Destroying the social network

March 14th, 2014
When advisors talk about business promotion the one thing that I hear the most often is "embrace the social network" and strategically use it to make yourself known. I predict that in the not too distant future the benefits of social networking… more »

Reporting 1099-MISC Income

March 7th, 2014
When a client comes in for their tax preparation and presents you with a 1099-MISC, what is your response? Unless you are familiar with your client's activities, you should probably ask questions to determine how to handle it. more »

VITA Royalties

February 15th, 2014
Training for royalty transactions in VITA are brief and instructions for how to enter them in Taxwise are not easy to find. With some trial and error and investigation, I believe I understand how to best enter them in Taxwise. It is rather… more »

VITA (Taxwise) Intro

February 14th, 2014
Working at VITA is quite a learning experience. Working with the IRS, non-profit organizations are able to offer free tax assistance to low-income individuals via the "Volunteers in Tax Assistance" program. To adequately staff the site, the VITA… more »

VITA Pointers I

February 14th, 2014
After the first week at VITA I came across some issues that might be of interest to other VITA-ites. 1099-MISC There is an option to add Businees/1099-MISC income in the Income page of the Interview, where you add the W-2s and other 1099s. Only use that… more »

Unexpected Taxes

February 14th, 2014
On an annual basis, taxpayers may be surprised by the additional taxes they may be liable for. Here's a few of those situations. Employer provided credits In anticipation of providing credits for some expenses you may have, some employers include those… more »

MyRA: Trivial

January 30th, 2014
I didn't hear Obama's SOTU speech, but reading about it, his MyRA proposal was quite interesting. Over the past 24 hours it has been the buzz among financial planners. In short, through the new MyRA, if your employer participates, you can contribute to… more »