DON'T WAIT FOR W2's! ASK FOR CODE!

The first day to file your tax returns and get that refund is January 20, 2015 which is approximately 8 days away. Employers probably won't be sending out your end of year salary statements (W2's or 1099's) until the end of the month.

Did you know that most payroll departments have a way for you to access your w2 or 1099 information right now before you receive the physical copies in the mail by giving you a code that you can use to access your information online. This will give you access to all of the gross wages and withholdings (Federal and State) that you need in order to complete your taxes for the 2014 tax year.

So, ask your payroll department if this feature is available to you. Please contact me (213) 820-1513 or valerie.chowdhury@gmail.com if you have questions or need more information.

More Good Tech Stuff!

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THINKING ABOUT FORMING A NON PROFIT ORGANIZATION?

Inspiration and Information for Starting Your Business Posted on January 26th, 2012 by Joey Donovan Guido. Thinking about forming a nonprofit company? You probably already know that they’re specifically formed for purposes other than operating a profit-seeking business. But you might not be aware of all the benefits associated with being a nonprofit organization. To follow are the top advantages of forming a nonprofit company. We hope they help you gain a clearer picture of what these types of business formations have to offer … Top Seven Benefits of Forming a Nonprofit Company Limited liability protection. Protects directors, officers and members against being held personally responsible for their company’s debts and liabilities. With limited liability protection, creditors cannot pursue the personal assets of the business owner to pay off business debts. Tax-exempt status. Nonprofits can apply for both federal and state tax-exempt status. Access to grants. Some nonprofits are eligible to receive public and private grants, making it easier to get operating capital. For instance, certain grants and other public allocations are only available to 501(c)(3) organizations. Tax-deductible donations. With 501(c)(3) nonprofits, donations made by individuals to the nonprofit corporation are tax-deductible. Possible state sales and property taxes exemption. This benefit varies by state. US Postal Service discounts. Tax-exempt nonprofits generally can receive discounts on bulk mail rates. Credibility. There is established credibility for an organization that is recognized by the IRS as a tax-exempt nonprofit.

WATCH OUT FOR THIS SCAM!

I recently had another client who was almost another victim of an "IRS agent" scam. She received a phone call from a "IRS agent" stating that she had "over due" taxes and unless she paid them right then through a major credit card, prepaid card, or debit card they would issue a warrant for her arrest! They will also speak to you in a rude, threatening and agressive manner. They will also know some personal information about you like the last four digits of your social security number, your address, and in some cases, even your mother's maiden name. In some cases, these scammers will have an accomplis call 5 minutes later pretending to be from the police department or from some other government agency encouraging you to listen to the "Agent" or your freedom will be in peril. These scammers usually target the elderly, immigrants, and people who live in low income neighborhoods.

Remember this. The IRS will NEVER,  EVER initiate first contact with you through a phone call. They will also NEVER, EVER initiate an in person visit to your house. Their initial contact with you will always be via official correspondence from their main office. The only acception is if you're already in an audit situation with the IRS, and are already going through an IRS examination, the agent may call you with your permission if you've given him or her your telephone number.   But, other than this, If anyone calls you on the telephone, or shows up at your house representing themselves as an "IRS agent" (cheesy business card and all), tell them to send you a letter and you will forward the letter to your tax professional. But, If they get to aggressive with you, call the police.

IRS TELEPHONE HOLD LONGER THAN EVER!

One other reason not to procrastinate with your taxes this year is that if you need to reach the IRS for any reason, the telephone hold time is longer than ever! Average wait on hold is 45 minutes or longer to reach an Internal Revenue Service agent. Last week I tried to call the IRS for a client and was kept on hold for 3 hours. And still there is no guarantee that your questions will be answered in that first phone call. One of the reasons could be because of all the cut backs that have occurred at the agency. I guess they're like any other business. IRS employee hours have been cut back or employees have been laid off. For those of you that have had the experience of trying to reach an agent, you already know that the series of telephone menus are ridiculous. People often get discouraged and finally hang up. If you need to reach the IRS, the best time to call is very early in the morning around 8:00 a.m. Next article will be the easiest way to reach an IRS agent.