Why You Need To Keep Your Receipts

Keeping your receipts can be a tedious and, honestly, annoying habit. No one likes to constantly ask for a receipt and then be forced to find a place for it in their home or office. But, without saving your receipts, you risk not getting any money back when tax season comes around.  How do they help you? Keeping your receipts can help accurately assess your annual spending. Even with technology advancing, experts say that keeping physical receipts is still the best way to assess annual spending. 

Do you know where all of your receipts are? Make sure you do! And when tax season comes around and it’s time for tax preparation, give Selph and Friday a call. 

Why You Should Plan For Retirement When You’re Young

            Saving for retirement while you’re young is one of the most important and beneficial things you can do for yourself. We know… Every twenty-something year old reading this is rolling their eyes right now. But, did you know, according to bankrate.com, that if you start putting something as small as $2,000 away every year, in about 40 years you will have around $560,000?! That’s an incredible number that will make you and your bank account happy.

            So, if you’re ready to start saving and are looking for a trusted accountant in Texarkana, Texas, contact Selph & Friday today! 

We Do Tax CPR!

                                                              We Do Tax CPR!

Consultation - If you have transactions that you want to determine the tax effect call us.  We can tell                           you the tax impact and help you minimize the income tax cost to you.

Preparation -  We prepare business and personal tax returns for small business and individuals like                               you.

Representation -  We represent taxpayers and small business who have various tax issues with the                                    federal and state government.

We have been providing Tax CPR since November 1, 1986. In less than 3 months that will be 30 issues of solving problems for folks like you.  You can contact us at 903-792-0281.

Robby

Tax Alliance Conference/IRS Representation Boot Camp RECAP

Robby Selph a Certified Public Accountant with Selph and Friday CPAs of Texarkana recently attended the Tax Alliance Conference and IRS Representation Boot Camp in Plano, Texas on June 14th, 15th, and 16^th.

This intensive 2 ½ day seminar was designed for tax professionals who represent taxpayers before the Internal Revenue Service.

Topics included various aspects of practice before the Internal Revenue Service including Dealing with IRS collections, Tax return identity theft, How to handle the troublesome IRS agent, IRS examination tactics, and federal tax lien applications.

Bookkeeping for Small Business Owner

Owning a small business can be an overwhelming process when first starting out. Small businesses are often run by a one-person team or by a very small team which leads to a large load of responsibilities being dumped on each person. As time goes on learning to wear different hats can cause exhaustion or burnout among employees.

When this happens important responsibilities can sometimes fall through the cracks like finances and bookkeeping. Selph and Friday CPA has built their services to help prevent businesses owners from getting behind.

Offering services like financial statements, quickbooks set-up, payroll accounting, bookkeeping, income tax preparation, and more. Take the financial weight off your shoulders and work with a team that specializes in it. Call Selph and Friday CPA at 903.792.0281 to receive a consultation today.

Avoid Problems with the IRS

Problems with the IRS are everyone’s worst nightmare and can affect every aspect of one’s life. If you have ever received any IRS notices you might be familiar with the anxiety and stress that follows. IRS notices are often difficult to navigate, if that is the case, Selph and Friday will analyze the notice and answer any questions you may have and let you know how you will be affected.

There are zero fees to meet with Selph and Friday to review your case, and to draft up a game plan on how to help you in your situation.

The tax representation services that Selph and Friday offer are:

• ·         Unfiled tax returns
• ·         Liens and Levies
• ·         Payment and collection agreements
• ·         Offer in compromise
• ·         Audits and examinations
• ·         Penalty Statement

To avoid IRS problems altogether Selph and Friday is a CPA firm that can help assist in all areas of tax preparation. If you are facing an IRS issue that it plaguing your life, contact Selph and Friday today. 

Tax Season 2016

Welcome to Tax Season 2016

As we enter Spring 2016, the deadline for filing tax returns looms over our heads.

April 18, 2016 is this year’s deadline for filing tax returns and though this year we have been given an extension of three days because of the federal holiday (Emancipation Day, April 15), it should not be a reason for procrastination.

Many Americans find the chore of Tax Preparation confusing and tedious but Selph and Friday enjoy the hustle and bustle of tax season. Let us fret over your tax preparation.

We provide aid with the following tax returns:

·   1040s (large and small) for individuals
·    Small Business, Corporations, and Partnerships
·    Payroll Reporting, W2’s and Quarterly Reports

Consult a representative today by calling us at 800-922-5169 or contact us at selphandfridaycpa.com.

Bankruptcy and Tax Debt

 

Bankruptcy 

There is a common misconception that income taxes are never dischargeable in bankruptcy. In fact, you can discharge your back federal, state, and local income taxes in Chapter 7, Chapter 13, and Chapter 11. Penalties and interest are also dischargeable. Determining which back taxes are dischargeable can be a little complex. However, it is possible to discharge significant income tax debt in bankruptcy, if your tax debt fits within the following rules. 

Taxpayer Representation 

1) The 3-Year Rule. This rule states that to discharge your back income taxes, they must become due at least three years before you file for bankruptcy. 2) The 2-Year Rule. Under the 2-year rule, your income tax returns must have been filed at least two years before filing your bankruptcy petition. This requirement allows you to discharge your taxes, even if you filed your tax forms late, as long as you file them at least two years before filing for bankruptcy. 3) The 240-Day Rule. Taxes must be assessed at least 240 days before you file for bankruptcy under this rule or not assessed at all. However, if you file a correction or a change results from an IRS audit, the assessment date may be substantially later.  Although determining the dischargeability of income taxes can be a bit complex, it should not discourage you from seeking assistance. Here at Selph & Friday we evaluate all options when seeking solutions to your tax problems. If we identify bankruptcy as a possible solution we refer you to a bankruptcy attorney to determine if your federal income taxes are dischargeable in bankruptcy. 

Don’t Fight the IRS Alone

 Consults the Tax Experts in Texarkana 

Whether you are a financial whiz or a money novice, an audit from the Internal Revenue Service can be a daunting predicament. Business owners and individuals can be easily stressed out by an audit, and the procedure and paperwork alone can be overwhelming. Thankfully here in Texarkana real help exists!

 Texarkana CPA 

Allow the team at Selph and Friday CPA to help you out of your jam. With Selph and Friday in your corner you won’t have to meet with an IRS agent. Once we have your written authorization we will meet with the revenue agent on your behalf. We enjoy representing taxpayers and will give your IRS exam our full attention. Visit us online today or give us a call at 903-792-0281

How to Prepare for the Tax Season

    Tax Day, April 15^th, IRS, Deductions 

April 15^th arrives predictably ever year yet it still manages to catch many tax payers off guard.  There are few steps that you can take to make sure you’re ready for what hopefully won’t be such a bad day.

Tax Experts Texarkana,TX 

1.       Collect Documents That Show Your Earnings

• Of course this seems like obvious advice but some people expect their earning information to be readily available via some type of federal corporate portal.  Maybe in the future but not yet folks.

2.       Hold On To You Receipts.

• If you’re planning on itemizing your deductions it’s important to keep track of all of your receipts.  To avoid clutter familiarize yourself with the type of deductions you’ll use.

3.       Have identification numbers and birth dates available.

• Hopefully you remember your social security number and birth date, but what about dependents or your spouse!  Don’t waste a trip to your tax office.

Looking for more IRS and Tax information?  Contact the accounting offices of Selph and Friday at 903-792-0281 or via are contact page.