Jenney Cowin, CPA

A deep and sincere THANK YOU to those clients of mine who delight in calling me to "cheer me up" and tell me about their 80-degree, sunshiny weather...really, what have I ever done to make you angry with me?!?!

Rainy days...a perfect time to get your taxes ready to take to your accountant! We're starting to see amended 1099s coming in, so be prepared.

Victory! OK, it's on the small side, but every little bit helps! Senate has voted to repeal the horrible 1099 reporting requirements we've talked about here before. "Today we provided a common-sense solution for business owners so they can focus on creating jobs, not filling out paperwork for the IRS..." Hmmm....ya think?!

Hello, all! Don't forget to "like" our page, and please suggest it to your friends, too. You never know what tip might help someone out...we all have to help each other save money wherever we can, right?!

The IRS has decided that they will begin accepting returns with itemized deductions (Schedule A) on February 14th. Happy Valentine's Day from the US Government!

Company pix are being taken tomorrow, courtesy Rachel Neal Photography, so they should be up soon! (P.S. Take that, Kirk!)

If you've been hearing about the new debit cards that you can now get carrying your refund...you can only get that if you have a specific invitation from the IRS. So...it's not your accountant's fault when you have to get direct deposit or a check instead!

I love tax season!! Bring it on, baby!!

The IRS is saying that if you itemize deductions, you can't file your return until mid-February. They now have to re-program the computers to account for the last-minute changes to the tax code. There are a couple of other reasons to delay your filing, but this is the biggie. The moral of the story is: don't harass your tax preparer this year to hurry up and finish your return! (At least until March...)

So...our wonderful congressional leaders, after all the hoopla, decided...oh, let's just keep it all the same for a couple of years. What a brave move. Anyway...down to the wire to finish your tax shenanigans - yell if you need help!

Just read an interesting article: "7 ways to make your accounting department more efficent." Most can be helpful even if your accounting department is...YOU! Let me know if you want more info!

AgriPlan and BizPlan people: note lots of changes coming to affect this - make sure you ask when you're in for taxes!

FDIC's Bair says tough steps are needed to avoid crises...thank you, Captain Obvious.

Who's on First? An outrageously funny summary of the Health Care Credit

http://www.youtube.com/watch?v=sb59uJNJVJc

Who's on First? An outrageously funny summary of the Health Care Credit What a hoot. In a live-recorded continuing education class for CPA's in Cleveland, Bob Jennings CPA explains the outrageous steps needed to actually calculate the credit. Think Abbot & Costello in a tax return, you've gotta see this one!

Regarding the 1099 laws being debated: from the NY Times: "It defies description except to say that it's one more overbearing government intrusion on free enterprise in our country," said Senator Kay Bailey Hutchison (R) Texas. The repeal failed in BOTH the house and senate.

Businesses (AND anyone who owns a rental property, as of 2012): if they don't repeal this part of the Health Care Act, you will be required to issue 1099's to EVERYONE who gets at least $600 from your business...including Quill, Lowe's, Menard's, etc. CALL YOUR CONGRESSMAN!!!

Get ready to get hit with the Alternative Minimum Tax, folks, unless this lame duck Congress of ours gets on it and extends the Bush tax cuts. 90% of taxpayers will pay AMT this year if the exemption is not increased. What does this mean to you? MORE TAXES TO PAY, or LESS OF A REFUND!!!! It will make for an ugly tax season...

Yes, yes, I know - I will get a pic posted as soon as I can find one I like!