Posts Tagged "money"

Why bartering affects your tax return

Posted on Sep 18, 2017

If you exchanged items or services with someone and didn’t use money, you’ve bartered! That means you have to list the difference in fair market value between what you’ve exchanged as either income or a loss on your tax return. Before you establish the value of a bartered item, take a look around at how the item is being valued elsewhere. Gilliland & Associates, PC is a full-service CPA firm specializing in tax planning for individuals and businesses in the Northern Virginia area. We are based in Falls Church, VA and also service clients in McLean and Tysons Corner, VA. Gilliland & Associates is known for our superior knowledge and aggressive interpretation and application of tax laws. We help you keep more of your earnings by finding you the lowest possible tax on your business or personal tax return. You can connect with us on Google+, LinkedIn, Facebook, and...

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Make some time for tax and financial planning

Posted on Jul 18, 2017

For most of us, summertime is a bit more relaxed, giving us time to do the tasks we tend to put off. Consider making time to take care of tax and financial tasks. Examples include planning for college or retirement, getting your will written, or building a simple budget. Call if you need help. Gilliland & Associates, PC is a full-service CPA firm specializing in tax planning for individuals and businesses in the Northern Virginia area. We are based in Falls Church, VA and also service clients in McLean and Tysons Corner, VA. Gilliland & Associates is known for our superior knowledge and aggressive interpretation and application of tax laws. We help you keep more of your earnings by finding you the lowest possible tax on your business or personal tax return. You can connect with us on Google+, LinkedIn, Facebook, and...

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2018 HSA limits announced

Posted on Jun 30, 2017

The IRS recently announced the 2018 inflation-adjusted limits for health savings accounts. For 2018, taxpayers can contribute up to $3,450 (up from $3,400 in 2017) for single coverage, or up to $6,900 (up from $6,750 in 2017) for family coverage. The maximum out-of-pocket figures are: $6,650 for single coverage (up from $6,550 in 2017) and $13,300 for family coverage (up from $13,100 in 2017). Gilliland & Associates, PC is a full-service CPA firm specializing in tax planning for individuals and businesses in the Northern Virginia area. We are based in Falls Church, VA and also service clients in McLean and Tysons Corner, VA. Gilliland & Associates is known for our superior knowledge and aggressive interpretation and application of tax laws. We help you keep more of your earnings by finding you the lowest possible tax on your business or personal tax return. You can connect with us on Google+, LinkedIn, Facebook, and...

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Couples and money: Five resolutions for 2017

Posted on Jan 17, 2017

Do you have a financial plan that works for both you and your spouse? Here are suggestions that can help. Organize your finances. Get a handle on your income and spending, by both of you individually and as a couple. By reviewing the overall picture of how you spend money, you can focus on potential problem areas. Set goals. How much will you accumulate in bank accounts and investments over the next three years? Five years? Ten years? Have you anticipated future expenses? Say, for example, you’re dreaming of a vacation in Europe for your anniversary. You’ll want to start saving now so you won’t need to finance the trip with credit cards. Build an emergency fund. How much is enough for emergencies? As a general rule, set aside three to six months of your combined gross income in easily accessible accounts, such as savings or money market accounts. Save for retirement. Participate in your employer’s retirement plan and contribute at least as much as the amount your employer will match. The earlier you start saving, the more you’ll accumulate. It’s that simple. Formalize an estate plan. Have an attorney draft a will and set up a financial power of attorney so your assets are distributed according to your wishes in the event of death or incapacity. For more financial planning advice, contact us. Gilliland & Associates, PC is a full-service CPA firm specializing in tax planning for individuals and businesses in the Northern Virginia area. We are based in Falls Church, VA and also service clients in McLean and Tysons Corner, VA. Gilliland & Associates is known for our superior knowledge and aggressive interpretation and application of tax laws. We help you keep more of your earnings by finding you the lowest possible tax on your business or personal tax return. You can connect with us on Google+, LinkedIn, Facebook, and Twitter....

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Scam Alert: Beware of phone calls claiming the IRS is going to arrest you

Posted on Nov 21, 2014

These callers are claiming that the IRS is pursuing a lawsuit against you, or have a warrant out for your arrest. If you do not answer, they will likely leave you a message warning you that this is your last notice from them. Local consumers have reported the numbers that these scammers are asking you to call them back at are 202-864-1213 and 585-364-6540. Another person reported the number they left for her to call back was (716) 795-0238. The BBB has reason to believe that this is a Pakistan or India-based IRS scam and advises you to always screen your phone calls and ignore any calls from numbers that you do not recognize. If you receive one of these calls or voicemails, keep these tips in mind: Don’t wire any money. The IRS will not ask for payment over the phone, especially by money order or prepaid debit card. If you owe money to the IRS, they will send you a letter in the mail Just hang up and don’t call back. It is tempting to get the last word, but you may end up giving scammers information they can use later. Never give out your personal information. Caller ID spoofing makes it very easy for callers to pretend to be someone else. Scammers have also posed as immigration authorities and representatives of utilities companies. Be very skeptical of anyone who calls asking for money or personal information. If you know you owe taxes or think you might owe, call the IRS at 1.800.829.1040. The IRS workers can help you with a payment issue. If you know you don’t owe taxes or have no reason to believe that you do, report the incident to the Treasury Inspector General for Tax Administration (TIGTA) at 1.800.366.4484 or at www.tigta.gov. You can file a complaint using the FTC Complaint Assistant; choose “Other” and then “Imposter Scams.” If the complaint involves someone impersonating the IRS, include the words “IRS Telephone Scam” in the notes. Gilliland & Associates, PC is a full-service CPA firm specializing in tax planning for individuals and businesses in the Northern Virginia area. We are based in Falls Church, VA and also service clients in the McLean and Tysons Corner, VA. Gilliland & Associates specializes known for our superior knowledge and aggressive interpretation and application of tax laws, we help you keep more of your earnings by finding you the lowest possible tax on your business or personal tax return. You can connect with us on Google+, LinkedIn, Facebook, and Twitter....

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