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Posts by Bruce Mc

Let’s Talk About Tax Software.

Let’s Talk About Tax Software.
Tweet By now, I’m sure you have heard that it is the Year of the Snake, but not really – it is the “Year of You”. Or at least I’m sure that’s what you heard. Let me assure you it’s still the “Year of the Snake”. (According to wikipedia and Cultural China, the year of the Snake is Feb 10, 2013 thru Jan 30 2014 – the Water Snake ) A [...]

Business Structures, Choosing your En...

Business Structures, Choosing your Entity
Tweet One of the most important decisions that new business owners make is selecting their ownership structure. When beginning a business, you must decide what form of business entity to establish. When determining what type of entity will fit your business best:limited liability company (LLC),  Sole Proprietorships Partnerships Corporations [...]

The Enrolled Agent, EA

The Enrolled Agent, EA
Tweet So I have been going on about it forever, I have even announced that I am headed to the exams to become one. So what is an Enrolled Agent (EA)? Simply put, Enrolled Agents (EAs) are America’s tax experts. The Enrolled Agent status is the highest credential the IRS awards. Individuals who obtain this elite status adhere to great et [...]

Missouri Changes Prevailing Wage Law

Missouri Changes Prevailing Wage Law
Tweet   The Missouri House of Representatives approved a measure changing the way prevailing wages are calculated throughout the state by a vote of 91-65 on March 14th, By not taking action on House Bill 34, Gov. Nixon has allowed House Bill 34 to become law. On 07/12/2013 – since Gov. Nixon took no Action, this basically became law and [...]

Choose your tax pro?

Choose your tax pro?
Tweet Monday I posted Really you don’t’ know what an Enrolled Agent (EA) is? I would like to point out that the client I lost was due his believed need for a CPA to sign his returns. From talking to the client, it seems it was his banker who told him that. So let me start by saying that public perception of who is a tax preparer and who can p [...]

Really, you don’t’ know what an Enrol...

Really, you don’t’ know what an Enrolled Agent (EA) is?
Tweet A few weeks ago, I landed a contract for a person who owns several companies. Daycare facilities, Construction related business, real estate related, just a mass array of corporations (LLC, LLP, C-Corp). In the course of our work he requested what is called a comfort letter (a document prepared by an accounting firm assuring the financi [...]

Travel Expenses

Travel Expenses
Tweet  Travel by personal automobile requires special attention to the validation requirements. Because of perceived exposure to personal use, Congress has designated passenger automobiles as so‐called “listed property,” which means that expenses related to their business use must be “strictly substantiated.” In order to comply with this requ [...]

Employee vs. Contractor… How to...

Employee vs. Contractor… How to tell.
Tweet If you hire someone for a long-term, full-time project or a series of projects that are likely to last, you need to pay special attention to the difference between independent contractors and employees. Why It Matters The IRS and your state regulators scrutinize the distinction between employees and independent contractors because many [...]

Form W-2

Form W-2
Tweet A W-2 for 2013 Form W-2 is the form that an employer must send to an employee (and the IRS) at the end of the year showing their income earned during the year. The W-2 form reports an employee’s annual wages and the amount of taxes withheld from their paycheck. It holds a great deal of other information as well. Some for the Emplo [...]

An EA in the Making

An EA in the Making
Tweet Well, the word got out…. It is true, I am getting ready to start studying my way towards becoming an EA. Yesterday as I was purchasing my study materials a friend of mine called and we visited. In our conversation I mentioned that I was buying the study materials and what my plans are (even though I am still kind of formulating them). T [...]

Prepare your own return

L & R Tax Preparation

Tax Preparation, Payroll, and Accounting, Including online services.

E=MC2 or use QuickBooks

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