Retzlaff Business Solutions

03/30/2022

My friends, I have clients who are hiring! If you know of someone who is looking to work for a growing, family oriented, small business - message me!

And, there is plenty of accounting work - don't forget to send any good bookkeepers & accountants my way too!

10/12/2021

Washington friends, get your exemptions in!

WA Cares can supplement private long-term care benefits, especially if you won’t retire for three or more years. You can also choose to apply for an exemption from WA Cares coverage. Learn more about vesting in WA Cares Fund.

03/24/2021

Do you know any bookkeepers looking for work? There is plenty in my world, connect them to me!

09/01/2020

Curious to see what the parties are planning for taxes?
https://www.arahcpa.com/blog/what-are-the-tax-plans-of-the-major-parties-presidential-candidates/44631

06/06/2017

My Thursday is full, but this looks like a great virtual webinar for those starting a business or already working their business.

https://vts.inxpo.com/scripts/Server.nxp?LASCmd=AI:4;F:QS!10100&AffiliateData=SBAnewsletter&ShowKey=39658&utm_medium=email&utm_source=govdelivery&Referrer=http%3A%2F%2Flinks.govdelivery.com%2F

This half-day event offers educational webinars, one-on-one mentoring sessions, exhibitor booths, and networking chat rooms to give you the information you need to succeed as a small business owner.

03/17/2016

From my AIPB newsletter :

"Credit card statements
are not proof for deductions

Here’s an example from this month’s issue:

The case: A husband and wife who worked at unrelated firms deducted a range of unreimbursed expenses as job-related, such as PCs, software, printers, paper, books, online courses and travel. The IRS denied the deductions.

Held: For the IRS. To support their deductions, the couple provided credit card statements. But the court ruled that these statements are not sufficient because they often do not detail what was purchased or indicate whether an item was for business or personal use, so they fall short of the higher substantiation requirements for travel and entertainment expenses. [Bernstein v. Comm., T.C. Summ. Op. 2016-3]"

02/02/2016

Tia the season of scams and phishing!!https://blog.malwarebytes.org/fraud-scam/2014/11/psa-tech-support-scams-pop-ups-on-the-rise/

The Internet Crime Complaint Center (IC3) has issued a public service announcement warning about a "new twist to the telephone tech support scam". This new type of scam goes beyond the social engineering aspect and threatens users with actual malware. Find out what this scam is about and most import…

09/29/2015

Sharing an article from my bookkeeping AIPB newsletter to help us all be better at mileage logs :

There was "a married couple. He was a professor at a college 470 miles from their residence. She worked part-time at her mother’s farm. On their income tax return, he deducted on Sched. C mileage related to his “educational services” business. She listed on Sched. F mileage related to her part-time farming job, such as driving to look at equipment and attending auctions to buy livestock.

The IRS denied both of their mileage deductions.

Held: For the IRS. To substantiate the mileage deductions, the taxpayers offered several logs. But both the IRS and the court rejected the logs. His logs had dutifully recorded trips from his home to the college but did not include any descriptions of the business purpose of any of the trips or the names of clients he met with. A mileage log that does not give the business purpose of a trip does not meet the regs’ minimum requirements. In addition, the court concluded that the logs were not prepared contemporaneously with the trips but instead much later, in anticipation of the trial. The court concluded that the trips were simply his commuting from his residence to his job—costs that are not deductible.

The wife’s logs were also inadequate because instead of listing the business purpose of each trip, they gave only a general purpose, such as “harvesting” and “logging.” Her logs also failed to mention the clients or stores visited. [Renner v. Comm., T.C. Memo 2015-102]

AIPB tip: A log of business mileage must list for each trip the time, place and specific business purpose of the travel (“sales call,” “solve customer problem with widget,” etc.) —a general description is likely to be rejected. Equally important: a mileage log should be prepared contemporaneously. The more time that passes between a trip and recording it in the log, the less credible it will be."

03/17/2015

WASHINGTON — Federal income tax refunds totaling $1 billion may be waiting for an estimated one million taxpayers who did not file a federal income tax return for 2011, the Internal Revenue Service announced today. To collect the money, these taxpayers must file a 2011 tax return with the IRS no lat…

03/17/2015

IRS publication : "Standard or Itemized: Choose the Deduction Method That’s Best for You

Most people claim the standard deduction when they file their federal tax return. But did you know that you may lower your taxes if you itemize your deductions? Find out if you can save by doing your taxes using both methods. Usually, the bigger the deduction, the lower the tax you have to pay. You should file your tax return using the method that allows you to pay the least amount of tax. The IRS offers these six tips to help you choose:

1. Use IRS Free File. Most people qualify to use free, brand-name software to prepare and e-file their federal tax returns. IRS Free File is the easiest way to file. Free File software will help you determine if you should itemize and file the right tax forms. It will do the math and e-file your return – all for free. Check your other e-file options if you can’t use Free File.

2. Figure your itemized deductions. Add up deductible expenses you paid during the year. These may include expenses such as:

Home mortgage interest
State and local income taxes or sales taxes (but not both)
Real estate and personal property taxes
Gifts to charities
Casualty or theft losses
Unreimbursed medical expenses
Unreimbursed employee business expenses
Special rules and limits apply. Visit IRS.gov and refer to Publication 17, Your Federal Income Tax, for more details.

3. Know your standard deduction. If you don’t itemize, your basic standard deduction for 2014 depends on your filing status:

Single $6,200
Married Filing Jointly $12,400
Head of Household $9,100
Married Filing Separately $6,200
Qualifying Widow(er) $12,400
If you’re 65 or older or blind, your standard deduction is higher than these amounts. If someone can claim you as a dependent, your deduction may be limited.

4. Check the exceptions. There are some situations where the law does not allow a person to claim the standard deduction. This rule applies if you are married filing a separate return and your spouse itemizes. In this case, you can’t claim a standard deduction. You usually will pay less tax if you itemize. See Pub. 17 for more on these rules.

5. Use the IRS ITA tool. Visit IRS.gov and use the Interactive Tax Assistant that takes you through a series of questions just like one of our customer service representatives would. The tool can help determine your standard deduction. It can also help you figure several of your itemized deductions.

6. File the right forms. To itemize your deductions, use Form 1040 and Schedule A, Itemized Deductions. You can take the standard deduction on Forms 1040, 1040A or 1040EZ.

If you found this Tax Tip helpful, please share it through your social media platforms. A great way to get tax information is to use IRS Social Media. You can also subscribe to IRS Tax Tips or any of our e-news subscriptions.

Additional IRS Resources:

Publication 501, Exemptions, Standard Deduction, and Filing Information
Filing Your Taxes
IRS Tax Map
IRS YouTube Videos:

Welcome to Free File – English
Standard vs. Itemized Deductions – English | Spanish | ASL
Interactive Tax Assistant – English | ASL
IRS Podcasts:

Standard vs. Itemized Deductions – English | Spanish
Interactive Tax Assistant – English"

01/13/2015

1100 to 1 = the number of Small Business to Large Corporations
Keep Innovating!!

11/26/2014

My AIPB Quiz:

3. To avoid being caught in a phony IRS telephone scam, you should know that IRS employees never make an initial contact or start collection actions by _____ or ____— they contact taxpayers only by _____.

4. To avoid being caught in a phony IRS scam, you should know that the IRS does not threaten enforcement of collections without first offering an opportunity to _____ or _____ the assessment.