By Debie O'Mara, Noevir Skincare Specialist February 11, 2012
What a fantastic service you make available. I will keep you in mind if anyone is looking for a accountant and/or tax preparation. ~Debie ...read more
By Guest G. at Judy'sBook January 25, 2012
Good: Best accounting firm EVER, in my book. They've been saving me money and time for 20 years, and I can always count on the professionalism and expertise from owners and staff alike. I HIGHLY recommend M & S.. ...read more
By janmullins January 24, 2012
Awesome staff and excellent accountants. M ...read more
If you haven't filed your 2008 tax return yet, time is running out. You have until April 17, 2012 to file your 2008 tax return if you want to claim a refund. The IRS estimates there is more than $1 billion still to be claimed for the 2008 tax year. Remember even if your income was too low to file in 2008 you may be entitled to some tax credits such as Earned Income Credit and also to get back any excess withholding. If you have not filed a 2008 tax return we will undertake a complimentary check of your 2008 tax position to see if it is worth you filing. If you would like us to then prepare the 2008 tax return our normal tax preparation fees will apply. Call (480) 363-4808 to book an appointment. ...read more
By Cranmere Accounting & Tax Services LLC February 24, 2012
The tax season has started for filing your 2011 Income Tax Return. Some key points to remember before making your appointment with your tax preparer. Get all your documents together W2s, 1099s, 1098s etc. Wait until they are all received before making the appointment. Collect all your receipts for medical expenses, charity donations or anything else that you might want to claim as a deduction or itemize. If possible add up the totals for these. It may save you tax fees and will help your tax preparer concentrate on getting the best tax position for you. If the tax preparer has a tax organizer complete as much of it as you can. Mention any plans for the future you may have so that your tax preparer can see how they may affect your tax position. Overall don't get stressed by tax filing (pass that on to your tax preparer) and get the best tax position for your circumstances. ...read more
By Cranmere Accounting & Tax Services LLC January 06, 2012
Starting with the 2011 W-2 you will be receiving/issuing in January 2012 you may see in Box 12 a new code DD. This is to report to the employee the cost of employer provided healthcare.This reporting requirement was introduced by the 2010 Affordable Care Act. The idea is that reporting the cost of healthcare will enable employees to be better informed about their healthcare costs and the choices available to them.There is some transitional relief for employers. For 2011 the reporting is optional. For 2012 the reporting is required for employers filing more than 250 W-2s. The 250 limit may be reduced in the future but for the moment small employers are not required to report the cost of healthcare coverage.Impact on EmployeesFor the employee they will see in box 12 of their W-2 an amount and a Code DD. This will be the total cost of employer provided healthcare coverage, employer and employee contributions.The key point to note is that this entry on the W-2 isnot taxable income. It is not included in box 1 of the W-2 and does not need to be entered any where on your tax return. It is just information to let you know the total cost of the healthcare provided by your employer.Impact on EmployersThe IRS has useful information on the Affordable Care Act and the related regulations at theirACA CenterIn summary some of the key points to consider are:-Watch the transitional relief rules, particularly for small employers.Check the rules for what type of coverage is included in box 12 and which coverage is not or is optional.Evaluate how you will collect the information for Box 12 and get it in to Box 12. Is your payroll or other software set up to collect this information.Choose the correct valuation method for your circumstancesThis is one of many provisions from the Affordable Care Act that are coming in over the next few years so keep an eye out for more reporting and changes in the future.Cranmere Accounting &Tax; Services LLC ...read more
By Cranmere Accounting & Tax Services LLC November 18, 2011
Payroll accountants are responsible for tracking the expenditure of money and assets through a company. Their job is to help companies track their income and maintain a timely payment record for expenses and bills. If you are interested in becoming a payroll accountant, you will have to be... ...read more
Computer files can sometimes be deleted by accident, get lost or damaged. This could be a potential nightmare, especially if these are small business accounting files. You have peace of mind by knowing how to use the "Backup and Restore" function in Microsoft Small Business Accounting. With a few keys... ...read more