They’re Watching You

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We’re nearing the age envisioned in the movie Minority Report. Of course, they were arresting people before they could commit crimes, but remember all of the screens in the stores that would speak to John Anderton, or the directed advertising as he would walk past store windows and on his computer screen?

Companies are harvesting all kinds of information about you through the sites visited on your linked devices, and using it to send targeted advertising. Ever noticed that the ads on your browser change based on your recent searches? Brian X. Chen and Natasha Singer for the New York Times explore this phenomenon more closely in the article, Free Tools to Keep Those Creepy Online Ads From Watching You, as well as offering reviews of four tools that can help maintain your privacy.

It’s Tax Day, Hug Your CPA

Today is one of the most stressful dates for many Americans. April 15th, Tax Day brings all kinds of worries for those who have waited to complete their tax forms and not sought the help of a CPA. On the other hand, accountants are just coming to the end of an extremely busy work season. Maureen Schwartz offers a humorous view of living with a CPA during this time and how best to care for them. Happy tax season and raise a glass to your and all CPAs in the US this monumental day! The 10 simple rules of caring for your CPA this busy season

April “Fools?”

Did you get a minion mic drop in your inbox this April Fools? Google’s famous elaborate April Fool’s pranks may have finally gone too far. This year, the idea was that you could select the “Mic drop” button on Gmail and send a .gif of a minion dropping a realistic mic. After sending, no other replies from that mail stream would come back to you. Conversation over, the end. What an amazing way to handle a never ending work email, right? Turns out that the “Mic drop” button was a little too close to the send button, causing quite a few misfires to clients and bosses. Oops. After a myriad of complaints on their Google forum, the button was removed and an apology issued.

What do you think? Did they go too far or do we all take ourselves just a little too seriously in this day and age of electronic communication?

April Fools’ Undo: Gmail Removes Its ‘Mic Drop’ Feature

Parents, Kids and Healthy Eating

Children tend to be picky eaters and for most of us this only means a little wasted food and some frustration at the dinner table. But what about the parents who cannot afford to throw away food? The working poor who must stretch to make ends meet often have the same nutrition goals for their children but lack the financial resources to introduce their children to new foods and flavors. Statistics show that children must be given a new food 8-15 times before it will be accepted. Imagine how much discarded food that amounts to in a week, a month. Caitlin Daniel reinforces the idea that many parents share the same health desires for their children in her article, A Hidden Cost to Giving Kids Their Vegetables and offers possible ways that schools and organizations may help support a healthy lifestyle for all.

The Dog Ate My Tax Receipts?

Every year people spend hours searching madly for those few missing receipts that will substantiate a tax deduction. An IRS audit is a real fear in the United States, one that is portrayed in television shows as a horrific experience. But did you know that receipts aren’t always a requirement when proving your deductible expenses? Thanks to past Broadway pioneer George M. Cohan, who paid in cash and fought the system when they denied his claims, we have the Cohan Rule. Not the easiest rule to use, you might wind up in court, but good to know in case you ever end up in this situation. Still, probably better to just keep saving your receipts.

No Receipts For IRS? Key Tax Case Says They’re Optional

Important Tax Extenders And Other Provisions

As the 2015 tax season draws to a close, we wanted to share an article from Maxwell, Locke and Ritter, LLC about the Tax extenders and provisions that have been made permanent by the passing into law of the Protecting Americans From Tax Hikes (PATH) Act of 2015.

Never hurts to know all the ways you are eligible to save on your taxes! If you need more personalized service or have questions, give me a call. Debra Newby Watkins, CPA, 512 484 8016.

CLICK HERE TO VIEW ARTICLE

Property Taxes Best Practices

Should I pay my property taxes by the end of the year? That all depends…

The general rule is to always take a deduction (pay your property taxes) every year. However, if the total of your itemized deductions is below the standard deduction available to you, “Doubling-up” on your property taxes can afford you a way to keep your standard deduction. Doubling up means paying two years of property taxes at once and then skipping a year.

For example: Suzii is a single taxpayer whose actual property taxes are $6000. She does not donate to charity. As a single person, her standard deduction for 2015 is $6,300. This means, if she has no itemized deductions, she can still reduce her taxable income by $6,300. If she pays her taxes in December, she loses that deduction because her property taxes are less than the standard deduction.

However, if she pays her 2015 taxes in January 2016 and her 2016 taxes by December 2016, her itemized deductions on her 2016 return will exceed the standard deduction and she will get the benefit of an additional reduction of $5,700.

If funds to pay your taxes are held in escrow by your mortgage company, make sure to instruct the company on when they should be paid. Every year check to see if the equity in your property exceeds 20% of the home’s value. Once you reach this mark, the mortgage company can no longer require you to escrow funds and must release any money held in that account to you. You will also by released from making mortgage insurance premium payments.

When purchasing a new home, do not depend on the title company to file your homestead exemption with the appraisal district. Always verify that you are receiving that exemption, as this will affect your property taxes.

As part of the homestead exemption, any 65 year old home owner who lives in the residence, may have their property taxes frozen, If the qualifying homeowner dies, the surviving spouse may continue to receive the exemption if the surviving spouse is age 55 or older at the time of death and lives in and owns the home. This requires an application for the exemption to continue.

There are other exemptions available to disabled persons and veterans, which may also help as you assess the best way to pay your property taxes. For more on these topics visit:

http://comptroller.texas.gov/taxinfo/proptax/exemptions/disabledvet_faq2.html

Keep in mind, that no matter how you choose to finance your property taxes, they are an important part of home ownership and it pays to know all the facts in order to best utilize your money. Have questions? Contact me, Debra Newby Watkins, CPA at 512 484 8016.

A Mind Is a Terrible Thing To Waste

“Only You Can Prevent Forest Fires.”
“Take a Bite Outta Crime.”

Q: Who said these famous lines and from what ad agency did they originate?

A: The Ad Council.

Since its inception, to encourage the public during WWII, the Ad Council has helped develop thousands of public service announcements. The group maintains 35 to 40 active campaigns at one time and receives funding mainly from corporations and individuals, as well as time donated by top ad agencies and media outlets.

Enter the social media generation and the Ad Council is right there, ready to meet this new audience. One of their latest campaigns, “I Am a Witness” focuses on bullying and digital communications. No doubt it will be fascinating to see what new Ad Council slogans become part of our everyday speech.

The Ad Council Adapts to Stay Relevant in an Age of Social Action

A “Sign” of the Times

The open-carry law (Section 30.07, Penal Code) becomes a reality in the state of Texas, beginning January 1, 2016. After that date, anyone with a licensed weapon will be able to carry it visibly in public. Some locations such as schools, hospitals and sporting events are exempt from this law but any other locations wishing to conscientiously object must install a sign with the following details and size requirements:

— Must appear in contrasting colors with block letters at least one inch in height.

— Must be in both English and Spanish.

— Must be displayed in a “conspicuous manner” at the property’s entrance.

— Must say: “Pursuant to Section 30.07, Penal Code (trespass by license holder with an openly carried handgun), a person licensed under Subchapter H, Chapter 411, Government Code (handgun licensing law), may not enter this property with a handgun that is carried openly.”

Is it any wonder that the current battle in Texas is not over the weapons themselves but over the signage required to keep them out of personal places of business and churches? Quite fitting that the penal code section number is, 30.06.

When I Say, “End-of-Year Review” How Does That Make You Feel?

Earlier this year I posted an article citing all the issues with employee end-of-year reviews, What if you could replace performance evaluations with four simple questions? In this Forbes spot, The Real Problem Isn’t Annual Employee Reviews – It’s Simply Management, Victor Lipman suggests that end-of-year reviews are actually a good tool as long as there is adequate communication with employees throughout the year. What do you think? Read both articles and see if either change your opinion.