There will not be a Tax and Money Tip this week. We are busily crunching tax returns and will continue next week with another Tax and Money Tip of the Week. We hope everyone is having a happy tax season.
Questions or Comments? You can add comments on the blog, call 919-847-2981, or visit our web site. We look forward to hearing from you.
Mark Vitek, CPA/PFS, CFP®
…until next week.
In our CPA practice, we find that many clients want to hold all of their tax information until they have received that final Form 1099 or K-1. Yikes! Don’t do that! Some brokerage firms don’t deliver 1099s until as late as March 8th, or amend the original 1099s frequently until March 31st.
We want you to provide us, or your CPA, with all available tax return information as soon as you have it pulled together. Don’t wait until you receive that last form!
This year it is especially important to get your tax information to us, or your CPA, as soon as possible. With the passing of the tax bill occuring so late, the IRS is still working to get many forms finalized. This is causing a tremendous backlog in all CPA firms this year. By getting your information to your CPA in early March, you will have your return in the front of queue and through the tax season hourglass well before the stress of April 15th!
Questions or Comments? You can add comments on the blog, call 919-847-2981, or visit our web site. We look forward to hearing from you.
Mark Vitek, CPA/PFS, CFP®
…until next week.
It is never a good idea to file a tax return late. The IRS and the State of North Carolina will assess penalties on returns filed past the due date. If you simply run out of time, or don’t yet have all the needed information, it is perfectly fine to file for an extension.
For business owners, corporations are reminded that the due date for Forms 1120 and 1120S is March 15, 2013. Returns for individuals, trusts and partnerships are due April 15, 2013.
All business owners only have until September 15, 2013 to file returns that were placed on extension. Individual tax returns placed on extension still have until October 15, 2013 to timely file.
As always, give us a call with any questions or concerns you may have.
Questions or Comments? You can add comments on the blog, call 919-847-2981, or visit our web site. We look forward to hearing from you.
Mark Vitek, CPA/PFS, CFP®
…until next week.
An interesting and timely article from the Investor’s Business Daily regarding money management – limit your losses always to 7% or less.
Act Like the Legends: Cut Your Losses Short
Questions or Comments? You can add comments on the blog, call 919-847-2981, or visit our web site. We look forward to hearing from you.
Mark Vitek, CPA/PFS, CFP® …until next week.
Announcing New Additional Staff! I am pleased to announce that we are growing and Mark Vitek, CPA, P.A., has two new employees to introduce in this week’s TMTW.
Mike Potopa, CPA, has started with our Firm recently as Client Tax Account Manager. Mike has over thirty one years’ experience as a CPA working with small and medium size businesses and individuals helping with their tax and accounting needs.
Sydney Maxwell is assisting Ingrid as a Tax Season Assistant and student intern. She is a junior at Meredith College.
We welcome our new team members and glad they are here!
Questions or Comments? You can add comments on the blog, call 919-847-2981, or visit our web site. We look forward to hearing from you.
Mark Vitek, CPA/PFS, CFP® …until next week.
At Mark Vitek, CPA, P.A., we are able to provide you with a secure, password protected portal to store and access your important financial documents from anywhere at anytime.
Whether you’re at work, home, or on vacation you always have access to your tax returns and financial work papers.
This portal also allows us to work together efficiently by securely exchanging working tax documents, scanned receipts and very large QuickBooks files.
HOW IT WORKS!
We have established our new Client Web Portal using CPA Secure, https://www.securefiletransferservices.com. Upon request to anyone in our office, we will gladly provide you with a username, password and a folder (similar to a Directory Folder on your computer) so that you may immediately begin using this exciting new feature. There is also a client portal button on our website www.markvitekcpa.com that will take you to the same site.
We believe this new feature will be a benefit of working with Mark Vitek, CPA, P.A.
More to come in future issues of Tax & Money Tip of the Week!
Questions or Comments? You can add comments on the blog, call 919-847-2981, or visit our web site. We look forward to hearing from you.
Mark Vitek, CPA/PFS, CFP® …until next week.
One of the key Estate Tax decisions in the new tax law passed by Congress this month.
Questions or Comments? You can add comments on the blog, call 919-847-2981, or visit our web site. We look forward to hearing from you.
Mark Vitek, CPA/PFS, CFP®
…until next week.
From Investment News , the Alternative Minimum Tax (AMT) fix is now permanent.
Questions or Comments? You can add comments on the blog, call 919-847-2981, or visit our web site. We look forward to hearing from you.
Mark Vitek, CPA/PFS, CFP®
…until next week
While most of the tax law changes that were recently passed effect 2013 and future years, there are a couple of items that can impact your 2012 taxes.
One of these items relates to what is commonly known as the Qualified Charitable Distribution (QCD) for IRA distributions.
The QCD is the IRA Charitable Rollover provision of the tax law that allows a tax-free distribution to charity, up to $100,000, from your IRA if you are 70 ½ or older. This distribution also counts towards your Required Minimum Distribution (RMD). This provision in the tax law expired at the end of 2011.
However, with the passage of the American Taxpayer Relief Act of 2012, this provision is extended through 2013. Additionally, there is a special provision that allows you to make a contribution in January 2013 that will be treated as a QCD for 2012!!
Therefore, if you are 70 ½ or older and have taken your 2012 Required Minimum Distribution from your IRA in cash during 2012, you can treat up to $100,000 of your 2012 RMD as a QCD if you make a cash contribution to a qualified charity by January 31, 2013!
Additionally, if you did not take your 2012 Required Minimum Distribution, you now have until January 31, 2013 to make a QCD and have it count as your 2012 RMD.
So if you are 70 ½ or older, you may benefit from this new provision. Give us a call to discuss.
Mark Vitek, CPA/PFS, CFP®
…until next week.
From The Journal of Accountancy, the fiscal cliff as been averted with the passing of a new tax law.
Congress Passes Fiscal Clifff Act
Questions or Comments?
You can add comments on the blog, call 919-847-2981, or visit our web site. We look forward to hearing from you.
Mark Vitek, CPA/PFS, CFP®
…until next week.
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