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CommunityPappas & Co.: Dear Clients and Friends

Pappas & Co.: Dear Clients and Friends

Hellenic News
Hellenic News
The copyrights for these articles are owned by HNA. They may not be redistributed without the permission of the owner. The opinions expressed by our authors do not necessarily reflect the opinions of HNA and its representatives.

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pappas and co

 

Pappas, Possenti, Mastrangelo & Company
Certified Public Accountants & Business Advisors
102 Chesley Drive, The Jamestown Building
Media, Pennsylvania 19063
610-565-8050

January 2014

Dear Clients and Friends:

Thanks for reading Hellenic News of America

Chances are you are tired of the snow — you’ve shoveled, you’ve scraped and then today you realize that the the reward is an additional 7 long days of frigid temps – what can a person do, you ask?

We suggest that you gather your tax information and send it into PPM! Organizers should be in your warm homes and we are at our cozy desks. So please use this Arctic Blast to gather, sort and send your tax information our way! Check out BRRR when does this end? to learn more about how many cold long days we face.

And if you are feeling stir crazy, be sure to join us for our Annual Tax Season Kick-Off Party – an evening of refreshments and networking on Thursday, January 30th from 5 – 7 p.m. at our Media office. To rsvp just click here! 

Please remember, we gladly welcome new clients — so if you are referring a friend, colleague or relative – simply call Sonya at 610-565-8050 or email her at [email protected]

Be warm, be safe and be ready to work with us this tax season! 

We look forward to catching up with you.

Pappas, Possenti, Mastrangelo & Company
Certified Public Accountants and Business Advisors

Red 

Four Tips for the Individual Tax Filer 

1. Be Early – with over 119 million personal returns to be processed between January 31st and April 15th – you will want to be among the first.

2. Be Organized – the key to success in the tax world is organization. Key words to remember: Gather, Sort, & Save! The organizer you receive in the mail is perfect to help you with the task. 

Most importantly please open your mail and ensure that W2s, 1099s and 1098s are addressed to the correct person and have accurate information. For example, if you did not work in the state of Kentucky in 2013 but your W2 states that you did; correct the mistake with your employer. 

3. Be Educated – with a tax code of over 7 million words, we do not expect you to be an expert (that is our job) – but we do recommend that you are an educated consumer. What should you know? It would be ideal if you knew the tax returns that you file (federal/state(s)/local(s)) and had a good idea of your tax bracket and effective tax rate.

If you are in an income bracket where the Alternative Minimum Tax hits each year, and you still don’t understand the AMT – simply ask for a refresher – we are here to help you understand. 

4. Be Yourself – If you can’t have an honest conversation with your accountant, your with the wrong accountant. So by all means, take the time throughout the year to meet and talk with us – we are here and ready to listen. 

Please remember that every major life event for you or a family member has a subsequent tax consequence – if we work alongside you and plan, then we can help you maximize opportunities, not suffer penalties. 

What are these major life events ? The list is extensive but includes marriage, graduation, birth, adoption, death, illness, job promotion, job loss, sales bonus, casino win, relocation, first time home buyer, vacation home, property sales, retirement options, elderly parents, or opening a new small business.

With so many forces shaping our daily lives it is easy to postpone meeting with us; however the truth is that taking the time to communicate can help you save money and time. 

Gray

Quick Check List for the Individual Filer

Income Items 
W2s
1099s from banks, brokerage accounts,governmental entities, retirement funds, casinos, unemployment benefits and social security
Stock trades as sent on year-end brokerage statements
K1s from any partnership or corporation
If you own rental properties, please make sure that you have tallied your numbers and that you have a 1098 for each mortgaged property

Common Deductions
Make sure that you have your charitable contributions organized and please note that you will need a dated receipt or letter from the charity for any gifts over $250.
1098 mortgage statement and a statement if you are paying mortgage insurance premiums.
Proof of payment of real estate taxes on all properties i.e. receipt or 1098 from mortgage company.
If you have significant medical expenses you will need clear documentation of your expenses and this year, if you are under 65, you will need the expenses to exceed 10% of adjusted gross income.
Employee expenses – if you are deducting non-reimbursed employee expenses you will need a detailed listing and the deduction will be subject to income limits.
If you or your dependents are in a higher education program please provide the 1098-T from the institution.
If your children are in child care so that both parents can work, provide the details of the provider including the EIN or SS, location, and costs for 2013 per child.

Disappearing Tax Deductions
In addition to new taxes for FY 2013, a list of popular deductions, credits and other provisions are slated to go at the end 2013. This is the moment to take advantage, in the event they are not grandfathered into existence again.

Educator’s Expense – Deduction above the line for expenses paid by teachers, instructors, counselors and aids up to $250 for out-of-pocket costs paid.

Cancellation of Debt – Mortgage Debt – Individuals an exclude up to $2 million of COD income from qualified principal residence indebtedness that is canceled because of their financial condition or decline in value of the residence.

Mortgage Insurance Premiums Deduction – Qualified mortgage insurance premiums paid by taxpayer treated as deductible qualified residence mortgage interest.

Personal Energy Credit – a credit ($500 lifetime cap) is available for qualified energy efficiency improvements to a taxpayer’s principal residence.

State and Local Sales Taxes Deduction – Election by individuals to deduct state and local sale and use taxes instead of state and local income taxes.

Tuition and Fees Deduction – Individuals can claim an above-the-line deduction for tuition and fees for qualified higher education expenses.

Qualified Charitable Distributions – Taxpayers over age 701/2 can make tax-free transfers from an IRA directly to a charity. Amounts count toward RMD.

About Our Firm

Pappas, Possenti, Mastrangelo & Company provides professional tax, accounting and business advisory services to individuals, business owners, municipalities and non-profit entities. The firm is a recipient of the 2012 Smart CEO Leadership Award and a 2013 Best of the Main Line Media News Reader’s Choice Award.

The copyrights for these articles are owned by the Hellenic News of America. They may not be redistributed without the permission of the owner. The opinions expressed by our authors do not necessarily reflect the opinions of the Hellenic News of America and its representatives.

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