IRS Announces 2012 Standard Mileage Rates, Most Rates Are the Same as in July

http://www.irs.gov/newsroom/article/0,,id=250882,00.html

www.irs.gov

WASHINGTON — The Internal Revenue Service today issued the 2012 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.  For more click on this link: 

http://www.irs.gov/newsroom/article/0,,id=250882,00.html

Ten Years to Greece by John Stossel

This is a very important article which everyone should read.

 

11 Retirement Benefit Changes Coming in 2012

11 Retirement Benefit Changes Coming in 2012

Why Your Tax Bill Might Surge Next Year

“These clients are your average American family and their situation is a good example of the law changes that will affect all of us. Here’s their tax situation with a table summarizing the expiring tax laws that are scheduled to occur in 2011 and 2012.”

http://www.foxbusiness.com/personal-finance/2011/11/07/why-your-tax-bill-might-surge-next-year/

 

Christmas shopping list of things I don’t want to see in my stocking

Christmas shopping list of things I don’t want to see in my stocking.

Read more: http://www.foxbusiness.com/personal-finance/2011/12/05/new-years-resolution-no1-dont-get-audited/?intcmp=features#ixzz1flZ0xCpd

WIN $100 in cash! Create a slogan for our business!

You could win $100 in our contest to create a new slogan for our company.

When you think of a company, what do you think of?  For example, when you think of McDonalds, you may think of “the cheap hamburger” people or “the good fries people” or whatever.  One is positive while the other is somewhat negative.

When you think of Chick-fil-A, you may think of “the friendly service place” or “the good chicken place”.

And so on.

We are running a contest and will award a $100 CASH prize to whoever comes up with a really good positive slogan we can use in our advertising.

Here’s the contest:

When you think of Heritage Income Tax, you think of Heritage Income Tax, “The______________!”

Fill in the blank.

For example, “Heritage Income Tax, the tax professionals.” (Obviously, you can’t suggest that.)

Here are some thoughts to get the ball rolling:

All of our preparers are Enrolled to practice before the IRS.  There are only about 40,000 Enrolled Agents (EA’s) nationwide out of approximately 750,000 tax preparers.  To become an Enrolled Agent requires passing 10.5 hours of excruciating testing by the IRS as well as a thorough background investigation by the IRS.)

  1. We are Fellows of the National Tax Practice Institute (NTPI Fellows).  (Only EA’s qualify to start with and only about 1000 EA’s have gone through the 3 year process to complete this amazing educational program).
  2. We are the ONLY tax preparation service inPortsmouth,Chesapeake, orSuffolkwith three EA’s under one roof.  I know of only one other company in the entireCommonwealthofVirginiathat has three EA’s under one roof.
  3. We are the ONLY tax preparation service inVirginiaand possibly even in all ofAmerica, as far as I can determine, with three NTPI Fellows under one roof.
  4. We provide the BEST guarantee in the industry, bar none.
  5. We provide the best service anywhere, bar none.
  6. We have the BEST employees in America, bar none.
  7. While many office are only open during the tax season, we are open year round.
  8. We provide FREE follow up service for our clients.
  9. We provide FREE audit service for our clients.  The client does not even have to go to the IRS; we go for them.    We are the ONLY company anywhere that I am aware of who will completely handle a client’s audit for FREE for up to 6 hours of audit work.  Note that six hours will cover the vast majority of non-business audits.
  10. We provide tax preparation in the privacy of an office with a closed door totally unlike the national chains who see you in open areas where others can overhear your private affairs.
  11. We provide a FREE monthly newsletter for all clients who have e-mail accounts and opt in to receive the e-mail.
  12. We provide lots of little, insignificant extras not found at other tax services.  For example:
    1. FREE shredding for our clients  – year round.
    2. FREE Chick-fil-A coupons (most years)
    3. FREE bottled water for our clients while they are in our office
    4. FREE business advice year round (limitations apply).
    5. FREE copies of their tax returns when a client loses the first one.
    6. FREE notary service.
    7. FREE speaker to events at a client’s church or other organization.
  13. In spite of all of these amazing qualities, our fees still undercut the national chains as well as most CPA firms, usually by a significant percentage.

How can we get at least some idea of some of those qualities across in a very short slogan?  How can we get across the idea that we are radically different from any other tax service out there?  Is it even possible?

How can we bring an image to a person’s mind with a short slogan that will give him/her the “warm fuzzies” that they are going to have the peace of mind that goes with the attributes reviewed above?  Again, is that even possible?

Well, how creative are you?  Can you come up with some good ideas?  Remember, the more ideas you suggest, the more chances you have to win.

I really look forward to hearing your ideas and suggestions!  Respond by e-mail to LenBoush@HeritageTax.com.

Interesting Statistics

I’m listening to a tax webinar this afternoon and here are a couple of interesting statistics:

1.  Letters that the IRS sends out have increase by a whopping 670% since 2001.  If you felt like you were hearing more from the IRS than ever before, you were right.  This is in spite of the fact that computerized tax preparation has radically reduced math errors.  On the other hand, the number of tax preparation errors have skyrocketed!  This alone proves that tax software will never replace a proven tax professional.

2.  Audits have increased by 65% since 2001.  WOW!

3.  The tax code has grown for approximately 1,400,000 pages in 2001 to almost 4,000,000 pages today.  Another WOW!

4.  The IRS has been and is still in the process of modifying their letters and notices to make them easier to read and to understand but are having problems due to the complexities of explaining the issues in laymen’s terms.

Tax preparers fret over first U.S. IRS fees, rules

These fees are nothing new to those of us who were already subject to far stricter requirements but it is sure shaking up those who are facing licensing for the first time.  Click on the article below:
Tax preparers fret over first U.S. IRS fees, rules

Volunteer Tax Preparers Have 41% Error Rates

While we have the utmost respect and admiration for those who volunteer their time and efforts as voulnteer tax return preparers, this article is still very disturbing.

But here is an even more distrubing thought!  These volunteer preparers go through an IRS training program to become volunteer tax preparers.  Further, they use a professional tax preparation computer program to prepare the taxes.  In spite of all of that, they still have a 41% error rate.  Isn’t it a valid question to ask how much higher the error rate is among the millions of individuals who prepare their own tax return and who have NO training?

Click on this line to read the article about error rates among voulnteer tax return preparers.

News Release from the National Association of Enrolled Agents

Click on the this line to see a news release from the National Association of Enrolled Agents (NAEA) about the tax preparers at Heritage Income tax.

2002-2012 Best of Portsmouth

Heritage Income Tax Service, Inc. | 4303 Portsmouth Blvd., Portsmouth, VA 23701
(757) 488-7232 | Fax (877) 488-7232

Heritage Income Tax offers a full range of tax preparation services. Located in Portsmouth, Virginia, we serve the entire Hampton Roads area including the cities of Chesapeake, Virginia Beach, Norfolk, Suffolk, Newport News and Hampton.