P&G Accounting

P&G Accounting Providing Business and Individual Tax Preparation, Tax Planning, and Bookkeeping services.

Schedule a Tax Planning session before Sept 30th, and receive 10% off next year's tax prep fees. Having a plan is the M...
05/21/2014

Schedule a Tax Planning session before Sept 30th, and receive 10% off next year's tax prep fees. Having a plan is the MOST effective way to LOWER your taxes.

The winner of the I-Pad air was Sarah Garrat of Sarah's Avon Beauty center.
04/18/2014

The winner of the I-Pad air was Sarah Garrat of Sarah's Avon Beauty center.

Deducting Medical and Dental ExpensesIf you plan to claim a deduction for your medical expenses, there are some new rule...
02/27/2014

Deducting Medical and Dental Expenses
If you plan to claim a deduction for your medical expenses, there are some new rules this year that may affect your tax return. Here are eight things you should know about the medical and dental expense deduction:
1. AGI threshold increase. Starting in 2013, the amount of allowable medical expenses you must exceed before you can claim a deduction is 10 percent of your adjusted gross income. The threshold was 7.5 percent of AGI in prior years.
2. Temporary exception for age 65. The AGI threshold is still 7.5 percent of your AGI if you or your spouse is age 65 or older. This exception will apply through Dec. 31, 2016.
3. You must itemize. You can only claim your medical and dental expenses if you itemize deductions on your federal tax return. You can’t claim these expenses if you take the standard deduction.
4. Paid in 2013. You can include only the expenses you paid in 2013. If you paid by check, the day you mailed or delivered the check is usually considered the date of payment.
5. Costs to include. You can include most medical or dental costs that you paid for yourself, your spouse and your dependents. Some exceptions and special rules apply. Any costs reimbursed by insurance or other sources don’t qualify for a deduction.
6. Expenses that qualify. You can include the costs of diagnosing, treating, easing or preventing disease. The cost of insurance premiums that you pay for policies that cover medical care qualifies, as does the cost of some long-term care insurance. The cost of prescription drugs and insulin also qualify. For more examples of costs you can deduct, see IRS Publication 502, Medical and Dental Expenses.
7. Travel costs count. You may be able to claim the cost of travel for medical care. This includes costs such as public transportation, ambulance service, tolls and parking fees. If you use your car, you can deduct either the actual costs or the standard mileage rate for medical travel. The rate is 24 cents per mile for 2013.
8. No double benefit. You can’t claim a tax deduction for medical and dental expenses you paid with funds from your Health Savings Accounts or Flexible Spending Arrangements. Amounts paid with funds from those plans are usually tax-free.

If your tax preparer charges you for direct deposit for your refund, they are ripping you off. There is no fee for it. ...
02/26/2014

If your tax preparer charges you for direct deposit for your refund, they are ripping you off. There is no fee for it. It is absolutely free!

4 Good Reasons to Direct Deposit Your Refund:Convenience - No need to make a trip to the bankSecurity - No risk of your ...
02/26/2014

4 Good Reasons to Direct Deposit Your Refund:
Convenience - No need to make a trip to the bank
Security - No risk of your check being stolen
Options - You can split your refund into 3 different accounts
Free - It's Free to Direct Deposit your Refund

We are still giving away an I-Pad this tax season.
02/25/2014

We are still giving away an I-Pad this tax season.

Need money for kids college? How about $2,500 a year for students working on a bachelor degree or $2,000 a year for gra...
02/19/2014

Need money for kids college? How about $2,500 a year for students working on a bachelor degree or $2,000 a year for graduate studies. See your tax professional.

02/13/2014

Call PETE instead of being on hold at the IRS for hours. I can answer your questions...

02/13/2014

IRS Warns of Heavy Call Volume, Offers Tips for Faster Answers

WASHINGTON – The IRS reminded taxpayers the Presidents Day holiday period typically marks one of the busiest weeks of the tax filing season for its phone lines. There are other alternatives to help taxpayers find answers to commonly asked tax questions.

This guy could be a tax write off... Ask me how.
02/12/2014

This guy could be a tax write off... Ask me how.

02/12/2014

If you have kids, they may finally be of use. Here are 8 ways they can help you reduce your taxes.

Eight Tax Savers for Parents
Your children may help you qualify for valuable tax benefits. Here are eight tax benefits parents should look out for when filing their federal tax returns this year.

1. Dependents. In most cases, you can claim your child as a dependent. This applies even if your child was born anytime in 2013. For more details, see Publication 501, Exemptions, Standard deduction.

2. Child Tax Credit. You may be able to claim the Child Tax Credit for each of your qualifying children under the age of 17 at the end of 2013. The maximum credit is $1,000 per child. If you get less than the full amount of the credit, you may be eligible for the Additional Child Tax Credit. For more about both credits, see the instructions for Schedule 8812, Child Tax Credit, and Publication 972, Child Tax Credit.

3. Child and Dependent Care Credit. You may be able to claim this credit if you paid someone to care for one or more qualifying persons. Your dependent child or children under age 13 are among those who are qualified. You must have paid for care so you could work or look for work. For more, see Publication 503, Child and Dependent Care Expensive Soules.

4. Earned Income Tax Credit. If you worked but earned less than $51,567 last year, you may qualify for EITC. If you have three qualifying children, you may get up to $6,044 as EITC when you file and claim it on your tax return. Use the EITC Assistant tool at IRS.gov to find out if you qualify or see Publication 596, Earned Income Tax Credit.

5. Adoption Credit. You may be able to claim a tax credit for certain expenses you paid to adopt a child. For details, see the instructions for Form 8839, Qualified Adoption Expenses.

6. Higher education credits. If you paid for higher education for yourself or an immediate family member, you may qualify for either of two education tax credits. Both the American Opportunity Credit and the Lifetime Learning Credit may reduce the amount of tax you owe. If the American Opportunity Credit is more than the tax you owe, you could be eligible for a refund of up to $1,000. See Publication 970, Tax Benefits for Education.

7. Student loan interest. You may be able to deduct interest you paid on a qualified student loan, even if you don’t itemize deductions on your tax return. For more information, see Publication 970.

8. Self-employed health insurance deduction. If you were self-employed and paid for health insurance, you may be able to deduct premiums you paid to cover your child under the Affordable Care Act. It applies to children under age 27 at the end of the year, even if not your dependent.

02/07/2014

Only 3 weeks left to earn 3 tickets for the I-Pad drawing. In March you only get 2 tickets and April only 1 ticket.

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