Hope for your financial life and beyond

When Should I Consult a Tax Professional?

March 25, 2013 by 14 Comments

The following is a guest post by tax professional Kim Fourman, otherwise known as Mrs. Luke1428. She is a CPA at Loggins, Kern & McCombs in Jonesboro, Georgia. The following is not tax or legal advice. If you have questions about your own situation, please consult a professional to discuss your particular situation.

tax professionalWhen is it important to consult a tax professional? Well, as a tax professional, you may be surprised at my answer. At my firm, this is what we tell people who inquire about our services:

If you understand the questions and can answer them properly, then Turbo Tax works great.

It really does. It would make no sense for someone with a couple of W2s and some mortgage interest to pay a CPA to prepare their taxes. But, there are times when you need to consult a tax professional.

Consult a Tax Professional When…

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Filed Under: Taxes Tagged With: ,

Considerations When Starting a Business

March 18, 2013 by 5 Comments

BusinessThinking of starting a new business? Congratulations and thank you from the rest of America! Small businesses are what keep our country running. I thought I’d post a few things to think about if you are starting a new business. Of course, this isn’t an exhaustive list, and I’d encourage you to take the time to speak with a lawyer and a CPA to make sure that all your ducks are in a row. The expertise is worth the cost.

Having said that, here are a few things to think about:

What type of business will it be? 

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Filed Under: Taxes Tagged With: ,

How Does a 1040 Work?

March 5, 2013 by 4 Comments

1040 Tax FormFor years when our W-2s came in the mail, I just plunked our numbers into Turbo Tax, and out popped a form. We sent that form in (or just e-filed) and then boom…a refund check showed up shortly thereafter. Cool. But I really didn’t have an understanding at all about how the form flowed…I just answered the questions.

Now that I prepare tax returns for a living, I’ve come to appreciate how important it is that a taxpayer really understands what they are reporting on the form and how it all flows together. So, without further ado – here it is – the Form 1040 broken down into manageable chunks. I’ll try to keep it in plain English as much as possible. [Read more…]

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How to Shop for Your Nerd This Valentine’s Day

February 5, 2013 by 27 Comments

Valentine EquationThe following is a guest post from Mrs. Luke1428…her very first post! Welcome her on board as she gives us some thoughts about nerds, free spirits and Valentine’s Day.

Hello out there, Luke1428 readers, this is Mrs. Luke1428.  Brian asked me to write a guest post for Valentine’s Day – I suspect he doesn’t know what to get me and is doing this for me to feed him ideas.  Stinker.

Are you familiar with the nerd and free spirit concept?  Basically, most couples have one nerd and one free spirit in the relationship. The free spirit loves to enjoy life to its fullest. The free spirit makes life worth living no matter the cost. The nerd is the one that makes sure there is enough money to make life worth living. The nerd is the budgeter. The nerd loves Excel. I freely admit — I am the nerd.  For the love of Pete, I enjoy reconciling bank statements and preparing tax returns. I. Am. A. Nerd.

So, you’re the free spirit and it is Valentine’s Day.  How do you show your nerd that you love them?  Well, here’s what NOT to do  –

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Filed Under: Relationships Tagged With: ,