Useful tax tips and information from Jerry Coon of Action Tax Service.
Jerry Coon, Enrolled Agent Healthcare providers declare profits, increase rates You wonder what the thought process is sometimes when you read a headline like we read last week. One of the largest health insurers in California, Anthem Blue Cross, a subsidiary of Indianapolis’ Wellpoint Inc., declared record profits on one hand and then on the other hand announced it was [...]
Words on tax refunds Jerry Coon, Enrolled Agent The tax season is well under way. As is usually the case, each tax season takes on a flavor of its’ own. Some tax seasons are known as early filing tax seasons. Everyone’s refund seems to be large and they want it today. We find that some seasons have so many changes that affect their tax returns; it seems that people [...]
Jerry Coon, Enrolled Agent What exactly can be done if you receive a 1099-MISC as a subcontractor when you think you should receive a W-2 as an employee? Receiving a 1099-MISC is not always a negative, but as my discussion of last week pointed out, we just have to say the tax implications are immense. But, regardless of the tax consequences, does the Internal Revenue [...]
Jerry Coon, Enrolled Agent What to do if errors on your W-2 or 1099 Since deer season is over, the Lions are mercifully finished for the year, I’m too busy to go ice fishing, NASCAR doesn’t start until Daytona next month, and why watch golf without Tiger, I will get my cup of Herman’s Boy Pantlind Blend coffee and write an article for this week’s Squire. A few [...]
Jerry Coon, Enrolled Agent How to choose a tax preparer The big news last week was that the Internal Revenue Service was going to start regulating currently “unregulated” tax preparers. “Unregulated” tax preparers are defined as all tax preparers that are not enrolled agents (EAs), certified public accountants (CPAs), or attorneys. Those three classes of preparers [...]