John Michael Miller CPA Inc

Please see our new video on keeping good accounting records for your business. Some people keep receipts while others use spreadsheets or Quickbooks. http://bit.ly/1vQNaAS

If you would owe money to the IRS and haven’t filed, the penalty is 5% per month on the tax owed for the first 5 months (4.5% for filing late and .5% for paying late). If you file an extension but aren't able to pay in full right away, you will still incur the 0.5% penalty for paying late. An extension only gives you more time to file, not more time to pay. It only prevents the 4.5% penalty for filing late.

Remember the deadline for corporate returns on extension is September 15th and the deadline for personal returns on extension is Oct 15th. We are open year-round and can help you with this year’s or prior years’ returns. http://bit.ly/V56atk

In order to really understand your monthly household budget, you really need to write down the totals you spend on different categories such as groceries, fuel, electricity, restaurants, cell phone, cable, etc. If you have all your monthly expenses on one page in front of you, you can more easily see how different costs compare to each other and get a much better understanding of your monthly financial situation. You can do it on paper, but if you want to do on your computer, here is a handy online tool to help you: http://bit.ly/1njT7pC

There are three year-round scams the IRS now warns about. Tax Identity Theft is where scammers use your SS# and info to file a tax return in your name to claim your refund. Phishing is where they pose as the IRS through phone, email, or websites to obtain your info. Return Preparer Fraud is where dishonest tax preparers skim a portion of your refund or charge inflated fees. http://bit.ly/1fN3sG0 http://bit.ly/1fuXoEE