Entries by Gentry CPAs

CFO Services

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An organization’s Chief Financial Officer (CFO) plays an essential part in an organization’s overall long-term success. Regardless of a business’s size, a CFO oversees audit preparation, accounting, reporting and other financial-related business tasks. Should owners use an outsourced CFO or hire an in-house CFO? To assist in illustrating the pros and cons of both options, […]

COVID-19 Economic Impact Payments for Beneficiaries

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Statement from Social Security Commissioner Andrew Saul about COVID-19 Economic Impact Payments for Beneficiaries “I want to provide an update to people who receive benefits from the Social Security Administration. The Department of the Treasury (Treasury) announced on April 1 that Social Security beneficiaries who are not typically required to file tax returns will not […]

Where’s My Refund?

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Tax Time Guide: IRS.gov’s ‘Where’s My Refund?’ tool is fastest, easiest way to check on tax refunds WASHINGTON — The Internal Revenue Service is reminding taxpayers today that the best way to check on their tax refund is by using the “Where’s My Refund?” tool at IRS.gov or through the IRS2Go Mobile App. This news release […]

Why Outsourcing A Company’s Bookkeeping Saves Time and Money

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For business owners, keeping accurate books is paramount. Making mistakes adds up, especially if those mistakes lead to an audit or bankruptcy. With thirty percent of small businesses failing within two years because of expenses outweighing profits, it is more important than ever to keep accurate books. Hiring a CPA to perform bookkeeping tasks is […]

Employee Business Expenses

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One of my clients was recently audited by the IRS for deducting unreimbursed employee business expenses on his tax return. These expenses are deductible as an itemized deduction on Schedule A of Form 1040. Those expenses make their way to the Schedule A (Itemized Deductions) by way of Form 2106 (Employee Business Expenses). To get […]

Where is My Refund?

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If it has been at least 21 days since you filed your tax return and you have not received your refund, you can log onto IRS.gov click on the link that says “Where is My Refund?”  The following Youtube video should explain the details of how it is done.

What the IRS Knows About You

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The IRS gets information from third parties and matches this information to you through its computers. Stay one step ahead by being extra careful to report on your tax return what the IRS already knows about you. (You should receive from the third parties copies of all the information they send to the IRS.) What […]

Well-known and hidden deductions

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Hidden Deductions In Unreimbursed Business Expenses If you have any out-of-pocket expenses in connection with your employment, and you don’t get reimbursed for them, you may be entitled to deduct them to the extent that they exceed 2% of your Adjusted Gross Income. These expenses include well-known deductible costs, such as those incurred for business […]

Top 10 Filing Mistakes To Avoid

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1. Incorrect amount of tax entered from the tax table. Find your correct filing status at the top of the tax table and copy the correct amount from that column onto your return. 2. Error in computing the credit for child- and dependent-care expenses. Carefully work through Form 2441 and the accompanying worksheet contained in […]