Identity Theft Safeguards Delay Refunds, Problems with the "Where's My Refund Tool"In late January, the IRS sent an email to tax professionals warning that tax refunds could be delayed a week this tax season because of new anti-fraud safeguards. The email stated that the IRS...
Scott Smith receives CFP designationScott Smith, CPA, CFP®, at Smith, Kunz & Associates, PLLC in Rexburg, Idaho, has been authorized by the Certified Financial Planner Board of Standards (CFP Board) to use the certification marks CFP®, Certified Financial Planner™ and CFP (with flame design)® in...
Have a great year? Lower your taxes by electing income averaging.Farming income can fluctuate widely. Wide ranging reports list 2011 as one of the best years in the last decade for many farmers. However, boom for one farmer may be due to the bust of...
Confused by the Political Ups and Downs in DC?At the eleventh hour, Congress approved a two-month extension of the employee-side payroll tax cut in the Temporary Payroll Tax Cut Continuation Act of 2011. The two-month extension, for January and February 2012, is intended to give...
Year-end moves that can improve your tax situationYear-End Tax Planning Part III: Investment StrategiesAs the end of the year approaches, individual investors should take a look at year-end moves that can improve their tax situation for 2011. Year-end strategies can have a significant impact on...
Tax Planning is Critical for your Business This YearYear-End Tax Planning Part I: BusinessesSmith, Kunz likes to take advantage of this time of year, after the tax extension deadlines and before the holiday season, to do some year-end tax planning. Both individuals and businesses can...
Tax Planning is Critical for your Household This YearYear-End Tax Planning Part II: IndividualsSmith, Kunz likes to take advantage of this time of year, after the tax extension deadlines and before the holiday season, to do some year-end tax planning. Both individuals and businesses can...
New Voluntary Classification Settlement ProgramMisclassification of WorkersMany businesses pay workers as subcontractors instead of employees to avoid payroll taxes. This misclassification may save the business some money in the short term, but back taxes in addition to hefty penalties and interest can be a crippling...
The media has begun calling Congress’s inability to address the expiring Bush-era tax cuts and automatic budget cuts planned during the last debt ceiling debate “Taxmaggedon” or the "Fiscal Cliff." The following is an explanation of the Bush Tax Cuts, why they’re in the spotlight,...
What to Make of the President's "Buffet Rule."The Buffet RuleEarlier this month, the President proposed two complementary plans for economic growth and deficit reduction. On September 12, he released The American Jobs Act. One week later he released Living Within Our Means and Investing in...
