Start Planning Now for Next Year's Tax Return

To contact us Click HERE

The tax deadline may have just passed but planning for next year can startnow. The IRS reminds taxpayers that being organized and planning ahead can savetime, money and headaches in 2013. Here are eight things you can do now to makenext April 15 easier.

1. Adjust your withholding Why wait another year for a bigrefund? Now is a good time to review your withholding and make adjustments fornext year, especially if you'd prefer more money in each paycheck this year. Ifyou owed at tax time, perhaps you'd like next year's tax payment to be smaller.Use IRS's Withholding Calculator at www.irs.govor Publication 919, How Do I Adjust My Tax Withholding?

2. Store your return in a safe place Put your 2011 taxreturn and supporting documents somewhere secure so you'll know exactly whereto find them if you receive an IRS notice and need to refer to your return. Ifit is easy to find, you can also use it as a helpful guide for next year's return.

3. Organize your recordkeeping Establish a central locationwhere everyone in your household can put tax-related records all year long.Anything from a shoebox to a file cabinet works. Just be consistent to avoid ascramble for misplaced mileage logs or charity receipts come tax time.

4. Review your paycheck Make sure your employer is properlywithholding and reporting retirement account contributions, health insurancepayments, charitable payroll deductions and other items. These payrolladjustments can make a big difference on your bottom line. Fixing an error inyour paycheck now gets you back on track before it becomes a huge hassle.

5. Shop for a tax professional early If you use a taxprofessional to help you strategize, plan and make financial decisionsthroughout the year, then search now. You'll have more time when you're not upagainst a deadline or anxious for your refund. Choose a tax professionalwisely. You are ultimately responsible for the accuracy of your own returnregardless of who prepares it. Find tips for choosing a preparer at www.irs.gov.

6. Prepare to itemize deductions If your expenses typicallyfall just below the amount to make itemizing advantageous, a bit of planning tobundle deductions into 2012 may pay off. An early or extra mortgage payment,pre-deadline property tax payments, planned donations or strategically paidmedical bills could equal some tax savings. See the Schedule A instructions forexpenses you can deduct if you're itemizing and then prepare an approach thatworks best for you.

7. Strategize tuition payments The American Opportunity TaxCredit, which offsets higher education expenses, is set to expire after 2012.It may be beneficial to pay 2013 tuition in 2012 to take full advantage of thistax credit, up to $2,500, before it expires. For more information, see IRSPublication 970, Tax Benefits for Education.

8. Keep up with changes Find out about tax law changes,helpful tips and IRS announcements all year by subscribing to IRS Tax Tipsthrough www.irs.govor IRS2Go, the mobile app from the IRS. The IRS issues tips regularly duringsummer and tax season. Special Edition tips are sent periodically with othertimely updates.

The IRS emphasizes that each household's financial circumstances aredifferent so it's important to fully consider your specific situation and goalsbefore making large financial decisions. 

Please contact us if you have any questions.  801-269-1818


Links:

• IRS Withholding Calculator
• Publication 919, How Do I Adjust My Tax Withholding? (PDF)
• 2011 Form 1040 (Schedule A) (PDF)
• Publication 970, Tax Benefits for Education (PDF)

Don't Fall for Phony IRS Websites

To contact us Click HERE


The Internal Revenue Service is issuing a warning about a new tax scam thatuses a website that mimics the IRS e-Services online registration page.

The actual IRS e-Services page offers web-based products for tax preparersand payers, not the general public. The phony web page looks almost identical tothe real one.

The IRS gets many reports of fake websites like this. Criminals use thesesites to lure people into providing personal and financial information that maybe used to steal the victim’s money or identity.

The address of the official IRS website is www.irs.gov.Don’t be misled by sites claiming to be the IRS but ending in .com, .net, .orgor other designations instead of .gov.

If you find a suspicious website that claims to be the IRS, send the site’sURL by email to phishing@irs.gov. Use thesubject line, 'Suspicious website'.

Be aware that the IRS does not initiate contact with taxpayers by email torequest personal or financial information. This includes any type of electroniccommunication, such as text messages and social media channels.

If you get an unsolicited email that appears to be from the IRS, report itby sending it to phishing@irs.gov.
The IRS has information at www.irs.govthat can help you protect yourself from tax scams of all kinds. Search the siteusing the term “phishing.”

Links:

• Suspicious e-Mails and Identity Theft
• Reporting Phishing
• Identity Theft resource page
• Publication 4523, Beware of Phishing Schemes (PDF)

IRS YouTube Videos:

• Phishing-Malware - English | Spanish | ASL

IRS Podcasts:

• Protect Yourself From Identity Theft - English | Spanish

Is Juice a Problem for Children's teeth?

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By Dr. Scott Thompson, DDS - Winning With SmilesFor over 2 generations now juice has been espoused as a health food. Though dentists have been aware for decades this is not really true, it has not been until very recently that the health industry and the medical establishment has taken a closer look at juice. It is definitely not a health food. The question arises if it is even healthy!

Juice now sits on the top of the list as a probable causative agent for the medical chronic disease pandemic facing our children; namely diabetes, obesity, high blood pressure, and osteoporosis, among others. The journals of the American Medical Association and the American Academy of Pediatrics have in recent years recommended that juice be avoided in an infant’s diet. They also recommend that if it is introduced to a toddler that it be limited to 6 oz. daily (a small glass) and consumed with a meal.

Juice is at the top of the list of causative agents for dental disease for our children and youth. For that matter, in today’s culture it probably is equally at cause for adult dental decay.

Juice is worse than soda! That doesn’t mean soda is good; it is also terrible for teeth and health. But, juice is worse. If you look at nutrition data for foods and compare juice with whole fruit, you quickly see what is lost when juice is squeezed from fruit. A couple highlights:

You do get water and calories; i.e., an 8 oz glass of orange juice has the calories squeezed from about 5 oranges. Who ever heard of eating 5 oranges in one sitting? And today we often do this at breakfast and again in the afternoon. Yikes… all those empty calories!

Lost with the fruit when we make juice is a) nearly all the vitamins except some of the water soluble vitamin C, b) insoluble fiber, roughage, c) soluble fiber, unique to fruit and an important aid in digestion, d) and minerals, key components to our enzyme systems that process our body functions. Without the minerals the enzymes cannot use the calories we consume so the calories get stored as fat.

Rarely mentioned about juice is the acid. Acid that will dissolve your teeth. Those of us that took analytical and organic chemistry in college know the issue here. Though organic acids are often called “weak” acids, they are far more effective in organic systems like mouths because of their sustaining power. They don’t register in the pH scale as strong (lower number) as inorganic acids because they hold their acid potential in “reserve.” As the acid is used (dissolving calcium out of teeth) the reserve releases more acid out of solution. This is part of the steady state (homeostasis) systems that sustain organic (life supporting) systems. When misused (juice rather than fruit) the power released can be devastating. It turns out the acid potential (titrateable acid) of juice is nearly twice that of colas!

So put juice at the very top of the destructive beverage list that includes: juice, sports drinks like Gatorade, sodas, juicers and sweet energy teas.

Practice Giving: It's Good for Your Health

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By Ashlei Jackson, Qlixite

The definition of “charity” is the practice of benevolent giving, giving without payment or expectation of a direct return. In light of the efforts being made all around the world to help the people of Haiti, the word charity is everywhere. We often find ourselves helpless or listing reasons why we have nothing to give. However, the act of giving to others is actually healthy for you and it is the one thing you can do that will always benefit you and the ones you love. Best of all you don’t need to put a monetary value to your charity. Small acts of giving go a long way. Since the definition said that we should “practice” charity...and we all resolved to get healthier in 2010...let’s start!

Cultivate Your Mind: You will need to set aside time for yourself on a regular basis. By taking time out of every day to focus on your own needs, you will be more prepared and able to give more to others. In order to continue learning and entertain your brain on a daily basis, you should make a list of all the things you would like learn more about. Sit down and list it all at once or gradually add to the lis throughout the year. Either way, you can continue checking off items on the list as you complete them and it will give you a sense of accomplishment. Ideas: Read one book a month. Schedule time for conversations with your spouse or friend on a current topics. Help your kids with their homework...even that subject you despise. Or better yet ask them about what they learned that day. You’ll connect and possibly learn something new.

Stretch Your Body: One of the best ways to spend the time you have set aside for yourself is to improve your physical health through exercise. You don’t need to do strenuous exercise every day, but you should stretch and get your heart rate moving. This will help reduce stress, keep your body in good shape and even help you sleep better at night. Ideas: Take a walk outside, the view is better than on the treadmill. Take a yoga or couples dance class. Stop at points during your day and just take 5-10 deep breaths. Use the stairs or park in the farthest point of the lot. The more you move, the better you’ll feel.

Give of Your Soul: The most rewarding way to work on your overall health and happiness is to do things that are good for your soul. These are the types of activities that require you set aside time to focus on and give to others - but remember; giving is healthy for you too. It helps you grow your relationships with others, feel fulfilled and show how much you care. One of the easiest ways to give to others is to spend time with them. It often doesn’t cost anything but it can be more rewarding and appreciated than anything you do. And the receivers can be anyone from your kids or parents to the homeless and needy. Ideas: Volunteer. This is a broad concept. Get involved with local organizations and share your ideas. You have skills that can help people around you. Organize a family reunion or special event that brings people together. Get involved with a Church or Spiritual group. Foster a pet. It doesn’t matter if you’re 5, 50 or 85 years old, you always have something to give. Let your mind wander on how you can help others and the opportunities will appear.

Expand your Heart: Mother Theresa is quoted saying “We cannot do great things on this Earth, only small things with great love.” We’re always too busy or too broke to do things on a grand scale so keep it small. Expand the amount of love you have for the people in your life and your problems will seem smaller and less tragic. Ideas: Write a small note to each of the people you work with telling them how much you appreciate them. Look people in the eye and thank them. Smiles are contagious (apparently so are butterfly stickers in this town) so spread them. Valentines Day is coming so follow the youth example and buy a silly box of valentines for everyone you know.
      There is a reason the definition of charity is the “practice” of giving versus the “act” of giving. It was Aristotle who said, “We are what we repeatedly do, excellence, then, is not an act but a habit.”

Sleep - It's Good For Your Health!

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By Dr. Randall Hensley, D.C., Hensley Chiropractic


Do you sleep like a baby?...awake every two hours, hungry and needing to use the bathroom? Or are you blessed with the ability to fall asleep the minute your head hits the pillow, sleep all night, and wake up feeling refreshed and ready to go? If you are in the later group, good for you. And I mean, good for you! Sleep is very important in maintaining your health and recovering from illness. Sleep allows your body the down time it needs to replenish, rebuild, and remove stress from your systems. If you are not sleeping well consider the following recommendations for a good night's rest. Remember everyone's sleep solutions differ so finding your perfect remedy is unique to you. Try one or all of them!

In addition to the typical remedies such as avoiding caffeine, sipping chamomile tea, or counting sheep, there are many other factors that can affect your sleep quality and duration. For example having a mattress and pillow that suits your particular preference is very important. If you wake up less than “bright-eyed and bushy-tailed” check your bed. As a rule of thumb if you sleep better at a hotel, your in-laws, or when camping...it's likely your bed. You should also be sure to go to bed and wake up at the same time, even on weekends. This builds consistency in your sleep-wake cycle. This “circadian rhythm” is set by your pituitary gland deep in your brain and is triggered by light entering your eyes. Therefore, be sure to sleep in a dark room and then let bright light or better yet let sunshine greet you in the morning.

Other hints include:

• making your room colder and avoiding hot baths just prior to retiring. (for some overheating the body delays sleep),
• take a daily “power nap” for 20 minutes just after lunch,
• participate in moderate exercise earlier in the day to promote physical tiredness,
• eat healthy, drink plenty of water, cut back on late night snacks such as ice cream,
• don't play video games or watch overly stimulating or stressful television (news/horror/etc),
• quit smoking, and don't drink alcohol before bed.
• use a “white-noise” machine to block out sleep-disturbing noises.
• Always try to find ways to lower your emotional stress and learn the not-so-simple act of relaxing.
• If your brain is racing, keep a paper and pen next to your bed to write down those “must-remember-to-do-tomorrow” notes or “must-not-forget-brilliant-ideas” so your subconscious brain can rest easy.

More advanced relaxation techniques include abdominal breathing, progressive muscle relaxation, massage, visual imagery, or cognitive behavioral therapy. You should also visit your favorite chiropractor, acupuncturist, or health care provider to investigate and treat the cause of your insomnia. Chiropractic adjustments for example can decrease pain and increase the secretion of serotonin and melatonin facilitating better sleep. Lastly, keep a “sleep diary” and record how well you slept, what time you went to bed, what you ate or did the night before, etc. This information can help you and your health care providers identify your sleep issues.

Overall, once you find your “perfect” combination of bedding, environment, preparation, timing, mental attitude toward sleep, and professional help, be consistent and don't give up. Soon that biological clock will chime in rhythm with the clock on the nightstand. Sweet dreams and sleep well. 

Tips for Taxpayers Who Can't Pay Their Taxes on Time

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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.

Start Planning Now for Next Year's Tax Return

To contact us Click HERE

The tax deadline may have just passed but planning for next year can startnow. The IRS reminds taxpayers that being organized and planning ahead can savetime, money and headaches in 2013. Here are eight things you can do now to makenext April 15 easier.

1. Adjust your withholding Why wait another year for a bigrefund? Now is a good time to review your withholding and make adjustments fornext year, especially if you'd prefer more money in each paycheck this year. Ifyou owed at tax time, perhaps you'd like next year's tax payment to be smaller.Use IRS's Withholding Calculator at www.irs.govor Publication 919, How Do I Adjust My Tax Withholding?

2. Store your return in a safe place Put your 2011 taxreturn and supporting documents somewhere secure so you'll know exactly whereto find them if you receive an IRS notice and need to refer to your return. Ifit is easy to find, you can also use it as a helpful guide for next year's return.

3. Organize your recordkeeping Establish a central locationwhere everyone in your household can put tax-related records all year long.Anything from a shoebox to a file cabinet works. Just be consistent to avoid ascramble for misplaced mileage logs or charity receipts come tax time.

4. Review your paycheck Make sure your employer is properlywithholding and reporting retirement account contributions, health insurancepayments, charitable payroll deductions and other items. These payrolladjustments can make a big difference on your bottom line. Fixing an error inyour paycheck now gets you back on track before it becomes a huge hassle.

5. Shop for a tax professional early If you use a taxprofessional to help you strategize, plan and make financial decisionsthroughout the year, then search now. You'll have more time when you're not upagainst a deadline or anxious for your refund. Choose a tax professionalwisely. You are ultimately responsible for the accuracy of your own returnregardless of who prepares it. Find tips for choosing a preparer at www.irs.gov.

6. Prepare to itemize deductions If your expenses typicallyfall just below the amount to make itemizing advantageous, a bit of planning tobundle deductions into 2012 may pay off. An early or extra mortgage payment,pre-deadline property tax payments, planned donations or strategically paidmedical bills could equal some tax savings. See the Schedule A instructions forexpenses you can deduct if you're itemizing and then prepare an approach thatworks best for you.

7. Strategize tuition payments The American Opportunity TaxCredit, which offsets higher education expenses, is set to expire after 2012.It may be beneficial to pay 2013 tuition in 2012 to take full advantage of thistax credit, up to $2,500, before it expires. For more information, see IRSPublication 970, Tax Benefits for Education.

8. Keep up with changes Find out about tax law changes,helpful tips and IRS announcements all year by subscribing to IRS Tax Tipsthrough www.irs.govor IRS2Go, the mobile app from the IRS. The IRS issues tips regularly duringsummer and tax season. Special Edition tips are sent periodically with othertimely updates.

The IRS emphasizes that each household's financial circumstances aredifferent so it's important to fully consider your specific situation and goalsbefore making large financial decisions. 

Please contact us if you have any questions.  801-269-1818


Links:

• IRS Withholding Calculator
• Publication 919, How Do I Adjust My Tax Withholding? (PDF)
• 2011 Form 1040 (Schedule A) (PDF)
• Publication 970, Tax Benefits for Education (PDF)

Don't Fall for Phony IRS Websites

To contact us Click HERE


The Internal Revenue Service is issuing a warning about a new tax scam thatuses a website that mimics the IRS e-Services online registration page.

The actual IRS e-Services page offers web-based products for tax preparersand payers, not the general public. The phony web page looks almost identical tothe real one.

The IRS gets many reports of fake websites like this. Criminals use thesesites to lure people into providing personal and financial information that maybe used to steal the victim’s money or identity.

The address of the official IRS website is www.irs.gov.Don’t be misled by sites claiming to be the IRS but ending in .com, .net, .orgor other designations instead of .gov.

If you find a suspicious website that claims to be the IRS, send the site’sURL by email to phishing@irs.gov. Use thesubject line, 'Suspicious website'.

Be aware that the IRS does not initiate contact with taxpayers by email torequest personal or financial information. This includes any type of electroniccommunication, such as text messages and social media channels.

If you get an unsolicited email that appears to be from the IRS, report itby sending it to phishing@irs.gov.
The IRS has information at www.irs.govthat can help you protect yourself from tax scams of all kinds. Search the siteusing the term “phishing.”

Links:

• Suspicious e-Mails and Identity Theft
• Reporting Phishing
• Identity Theft resource page
• Publication 4523, Beware of Phishing Schemes (PDF)

IRS YouTube Videos:

• Phishing-Malware - English | Spanish | ASL

IRS Podcasts:

• Protect Yourself From Identity Theft - English | Spanish

IRS Offers Tax Tips for “The Season of Giving”

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

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

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

• Exempt Organizations Select Check
• Publication 526, Charitable Contributions

IRS Offers Tips for Year-End Giving

To contact us Click HERE

Individuals and businessesmaking contributions to charity should keep in mind some key tax provisionsthat have taken effect in recent years, especially those affecting donations ofclothing and household items and monetary donations.
Rules for Clothingand Household Items
To be deductible, clothingand household items donated to charity generally must be in good used conditionor better. A clothing or household item for which a taxpayer claims a deductionof over $500 does not have to meet this standard if the taxpayer includes aqualified appraisal of the item with the return. Household items includefurniture, furnishings, electronics, appliances and linens.
Guidelines forMonetary Donations
To deduct any charitabledonation of money, regardless of amount, a taxpayer must have a bank record ora written communication from the charity showing the name of the charity andthe date and amount of the contribution. Bank records include canceled checks,bank or credit union statements, and credit card statements. Bank or creditunion statements should show the name of the charity, the date, and the amountpaid. Credit card statements should show the name of the charity, the date, andthe transaction posting date.
Donations of money includethose made in cash or by check, electronic funds transfer, credit card andpayroll deduction. For payroll deductions, the taxpayer should retain a paystub, a Form W-2 wage statement or other document furnished by the employershowing the total amount withheld for charity, along with the pledge cardshowing the name of the charity.
These requirements for thededuction of monetary donations do not change the long-standing requirementthat a taxpayer obtain an acknowledgment from a charity for each deductible donation(either money or property) of $250 or more. However, one statement containingall of the required information may meet both requirements.
Reminders
To help taxpayers plan theirholiday-season and year-end giving, the IRS offers the following additionalreminders:

• Contributions are deductible in the year made. Thus, donations charged to a credit card before the end of 2012 count for 2012. This is true even if the credit card bill isn’t paid until 2013. Also, checks count for 2012 as long as they are mailed in 2012.
• Check that the organization is qualified. Only donations to qualified organizations are tax-deductible. Exempt Organization Select Check, a searchable online database available on IRS.gov, lists most organizations that are qualified to receive deductible contributions. In addition, churches, synagogues, temples, mosques and government agencies are eligible to receive deductible donations, even if they are not listed in the database.
• For individuals, only taxpayers who itemize their deductions on Form 1040 Schedule A can claim deductions for charitable contributions. This deduction is not available to individuals who choose the standard deduction, including anyone who files a short form (Form 1040A or 1040EZ). A taxpayer will have a tax savings only if the total itemized deductions (mortgage interest, charitable contributions, state and local taxes, etc.) exceed the standard deduction. Use the 2012 Form 1040 Schedule A to determine whether itemizing is better than claiming the standard deduction.
• For all donations of property, including clothing and household items, get from the charity, if possible, a receipt that includes the name of the charity, date of the contribution, and a reasonably-detailed description of the donated property. If a donation is left at a charity’s unattended drop site, keep a written record of the donation that includes this information, as well as the fair market value of the property at the time of the donation and the method used to determine that value. Additional rules apply for a contribution of $250 or more.
• The deduction for a motor vehicle, boat or airplane donated to charity is usually limited to the gross proceeds from its sale. This rule applies if the claimed value is more than $500. Form 1098-C, or a similar statement, must be provided to the donor by the organization and attached to the donor’s tax return.
• If the amount of a taxpayer’s deduction for all noncash contributions is over $500, a properly-completed Form 8283 must be submitted with the tax return.
• And, as always it’s important to keep good records and receipts.