Profit Statements: The P&R Blog
Do you understand the tax rules of bartering?
CPA rules 101: Your individual income tax return can include more than just monetary transactions…such as bartering. Bartering is the act of trading goods or services for other goods or services, usually without using cash. You can barter on an individual or business level, or through a barter exchange company. Bartering stands as a solid …read more.
Took the Extension and Still Need to File? Avoid Red Flags in Your Tax Returns
At Patrick & Robinson CPAs, we strongly encourage our clients to report honestly and accurately on their business and individual income tax return. After all, you and we both signed your tax return under penalty of perjury! Many people, though, admit they enhanced the truth in their tax bookkeeping, perhaps only slightly to improve their …read more.
Preparing for ‘Extension Season:’ Threats & Consequences
Completed your individual income tax return yet? Until April 15, we controlled reporting our annual income properly and filing available deductions and credits to minimize what we owe Uncle Sam in fulfillment of our civic duty. Beginning April 16, the IRS took control. The IRS checks the math and analytics of each return against the …read more.
Happy Tax Day 2015!
Did you get your individual income tax return filed in time? Don’t worry if you didn’t—the fact is more taxpayers are opting for the automatic six-month extension. The tax code’s growing complexity and filing requirements are slowly but steadily making October 15th our real annual tax day. But that extension to file isn’t an extension …read more.
Last Minute Tax Tips for 2015
With the April 15 tax filing deadline just a week away, are you one of the millions of Americans who haven’t filed (or even started) your individual income tax return yet? No problem! Use these pointers to help guide you through the filing process: Stop Procrastinating. Resist the temptation to delay your taxes until the …read more.