By TBalver February 18, 2014
I had always used either TurboTax or H&R Block but I got married this last year and wasn's 100% on doing it myself. We were referred to John through a family member. He did a great job and was very prompt. Great service, would definitely use him again. ...read more
By LDOliver February 14, 2014
We had used the same tax guy for years but this past year we began to question if we were getting what we paid for. We met John Hopkins and just asked him to take a look at our past year to make sure all was good. We were so glad we did. He found something that was missed and took care of correcting it for us. John really knows his taxes and is passionate about staying on top of updates and changes to make sure he is providing his customers with the most current information. The bottom line is that John made sure he asked us everything he would need to know about us to provide the best service possible. We look forward to meeting with him from now on. ...read more
By mintfishmedia February 14, 2014
I used H&R Block for years, until I met John Hopkins at Prospect Financial. WOW! John is extremely knowledgeable, efficient and truly cares - he will go above and beyond for you. I use him for both my business and personal taxes - he is full of great advice, and is an asset to my company - Thanks John & Prospect Financial! ...read more
They’re in Home Depot. They knock on our doors on Saturday afternoon. Their flyers are in our mailboxes. Solar energy salespeople. They usually have two major selling points: lower your energy bill and an income tax credit, known as the ‘solar tax credit’. This post is about that second selling point, the income tax credit. Solar Tax Credit Eligibility To be eligible to claim the credit, you must own the system (not lease it) and the system must be installed on your main personal residence (house, mobile home, condo, etc.). The recently passed year-end spending and tax legislation has extended the 30% credit through 2019. The credit has become permanent too, but not at 30%. From 2020 to 2022, the tax credit will decline from 30% to 10%. Your newly owned and installed system will generate a nonrefundable tax credit worth 30% of the cost. The credit will reduce your tax liability to ZERO but will not generate a refund by itself. For systems installed in 2015, the remaining amount of the credit can be carried forward to 2016 and beyond! This is a great investment for taxpayers with any taxable income! Doing the Math Here are some numbers: A system, owned and installed for $30,000 in 2015, will generate a $9,000 tax credit on your 2015 1040 (filed on Form 5695) . But your tax liability is only $4,000. Not bad, you must have a good accountant. $4,000 of the credit will be used in 2015; the remaining $5,000 will carry forward to 2016. But your tax liability in 2016 is only $3,500. You must have hired an even better accountant! Of the $5,000 credit that carried forward, you will use $3,500. What about the $1,500 left? The remaining $1,500 will carry on into the future until fully used. I think that going solar can be a fantastic financial decision, even without the tax credit. I’ve witnessed households save $50, $100, or even $200 per month by going solar. And then you add a 30% credit on top of those savings?!? One of these solar salesmen knocked on my door a few weeks ago. “The IRS will give you 30% back on your taxes,” he said. Wrong, sort of. I gladly talked to him about how the credit worked. If you are considering solar, I know a trusted solar energy representative. His name is Chris Handzel (909-838-2398; chrish@solarmaxtech.com). He’d be more than happy to talk to you about your options. I’d also like to sit down with you to assess whether the 30% credit will help you. ...read more
By Prospect Financial Solutions January 18, 2016
Straight from the IRS: Ten Tips to Help You Choose a Tax Preparer Many people look for help from professionals when it’s time to file their tax return. If you use a paid tax preparer to file your return this year, the IRS urges you to choose that preparer wisely. Even if a return is prepared by someone else, the taxpayer is legally responsible for what’s on it. So, it’s very important to choose your tax preparer carefully. This year, the IRS wants to remind taxpayers to use a preparer who will sign the returns they prepare and enter their required Preparer Tax Identification Number (PTIN). Here are ten tips to keep in mind when choosing a tax return preparer: 1. Check the preparer’s qualifications. New regulations require all paid tax return preparers to have a Preparer Tax Identification Number. In addition to making sure they have a PTIN, ask if the preparer is affiliated with a professional organization and attends continuing education classes. The IRS is also phasing in a new test requirement to make sure those who are not an enrolled agent, CPA, or attorney have met minimal competency requirements. Those subject to the test will become a Registered Tax Return Preparer once they pass it. 2. Check on the preparer’s history. Check to see if the preparer has a questionable history with the Better Business Bureau and check for any disciplinary actions and licensure status through the state boards of accountancy for certified public accountants; the state bar associations for attorneys; and the IRS Office of Enrollment for enrolled agents. 3. Ask about their service fees. Avoid preparers who base their fee on a percentage of your refund or those who claim they can obtain larger refunds than other preparers. Also, always make sure any refund due is sent to you or deposited into an account in your name. Under no circumstances should all or part of your refund be directly deposited into a preparer’s bank account. 4. Ask if they offer electronic filing. Any paid preparer who prepares and files more than 10 returns for clients must file the returns electronically, unless the client opts to file a paper return. More than 1 billion individual tax returns have been safely and securely processed since the debut of electronic filing in 1990. Make sure your preparer offers IRS e-file. 5. Make sure the tax preparer is accessible. Make sure you will be able to contact the tax preparer after the return has been filed, even after the April due date, in case questions arise. 6. Provide all records and receipts needed to prepare your return. Reputable preparers will request to see your records and receipts and will ask you multiple questions to determine your total income and your qualifications for expenses, deductions and other items. Do not use a preparer who is willing to electronically file your return before you receive your Form W-2 using your last pay stub. This is against IRS e-file rules. 7. Never sign a blank return. Avoid tax preparers that ask you to sign a blank tax form. 8. Review the entire return before signing it. Before you sign your tax return, review it and ask questions. Make sure you understand everything and are comfortable with the accuracy of the return before you sign it. 9. Make sure the preparer signs the form and includes their PTIN. A paid preparer must sign the return and include their PTIN as required by law. Although the preparer signs the return, you are responsible for the accuracy of every item on your return. The preparer must also give you a copy of the return. 10. Report abusive tax preparers to the IRS. You can report abusive tax preparers and suspected tax fraud to the IRS on Form 14157, Complaint: Tax Return Preparer. Download Form 14157 fromwww.irs.govor order by mail at 800-TAX-FORM (800-829-3676). ...read more
By Prospect Financial Solutions January 10, 2012
The moment we have all been waiting for has arrived! The IRS begins accepting tax returns January 15th, marking the beginning of Tax Season. Call us to schedule an appointment as soon as possbile. Appointments do fill up quickly, but we will do our best to accomodate your availability as well so your tax experience can be as relaxing and stress-free as possible. Call us today 909-792-6300 and visit our website to see our other services at www.candstax.com We are also offering 15% off any of our services for any new clients! Here's to a Fabulous Tax Season!! ...read more
By Croad & Stromsodt, Inc. - Tax & Business Services March 02, 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