Frivolous Claim….Got $5000?

Recently the IRS has amended their list of “frivolous” legal claims used by people who attempt to avoid paying taxes. Four new claims were added to the listed and include:

1. Misrepresentation of the 9th Amendment regarding objections to military spending
2. Erroneous claims that taxes are owned only by persons with a fiduciary relationship to the US
3. A non-existent “Mariner’s Tax” deduction for meals
4. The excessive use of the Section 6421 fuels credit

If you think you can use any of these claims on your tax return, well I hope you have an extra $5000 laying around for that is the penalty for filing. For more information regarding the new additions to the frivolous claims list, be sure to speak to your tax advisor and review IRS Notice 2008-14.

Keeping Your Business N Synergy

Georgia Taxes on My Mind?

News from the home state are that the Georgia State Senate approved a bill that will do away with the state portion of the property tax. The planned tax relief would provide Georgia taxpayers with about $94 million per year in tax savings. Additional amendments will put a freeze on property tax rates at the 2008 rates until the property is sold.

More Georgia tax details

Keeping Your Business N Synergy

Economic Stimulus….Stimulate YOUR Economy

With the president signing the economic stimulus package into law recently, many taxpayers may be unclear how and if they qualify for the stimulus payment. This has been one of the most asked topics at our weekly tax tips workshops. Based on information from the IRS, the return must show at least $3,000 in qualifying income. Low-income workers, Social Security recipients, disabled veterans and retired railroad workers who might not otherwise need to file a tax return must do so in order to receive the tax rebate.

Tax rebates checks will range from $300 to $600 for individuals and $600 to $1,200 for joint filers. Taxpayers may also receive $300 for each qualifying child. In most cases, low-income recipients will get $300 each, or $600 for joint filers.

What are you going to do with YOUR rebate check?

Check out what personal finance guru Suze Ormam thinks (not a bad idea either IMO)

Keeping Your Business N Synergy

Microsoft Outlook’s “Outlook”

Microsoft states that the most recent version of Microsoft’s Outlook (along with Business Contact Manager) will now be offered as stand-alone software. Many small business owners use Outlook to manage their contacts, appointments and such; however many times client data is spread out over various different places making it difficult to mange sales and marketing efforts. The stand alone product should provide small business owners with a solution to this.

Another plus,

By using Outlook with your accounting software, a small business owner can create a small CRM (customer relationship management) system opening the possibilities of improved billing, better efficiency, and of course cash flow.

Using technology can improve your outlook too.

Keeping Your Business N Synergy

Are You Making these Tax Errors?!?

The IRS has listed the top errors made when filing tax returns and it is a must read for this tax season. It compiles all the possible errors that a person or their tax advisor may make when filing a tax return.




For those in the Atlanta area, be sure to stop by the College Park Library for “Tax Tips” every Wednesday 6:30 – 7:00 pm (except for those Wed. when there will be seminars…see here) thru the April 15th tax deadline. We will review the common errors and other tax changes that will affect your return this year and beyond.

Keeping Your Business N Synergy