Hawaii Group Update

Business in Hawaii with Reg Baker

What a Team!!  Matt Delaney and Sean Knox make a great team offering professional staffing and executive search to Hawaii’s SMB’s (Small and Mid-Sized Businesses).  Watch how these two individuals combine their talents to make the Hawaii Group a “one stop shop” for all back-office functions for Hawaii’s SMB market place.

When you include the recently announced merger on June 30 of HiAccounting with WR Financial (a wealth management, tax and accounting service company) the opportunities for increased efficiencies and cost savings for SMB’s increase significantly.

Millennial Success Story

Business in Hawaii with Reg Baker: I talked with a very impressive young man this week.  Perfect example of how you can be successful regardless of your age.

Johnny Cash - Drive On

Old song but still powerful.  Only two minutes long but explains a lot.  JC will always be loved by those who were "in country".  It don't mean nothing!!

Military Employment in Hawaii with Craig Baldner and Chase Cappo

This week’s Business in Hawaii Show focused on solving the Teacher and Healthcare Workers shortage in Hawaii.  A very simple solution exists that is immediately available and could help solve the shortage problem.  Active duty military and their spouses are highly trained, experienced and ready to start.  All we need to do is match the supply with the demand.  Not a total solution but a this would go a long way to solving the need for teachers and healthcare worker.  

Medical MJ Moving Forward

Very interesting update on the medial MJ industry in Hawaii. Get the latest data on an incredible opportunity!

Microeconomics of Healthcare in Hawaii

Hawaii Healthcare issues discussed with Senator Josh Green who is also an emergency room doctor. 

At airport headed to Vegas for Ceridian conference. Full wk of trng and networking.

IRS Urges Taxpayers to Avoid Becoming Victims of Tax Scams

WASHINGTON — The Internal Revenue Service today encouraged taxpayers to guard against being misled by unscrupulous individuals trying to persuade them to file false claims for tax credits or rebates.

The IRS has noted an increase in tax-return-related scams, frequently involving unsuspecting taxpayers who normally do not have a filing requirement in the first place. These taxpayers are led to believe they should file a return with the IRS for tax credits, refunds or rebates for which they are not really entitled. Many of these recent scams have been targeted in the South and Midwest.

Most paid tax return preparers provide honest and professional service, but there are some who engage in fraud and other illegal activities. Unscrupulous promoters deceive people into paying for advice on how to file false claims. Some promoters may charge unreasonable amounts for preparing legitimate returns that could have been prepared for free by the IRS or IRS sponsored Volunteer Income Tax Assistance partners. In other situations, identity theft is involved.

Taxpayers should be wary of any of the following:

• Fictitious claims for refunds or rebates based on excess or withheld Social Security benefits.

• Claims that Treasury Form 1080 can be used to transfer funds from the Social Security Administration to the IRS enabling a payout from the IRS.

• Unfamiliar for-profit tax services teaming up with local churches.

• Home-made flyers and brochures implying credits or refunds are available without proof of eligibility.

• Offers of free money with no documentation required.

• Promises of refunds for “Low Income – No Documents Tax Returns.”

• Claims for the expired Economic Recovery Credit Program or Recovery Rebate Credit.

• Advice on claiming the Earned Income Tax Credit based on exaggerated reports of self-employment income.

In some cases non-existent Social Security refunds or rebates have been the bait used by the con artists. In other situations, taxpayers deserve the tax credits they are promised but the preparer uses fictitious or inflated information on the return which results in a fraudulent return.

Flyers and advertisements for free money from the IRS, suggesting that the taxpayer can file with little or no documentation, have been appearing in community churches around the country. Promoters are targeting church congregations, exploiting their good intentions and credibility. These schemes also often spread by word of mouth among unsuspecting and well-intentioned people telling their friends and relatives.

Promoters of these scams often prey upon low income individuals and the elderly.

They build false hopes and charge people good money for bad advice. In the end, the victims discover their claims are rejected or the refund barely exceeds what they paid the promoter. Meanwhile, their money and the promoters are long gone.

Unsuspecting individuals are most likely to get caught up in scams and the IRS is warning all taxpayers, and those that help others prepare returns, to remain vigilant. If it sounds too good to be true, it probably is.

Anyone with questions about a tax credit or program should visit www.IRS.gov, call the IRS toll-free number at 800-829-1040 or visit a local IRS Taxpayer Assistance Center.

Do I have to File a Tax Return?

Below is some valuable information form the IRS about whether you need to file a tax return this year.

Do I have to File a Tax Return?

You must file a federal income tax return if your income is above a certain level; which varies depending on your filing status, age and the type of income you receive.

Check the Individuals section of the IRS website at http://www.irs.gov or consult the instructions for Form 1040, 1040A, or 1040EZ for specific details that may help you determine if you need to file a tax return with the IRS this year. You can also use the Interactive Tax Assistant available on the IRS website to determine if you need to file a tax return. The ITA tool is a tax law resource that takes you through a series of questions and provides you with responses to tax law questions.

There are some instances when you may want to file a tax return even though you are not required to do so. Even if you don’t have to file, here are seven reasons why you may want to:

1. Federal Income Tax Withheld You should file to get money back if Federal Income Tax was withheld from your pay, you made estimated tax payments, or had a prior year overpayment applied to this year’s tax.

2. Making Work Pay Credit You may be able to take this credit if you had earned income from work. The maximum credit for a married couple filing a joint return is $800 and $400 for other taxpayers.

3. Earned Income Tax Credit You may qualify for EITC if you worked, but did not earn a lot of money.EITC is a refundable tax credit; which means you could qualify for a tax refund.

4. Additional Child Tax Credit This refundable credit may be available to you if you have at least one qualifying child and you did not get the full amount of the Child Tax Credit.

5. American Opportunity Credit The maximum credit per student is $2,500 and the first four years of postsecondary education qualify.

6. First-Time Homebuyer Credit The credit is a maximum of $8,000 or $4,000 if your filing status is married filing separately. To qualify for the credit, taxpayers must have bought – or entered into a binding contract to buy – a principal residence located in the United States on or before April 30, 2010. If you entered into a binding contract by April 30, 2010, you must have closed on the home on or before September 30, 2010. If you bought a home as your principle residence in 2010, you may be able to qualify and claim the credit even if you already owned a home. In this case, the maximum credit for long-time residents is $6,500, or $3,250 if your filing status is married filing separately.

7. Health Coverage Tax Credit Certain individuals, who are receiving Trade Adjustment Assistance, Reemployment Trade Adjustment Assistance, or pension benefit payments from the Pension Benefit Guaranty Corporation, may be eligible for a Health Coverage Tax Credit worth 80 percent of monthly health insurance premiums when you file your 2010 tax return.

For more information about filing requirements and your eligibility to receive tax credits, visit http://www.irs.gov.

Reg Baker, CPA PFS
http://www.regbaker.com/
Ph: (702) 283-0784

IRS Announces Tax Filing Delay

Per the IRS, if you file a Schedule A or take an education deduction, wait until mid Feb to file your returns!  IRS needs time to reprogram their systems due to late tax law changes.

Need help with your taxes?  Please let me know how I can help.

Reg Baker, CPA

http://www.regbaker.com/