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10/12/2012 [Web Admin]
Did you know you can plan ahead to maximize the amount of income you retain, and minimize the amount that goes to pay income tax? Ask us about a tax projection to help you retain more of your income, in order to maintain the lifestyle you deserve!
08/16/2012 [Web Admin]
Coleman & Hartman, s.c. is proud to serve our community! Our commitment to quality distinguishes us from other firms. Continuing education over and above what is required to just maintain our licenses and certifications allows us the opportunity to provide our clients with a wide range of services and ever increasing knowledge as the tax laws change.
08/13/2012 [Web Admin]
Tax planning is not just for the wealthy. Many of our low and middle income clients and especially clients on fixed incomes benefit significantly from a tax projection. We can help you plan for large purchases, address your withholding and suggest ways to limit your tax liability and plan BEFORE IT IS TOO LATE! Although there are some contributions that can be made after year end, planning before then allows you time to make adjustments to your withholding, retirement, even education related expenses.
03/22/2013 [Web Admin]
As you clean out your closet or reorganize your household, be sure to keep track of the items you give to charity. It's your job, not the charity's, to report the value of the donation to the Internal Revenue Service. The Salvation Army provides an excellent guide to help you determine the value of your donated goods. http://www.satruck.org/donation-value-guide
07/23/2012 [Web Admin]
HSA, FSA or HRA? Oh My! If your employer or you personally have one of these accounts, it is important to understand what the tax implications are. We at Coleman & Hartman, s.c. can help. We will work with you to guide you in understanding which election may work best for you and what documentation you will need at tax time. Call today for an appointment to discuss your tax-favored health plan options.
07/12/2012 [Web Admin]
Did you know it is just as important to talk to your tax advisor as it is your lawyer during a life changing event such as death of a family member, divorce, bankruptcy, etc. Many of these can have a significant impact on your tax liability. We can help you plan and be prepared!
07/03/2012 [Web Admin]
CLOUD ACCOUNTING? Is this for me and my business? The ‘Cloud’ is simply a metaphor for the internet. Cloud Accounting allows you to use the internet to exchange information. Coleman & Hartman, s.c. is already ahead of the pack with our website’s secure portal. Safely transfer your financial data to your accounting professional via the secure portal. Select ‘Register Here’ above in the Customer Login box to establish your personal user ID and password.
06/28/2012 [Web Admin]
Did you receive a notice from the IRS or your state department of revenue? Don’t Panic! We are here to help. Bring us anything you receive and we will work with you to provide information to the IRS based on your unique tax situation. In many cases we can quickly address the questions and resolve them with a simple phone call or letter.
06/21/2012 [Web Admin]
Strategize tuition payments The American Opportunity Tax Credit, which offsets higher education expenses, is set to expire after 2012. It may be beneficial to pay 2013 tuition in 2012 to take full advantage of this tax credit, up to $2,500, before it expires. For more information, call for an appointment today!
06/14/2012 [Web Admin]
Prepare to itemize deductions If your expenses typically fall just below the amount to make itemizing advantageous, a bit of planning to bundle deductions into 2012 may pay off. An early or extra mortgage payment, pre-deadline property tax payments, planned donations or strategically paid medical bills could equal some tax savings. Contact your Tax Preparer today for a Projection so we can help you decide what you can do now for greater tax savings.
06/07/2012 [Web Admin]
Use your tax professional early. If you use a tax professional to help you strategize, plan and make financial decisions throughout the year. You'll have more time when you're not up against a deadline or anxious for your refund. You are ultimately responsible for the accuracy of your own return regardless of who prepares it.
05/31/2012 [Web Admin]
Review your paycheck Make sure your employer is properly withholding and reporting retirement account contributions, health insurance payments, charitable payroll deductions and other items. These payroll adjustments can make a big difference on your bottom line. Fixing an error in your paycheck now gets you back on track before it becomes a huge hassle.
05/24/2012 [Web Admin]
Organize your recordkeeping Establish a central location where everyone in your household can put tax-related records all year long. Anything from a shoebox to a file cabinet works. Just be consistent to avoid a scramble for misplaced mileage logs or charity receipts come tax time.
05/17/2012 [Web Admin]
Store your return in a safe place Put your 2011 tax return and supporting documents somewhere secure so you'll know exactly where to find them if you receive an IRS notice and need to refer to your return. If it is easy to find, you can also use it as a helpful guide for next year's return.
05/17/2012 [Web Admin]
Adjust your withholding Why wait another year for a big refund? Now is a good time to review your withholding and make adjustments for next year, especially if you'd prefer more money in each paycheck this year. If you owed at tax time, perhaps you'd like next year's tax payment to be smaller
08/16/2011 [Web Admin]
Back-to-School Tips for Students and Parents Paying College Expenses Whether you’re a recent graduate going to college for the first time or a returning student, it will soon be time to get to campus – and payment deadlines for tuition and other fees are not far behind. The Internal Revenue Service reminds students or parents paying such expenses to keep receipts and to be aware of some tax benefits that can help offset college costs. Typically, these benefits apply to you, your spouse or a dependent for whom you claim an exemption on your tax return. 1. American Opportunity Credit This credit, originally created under the American Recovery and Reinvestment Act, has been extended for an additional two years – 2011 and 2012. The credit can be up to $2,500 per eligible student and is available for the first four years of post secondary education. Forty percent of this credit is refundable, which means that you may be able to receive up to $1,000, even if you owe no taxes. Qualified expenses include tuition and fees, course related books, supplies and equipment. The full credit is generally available to eligible taxpayers whose modified adjusted gross income is below $80,000 ($160,000 for married couples filing a joint return). 2. Lifetime Learning Credit In 2011, you may be able to claim a Lifetime Learning Credit of up to $2,000 for qualified education expenses paid for a student enrolled in eligible educational institutions. There is no limit on the number of years you can claim the Lifetime Learning Credit for an eligible student, but to claim the credit, your modified adjusted gross income must be below $60,000 ($120,000 if married filing jointly). 3. Tuition and Fees Deduction This deduction can reduce the amount of your income subject to tax by up to $4,000 for 2011 even if you do not itemize your deductions. Generally, you can claim the tuition and fees deduction for qualified higher education expenses for an eligible student if your modified adjusted gross income is below $80,000 ($160,000 if married filing jointly). 4. Student loan interest deduction Generally, personal interest you pay, other than certain mortgage interest, is not deductible. However, if your modified adjusted gross income is less than $75,000 ($150,000 if filing a joint return), you may be able to deduct interest paid on a student loan used for higher education during the year. It can reduce the amount of your income subject to tax by up to $2,500, even if you don’t itemize deductions. For each student, you can choose to claim only one of the credits in a single tax year. However, if you pay college expenses for two or more students in the same year, you can choose to take credits on a per-student, per-year basis. You can claim the American Opportunity Credit for your sophomore daughter and the Lifetime Learning Credit for your senior son. You cannot claim the tuition and fees deduction for the same student in the same year that you claim the American Opportunity Credit or the Lifetime Learning Credit. You must choose to either take the credit or the deduction and should consider which is more beneficial for you.
08/11/2011 [Web Admin]
Is Your Hobby a For-Profit Endeavor? FS-2008-23, June 2008 The Internal Revenue Service reminds taxpayers to follow appropriate guidelines when determining whether an activity is engaged in for profit, such as a business or investment activity, or is engaged in as a hobby. Internal Revenue Code Section 183 (Activities Not Engaged in for Profit) limits deductions that can be claimed when an activity is not engaged in for profit. IRC 183 is sometimes referred to as the “hobby loss rule.” Taxpayers may need a clearer understanding of what constitutes an activity engaged in for profit and the tax implications of incorrectly treating hobby activities as activities engaged in for profit. This educational fact sheet provides information for determining if an activity qualifies as an activity engaged in for profit and what limitations apply if the activity was not engaged in for profit. Is your hobby really an activity engaged in for profit? In general, taxpayers may deduct ordinary and necessary expenses for conducting a trade or business or for the production of income. Trade or business activities and activities engaged in for the production of income are activities engaged in for profit. The following factors, although not all inclusive, may help you to determine whether your activity is an activity engaged in for profit or a hobby: Does the time and effort put into the activity indicate an intention to make a profit? Do you depend on income from the activity? If there are losses, are they due to circumstances beyond your control or did they occur in the start-up phase of the business? Have you changed methods of operation to improve profitability? Do you have the knowledge needed to carry on the activity as a successful business? Have you made a profit in similar activities in the past? Does the activity make a profit in some years? Do you expect to make a profit in the future from the appreciation of assets used in the activity? An activity is presumed for profit if it makes a profit in at least three of the last five tax years, including the current year (or at least two of the last seven years for activities that consist primarily of breeding, showing, training or racing horses). If an activity is not for profit, losses from that activity may not be used to offset other income. An activity produces a loss when related expenses exceed income. The limit on not-for-profit losses applies to individuals, partnerships, estates, trusts, and S corporations. It does not apply to corporations other than S corporations. What are allowable hobby deductions under IRC 183? If your activity is not carried on for profit, allowable deductions cannot exceed the gross receipts for the activity. Deductions for hobby activities are claimed as itemized deductions on Schedule A, Form 1040. These deductions must be taken in the following order and only to the extent stated in each of three categories: Deductions that a taxpayer may claim for certain personal expenses, such as home mortgage interest and taxes, may be taken in full. Deductions that don’t result in an adjustment to the basis of property, such as advertising, insurance premiums and wages, may be taken next, to the extent gross income for the activity is more than the deductions from the first category. Deductions that reduce the basis of property, such as depreciation and amortization, are taken last, but only to the extent gross income for the activity is more than the deductions taken in the first two categories.
05/06/2011 [Web Admin]
Coleman & Hartman, s.c. is now on Utube http://www.youtube.com/watch?v=UQe7cyTfDsE visit the link to see our new commercial!
01/28/2011 [Web Admin]
FILE YOUR RETURN ELECTRONICALLY Yes you can with Coleman & Hartman sc, select the “services” tab to the left; select “on-line Tax Organizer;” and read the entire description by using the down arrow tab. Contact our office for your user ID and Password.

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