of business start-up costs paid or incurred after 2009. The $10,000 deduction is reduced (but not below zero) by the amount such start-up costs exceed $60,000. Any remaining costs must be amortized.
The IRS doesn't care if you pay the right amount of taxes or overpay your taxes. They do care if you pay less than you owe and you can't substantiate your deductions. Even if you overpay in one area, the IRS will still hit you with interest and penalties if you underpay in another. It is never a good idea to knowingly or unknowingly overpay the IRS. The best way to "Audit Proof" yourself is to properly document your expenses and make sure you are getting good advice from your tax accountant.
Self-employed individuals (sole proprietors and S Corps) qualify for many of the same deductions that incorporated businesses do, and for many small businesses, being incorporated is an unnecessary expense and burden. Start-ups can spend thousands of dollars in legal and accounting fees to set up a corporation, only to discover soon thereafter that they need to change their name or move the company in a different direction. In addition, plenty of small business owners who incorporate don't make money for the first few years and find themselves saddled with minimum corporate tax payments and no income.
While it used to be a red flag, this is no longer true--as long as you keep excellent records that satisfy IRS requirements. Because of the proliferation of home offices, tax officials cannot possibly audit all tax returns containing the home office deduction. In other words, there is no need to fear an audit just because you take the home office deduction. A high deduction-to-income ratio however, may raise a red flag and lead to an audit.
You are still eligible to take deductions for business supplies, business-related phone bills, travel expenses, printing, wages paid to employees or contract workers, depreciation of equipment used for your business, and other expenses related to running a home-based business, whether or not you take the home office deduction.
Extensions enable you to extend your filing date only. Penalties and interest begin accruing from the date your taxes are due.
If you start up a company while you have a salaried position complete with a 401K plan, you can still set up a SEP-IRA for your business and take the deduction.
A tax headache is only one mistake away, be it a missed payment or filing deadline, an improperly claimed deduction, or incomplete records and understanding how the tax system works is beneficial to any business owner, whether you run a small to medium sized business or are a sole proprietor.
And, even if you delegate the tax preparation to someone else, you are still liable for the accuracy of your tax returns. If you have any questions, don't hesitate to give us a call today. We're here to assist you. Executive Resources FSI - 530-888-6691 - Serving Auburn CA and Placer County.
One of the biggest hurdles you'll face owning your own business is staying knowledgable about your numerous obligations under the federal, state, and local tax agencies. Tax codes are always changing.The adage, "ignorance of the law is no excuse" is most often applied in tax settings and it is safe to assume that a tax auditor presenting an assessment of additional taxes, penalties, and interest will not look kindly on an "I didn't know I was required to do that" claim. It is important to note, it is surprising how many small businesses actually overpay their taxes, neglecting to take deductions they're legally entitled to that can help them lower their tax bill.
Preparing your taxes and strategizing as to how to keep more of your hard-earned dollars in your pocket becomes increasingly difficult with each passing year. Your best course of action to save time, frustration, money, and an auditor knocking on your door, is to have a professional accountant handle your taxes.
When it comes to tax planning for small businesses, the complexity of tax law generates a lot of folklore and misinformation that also leads to costly mistakes. With that in mind, here is a look at some of the more common small business tax misperceptions.
1. Are All Start-Up Costs Immediately Deductible?
Business start-up costs refer to expenses incurred before you actually begin operating your business. Business start-up costs include both start up and organizational costs and vary depending on the type of business. Examples of these types of costs include advertising, travel, surveys, and training. These start up and organizational costs are generally called capital expenditures.
Costs for a particular asset (such as machinery or office equipment) are recovered through depreciation or Section 179 expensing. When you start a business, you can elect to deduct or amortize certain business start-up costs.
For tax years beginning in 2010, you can elect to deduct up to $10,000 of business start-up costs paid or incurred after 2009. The $10,000 deduction is reduced (but not below zero) by the amount such start-up costs exceed $60,000. Any remaining costs must be amortized.
2. Does Overpaying The IRS Make Me "Audit Proof"?
The IRS doesn't care if you pay the right amount of taxes or overpay your taxes. They do care if you pay less than you owe and you can't substantiate your deductions. Even if you overpay in one area, the IRS will still hit you with interest and penalties if you underpay in another. It is never a good idea to knowingly or unknowingly overpay the IRS. The best way to "Audit Proof" yourself is to properly document your expenses and make sure you are getting good advice from your tax accountant.
3. If I incorporate, can I take more deductions?
Self-employed individuals (sole proprietors and S Corps) qualify for many of the same deductions that incorporated businesses do, and for many small businesses, being incorporated is an unnecessary expense and burden. Start-ups can spend thousands of dollars in legal and accounting fees to set up a corporation, only to discover soon thereafter that they need to change their name or move the company in a different direction. In addition, plenty of small business owners who incorporate don't make money for the first few years and find themselves saddled with minimum corporate tax payments and no income.
4. Is claiming the home office deduction a red flag for an audit?
While it used to be a red flag, this is no longer true--as long as you keep excellent records that satisfy IRS requirements. Because of the proliferation of home offices, tax officials cannot possibly audit all tax returns containing the home office deduction. In other words, there is no need to fear an audit just because you take the home office deduction. A high deduction-to-income ratio however, may raise a red flag and lead to an audit.
5. If I don't take the home office deduction, are business expenses deductible?
You are still eligible to take deductions for business supplies, business-related phone bills, travel expenses, printing, wages paid to employees or contract workers, depreciation of equipment used for your business, and other expenses related to running a home-based business, whether or not you take the home office deduction.
6. If I request an extension on my taxes does that give me an extension to pay taxes?
Extensions enable you to extend your filing date only. Penalties and interest begin accruing from the date your taxes are due.
7. If I am a part-time business owner, can I set up a self-employed pension?
If you start up a company while you have a salaried position complete with a 401K plan, you can still set up a SEP-IRA for your business and take the deduction.
A tax headache is only one mistake away, be it a missed payment or filing deadline, an improperly claimed deduction, or incomplete records and understanding how the tax system works is beneficial to any business owner, whether you run a small to medium sized business or are a sole proprietor.
And, even if you delegate the tax preparation to someone else, you are still liable for the accuracy of your tax returns. If you have any questions, don't hesitate to give us a call today. We're here to assist you. Executive Resources FSI - 530-888-6691 - Serving Auburn CA and Placer County.
7 Temmuz 2012 Cumartesi
New Albany is Within its Budget for Second Quarter
To contact us Click HERE
From the Jeffersonville News and Tribune:
General fund spending is on track with the budget halfway through 2012, New Albany Mayor Jeff Gahan said this week.
According to the Gahan administration, the city had spent less than 50 percent of the year’s budget through the second quarter. In 2011, general fund spending was at 56 percent of the budget at the halfway mark, according to the administration.
The 2012 budget is more than the 2011 version, and the general fund — which foots several departments though police and fire receives the bulk of its revenue — has been bolstered through a federal public safety grant this year.
Gahan said the administration’s spending was on track at the end of its first and second quarters in office.
“I have been meeting with our department heads, along with our [city] controller, on a regular basis to ensure that we abide by the budget that was adopted for this year,” Gahan said in a news release this week.
The New Albany City Council had to appropriate almost $4 million last year to balance spending. Several issues were cited for the shortfall, chiefly lack of garnering the maximum levy by the city, a near $2 million deficit that had been rolled forward and, depending on who made the claim, over spending or under funding for public safety.
New Albany’s budget was approved by the city council at $18.7 million for 2012, which was about $3 million more than the 2011 version. The city also has a $1.35 million federal grant to fund salaries for firefighters.
“While other communities are struggling with budgetary issues, New Albany is controlling expenses and living within its budget” said City Controller Mary Ann Prestigiacomo.
While spending is on track to be within the budget, several council members have recently pressed the administration for more financial reports and sponsored measures that would give the legislative body authority over certain disbursement processes.
...
The city has to wait sometimes for the state and county to release its property tax revenue to fund expenses. In the interim, the current process is for the city to borrow from its own accounts not tied to the general fund to cover expenses.
Zurschmiede said the ordinance was to ensure the administration followed proper state procedures in garnering council approval before moving funds even if it’s to cover expenses during a payment gap.
Administration officials argued this would slow down financial processes, but they committed to providing the council with more detailed reports on expenses and on any funds that were tapped for gap spending.
The council approved the ordinance, and earlier this week allowed the administration to borrow up to $6.3 million from city accounts for cash flow purposes. Officials said borrowing money from existing accounts such as riverboat, rainy day or tax-increment financing revenue is cheaper than paying interest to a bank for a tax anticipation loan.
...
http://newsandtribune.com/business/x1501702307/Gahan-Budget-balanced-so-far
General fund spending is on track with the budget halfway through 2012, New Albany Mayor Jeff Gahan said this week.
According to the Gahan administration, the city had spent less than 50 percent of the year’s budget through the second quarter. In 2011, general fund spending was at 56 percent of the budget at the halfway mark, according to the administration.
The 2012 budget is more than the 2011 version, and the general fund — which foots several departments though police and fire receives the bulk of its revenue — has been bolstered through a federal public safety grant this year.
Gahan said the administration’s spending was on track at the end of its first and second quarters in office.
“I have been meeting with our department heads, along with our [city] controller, on a regular basis to ensure that we abide by the budget that was adopted for this year,” Gahan said in a news release this week.
The New Albany City Council had to appropriate almost $4 million last year to balance spending. Several issues were cited for the shortfall, chiefly lack of garnering the maximum levy by the city, a near $2 million deficit that had been rolled forward and, depending on who made the claim, over spending or under funding for public safety.
New Albany’s budget was approved by the city council at $18.7 million for 2012, which was about $3 million more than the 2011 version. The city also has a $1.35 million federal grant to fund salaries for firefighters.
“While other communities are struggling with budgetary issues, New Albany is controlling expenses and living within its budget” said City Controller Mary Ann Prestigiacomo.
While spending is on track to be within the budget, several council members have recently pressed the administration for more financial reports and sponsored measures that would give the legislative body authority over certain disbursement processes.
...
The city has to wait sometimes for the state and county to release its property tax revenue to fund expenses. In the interim, the current process is for the city to borrow from its own accounts not tied to the general fund to cover expenses.
Zurschmiede said the ordinance was to ensure the administration followed proper state procedures in garnering council approval before moving funds even if it’s to cover expenses during a payment gap.
Administration officials argued this would slow down financial processes, but they committed to providing the council with more detailed reports on expenses and on any funds that were tapped for gap spending.
The council approved the ordinance, and earlier this week allowed the administration to borrow up to $6.3 million from city accounts for cash flow purposes. Officials said borrowing money from existing accounts such as riverboat, rainy day or tax-increment financing revenue is cheaper than paying interest to a bank for a tax anticipation loan.
...
http://newsandtribune.com/business/x1501702307/Gahan-Budget-balanced-so-far
Johnson County Seeing Fewer Deliquent Property Tax Bills
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From the Johnson County Daily Journal:
More local property owners are paying their taxes, an increase local officials attribute to a better economy and more people working.
After taxes were due in May, the county is still owed $4.6 million from local property owners who have not yet paid their tax bills.
But that amount is down significantly from past years. At the end of 2009, the county was owed $13.3 million in unpaid property taxes. By the end of 2011, that amount was $6.6 million, according to an analysis by the county’s information technology department.
“More people are coming in, trying to get their taxes paid,” said Marsha Curry, deputy treasurer.
Curry thinks the improvement is due to a better economy. In 2008 and 2009, she and her staff heard over and over from property owners who just couldn’t pay their tax bill, often after losing their jobs.
In 2009, the local unemployment rate was 8.4 percent. Last month, the rate was 6.8 percent.
The county tried to work with them, allowing to make payments over time, but some just couldn’t. That was difficult to watch, she said.
“They can’t help it. They could only pay what they could pay,” Curry said.
http://www.dailyjournal.net/view/local_story/County-sees-drop-in-property-t_1341537094/
More local property owners are paying their taxes, an increase local officials attribute to a better economy and more people working.
After taxes were due in May, the county is still owed $4.6 million from local property owners who have not yet paid their tax bills.
But that amount is down significantly from past years. At the end of 2009, the county was owed $13.3 million in unpaid property taxes. By the end of 2011, that amount was $6.6 million, according to an analysis by the county’s information technology department.
“More people are coming in, trying to get their taxes paid,” said Marsha Curry, deputy treasurer.
Curry thinks the improvement is due to a better economy. In 2008 and 2009, she and her staff heard over and over from property owners who just couldn’t pay their tax bill, often after losing their jobs.
In 2009, the local unemployment rate was 8.4 percent. Last month, the rate was 6.8 percent.
The county tried to work with them, allowing to make payments over time, but some just couldn’t. That was difficult to watch, she said.
“They can’t help it. They could only pay what they could pay,” Curry said.
http://www.dailyjournal.net/view/local_story/County-sees-drop-in-property-t_1341537094/
Boone County to Send "Form 11" Assessment Information for 2013 to Property Owners Tuesday
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From the Lebanon Reporter:
Forms that explain on what figures property taxes are based will be mailed by the Boone County Assessor Tuesday.
The “Form 11” includes information for the 2011 assessment, and for this year’s assessment on which 2013 taxes will be based, Assessor Lisa Garoffolo said.
http://reporter.net/local/x2004680567/Assessor-to-send-Form-11-tax-info-to-county-residents-Tuesday
Forms that explain on what figures property taxes are based will be mailed by the Boone County Assessor Tuesday.
The “Form 11” includes information for the 2011 assessment, and for this year’s assessment on which 2013 taxes will be based, Assessor Lisa Garoffolo said.
http://reporter.net/local/x2004680567/Assessor-to-send-Form-11-tax-info-to-county-residents-Tuesday
Allen County Sent Notice Friday to Property Owners Whose Assessment Increased
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From the Fort Wayne Journal-Gazette:
Notices were mailed Friday to about 78,000 Allen County residents who will see an increase in the assessed value of their properties.
The Allen County Assessor’s Office has wrapped up the full reassessment of all county properties, about 155,000 parcels in all, Allen County Assessor Stacey O’Day said.
The total assessed valuation of all properties increased in Allen County by 0.23 percent. While less than 1 percent, the increase could be attributed in part to new construction and expansion by General Motors, General Mills and Vera Bradley, O’Day said.
It is the first time since 2002 that a full reassessment has been done. But most residents will not see large increases as in the past, because assessors now adjust property values annually based on sales of similar properties, a process known as trending.
A new website, launched this week by O’Day’s office, allows residents to compare the property and market value of homes in their neighborhood by searching and viewing all home sales, including short sales, sheriff’s sales and foreclosures.
The site, known as COMPS – Comparable Online Multiple Property Search – is linked to the assessor’s office on the county website.
The reassessment process began almost two years ago and involved officials visiting each site and making sure information on each property card was accurate, O’Day said.
In short, they make sure a home is relatively unchanged in terms of size and amenities such as outbuildings, swimming pools or room additions, she said.
The inventory ensures that owners aren’t assessed for more or less than what they own. The assessments form the basis of 2013 tax bills.
Cost schedules and land values were also updated for the first time in 10 years, O’Day said. Among those who will see some increases is a group of about 200 residents who owned properties classified as agriculture (AG land base rate) but will lose that benefit because the land is not being farmed, O’Day said.
“These are generally people who own 10 to 20 acres of woods or something similar,” she said.
O’Day’s office met with those residents earlier in the year to discuss other viable options for reclassifying their properties, she said.
Taxpayers have until Aug. 20 to file an appeal if they disagree with their assessed values. But O’Day urges residents to first go to the new website or to call the auditor’s office.
“Our office wants to be fair and accurate, and many times we can make corrections before” an appeal process is enacted, O’Day said.
Property owners whose assessed value decreased or stayed the same will not receive notices in the mail but can go to the new COMPS website to access and print their property data.
http://www.journalgazette.net/article/20120707/LOCAL/307079956/0/SEARCH
Notices were mailed Friday to about 78,000 Allen County residents who will see an increase in the assessed value of their properties.
The Allen County Assessor’s Office has wrapped up the full reassessment of all county properties, about 155,000 parcels in all, Allen County Assessor Stacey O’Day said.
The total assessed valuation of all properties increased in Allen County by 0.23 percent. While less than 1 percent, the increase could be attributed in part to new construction and expansion by General Motors, General Mills and Vera Bradley, O’Day said.
It is the first time since 2002 that a full reassessment has been done. But most residents will not see large increases as in the past, because assessors now adjust property values annually based on sales of similar properties, a process known as trending.
A new website, launched this week by O’Day’s office, allows residents to compare the property and market value of homes in their neighborhood by searching and viewing all home sales, including short sales, sheriff’s sales and foreclosures.
The site, known as COMPS – Comparable Online Multiple Property Search – is linked to the assessor’s office on the county website.
The reassessment process began almost two years ago and involved officials visiting each site and making sure information on each property card was accurate, O’Day said.
In short, they make sure a home is relatively unchanged in terms of size and amenities such as outbuildings, swimming pools or room additions, she said.
The inventory ensures that owners aren’t assessed for more or less than what they own. The assessments form the basis of 2013 tax bills.
Cost schedules and land values were also updated for the first time in 10 years, O’Day said. Among those who will see some increases is a group of about 200 residents who owned properties classified as agriculture (AG land base rate) but will lose that benefit because the land is not being farmed, O’Day said.
“These are generally people who own 10 to 20 acres of woods or something similar,” she said.
O’Day’s office met with those residents earlier in the year to discuss other viable options for reclassifying their properties, she said.
Taxpayers have until Aug. 20 to file an appeal if they disagree with their assessed values. But O’Day urges residents to first go to the new website or to call the auditor’s office.
“Our office wants to be fair and accurate, and many times we can make corrections before” an appeal process is enacted, O’Day said.
Property owners whose assessed value decreased or stayed the same will not receive notices in the mail but can go to the new COMPS website to access and print their property data.
http://www.journalgazette.net/article/20120707/LOCAL/307079956/0/SEARCH
Greenwood Mayor Calls for More Budget Cuts
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From the Johnson County Daily Reporter:
Greenwood has been spending its savings over the past few years, but Mayor Mark Myers said that must stop.
Myers wants the city to spend no more than it brings in next year and said that will require a $2 million cut from this year’s spending levels. He’s asked all department directors in the city to try to cut 10 percent out of their budgets.
Last year, Greenwood approved a budget that spends at least $1.9 million more than what the city will bring in from tax revenue, Myers said.
Greenwood simply can’t budget $27.3 million again next year, if the city won’t bring in that much from property and other taxes, Myers said. That level of spending isn’t sustainable and that the city must trim spending to match income, he said.
http://www.dailyjournal.net/view/local_story/Myers-Greenwood-can-t-keep-dip_1341632624/
Greenwood has been spending its savings over the past few years, but Mayor Mark Myers said that must stop.
Myers wants the city to spend no more than it brings in next year and said that will require a $2 million cut from this year’s spending levels. He’s asked all department directors in the city to try to cut 10 percent out of their budgets.
Last year, Greenwood approved a budget that spends at least $1.9 million more than what the city will bring in from tax revenue, Myers said.
Greenwood simply can’t budget $27.3 million again next year, if the city won’t bring in that much from property and other taxes, Myers said. That level of spending isn’t sustainable and that the city must trim spending to match income, he said.
http://www.dailyjournal.net/view/local_story/Myers-Greenwood-can-t-keep-dip_1341632624/
5 Temmuz 2012 Perşembe
Revenue Publishes Information Bulletin on Streamlined Sales and Use Tax Agreement
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Information Bulletin #80 Sales Tax June 2012
SUBJECT: Assessmentof Retail Sales Tax Liability for Certain Sellers Registered Under theStreamlined Sales and Use Tax Agreement (SSUTA)
REFERENCES: IC 6-2.5-11-3;IC 6-8.1-5-1
This information bulletin clarifies when the Department ofRevenue may assess a retail sales tax liability for a seller registered underthe SSUTA based solely on that seller's failure to timely file its retail salestax return, if the seller has no legal requirement to register with Indiana.
The Department of Revenue has broad authority to assess estimatedtax liabilities where returns are not filed (IC 6-8.1-5-1).State law further provides the legislative intent that the administration andcollection of state sales and use taxes be interpreted and applied consistentlywith the SSUTA (IC 6-2.5-11-3).
SSUTA provides that, prior to establishing a retail salestax liability based solely on the seller's failure to timely file a return,member states will give at least 30 days notice for a seller to file its returnif the seller is registered under the SSUTA and has no legal requirement toregister with Indiana.
Accordingly, the Department of Revenue provides the sellersdescribed above with no less than 30 days notice, during which these sellersmay file their returns, prior to establishing a retail sales tax liabilitybased solely on the failure to timely file a return.
http://www.in.gov/legislative/iac/20120627-IR-045120372NRA.xml.html
Information Bulletin #80 Sales Tax June 2012
SUBJECT: Assessmentof Retail Sales Tax Liability for Certain Sellers Registered Under theStreamlined Sales and Use Tax Agreement (SSUTA)
REFERENCES: IC 6-2.5-11-3;IC 6-8.1-5-1
This information bulletin clarifies when the Department ofRevenue may assess a retail sales tax liability for a seller registered underthe SSUTA based solely on that seller's failure to timely file its retail salestax return, if the seller has no legal requirement to register with Indiana.
The Department of Revenue has broad authority to assess estimatedtax liabilities where returns are not filed (IC 6-8.1-5-1).State law further provides the legislative intent that the administration andcollection of state sales and use taxes be interpreted and applied consistentlywith the SSUTA (IC 6-2.5-11-3).
SSUTA provides that, prior to establishing a retail salestax liability based solely on the seller's failure to timely file a return,member states will give at least 30 days notice for a seller to file its returnif the seller is registered under the SSUTA and has no legal requirement toregister with Indiana.
Accordingly, the Department of Revenue provides the sellersdescribed above with no less than 30 days notice, during which these sellersmay file their returns, prior to establishing a retail sales tax liabilitybased solely on the failure to timely file a return.
http://www.in.gov/legislative/iac/20120627-IR-045120372NRA.xml.html
Questions Over E911 Referendum in Lake County Remain
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From the Lake County Post-Tribune:
A month after tabling a public hearing to determine whether to place a 911 dispatch consolidation bond issue referendum on the November ballot, the Lake County Council still has more questions than answers.
Lake County Attorney John Dull approached the council in June, asking that it schedule the public hearing for June 26. Rather than vote against it, the council split 4-3 in favor of tabling the proposal.
Although June 26 passed, the item appeared Thursday on the agenda at the council’s premeeting study session, prompting discussion but no indication of whether the council will schedule a hearing.
Under a state mandate, each county is required to consolidate dispatching services into no more than two buildings by Dec. 31, 2014, or risk losing millions in state 911 communications funding.
The Lake County Emergency Communication Commission (911 Commission), which reports to the Lake County Board of Commissioners, has recommended sites in East Chicago and Hobart.
Councilman Rick Niemeyer, who has opposed putting one of the centers in East Chicago, said Thursday the information necessary to make decisions has not been making its way to him and the other public officials who ultimately will decide how to comply with the mandate and how to pay for it.
“There’s information out there,” Niemeyer said. “But no information has been brought to me. I’m not comfortable with that. … The elected officials need to decide the best cost and the best locations.
“There’re a lot of issues here. Everyone seems to be throwing it on the County Council or the municipal cities and towns, asking, ‘Why aren’t you getting going on this?’ ”...
County Councilman Jerome Prince pointed out that it may be a moot point, considering Dull’s original request for a hearing appeared to be predicated on a strict timetable.
However, at the most recent 911 Commission meeting, Dull delivered a revamped interlocal agreement for consolidation, that must be signed by all the cities and towns under the same law mandating the consolidation. In it, he indicates that a referendum is one of the preferred ways to create a capital building plan for the two dispatch centers.
A voter-approved referendum for a bond issue would place the money outside the existing tax caps, allowing for the money to be raised without cutting into the budgets of the county, cities and towns....
http://posttrib.suntimes.com/13605361-537/lake-county-councils-questions-over-911-referendum-hearing-remain.html
A month after tabling a public hearing to determine whether to place a 911 dispatch consolidation bond issue referendum on the November ballot, the Lake County Council still has more questions than answers.
Lake County Attorney John Dull approached the council in June, asking that it schedule the public hearing for June 26. Rather than vote against it, the council split 4-3 in favor of tabling the proposal.
Although June 26 passed, the item appeared Thursday on the agenda at the council’s premeeting study session, prompting discussion but no indication of whether the council will schedule a hearing.
Under a state mandate, each county is required to consolidate dispatching services into no more than two buildings by Dec. 31, 2014, or risk losing millions in state 911 communications funding.
The Lake County Emergency Communication Commission (911 Commission), which reports to the Lake County Board of Commissioners, has recommended sites in East Chicago and Hobart.
Councilman Rick Niemeyer, who has opposed putting one of the centers in East Chicago, said Thursday the information necessary to make decisions has not been making its way to him and the other public officials who ultimately will decide how to comply with the mandate and how to pay for it.
“There’s information out there,” Niemeyer said. “But no information has been brought to me. I’m not comfortable with that. … The elected officials need to decide the best cost and the best locations.
“There’re a lot of issues here. Everyone seems to be throwing it on the County Council or the municipal cities and towns, asking, ‘Why aren’t you getting going on this?’ ”...
County Councilman Jerome Prince pointed out that it may be a moot point, considering Dull’s original request for a hearing appeared to be predicated on a strict timetable.
However, at the most recent 911 Commission meeting, Dull delivered a revamped interlocal agreement for consolidation, that must be signed by all the cities and towns under the same law mandating the consolidation. In it, he indicates that a referendum is one of the preferred ways to create a capital building plan for the two dispatch centers.
A voter-approved referendum for a bond issue would place the money outside the existing tax caps, allowing for the money to be raised without cutting into the budgets of the county, cities and towns....
http://posttrib.suntimes.com/13605361-537/lake-county-councils-questions-over-911-referendum-hearing-remain.html
Fairland's 2013 Budget Mirror of 2012
To contact us Click HERE
From the Shelbyville News:
Four years after Fairland became a town again, citizens and the town council are starting to see some progress, according to town officials.
...
Four years after Fairland became a town again, citizens and the town council are starting to see some progress, according to town officials.
...
Board Finds Remodeled Home Not "Same Property" for Purpose of Burden Shifting Law
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Here, the Petitioners andRespondent agreed that the property’s value increased from $87,500 in 2009 to$111,100 for the 2010 assessment. Form 11, Notice of Assessment of Land andStructures, attached to the Petitioners’ Form 131 Petition. However, theRespondent presented evidence that, in approximately 2002, the house wassignificantly remodeled with updated bedrooms, exterior doors and a bathroomwith a jetted garden tub. RespondentExhibit 5. In addition, prior to2002, the home had a new roof and new double pane windows installed. Id. Becauseof these updates, the assessor testified, the “effective age” of the house wasincreased from 1900 to 1960 – which resulted in the increase in the assessedvalue of the improvements. Garoffolo testimony….
Indiana Code § 6-1.1-15-17.2applies where “the assessment that is the subject of the review or appealincreased the assessed value of the assessed property by more than five percent(5%) over the assessed value determined by the county assessor or township assessor(if any) for the immediately preceding assessment date for the same property.”Ind. Code § 6-1.1-15-17.2. … Under the plain language of Indiana Code §6-1.1-15-17.2, the burden shifts to the assessor when the assessed value of thesame property increases by more than five percent. Therefore, becausethe property’s 2010 assessment accounted for the improvements made to theproperty; whereas the property was not assessed for those updates in 2009, theassessor was not assessing the “same property” in 2010 as she did in 2009.Thus, Indiana Code § 6-1.1-15-17.2 does not apply in this case.
The Petitioners failed toprovide sufficient evidence to establish a prima facie case that their propertywas over-assessed in 2010. The Board reached this decision for the followingreasons:
Here, the Petitioners arguethat their property was over-valued based on a comparable market analysisprepared by a real estate agent. Petitioner Exhibit 1. In her analysis,the agent identified seven properties built between 1850 and 1980 in Jefferson,Harrison, and Jackson townships that sold in 2008, 2009 and 2010. Id.
…Because the Petitioners madeno attempt to identify the similarities in the properties or to value thedifferences between the properties, their sales comparable analysis has littleprobative value.
To the extent that thePetitioners can be seen as arguing that their purchase price somehow provestheir property is over-valued, the Board finds this argument likewiseunpersuasive. Regardless of the method used to prove a property’s true taxvalue, a party must explain how its evidence relates to the subject property’smarket value-in-use as of the relevant valuation date. O’Donnell v. Dep’t ofLocal Gov’t Fin., 854 N.E.2d 90, 95 (Ind. Tax Ct. 2006); see also Longv. Wayne Township Assessor, 821 N.E.2d 466, 471 (Ind. Tax Ct. 2005). Forthe March 1, 2010, assessment, the valuation date was March 1, 2010. Ind. Code§ 6-1.1-4-4.5 (f); 50 IAC 27-5-2 (c). Here, the Petitioners purchased thesubject property in 2002, but they made no attempt to relate the property’s2002 purchase price to the March 1, 2010, valuation date. Mrs. Badillo arguedthat they bought the property during an “economic boom” and the property wouldnot sell for its purchase price in today’s market, but she presented noevidence to support her contention. Statements that are unsupported byprobative evidence are conclusory and of no value to the Board in making itsdetermination. Whitley Products, Inc. v. State Bd. of Tax Comm’rs, 704N.E.2d 1113, 1118 (Ind. Tax Ct. 1998).
http://www.in.gov/ibtr/files/Badillo_06-004-10-1-5-00008.pdf
Indiana Code § 6-1.1-15-17.2applies where “the assessment that is the subject of the review or appealincreased the assessed value of the assessed property by more than five percent(5%) over the assessed value determined by the county assessor or township assessor(if any) for the immediately preceding assessment date for the same property.”Ind. Code § 6-1.1-15-17.2. … Under the plain language of Indiana Code §6-1.1-15-17.2, the burden shifts to the assessor when the assessed value of thesame property increases by more than five percent. Therefore, becausethe property’s 2010 assessment accounted for the improvements made to theproperty; whereas the property was not assessed for those updates in 2009, theassessor was not assessing the “same property” in 2010 as she did in 2009.Thus, Indiana Code § 6-1.1-15-17.2 does not apply in this case.
The Petitioners failed toprovide sufficient evidence to establish a prima facie case that their propertywas over-assessed in 2010. The Board reached this decision for the followingreasons:
Here, the Petitioners arguethat their property was over-valued based on a comparable market analysisprepared by a real estate agent. Petitioner Exhibit 1. In her analysis,the agent identified seven properties built between 1850 and 1980 in Jefferson,Harrison, and Jackson townships that sold in 2008, 2009 and 2010. Id.
…Because the Petitioners madeno attempt to identify the similarities in the properties or to value thedifferences between the properties, their sales comparable analysis has littleprobative value.
To the extent that thePetitioners can be seen as arguing that their purchase price somehow provestheir property is over-valued, the Board finds this argument likewiseunpersuasive. Regardless of the method used to prove a property’s true taxvalue, a party must explain how its evidence relates to the subject property’smarket value-in-use as of the relevant valuation date. O’Donnell v. Dep’t ofLocal Gov’t Fin., 854 N.E.2d 90, 95 (Ind. Tax Ct. 2006); see also Longv. Wayne Township Assessor, 821 N.E.2d 466, 471 (Ind. Tax Ct. 2005). Forthe March 1, 2010, assessment, the valuation date was March 1, 2010. Ind. Code§ 6-1.1-4-4.5 (f); 50 IAC 27-5-2 (c). Here, the Petitioners purchased thesubject property in 2002, but they made no attempt to relate the property’s2002 purchase price to the March 1, 2010, valuation date. Mrs. Badillo arguedthat they bought the property during an “economic boom” and the property wouldnot sell for its purchase price in today’s market, but she presented noevidence to support her contention. Statements that are unsupported byprobative evidence are conclusory and of no value to the Board in making itsdetermination. Whitley Products, Inc. v. State Bd. of Tax Comm’rs, 704N.E.2d 1113, 1118 (Ind. Tax Ct. 1998).
http://www.in.gov/ibtr/files/Badillo_06-004-10-1-5-00008.pdf
Tips for Taxpayers Who Can't Pay Their Taxes on Time
To contact us Click HERE
If you owe tax with your federal tax return, but can't afford to pay it all when you file, the IRS wants you to know your options and help you keep interest and penalties to a minimum.
Here are five tips:
1. File your return on time and pay as much as you can with the return. These steps will eliminate the late filing penalty, reduce the late payment penalty and cut down on interest charges. For electronic and credit card options for paying see www.IRS.gov. You may also mail a check payable to the United States Treasury.
2. Consider obtaining a loan or paying by credit card. The interest rate and fees charged by a bank or credit card company may be lower than interest and penalties imposed by the Internal Revenue Code.
3. Request an installment payment agreement. You do not need to wait for IRS to send you a bill before requesting a payment agreement. Options for requesting an agreement include:
• Using the Online Payment Agreement application and
• Completing and submitting IRS Form 9465-FS, Installment Agreement Request, with your return IRS charges a user fee to set up your payment agreement. See www.irs.gov or the installment agreement request form for fee amounts.
4. Request an extension of time to pay. For tax year 2011, qualifying individuals may request an extension of time to pay and have the late payment penalty waived as part of the IRS Fresh Start Initiative. To see if you qualify visit www.irs.gov and get form 1127-A, Application for Extension of Time for Payment. But hurry, your application must be filed by April 17, 2012.
5. If you receive a bill from the IRS, please contact us immediately to discuss these and other payment options. Ignoring the bill will only compound your problem and could lead to IRS collection action.
If you can’t pay in full and on time, the key to minimizing your penalty and interest charges is to pay as much as possible by the tax deadline and the balance as soon as you can. For more information on the IRS collection process go to or see IRSVideos.gov/OweTaxes.
Here are five tips:
1. File your return on time and pay as much as you can with the return. These steps will eliminate the late filing penalty, reduce the late payment penalty and cut down on interest charges. For electronic and credit card options for paying see www.IRS.gov. You may also mail a check payable to the United States Treasury.
2. Consider obtaining a loan or paying by credit card. The interest rate and fees charged by a bank or credit card company may be lower than interest and penalties imposed by the Internal Revenue Code.
3. Request an installment payment agreement. You do not need to wait for IRS to send you a bill before requesting a payment agreement. Options for requesting an agreement include:
• Using the Online Payment Agreement application and
• Completing and submitting IRS Form 9465-FS, Installment Agreement Request, with your return IRS charges a user fee to set up your payment agreement. See www.irs.gov or the installment agreement request form for fee amounts.
4. Request an extension of time to pay. For tax year 2011, qualifying individuals may request an extension of time to pay and have the late payment penalty waived as part of the IRS Fresh Start Initiative. To see if you qualify visit www.irs.gov and get form 1127-A, Application for Extension of Time for Payment. But hurry, your application must be filed by April 17, 2012.
5. If you receive a bill from the IRS, please contact us immediately to discuss these and other payment options. Ignoring the bill will only compound your problem and could lead to IRS collection action.
If you can’t pay in full and on time, the key to minimizing your penalty and interest charges is to pay as much as possible by the tax deadline and the balance as soon as you can. For more information on the IRS collection process go to or see IRSVideos.gov/OweTaxes.
4 Temmuz 2012 Çarşamba
Indiana Closes Fiscal Year with $2 Billion Surplus; Taxpayers to Receive Refund
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From the Indianapolis Business Journal:
Indiana Gov. Mitch Daniels is touting state cash reserves he says will send an additional $100 to each Indiana taxpayer through automatic tax credits next year.
Daniels said Tuesday he expects the state to close its books for the fiscal year with $2 billion in cash reserves. Roughly $300 million would go to 2013's tax credits and another $300 million would go toward the state's unfunded teacher pension liability.
Final numbers won't be available for at least another week as state budget leaders continue wrapping up the fiscal year that ended Saturday.
The cash reserves have come from a mix of three major factors — improved tax collections, spending cuts to state agencies and an error in which the Daniels administration discovered $320 million in untouched tax collections.
http://www.ibj.com/daniels-touts-tax-credit-from--2b-indiana-surplus/PARAMS/article/35339
Indiana Gov. Mitch Daniels is touting state cash reserves he says will send an additional $100 to each Indiana taxpayer through automatic tax credits next year.
Daniels said Tuesday he expects the state to close its books for the fiscal year with $2 billion in cash reserves. Roughly $300 million would go to 2013's tax credits and another $300 million would go toward the state's unfunded teacher pension liability.
Final numbers won't be available for at least another week as state budget leaders continue wrapping up the fiscal year that ended Saturday.
The cash reserves have come from a mix of three major factors — improved tax collections, spending cuts to state agencies and an error in which the Daniels administration discovered $320 million in untouched tax collections.
http://www.ibj.com/daniels-touts-tax-credit-from--2b-indiana-surplus/PARAMS/article/35339
DLGF Publishes Memorandum on Procedures for Establishment of Cumulative Funds
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MEMORANDUM
TO: All Political Subdivisions
FROM: Dan Jones, Assistant Director, Budget Division
SUBJECT: Procedures for the Establishment of Cumulative Funds
DATE: July 3, 2012
INTRODUCTION
The Department of Local Government Finance (“Department”) issues this bulletin, which applies to the following Cumulative Funds established under Indiana Code § 6-1.1-41. This bulletin is effective July 1, 2012 and supersedes all previous bulletins.
See the full memorandum here:
http://www.in.gov/dlgf/files/120703_-_Jones_Memo_-_Establishment_of_Cumulative_Funds.pdf
TO: All Political Subdivisions
FROM: Dan Jones, Assistant Director, Budget Division
SUBJECT: Procedures for the Establishment of Cumulative Funds
DATE: July 3, 2012
INTRODUCTION
The Department of Local Government Finance (“Department”) issues this bulletin, which applies to the following Cumulative Funds established under Indiana Code § 6-1.1-41. This bulletin is effective July 1, 2012 and supersedes all previous bulletins.
See the full memorandum here:
http://www.in.gov/dlgf/files/120703_-_Jones_Memo_-_Establishment_of_Cumulative_Funds.pdf
DLGF Publishes Memorandum on TIF and Redevelopment Commission Responsibilities
To contact us Click HERE
MEMORANDUM
TO: County Auditors
FROM: Dan Jones, Assistant Director, Budget Division
SUBJECT: TIF and Redevelopment Commission Responsibilities
DATE: July 3, 2012
This memorandum provides guidance to county auditors regarding the statutory responsibility of redevelopment commissions in determining and reporting the amount of excess or shortfall of assessed values within Tax Increment Finance (“TIF”) districts before July 15 of each year. (IC 36-7-14-39(b)(3)).
The Department of Local Government Finance (“DLGF”) recommends that each county auditor contact his or her county’s redevelopment commissions to notify them of this responsibility. The DLGF recommends that each redevelopment commission submit the written notice to its county auditor prior to certification of the 2012 pay 2013 assessed valuations to the DLGF. Statutorily, county auditors are to certify 2012 pay 2013 assessed values by August 1, 2012. (IC 6-1.1-17-1).
County auditors should forward a copy of each redevelopment commission’s written notice to the DLGF’s Budget Division at the same time that the Certificate of Net Assessed Valuations is filed.
Reporting the excess assessed value is especially important when a referendum has been approved by a unit or school within the TIF allocation area or the unit anticipates adopting a Tax Increment Replacement rate (“TIR”) in the 2013 budget when the unit has a shortfall in the required assessed value.
The redevelopment commission must submit a written notice including:
1) The amount, if any, of excess assessed value that the commission has determined may be allocated to the respective taxing units; or
2) A statement that the commission has determined that there is no excess assessed value that may be allocated to the respective taxing units.
The manner for determining the excess assessed value is prescribed in IC 36-7-14-39(b)(3) as follows:
(A) Determine the amount, if any, by which the assessed value of the taxable property in the allocation area for the most recent assessment date minus the base assessed value, when multiplied by the estimated tax rate of the allocation area, will exceed the amount of assessed value needed to produce the property taxes necessary to make, when due, principal and interest payments on bonds described in subdivision (3) plus the amount necessary for other purposes described in subdivision (3).
(B) Provide a written notice to the county auditor, the fiscal body of the county or municipality that established the department of redevelopment, and the officers who are authorized to fix budgets, tax rates, and tax levies under IC 6-1.1-17-5 for each of the other taxing units that is wholly or partly located within the allocation area. The notice must:
(i) state the amount, if any, of excess assessed value that the commission has determined may be allocated to the respective taxing units in the manner prescribed in subdivision (1); or
(ii) state that the commission has determined that there is no excess assessed value that may be allocated to the respective taxing units in the manner prescribed in subdivision (1).
The county auditor shall allocate to the respective taxing units the amount, if any, of excess assessed value determined by the commission. The commission may not authorize an allocation of assessed value to the respective taxing units under this subdivision if to do so would endanger the interests of the holders of bonds described in subdivision (3) or lessors under section 25.3 of this chapter.”
The requirements and procedures for adopting a TIR are prescribed in IC 6-1.1-21.2-12.
TO: County Auditors
FROM: Dan Jones, Assistant Director, Budget Division
SUBJECT: TIF and Redevelopment Commission Responsibilities
DATE: July 3, 2012
This memorandum provides guidance to county auditors regarding the statutory responsibility of redevelopment commissions in determining and reporting the amount of excess or shortfall of assessed values within Tax Increment Finance (“TIF”) districts before July 15 of each year. (IC 36-7-14-39(b)(3)).
The Department of Local Government Finance (“DLGF”) recommends that each county auditor contact his or her county’s redevelopment commissions to notify them of this responsibility. The DLGF recommends that each redevelopment commission submit the written notice to its county auditor prior to certification of the 2012 pay 2013 assessed valuations to the DLGF. Statutorily, county auditors are to certify 2012 pay 2013 assessed values by August 1, 2012. (IC 6-1.1-17-1).
County auditors should forward a copy of each redevelopment commission’s written notice to the DLGF’s Budget Division at the same time that the Certificate of Net Assessed Valuations is filed.
Reporting the excess assessed value is especially important when a referendum has been approved by a unit or school within the TIF allocation area or the unit anticipates adopting a Tax Increment Replacement rate (“TIR”) in the 2013 budget when the unit has a shortfall in the required assessed value.
The redevelopment commission must submit a written notice including:
1) The amount, if any, of excess assessed value that the commission has determined may be allocated to the respective taxing units; or
2) A statement that the commission has determined that there is no excess assessed value that may be allocated to the respective taxing units.
The manner for determining the excess assessed value is prescribed in IC 36-7-14-39(b)(3) as follows:
(A) Determine the amount, if any, by which the assessed value of the taxable property in the allocation area for the most recent assessment date minus the base assessed value, when multiplied by the estimated tax rate of the allocation area, will exceed the amount of assessed value needed to produce the property taxes necessary to make, when due, principal and interest payments on bonds described in subdivision (3) plus the amount necessary for other purposes described in subdivision (3).
(B) Provide a written notice to the county auditor, the fiscal body of the county or municipality that established the department of redevelopment, and the officers who are authorized to fix budgets, tax rates, and tax levies under IC 6-1.1-17-5 for each of the other taxing units that is wholly or partly located within the allocation area. The notice must:
(i) state the amount, if any, of excess assessed value that the commission has determined may be allocated to the respective taxing units in the manner prescribed in subdivision (1); or
(ii) state that the commission has determined that there is no excess assessed value that may be allocated to the respective taxing units in the manner prescribed in subdivision (1).
The county auditor shall allocate to the respective taxing units the amount, if any, of excess assessed value determined by the commission. The commission may not authorize an allocation of assessed value to the respective taxing units under this subdivision if to do so would endanger the interests of the holders of bonds described in subdivision (3) or lessors under section 25.3 of this chapter.”
The requirements and procedures for adopting a TIR are prescribed in IC 6-1.1-21.2-12.
DLGF Publishes Memorandum on Changes to Cumulative Fund Establishment
To contact us Click HERE
MEMORANDUM
TO: All Political Subdivisions
FROM: Brian E. Bailey, Commissioner
RE: Changes to Cumulative Fund Establishment
DATE: July 3, 2012
On March 19, 2012, Governor Mitch Daniels signed into law House Enrolled Act 1072 (“HEA 1072”), which modifies the process by which a political subdivision establishes a cumulative fund or modifies a cumulative fund tax rate.
Section 42 of HEA 1072 repeals IC 6-1.1-41-5, which had required the Department of Local Government Finance (“Department”) to require that a Notice of Submission be given to taxpayers when a political subdivision presented a proposal to the Department to establish a cumulative fund or modify a cumulative fund tax rate.
Now a political subdivision must, pursuant to IC 6-1.1-41-3 as amended by Section 41 of HEA 1072, publish a Notice of Adoption in accordance with IC 5-3-1-2(i) in a manner prescribed by the Department if the political subdivision adopts a proposal to establish a cumulative fund or modify a cumulative fund tax rate under IC 6-1.1-41-3.
These changes are effective July 1, 2012.
http://www.in.gov/dlgf/files/120703_-_Bailey_Memo_-_Cum_Fund_Notices.pdf
TO: All Political Subdivisions
FROM: Brian E. Bailey, Commissioner
RE: Changes to Cumulative Fund Establishment
DATE: July 3, 2012
On March 19, 2012, Governor Mitch Daniels signed into law House Enrolled Act 1072 (“HEA 1072”), which modifies the process by which a political subdivision establishes a cumulative fund or modifies a cumulative fund tax rate.
Section 42 of HEA 1072 repeals IC 6-1.1-41-5, which had required the Department of Local Government Finance (“Department”) to require that a Notice of Submission be given to taxpayers when a political subdivision presented a proposal to the Department to establish a cumulative fund or modify a cumulative fund tax rate.
Now a political subdivision must, pursuant to IC 6-1.1-41-3 as amended by Section 41 of HEA 1072, publish a Notice of Adoption in accordance with IC 5-3-1-2(i) in a manner prescribed by the Department if the political subdivision adopts a proposal to establish a cumulative fund or modify a cumulative fund tax rate under IC 6-1.1-41-3.
These changes are effective July 1, 2012.
http://www.in.gov/dlgf/files/120703_-_Bailey_Memo_-_Cum_Fund_Notices.pdf
DLGF Publishes Memorandum on Allocation of Tax Revenue Subject to "Circuit Breaker" Credits
To contact us Click HERE
MEMORANDUM
TO: All Political Subdivisions
FROM: Brian E. Bailey, Commissioner
RE: Allocation of Tax Revenue Subject to “Circuit Breaker” Credits
DATE: June 29, 2012
On March 19, 2012, Governor Mitch Daniels signed into law House Enrolled Act 1072 (“HEA 1072”), which addresses the way in which tax revenue subject to reduction by property tax credits under IC 6-1.1-20.6 (the “circuit breakers”) is to be allocated.
Section 35 of HEA 1072, effective July 1, 2012, introduces two new terms to IC 6-1.1-20.6-9.8: “protected taxes” and “unprotected taxes.”
The term “protected taxes” means the following:
(A) Property taxes that are exempted from the application of a “circuit breaker” credit granted under IC 6-1.1-20.6-7(b) or 7(c), IC 6-1.1-20.6-7.5(b) or 7.5(c), or another law.
(B) Property taxes imposed by a political subdivision to pay for its debt service obligations[1] that are not exempted from the application of a “circuit breaker” credit granted under IC 6-1.1-20.6-7(b) or 7(c), IC 6-1.1-20.6-7.5(b) or 7.5(c), or another law (such property taxes are subject to the credit granted under IC 6-1.1-20.6-7(b) or 7(c) or IC 6-1.1-20.6-7.5(b) or 7.5(c) regardless of their designation as protected taxes).
The term “unprotected taxes” refers to property taxes that are not protected taxes.
The total amount collected from protected taxes must be allocated to the fund for which the protected taxes were imposed as if no credit were granted under IC 6-1.1-20.6-7 or IC 6-1.1-20.6-7.5. The total amount of the loss in revenue resulting from the granting of credits under IC 6-1.1-20.6-7 or IC 6-1.1-20.6-7.5 must reduce only the amount of unprotected property taxes distributed to a fund in proportion to the unprotected rate tax imposed for that fund relative to the total of all unprotected tax rates imposed by the taxing unit. http://www.in.gov/dlgf/files/120703_-_Bailey_Memo_-_Protected_and_Unprotected_Taxes.pdf
TO: All Political Subdivisions
FROM: Brian E. Bailey, Commissioner
RE: Allocation of Tax Revenue Subject to “Circuit Breaker” Credits
DATE: June 29, 2012
On March 19, 2012, Governor Mitch Daniels signed into law House Enrolled Act 1072 (“HEA 1072”), which addresses the way in which tax revenue subject to reduction by property tax credits under IC 6-1.1-20.6 (the “circuit breakers”) is to be allocated.
Section 35 of HEA 1072, effective July 1, 2012, introduces two new terms to IC 6-1.1-20.6-9.8: “protected taxes” and “unprotected taxes.”
The term “protected taxes” means the following:
(A) Property taxes that are exempted from the application of a “circuit breaker” credit granted under IC 6-1.1-20.6-7(b) or 7(c), IC 6-1.1-20.6-7.5(b) or 7.5(c), or another law.
(B) Property taxes imposed by a political subdivision to pay for its debt service obligations[1] that are not exempted from the application of a “circuit breaker” credit granted under IC 6-1.1-20.6-7(b) or 7(c), IC 6-1.1-20.6-7.5(b) or 7.5(c), or another law (such property taxes are subject to the credit granted under IC 6-1.1-20.6-7(b) or 7(c) or IC 6-1.1-20.6-7.5(b) or 7.5(c) regardless of their designation as protected taxes).
The term “unprotected taxes” refers to property taxes that are not protected taxes.
The total amount collected from protected taxes must be allocated to the fund for which the protected taxes were imposed as if no credit were granted under IC 6-1.1-20.6-7 or IC 6-1.1-20.6-7.5. The total amount of the loss in revenue resulting from the granting of credits under IC 6-1.1-20.6-7 or IC 6-1.1-20.6-7.5 must reduce only the amount of unprotected property taxes distributed to a fund in proportion to the unprotected rate tax imposed for that fund relative to the total of all unprotected tax rates imposed by the taxing unit. http://www.in.gov/dlgf/files/120703_-_Bailey_Memo_-_Protected_and_Unprotected_Taxes.pdf
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