Gerald Yarborough, CPA, PC

02/20/2017

02/16/2017

A big shout out to our clients and friends who are in the process of adopting. Happy for you guys! And for anyone considering this, there are some great tax credits available, that can help. Connect with us (if you haven't already), for details.

02/15/2017

Those who have already filed their taxes and claimed the Earned Income Credit (EIC) or the Additional Child Tax Credit (ACTC) have had their refunds held back because of congressional action. The VERY good news is that the IRS says they will start processing those refunds on February 15th (that's today) -- though the IRS did say in a statement that those refunds likely will not start arriving in bank accounts or on debit cards until the week of Feb. 27.

02/13/2017

Q&A Monday: What tax questions can I answer for you today?

02/10/2017

An identity protection best practice:

Save your tax returns and records. Your federal and state tax forms are important financial documents you may need for many reasons, ranging from home mortgages to college financials. Print out a copy and keep in a safe place. Make an electronic copy in a safe spot as well. These steps also can help you more easily prepare next year’s tax return. If you store sensitive tax and financial records on your computer, use a file encryption program to add an additional layer of security should your computer be compromised.

02/08/2017

Think about the type of person you want handling your personal financial matters ... You want professionalism, and accuracy. You want clarity, you want to be aware of beneficial tax options, you want peace of mind, you want an efficient use of YOUR time. And at the end of the day, you want to KNOW you got the most money back from the Treasury AND that the IRS will stay off your back so you can sleep like a baby at night.

Yes, we know what our clients need in a tax expert, and we have tailored our services to that end.

02/07/2017

Did you know...
..the IRS can't technically take the shirt off your back? The tax code protects necessary personal belongings from the IRS collections process. Want to know what they CAN take? Give us a call.

02/03/2017

"If we take care of the moments, the years will take care of themselves." - Maria Edgeworth

Taking care of the moments is a sure-fire way to avoid problems with the IRS. Even if you've had tax problems in the past, it's never too late to start anew

02/03/2017

Common Tax Return Errors To Avoid For North Carolina and South Carolina Self-Preparers: The Super Bowl teams are set, the new President is inaugurated … why does it feel like things are still going so fast?
Perhaps, for me and my team, it's because we finally are able to submit tax returns to the IRS (they began receiving them on Monday the 23rd). But it's also just the time of year when there seems to be a LOT of noise, especially when it comes to taxes.
It's our job to cut through the noise of the burdensome pile of forms and regulations which form our tax process. Yes, some people get paid to create tasty food, others to patrol our streets, and we? Well, we put out financial and regulatory fires.
And it can be a lot of fun — really! There are stories every year, which circulate around our office, about the grateful client who was utterly hopeless about their financial and tax situation … until they met with us, we crunched their forms and numbers, and not only gave them the nice news of a lower tax bill (or higher refund) than they expected — but that we were able to speak life into the overall situation of their finances.
But for some strange reason, many taxpayers STILL choose to “go it alone” when it comes to preparing their returns.
Well, far be it from me to have such hardy souls be left in the dark. While what I'm writing this week may seem “professionally risky”, we are sincere about wanting everyone in North Carolina and South Carolina to pay the least amount possible in income to taxes.
So, even though it might encourage some people towards the risks of software-powered self-preparation, instead of our cost-effective, quick-but-meticulous services … here is a list of the most common errors I see when I review self-prepared returns.
(Warning: There's no “app” for experience.)
Common Tax Return Errors To Avoid For North Carolina and South Carolina Self-Preparers
“Arriving at one goal is the starting point to another.” -John Dewey
As all of your information is coming into your mailbox or being uploaded to your online accounts this month to prepare for your taxes (Doctor's bills, 1095's, 1099's, old W-2's, interest statements for student loans, etc.), it can be tempting (to some, at least) to forego the perceived “expense” of using a professional to help you save on your taxes for the year.
If for some reason you decide to go down that lonely road, please do at least watch out for these common errors (which we routinely correct for those who have us review their previous-year returns):
* Filing the wrong status (dependent or independent, 0 instead of 1, etc.)
* Missing forms
* Forgetting to sign it (this is incredibly common! Make SURE you sign!)
* Not adhering to new laws (a biggie)
* (or perhaps worse) Not taking advantage of deductions or credits from new laws
* Math errors or mixing up numbers
* Standardized deduction (one lump sum) when itemizing may return more
* Forgetting earned interest
* Not claiming your charitable donations (more common than you'd think!)
* Incorrect social security numbers
* Missing the deadlines
* Not checking last year's taxes to see if anything carries over (again, very common — and a good reason to have a pro check it out)
* Not taking deductions where they're pertinent (IRA's, too much Social Security being taken out)
* Failing to include dependents who don't live with you
* Claiming someone as a dependent who claimed themselves as independent
* Not filing domestic or self-employment taxes
* Not claiming credits where they're due (Child Tax Credit, Earned Income Credit)
So what can you do to correct all of these errors?
1) Double check. And triple check. Then check again. The idea here is that when another pair of eyes look at it, they can see stuff you don't. Your mind will tell you that things that you write or calculate are correct, even if they aren't.
2) Go to a professional. Self-serving? Why, yes. But as I mentioned in my introduction, we get paid to know what we do, and following the tax code permutations is our J-O-B. We've seen so many tax returns, even already this year, that what would take you 12 hours — can be accomplished by me and my practiced team in one.
I'm not suggesting we never make mistakes … but can you really afford to skimp when thousands are on the line?
Warmly,
Gerald Yarborough
(704) 759-3900
Gerald Yarborough, CPA, PC
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02/01/2017

An identity protection best practice:

Back up your files. No system is completely secure. Copy important files onto a removable disc or a back-up drive, and store it in a safe place. If your computer is compromised, you’ll still have access to your files.

01/31/2017

Today is the official deadline for employers and businesses to mail out W2s and (some) 1099s so be watching for yours in the mail soon!

01/30/2017

Mondays are for fun tax facts. What could be more fun that that? ;)

Who knows how long the IRS legally has to collect your tax debt?

01/27/2017

One of the things we look forward to about tax season are the stories we hear every year, which circulate around our office, about the grateful client who was utterly hopeless about their financial and tax situation ... until they met with us, we crunched their forms and numbers, and not only gave them the nice news of a lower tax bill (or higher refund) than they expected -- but that we were able to speak life into the overall situation of their finances. What a great job we have!

01/26/2017

Gerald Yarborough's Rule From The Successful: I have to first get this off my chest, before we get to the orders of business for today.
A few North Carolina and South Carolina friends were watching football the other day asked me about a commercial he saw from a “popular” tax chain (who shall remain nameless) that is heavily advertising “free” tax preparation.
Leaving aside the fact that it is only for those who file the absolute SIMPLEST of returns, allow me to let you behind the curtain a little…
One of OUR big revenue centers over the years has always been in fixing the tax preparation mistakes made by these “big box” retail tax outfits and off-the-shelf software programs, and discovering loads of missed opportunities and overpayments made by their clients.
Yes, you might be getting something “free”, but please: don't be seduced by the siren call of getting something for nothing. You usually end up paying for it, in a whole host of ways.
(Because, speaking of software: do you remember when a former Treasury Secretary used the leading tax software to do HIS taxes, unintentionally created a bunch of errors with it, and then blamed the software itself for all of his tax problems in front of the Senate? Not an uncommon issue, I'm afraid.)
The old adage *is* an adage because it's so often true: you get what you pay for. It's the foundation for a stable economic system because it's almost always true.
Admittedly, this is highly self-serving. But I wouldn't share it if it wasn't also serving you.
Alright … moving forward now. Some quick items:
1) The start of actual tax filing will not begin until January 23, 2017. This does NOT mean that we can't begin the preparation process earlier (we can, if you really have your paperwork in order), but it does mean that the IRS won't be issuing refunds or otherwise officially accepting returns until that point.
2) Would you do me a favor? Would you leave us a review on Yelp or Google Maps for other potential clients to see? We have found that these sources can be so helpful for people evaluating their options, and we would love to have as much information there as possible. Thank you!
Lastly, and before I get to my quick word for the day, I have included a special incentive for you at the end of this note … check it out!
I've given you a bunch of “orders of business” today, and so I wanted to simply tell you a story here, in my note. Would love your thoughts…
Gerald Yarborough's Rule From The Successful
“Act as if what you do makes a difference. It does.” -William James
Warren Buffett is known to be a generous man. Just a few years ago, of course, he made the biggest single contribution to philanthropy ever made — including an enormous bequest to the Bill and Melinda Gates Foundation (erstwhile rivals on the Forbes rich list).
But it's also common knowledge that Buffet is generous in other aspects of life as well.
And speaking of Forbes, I read a story in it about Buffett and an MBA student from Kazakhstan. This student attended a function at which Buffett was present but left his camera in the Berkshire Hathaway boardroom. The student wanted some pictures of himself with Buffett — and so, true to his form, Buffett offered to give the student a ride back himself to the office to pick up the camera.
During the drive, Buffett offered some advice to the young man. Do what you love, he told him. He also revealed to the student that his personal goal was not to live like a king, and that he liked living a fairly simple life, eating simple meals and driving a regular car.
It was then that Buffett offered this nugget of wisdom: “Be a nice person … It's so simple that it's almost too obvious to notice. Look around at people you like. Isn't it a logical assumption that if you like traits in other people, then other people would like you if you developed those same traits?”
So I ask you: if this advice was the first thing which rolled off of Warren Buffett's lips when speaking to a fresh-faced MBA student, what would YOU say to just such a student?
And, of course, if this advice represented part of the essence of why Buffett is so successful (well, that plus preternatural stock market understanding), how can you integrate his advice into your life this week?
Something great to ponder. And, as we head into the busyness of tax season, I wanted to remind you: we're here to help. Let me know if you have any questions.
Warmly,
Gerald Yarborough
(704) 759-3900
Gerald Yarborough, CPA, PC
The post Gerald Yarborough's Rule From The Successful appeared first on Gerald Yarborough, CPA, PC. http://bit.ly/2kpWTAX

01/25/2017

Don't get buried in paperwork. It's our job to cut through the noise of the burdensome pile of forms and regulations which form our tax process.

01/24/2017

An identity protection best practice to follow:

Don’t assume ads or emails are from reputable companies. Check out companies to find out if they are legitimate. When you’re online, a little research can save you a lot of money and reduce your security risk. If you see an ad or an offer that looks too good, take a moment to check out the company behind it. Type the company or product name into your favorite search engine with terms like “review,” “complaint” or “scam.” If you find bad reviews, you’ll have to decide if the offer is worth the risk. If you can’t find contact information for the company, take your business and your financial information elsewhere.

01/20/2017

Well it's the last weekend before tax season. Our team is ready and raring to go ... but we do plan to enjoy the weekend before the race begins on Monday. We hope you do too. Have a good one! :D

01/19/2017

Gerald Yarborough's Tax Preparation Checklist: I shared my “resolutions” last week, and it was really nice to see the response, and to know that many of our North Carolina and South Carolina clients are equally excited for the opportunity to put new legs to a new year … and to make 2017 (much) better than 2016.
I remember seeing a study in the Journal of Personality and Social Psychology (Jun 2012) by Wilhelm Hofmann a few years back about resolutions, temptations, etc. and how we can control them — or be controlled by them. It's probably worth sharing with you the key bit (and lest you think I'm a psychology nerd, I'm pretty sure I saw it referenced in an article in the NYT, but I'm not able to immediately find that particular link)…
Essentially, people with the best “self control” are those who end up having to *use* self control the least. They set up their lives in order to minimize temptation and create systems by which they are able to avoid being put into the position of being tempted. They conserve their energy and outsource as much self-control as they possibly can.
Sometimes our best method for sticking to our resolutions (both financial and otherwise) is not to “gut it out”, but to allow others, and our own pre-set boundaries, do the heavy lifting for us.
Which, of course, brings me back to the tax preparation process. If you'll pardon the somewhat-clumsy segue here, may I humbly suggest something? Let us help you this year.
I truly do pity those who attempt to wade through all of the different tax codes and forms on their own, and not devote a week's labor to the transaction. It really doesn't pay to “go it alone” for certain tasks.
I've put together a handy little list of what you'll need to bring in. There may be certain situations where we'll need other documentation to get you even more deductions. But, of course, we'll let you know about that, should the situation arise!
Also, an important note: As I mentioned before, the start of actual tax filing will not begin until January 23, 2017. This does NOT mean that we can't begin the preparation process earlier (we can, if you really have your paperwork in order), but it does mean that the IRS won't be issuing refunds or otherwise officially accepting returns until that point.
Gerald Yarborough's Tax Preparation Checklist
“If you do not think about your future, you cannot have one.” -John Galsworthy
With the increased penalties associated with the ACA in 2017, and all of the other changes every year, filing your taxes on your own is not for the faint of heart — even with nice-looking softwares on the market which purport to make it easy for you.
But that's what we're here for. Let us be your easy button.
Below is a list of what you will need during the tax preparation process. Not all of them will apply to you — probably MOST will not. Nonetheless, it's a useful checklist.
Before you get overwhelmed: yes, this is a long list — but it's the unfortunate reality of our tax code that it's not even comprehensive! But these items will cover 95% of our clients. Really, this is for ensuring that we're able to help you keep every dollar you can keep under our tax code.
Even if for some strange reason you won't be using our cost-effective services this year, feel free to use this list as a handy guide…
Personal Data
Social Security Numbers (including spouse and children)
Child care provider tax I.D. or Social Security Number
Employment & Income Data
W-2 forms for this year
Tax refunds and unemployment compensation: Form 1099-G
Miscellaneous income including rent: Form 1099-MISC
Partnership and trust income
Pensions and annuities
Alimony received
Jury duty pay
Gambling and lottery winnings
Prizes and awards
Scholarships and fellowships
State and local income tax refunds
Unemployment compensation
Health Insurance Information
* All 1095-A Forms from marketplace providers (if you purchased insurance through a Marketplace)
* Existing plan information (policy numbers, etc.)
* If claiming an exemption, your unique Exemption Certificate Number
* Records of credits and/or advance payments received from the Premium Tax Credit (if claiming)
Homeowner/Renter Data
Residential address(es) for this year
Mortgage interest: Form 1098
Sale of your home or other real estate: Form 1099-S
Second mortgage interest paid
Real estate taxes paid
Rent paid during tax year
Moving expenses
Financial Assets
Interest income statements: Form 1099-INT & 1099-OID
Dividend income statements: Form 1099-DIV
Proceeds from broker transactions: Form 1099-B
Retirement plan distribution: Form 1099-R
Capital gains or losses
Financial Liabilities
Auto loans and leases (account numbers and car value) if vehicle used for business
Student loan interest paid
Early withdrawal penalties on CDs and other fixed time deposits
Automobiles
Personal property tax information
Department of Motor Vehicles fees
Expenses
Gifts to ch... http://bit.ly/2iGY41s

01/19/2017

It's smart to ask seemingly-little questions, because the IRS pays careful attention to those "little" things. If you've ever opened an unexpected letter from the IRS, you know it's true. We've spent a lot of time helping people through those unexpected letters -- and avoiding them -- so let us help you walk through all the "little" details this year. You will thank us later.

01/17/2017

I truly do pity those who attempt to wade through all of the different tax codes and forms on their own, and not devote a week's labor to the transaction. It really doesn't pay to "go it alone" for certain tasks.

01/13/2017

Tax Reminder: For those who pay estimated taxes (you know who you are), don't forget your final installment for 2016 is due on Tuesday, January 17th.

01/12/2017

We are thrilled to announce the launch of our brand new website! Check it out and let us know what you think! The link is in the comments below.

(And while you're there, sign up for my [FREE] eBook to learn how to reduce your stress and gain financial freedom.)

01/12/2017

01/10/2017

Why do you need an advocate when you have a tax problem or major tax debt?

Negotiating power. The taxpayer has "wiggle room", and tax resolution experts know where to find it.

01/06/2017

The start of actual tax filing will not begin until January 23rd. This does NOT mean that we can't begin the preparation process earlier (we can, if you really have your paperwork in order), but it does mean that the IRS won't be issuing refunds or otherwise officially accepting returns until that point.

01/05/2017

Our (professional) new year's resolutions for 2017:

1) Provide our clients and their friends with THE standard in tax preparation, tax problem resolution, accounting and financial advice.
2) Lead well -- with grace, excellence and compassion during our busiest times.

What are your professional or financial resolutions?

01/04/2017

This week is crucial to how the rest of your year goes. Why? Because intentions and actions matter. How we act out what we intend to do sets a subconscious belief system in place which can have an impact for months at a time.

In other words -- do what you *intend* to do this week, and it'll be much easier to carry that forward into more of 2017. At least, that's been my experience.

What about you? Do you find the beginning of the year to be full of opportunity? Or is it full of discouragement? I'd be interested to hear your thoughts.

12/30/2016

Thanks for your friendship, and for your business in 2016, and (hopefully) in 2017. Happy New Year to all of you!