Leah’s Accounting & Business Solutions Facebook Feed
*** Tax Tip Tuesday ***![]()
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Withholding tables update: ![]()
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Due to a law change for 2023, tax rate brackets have decreased from four to two. This includes the Idaho Child Tax Credit Allowance Table to reflect lower tax rates. No need to adjust withholding from the beginning of the year, however you might want to use the revised tables going forward.![]()
• idaho.us2.list-manage.com/track/click?u=cee6d9fcc6ff77b51e5a073fa&id=d0b08723b6&e=df7719698a![]()
For more information, don’t hesitate to call the office at 208-245-5204.
idaho.us2.list-manage.com
Due to various vacation schedules, our Office will be open from 9am to 2pm ![]()
starting ![]()
Monday, May 8 & continue through Tuesday, May 16, 2023.![]()
See you when we get back.
Our office will be closed Friday, April 28, 2023![]()
Hope you all have a great weekend.![]()
Back at it on Monday, May 1st
*** Worry Free Wednesday***![]()
Just because you are not legally obligated to file a tax return you could still get money back if you file. A person may qualify if:![]()
• Have had federal income tax withheld from their pay.![]()
• Made estimated tax payments.![]()
• Qualify to claim refundable tax credits.
*** Tax Tip Tuesday***![]()
A small business may qualify for the Research and Development credit:![]()
A small business may claim up to $500,000 of qualified research expenses as a credit against payroll taxes. To qualify the business needs be less than 5 years old and cannot exceed $5 Million.
We will be closing at noon today. Sorry for any inconvenience. We will be open again on Monday from 8-5 thank you.
*** Worry Free Wednesday ***![]()
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New mothers in the workplace are covered as follows: ![]()
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FLSA requires employers to provide a reasonable break time to express milk for employee’s nursing a child for 1 year after the child’s birth. Every time a mother needs to express her milk, the employer must provide a place to do so other than in a bathroom. This location must be private and away from the public and co-workers.
*** Tax Tip Tuesday***![]()
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Bookkeepers who file tax documents, such as employment taxes or other tax returns for companies must attach a Power of Attorney (POA). If a valid Power of Attorney is not attached, there is a possibility claims or returns may be denied.
And .... Just Like That... It's A Wrap & Tax Season is Over!![]()
In True Leah Style, Our Office will be Closed Monday, April 17, 2023 & Tuesday, April 18, 2023. ![]()
Thank you all for your Continued Support
And .... Just Like That... It's A Wrap & Tax Season is Over!![]()
In True Leah Style, Our Office will be Closed Monday, April 17, 2023 & Tuesday, April 18, 2023. ![]()
Thank you all for your Continued Support
Online Payment Agreement Application | Internal Revenue Service
irs.gov
The IRS Online Payment Agreement system lets you apply and receive approval for a payment plan to pay off your balance over time.
*** Worry Free Wednesday *** ![]()
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Options for taxpayers with a tax bill they can’t pay.![]()
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Don’t panic if you can’t pay your tax bill by the deadline of April 18, 2023. There are several options to help meet your obligations.![]()
If you cannot pay in full by April 18, 2023 there is online payments plans. These plans are either short- or long- term. Your can apply at IRS.gov/paymentplan.![]()
• Short-term payment plan - The payment period is 180 days or less, and the total amount owed needs to be less than 100,000 in combined tax, penalties, and interest.![]()
• Long-term payment plan – The payment period is longer than 180 days, and is paid in monthly payments, and the amount owed is less than 50,000 in combined tax, penalties and interest.![]()
Another option is an offer in compromise this lets taxpayers settle their debt for less than the full amount they owe. It may be a good option if they cant pay in full or if doing so creates a financial hardship. Please visit Offer in Compromise Pre-Qualifier Tool if you are wanting to see if you qualify.
Online Payment Agreement Application | Internal Revenue Service
irs.gov
The IRS Online Payment Agreement system lets you apply and receive approval for a payment plan to pay off your balance over time.
*** Tax Tip Tuesday *** ![]()
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Don’t fall for federal tax refund myths!![]()
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Myth: Where’s my refund? This must be wrong because it is less than I expected.![]()
If this happens the IRS will mail the taxpayer a letter to explain the adjustments made. There may be a letter from the Department of Treasury Bureau of the Fiscal Service if the refund was reduced to offset certain financial obligations.
Update for our office.....We are no longer using the Bookkeeper email address. If you have sent an email to that address in the last 3 weeks and didn't cc Wendy or I, please reach out to us, or resend it to Wendy and I.
***Worry free Wednesday*** ![]()
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Frequently asked questions about medical expenses related to nutrition, general health and wellness. ![]()
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Q - Can a dental exam and or eye exam be a medical expense that can be paid or reimbursed by an HSA, FSA, Archer MSA, or HRA?![]()
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A- Yes, the dental or eye exam proves a diagnosis if a disease or illness is present.![]()
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Q- Can a drug-related substance use, or an alcohol use program be a medical expense be paid or reimbursed by HSA, FSA, Archer MSA, or HRA?![]()
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A-Yes, the programs treat the disease.![]()
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Q- Is a weight loss program a medical expense that can be paid or reimbursed by HSA, FSA, Archer MSA, or HRA?![]()
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A-Yes, but the program needs to treat a disease diagnosed by a physician such as obesity, diabetes, hypertension, or heart disease. ![]()
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Q-Can a gym membership be a medical expense that can be paid or reimbursed by HSA, FSA, Archer MSA, or HRA?![]()
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A-yes, but only if the membership was purchased to help the function of the body. For example, if you get a prescribed plan for physical therapy to treat an injury. Or the sole purpose of treating a specific disease but must be diagnosed by a physician. This can be obesity, hypertension, and heart disease. Otherwise, the cost of a gym membership is for the general health of the individual and is not a medical expense.
*** Tax Tip Tuesday *** ![]()
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How can I find available tax credits and tax deductions?![]()
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There are a lot of tax deductions available for all filing statuses. There are the obvious ones like the child tax credit. But others are more complicated like the Income in Respect of a Decedent deduction. There is a list of available credits and deductions; this is an ever-changing list, so it would be a good idea to seek tax advice from a tax professional who can tell what credits or deductions you are eligible for.
Saw this on a fellow Accountants timeline and thought it would be appropriate to post here! 😂🤣😂 24 more days….
For any of those looking for work….this is bound to be a fun job!We are hiring for a part time laundromat attendant. The hours for this position will be 2:30pm -6pm, Monday through Friday. The main responsibilities are cleaning, assisting customers, cleaning, washing and folding laundry, cleaning, ironing, and cleaning. ![]()
The ideal candidate will enjoy talking with people, and helping them solve any challenges. A willingness to troubleshoot issues as they arise is also important. This position starts at $16 per hour.
For the sake of the Irish...and in hopes of finding a rainbow with a pot of gold today, we are closing our office at 2pm. ![]()
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If you are planning on picking up taxes today, please do so before 2. ![]()
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If you are planning on dropping off and want to talk to someone, please do so by 2. ![]()
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If you want to drop things off after 2, or over the weekend, please remember we have a big mailbox at our fence that you can put your documents in and put the flag up so we know to check it.![]()
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Happy St Patty's day! Have a wonderful fun and safe weekend!
TIME IS FLYING BY AND THE COUNTDOWN IS ON……..ONLY 30 DAYS UNTIL THE 2022 TAX FILING DATE IS HERE!![]()
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In true Leah’s Accounting Solutions fashion, we are recognizing April 15th, 2023, as the tax deadline even though the Federal deadline is April 18th, 2023.![]()
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Come by and see the new office and Drop off your Tax Documents so we can get you filed.
*** Worry Free Wednesday ***![]()
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A new law expanding the 1099-K reporting rules could be eased by Congress. ![]()
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Starting in 2023, third-party payment settlement networks (such as Venmo and PayPal) must send 1099-Ks to payees who are paid over $600 a year for goods and services. This reporting threshold is much lower than in prior years, when settlement agents had to send a 1099-K to payees who were paid more than $20,000 and who had over 200 transactions. ![]()
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It does not apply to friends-and-family payments. So if you’re receiving payments from friends or family using cash payment apps, make sure the payee correctly designates the payment on the app as a non-business-related transaction. ![]()
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If you have any questions or would like more information, call our office at 208-245-5204 or 208-245-0930, or message us on Facebook.
Amazing company offering employment! Spread the word!Brady 3B Construction is seeking hard-working and reliable Construction workers. Experience isn't essential, and we are willing to train a fast learner.![]()
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To be successful in this position you must be able to work as part of a team, enjoy working outdoors, and be able to perform strenuous physical tasks.![]()
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If you're interested in being part of our team, give Jonathan a call today! 208-816-6334
Taxpayers should know that an extension to file taxes is not an extension to pay.![]()
Deadline to file an extension is April 18, 2023.![]()
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If you believe you may owe taxes, payment needs to be postmarked by April 18, 2023, to avoid potential penalties and interest on the amount owed.![]()
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Can I get a free extension to file for a return?![]()
Yes, you can. Any individual can file regardless of income. You may use IRS Free File at IRS.gov/FreeFile for automatic six-month filing extension. Taxpayers can file Form 4868. ![]()
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If you need to file an extension or have questions, please contact our office and we can file for you!![]()
(208) 245-5204 or (208) 245-0930
Free File: Do your Federal Taxes for Free | Internal Revenue Service
irs.gov
IRS Free File lets you prepare and file your federal income tax online for free. File at an IRS partner site with the IRS Free File Program or use Free File Fillable Forms. It's safe, easy and no cost...
*** Tax Tip Tuesday ***![]()
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How much do you know about lifetime estates and gift tax exemptions? Let's learn a bit more!![]()
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The lifetime estate and gift tax exemption for 2022 deaths is $12,060,000…$24,120,000 for couples if portability is elected by filing an estate tax return after the death of the first-to-die spouse, even if Form 706 isn’t otherwise required. ![]()
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It is slated to fall back to $5 million, adjusted for inflation, after 2025. Most tax-free gifts you make now won’t trigger post-2025 estate taxes, per final regulations issued in 2019. ![]()
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But not all gifts would qualify. Under recently proposed regulations, completed gifts that are later included in the descendant’s gross estate at death would be subject to the exclusion amount in effect in the year of the donor’s death. Implicated strategies include grantor retained income trusts and transactions involving promissory notes.![]()
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If you have any questions or would like more information, call our office at 208-245-5204 or 208-245-0930, or message us on Facebook.
*** Tax Tip Tuesday ***![]()
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Things organizations should know about applying for tax-exempt status: ![]()
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To be tax-exempt under Section 501(c)(3) of the Internal Revenue Code, an organization must be organized and operated exclusively for any of these purposes: charitable, religious, educational, scientific, literary, testing for public safety, fostering national or international amateur sports competition, or preventing cruelty to children or animals. ![]()
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Here are some key things to know about the application process.![]()
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o The application process on IRS.gov includes a step-by-step guide explaining how to apply for tax-exempt status.![]()
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o Form 1023-series applications for recognition of exemption must be submitted electronically online at Pay.gov. The application must be complete and include the user fee.![]()
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o Some types of organizations don't need to apply for Section 501(c)(3) status to be tax-exempt. These include churches and their integrated auxiliaries, and public charities with annual gross receipts normally no more than $5,000.![]()
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o An organization must include their EIN on the application. Every tax-exempt organization should have an EIN, even if they don't have any employees. ![]()
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o The effective date of an organization's tax-exempt status depends on their approved Form 1023. If they submit this form within 27 months after the month they legally formed, the effective date of their organization's exempt status is the legal date of its formation. If an organization doesn't submit this form within those 27 months, the effective date of its exempt status is the date it files Form 1023.![]()
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o Once the IRS determines an organization qualifies for tax-exempt status under the law, it will also be classified as a private foundation unless the organization meets the requirements to be treated as a public charity.![]()
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o A charitable organization must make certain documents available to the public. These include its approved application for recognition of exemption with all supporting documents and its last three annual information returns. ![]()
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More information:![]()
- www.irs.gov/charities-non-profits/frequently-asked-questions-about-applying-for-tax-exemption![]()
- www.irs.gov/charities-non-profits/frequently-asked-questions-about-form-1023![]()
- www.irsvideos.gov/Business/Resources/FileError-FreeForm1023-EZWebinar![]()
- www.stayexempt.irs.gov/![]()
- www.irs.gov/charities-non-profits/exempt-organization-public-disclosure-and-availability-requirem...![]()
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#IRSTaxTip: Things organizations should know about applying for tax-exempt status: go.usa.gov/xuSky![]()
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If you have any questions or would like more information, call our office at 208-245-5204 or 208-245-0930, or message us on Facebook.
Frequently Asked Questions About Applying for Tax Exemption | Internal Revenue Service
www.irs.gov
Information on the application process for tax-exempt organizations
For any of my peeps out there that might be interested! What a great opportunity!We are excited to share that Young Living St. Maries Lavender Farm and Distillery will be hosting their first St Maries Lavender Day on July 22, 2023! If you’re interested in being a vendor, please reach out to Cody or Sarah. Their contact information is in the image.
*** Worry Free Wednesday ***![]()
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The Treasury Department promises a vastly improved 2023 tax filing season. ![]()
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Most taxpayers will be able to reach a live person on IRS's toll-free lines. Treasury Secretary Janet Yellen says IRS is committing to an 85% level of service, up from 15% in this year's filing season, and vows that average phone wait times will be cut in half from 30 minutes to 15 minutes. 5,000 additional operators were hired for the 2023 filing season to help taxpayers with their questions. ![]()
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IRS is also working on adding callback technology to most of its phone lines.![]()
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All Taxpayer Assistance Centers will be fully staffed for in-person service. The IRS will start using scanning technology on paper-filed returns, thus reducing the wait time for paper filers to receive any refunds that they are due. And it will expand the ability of taxpayers to digitally respond to IRS notices.![]()
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If you have any questions or would like more information, call our office at 208-245-5204 or 208-245-0930, or message us on Facebook.
ANNOUNCMENT ………. ANNOUNCMENT ![]()
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Debbie has been promoted from Office Clerk to Bookkeeper![]()
WooHoo, Way to go Debbie!!! (I knew you could do it)![]()
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Your continued trust in Leah’s Accounting Solutions, PC and Our ![]()
Team has allowed us to grow and serve our Community in ways ![]()
Leah never could have imagined. ![]()
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Some of you may have noticed that she has a new email address ![]()
bookkeeper@leahsacct.com. Please update your contact info for ![]()
her as she is slowly migration away from the current email of ![]()
office@leahsacct.com.![]()
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Next time you’re in the office, feel free to grab one of her business cards… fresh off the press!
*** Worry Free Wednesday ***![]()
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Want to know whether fringe benefits offered to employees are taxable? ![]()
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The Internal Revenue Service has a helpful guide to fringes, a detailed manual for employers that has been updated to reflect current law. It covers all kinds of workplace perks: Achievement awards, education assistance programs, parking and transit benefits, employer-provided cell phones, and more. ![]()
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A table summarizes the withholding rules for the various categories of fringes. IRS Publication 15-B has all the details: www.irs.gov/publications/p15![]()
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If you have any questions or would like more information, call our office at 208-245-5204 or 208-245-0930, or message us on Facebook.
Publication 15 (2023), (Circular E), Employer's Tax Guide | Internal Revenue Service
www.irs.gov
Publication 15 - Introductory Material Future Developments What's New Reminders Electronic Filing and Payment Forms in Spanish Hiring New Employees Information Returns Federal Income Tax Withholding N...
Do you love numbers as much as we do? 🥰![]()
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Probably not! 🤣![]()
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Let us help you get through tax season smoothly! 💲![]()
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Enjoy today with those you love! 😍![]()
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Happy Valentine's Day!! 💝
Love everything this program offers to this community. Here’s another amazing upcoming event…with all the loss we have been having, I’m sure someone will benefit from this.
*** Tax Tip Tuesday ***![]()
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Filing a tax return for someone who has passed away?![]()
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Here are some tips:![]()
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*The returns should be signed by the executor or other representative and, if the descendant was married, the surviving spouse.![]()
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*If filing a paper return, write the word "deceased" and the descendant's name and date of death at the top.![]()
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*A court-appointed representative must attach a copy of the court document showing the appointment. Non-court-appointed representatives submit Form 1310 with the 1040 if seeking a refund.![]()
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*Surviving spouses do not need to file the 1310; if there is no representative, the surviving spouse would just sign his or her name and write "filing as surviving spouse" in the descendant's signature box.![]()
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*A surviving spouse can use either married filing jointly or separately as the filing status for the year of the descendant's final federal income tax return.![]()
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*And don't forget the qualifying widow or widower filing status. This lets surviving spouses with dependent children use the income tax brackets and standard deductions for joint filers for two years after the descendant's death.![]()
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If you have any questions or would like more information, call our office at 208-245-5204 or 208-245-0930, or message us on Facebook.
Dropping off your taxes.... Remember, our office has moved downstairs. Please enter through the doors under the deck. Feel free to park up top by the old building and walk down, long the tree line, or straight in. Be mindful of people coming and going, so no blocking the driveway.
*** Worry Free Wednesday ***![]()
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Retirees: File Form 24 to protect against tax identity theft.![]()
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People who are 65 and older are more likely to be victims of tax identity theft because fraudsters know that many retirees don't make enough money to file income taxes. The fraudsters will file a fake income tax return with a retiree's personal information to try and get a refund.![]()
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Retirees can prevent tax identity theft by filing Idaho's Form 24 as soon as possible. The Grocery Credit Refund is a yearly refund of $120/person for some of the sales tax you pay on groceries. ![]()
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Our office can and will file a Form 24 for people who qualify, with no charge. Contact us for an appointment. 208-245-0930 or 208-245-5204
*** Tax Tip Tuesday ***![]()
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Don't miss this deadline coming up! ![]()
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Calendar-year partnership and S corporation returns are due March 15 unless these entities seek an extension of the deadline by filing Form 7004. ![]()
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Late return filers face a stiff fine: $210 for each month late, up to a maximum of 12 months, multiplied by the number of partners or shareholders in the firm.![]()
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If you have any questions or would like more information, call our office at 208-245-5204 or 208-245-0930, or message us on Facebook.
*** Tax Tip Tuesday ***![]()
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Leasing a vehicle to use in your business is more expensive tax-wise in the coming years. ![]()
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If a car that is worth more than $56,000 is first leased for business during the year, the lessee must pay income tax each year on an amount spelled out in IRS tables. ![]()
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For example, on a three-year lease for a $75,000 car with a lease term starting in 2022, the income inclusion is $24 in 2022, $51 in 2023, and $77 in 2024 (Rev. Proc. 2022-17 - www.irs.gov/pub/irs-drop/rp-22-17.pdf). ![]()
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Note that you don’t add the amounts to your income when filling out your tax return. Instead, you reduce the size of your deduction for the lease payments on the vehicle.![]()
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If you have any questions or would like more information, call our office at 208-245-5204 or 208-245-0930, or message us on Facebook.
Our office will be closed this morning until about 11:00 am due to an off-site meeting. We will be back open from about 11:00 am until 5:00 pm.![]()
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If you need to drop anything off, feel free to do so in the big mailbox by the gate and sign.
*** Worry Free Wednesday ***![]()
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Here’s a reminder on the tax treatment of damage or settlement awards: ![]()
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Proceeds received for physical injuries or physical illness are tax-free. On audit, IRS agents will look at the court petition, complaint or claim that was filed, showing the original grounds for the lawsuit. They’ll review the settlement agreement to see how the document characterizes the amounts paid and received by the parties. ![]()
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Damages received for emotional distress are taxable…with two exceptions. Amounts paid for mental anguish that arises from physical injuries are tax-free. The same goes for reimbursements for medical treatment of emotional trauma.![]()
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If you have any questions or would like more information, call our office at 208-245-5204 or 208-245-0930, or message us on Facebook.
Are You Ready? We Are!![]()
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The IRS has set Monday, January 23, 2023, as the official start to the 2023 tax filing season for individual returns.![]()
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You should be receiving your Tax Organizers any day ....... ![]()
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Give us a call to set up your appointment, or feel free to drop off your documents. We are here from 8am to 5pm, Monday - Friday![]()
208-245-0930 or 208-245-5204
*** Tax Tip ***![]()
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The IRS will begin accepting business returns via e-file tomorrow, Thursday, January 12, 2023.![]()
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The IRS has yet to announce an official start date for Individual returns; however, we can transmit approved return types and they will be held in the queue until the IRS begins accepting them.![]()
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If you have any questions or would like more information, call our office at 208-245-5204 or 208-245-0930, or message us on Facebook.
*** Worry Free Wednesday ***![]()
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Great news! IRS won’t refer tax debts of low-income individuals to private collectors. ![]()
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Taxpayers who receive Supplemental Security Income (SSI) are now excluded from the agency’s policy of turning over inactive tax receivables to private collectors. Any private collection referrals that have already been made will be recalled.![]()
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If you have any questions or would like more information, call our office at 208-245-5204 or 208-245-0930, or message us on Facebook.
***Worry Free Wednesday***![]()
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The Internal Revenue Service issued the 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes.![]()
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Beginning on Jan. 1, 2023, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: ![]()
• 65.5 cents per mile driven for business use, up 3 cents from the midyear increase setting the rate for the second half of 2022. ![]()
• 22 cents per mile driven for medical or moving purposes for qualified active-duty members of the Armed Forces, consistent with the increased midyear rate set for the second half of 2022. ![]()
• 14 cents per mile driven in service of charitable organizations; the rate is set by statute and remains unchanged from 2022. ![]()
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If you have any questions or would like more information, call our office at 208-245-5204 or 208-245-0930, or message us on Facebook.
Happy New Year!![]()
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We hope that your 2023 is full of happiness, adventure, and gratitude for all the things that truly matter in life!![]()
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Learn from yesterday,![]()
Live for today,![]()
Hope for tomorrow.![]()
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Reminder: Our office is closed tomorrow, Monday, January 2nd. ![]()
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We will be back in the office during our regular hours on Tuesday, January 3rd!
Happy New Year's Eve Eve! 🥳![]()
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Our office is closed Friday, December 30th and Monday, January 2nd to spend time with our families. ![]()
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Enjoy ringing in the new year, and don't have too much fun! ...is that even possible?!? 😜
Happy New Year's Eve Eve! 🥳![]()
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Our office is closed Friday, December 30th and Monday, January 2nd to spend time with our families. ![]()
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Enjoy ringing in the new year, and don't have too much fun! ...is that even possible?!? 😜
*** Worry Free Wednesday ***![]()
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How cool is this!?! ![]()
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The IRS now has more ways to communicate with taxpayers. It has a Spanish version of Forms 1040 and 1040-SR. The forms, schedules, and instructions are all in Spanish and can be printed from the IRS’s website. ![]()
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Also, 1040 and 1040-SR filers can attach Schedule LEP to their returns to indicate whether they wish to receive written communications from the IRS in a language other than English. There are 20 languages to choose from.![]()
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Many of its most popular publications come in multiple languages. Ditto for its website, where 90 of the top IRS web pages are in multiple languages. There are also versions for braille readers and for people wanting large type.
Due to the freezing temperatures and ice on the roadways, including our driveway, the office will be closed tomorrow, Tuesday, December 27th, and we will be working remotely.![]()
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Stay safe out there!
Due to the freezing temperatures and ice on the roadways, including our driveway, the office will be closed tomorrow, Tuesday, December 27th, and we will be working remotely.![]()
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Stay safe out there!
Merry Christmas from our family to yours! ![]()
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Life is a gift, and we are grateful for each and every one of you! 💝
Happy Christmas week!![]()
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We hope that you are enjoying the holiday and keeping track of those receipts! 🤣![]()
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Our office will be closed Friday, December 23 and Monday, December 26 to enjoy the holidays with our families!
*** Worry Free Wednesday ***![]()
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Working on your estate and gift-giving plans? ![]()
You might be thinking of using a GRAT…Grantor Retained Annuity Trust. If done right, a GRAT can freeze the value of appreciated assets while transferring appreciation to the next generation with little to no estate or gift tax. ![]()
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The individual who establishes the trust, known as the grantor, transfers assets into an irrevocable trust for a set term, while retaining the right to an annual stream of income plus interest based on IRS’s applicable federal rate. At the end of the term, the assets are distributed to whomever the grantor named as the trust’s creation.![]()
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If you have any questions or would like more information, call our office at 208-245-5204 or message us on Facebook.
Reminder: ![]()
We will have intermittent winter hours that will likely change daily! Due to winter weather and our driveway, plus potential power outages, internet outages, illness, and other appointments that may pull us away from the office, we will do our best to be in the office during our regular business hours.![]()
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Stopping by the office without a scheduled appointment is discouraged during these months of winter weather. Please call ahead to make sure we are here and available to help you! We can be reached at either 208-245-0930 or 208-245-5204.![]()
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You are also more than welcome to message us here on Facebook or send us an email at either landerson@leahsacct.com, wbaskin@leahsacct.com, or office@leahsacct.com. We will get back to you as soon as we can!
Our office will be closed for training tomorrow, Thursday, December 15th. ![]()
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We will be back open on Friday, December 16th during normal hours: 8:00am-12:00pm.
*** Worry Free Wednesday ***![]()
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Who is excited for tax season coming up? 🤣![]()
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Did you know you can file for free and use direct deposit? Taxpayers whose income is $73,000 or less can file their federal tax returns electronically for free through the IRS Free File Program. That being said, of course we would love to give you a hand with your taxes, especially if you are having trouble an any way with preparing your return! 😂![]()
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We too can file your return electronically, and have it direct deposited into your financial account. This is the fastest way for you to receive your tax refund. ![]()
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Fun fact: refunds can be directly deposited into bank accounts, prepaid debit cards, or mobile apps as long as a routing and account number is provided.![]()
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If you have any questions or would like more information, call our office at 208-245-5204 or message us on Facebook.
Join us this weekend for a book signing with local fantasy author Amy Rose Davis. She'll be with us from 1-3 p.m. on Saturday, December 10 signing copies of the first three installments of her five-book series, The Taurin Chronicles.![]()
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And, hey, if you have a second to stop by before Saturday to pick up a copy or two, you should. These books are REALLY good.
If you like fantasy books, plan on stopping in this weekend at The Paperhouse and pick up a signed copy!Join us this weekend for a book signing with local fantasy author Amy Rose Davis. She'll be with us from 1-3 p.m. on Saturday, December 10 signing copies of the first three installments of her five-book series, The Taurin Chronicles.![]()
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And, hey, if you have a second to stop by before Saturday to pick up a copy or two, you should. These books are REALLY good.
*** Worry Free Wednesday ***![]()
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Businesses can save lots on taxes with first-year 100% bonus depreciation. Firms can deduct the full cost of new and used qualifying business assets, with lives of 20 years or less, that they buy and place in service during the year. The cost of a qualified film, television, or live theatrical production is eligible too. ![]()
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Purchase and place assets in service this year if you want the full tax break. Bonus depreciation isn’t as valuable after 2022. Unless Congress acts, the 100% write-off phases out 20% for each year after 2022, before expiring in 2027. ![]()
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If you have any questions or would like more information, call our office at 208-245-5204 or message us on Facebook.
With tax season coming up, many of our clients start texting pictures of documents. Did you know that you can use your iPhone to create a PDF document of multiple pages? ![]()
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Follow these steps: ![]()
-Go to the Notes app on your iPhone.![]()
-Tap the New Note icon in the bottom right corner.![]()
-Tap on the camera icon and then on "Scan Documents".![]()
-Hit the Save button in the bottom right corner and this will save it to your notes.![]()
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When you're ready to send it off:![]()
-Click on the document.![]()
-Tap on the Export icon in the top right corner.![]()
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You can also sign your document:![]()
-Right before you pick where to send it off to; scroll down on the menu.![]()
-Tap Markup. Use that tool to sign your document.![]()
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If you have any questions or would like more information, call our office at 208-245-5204 or message us on Facebook.
As we look out on this beautiful snowfall today, it reminds us that we will have intermittent winter hours that will likely change daily! Between potential power outages, internet outages, illness, and other appointments that may pull us away from the office, we will do our best to be in the office during our regular business hours.![]()
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However, if you plan on stopping by the office without a scheduled appointment during the month of December, please call ahead to make sure we are here and available to help you! We can be reached at either 208-245-0930 or 208-245-5204.![]()
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You are also more than welcome to message us here on Facebook or send us an email at either landerson@leahsacct.com, wbaskin@leahsacct.com, or office@leahsacct.com.
From our family to yours, have a Happy Thanksgiving!![]()
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We are thankful for all of our clients and friends!![]()
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In observance of the Thanksgiving holiday, our office is closed today and tomorrow. ![]()
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Enjoy time with family and friends! ![]()
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What are you most grateful for?
From our family to yours, have a Happy Thanksgiving!![]()
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We are thankful for all of our clients and friends!![]()
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In observance of the Thanksgiving holiday, our office is closed today and tomorrow. ![]()
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Enjoy time with family and friends! ![]()
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What are you most grateful for?
*** Worry Free Wednesday ***![]()
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Many of us are trying to make healthier choices – despite the food laden holidays! So that begs the question, “Is the cost of health and wellness coaching a deductible medical expense?” ![]()
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Maybe. It depends on the facts and circumstances. Under the general rules, to qualify as a medical deduction, an expense must be incurred primarily to alleviate or prevent a physical or mental disability or illness. According to IRS, taxpayers should use objective factors in figuring whether an expense that is typically personal in nature, such as health and wellness coaching, is incurred for medical care. ![]()
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Among the factors IRS says to consider: Whether the cost of the coaching is for diagnosing, treating, mitigating, preventing, or alleviating the taxpayer’s disease, as opposed to being merely beneficial to one’s general health. Whether the cost would not have been incurred but for the taxpayer’s medical condition. Also important are whether there is a doctor’s recommendation and the effectiveness of the coaching.![]()
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If you have any questions or would like more information, call our office at 208-245-5204 or message us on Facebook.
*** Worry Free Wednesday ***![]()
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Did you know that small businesses have flexibility in choosing how often to file payroll tax returns?![]()
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If you have a new business and expect your yearly federal employment taxes…Social Security taxes, Medicare taxes, and withheld federal income taxes…to be $1,000 or less, then you can select the option to file an annual Form 944 when you apply for an employer identification number (EIN). Those who don’t check the box for annual filing will be required to submit the 941 quarterly payroll tax returns.![]()
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Existing businesses that now file the 941 but meet the 944 eligibility rules can call IRS to request to file the 944. Employers that have previously filed 944s but now have more than $1,000 in employment taxes must still file the 944 unless they get written permission from the IRS to switch to quarterly 941 filing.![]()
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If you have any questions or would like more information, call our office at 208-245-5204 or message us on Facebook.
Closing at 12:30 today, 11-15-22![]()
Back to regular business hours tomorrow (11-16-22)![]()
Sorry for the inconvenience.
Closing at Noon today, 11-14-22. ![]()
Back to regular business hours tomorrow. ![]()
Sorry for the inconvenience.
*** Worry Free Wednesday ***![]()
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More workers’ families will soon be able to qualify for the premium tax credit. People who are offered affordable health insurance through their employer can’t get subsidies or the premium credit when buying coverage through an exchange. ![]()
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Employer coverage is treated as affordable if the employee’s share of annual premiums for self-only coverage under the plan doesn’t exceed 9.61% of household income. Currently, this same self-only coverage test also applies in determining affordability for the employee’s spouse and children. ![]()
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Proposed regulations to change that rule would base affordability for family members on the employee’s share of the cost of family coverage under the employer’s plan. Note that affordability for the employee would still be based on the cost of self-only coverage.![]()
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If you have any questions or would like more information, call our office at 208-245-5204 or message us on Facebook.
Great reminder any time of year, but even more important as we are ever more careful with our winter driving conditions!Don't ignore these signs! Get your brakes checked by the Jim's Auto Tire Pros team today!
Fix-It Guides - Common Problems, Real Solutions | Internal Revenue Service
www.kiplinger.com
Find, fix and avoid common retirement plan mistakes. Use the Fix-It Guides for 401(k), 403(b), SARSEP, SEP and SIMPLE IRAs.
Our Office is currently closed due to Mother Nature…. ![]()
No power No internet![]()
Be Safe Out There
We have had some inquires about how Leah is doing after her back surgery and wanted to give you an update. ![]()
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Leah hasn’t had her surgery yet, it was scheduled on October 21st, 26th, and November 3rd. It has been rescheduled yet again, this time to November 16th. In the meantime Leah will be in and out of the office, working only part time as being in her chair all day gets uncomfortable for her. ![]()
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If you need an appointment, please contact the office, we are scheduling a few appointments with her. Thank you for your continued support! Wendy and Debbie are in the office and can assist with most issues that come up.
*** Worry Free Wednesday ***![]()
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The IRS wants to help employers make sure their 401(k) plans stay error-free. A fix-it guide outlines how to avoid the most common errors in these plans. The handbook also explains the steps that 401(k) plan sponsors can voluntarily take to correct mistakes so that the plan does not end up losing tax-qualified status. IRS also has guides for 403(b) plans, SEPs, SARSEPs, and SIMPLE IRA plans. ![]()
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Go to www.kiplinger.com/letterlinks/fixits for all these helpful web-based guides.![]()
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If you have any questions or would like more information, call our office at 208-245-5204 or message us on Facebook.
Fix-It Guides - Common Problems, Real Solutions | Internal Revenue Service
www.kiplinger.com
Find, fix and avoid common retirement plan mistakes. Use the Fix-It Guides for 401(k), 403(b), SARSEP, SEP and SIMPLE IRAs.
We know numbers can be scary...![]()
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But yes, we are open during our regular hours on Halloween!![]()
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Have a safe time out and about tonight with your kiddos!
New hours at Luong China Cafe starting next week!Please note our winter hours for China Cafe
*** Worry Free Wednesday ***![]()
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Have you ever heard of a reverse mortgage? ![]()
A reverse mortgage is a mortgage loan, usually secured by a residential property, that enables the borrower to access the unencumbered value of the property. The loans are typically promoted to older homeowners and typically do not require monthly mortgage payments.![]()
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Now you may ask, “I want to secure a reverse mortgage on my home. Will I have to pay tax on the money I get?” No. The payments you get from a reverse mortgage are treated as nontaxable loan proceeds, not income. ![]()
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Also, you can’t deduct the interest you eventually pay because you’re not using the proceeds to buy, build, or substantially improve the home securing the loan.![]()
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If you have any questions, call our office at 208-245-5204 or message us on Facebook.
*** Worry Free Wednesday ***![]()
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The swap of a life insurance contract for a long-term-care policy isn’t taxed. It’s treated as a tax-free exchange. Ditto for the swap of an annuity contract for a long-term-care policy. ![]()
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In addition, long-term-care insurance can be offered as part of an annuity contract, and no tax is due if the insurance premiums are paid with the annuity’s cash value. Furthermore, the cash value in life insurance policies and annuities can be used free of tax to purchase long-term-care coverage.![]()
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You may ask, "What is an annuity?" An annuity is a financial product that pays out a fixed stream of payments to an individual, primarily used as an income stream for retirees.![]()
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If you have any questions, call our office at 208-245-5204 or message us on Facebook.
Doolittle's Delish sure does look delicious! ![]()
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Go check out the newest food truck in town! Find the red truck on Homer Drive near Harvest Foods from 5am-2pm Mon-Fri!![]()
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If you've been there, what is your favorite? Or what did you pick for your first try?![]()
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If you haven't been there yet, what are you excited to try?
Fun stuff planned for the kids on Halloween!![]()
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We love to see the community pulling together for events like these! ![]()
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Donate some candy at Harvest Foods or Archie's IGA, and set up your trunk on Halloween either between 6th and 9th street on Main Street or on 7th Street between Center and College.![]()
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For questions about participating, please contact Stacey at the Elks (208-245-1418) or Aaron with the St. Maries Chamber of Commerce (208-245-3563).Halloween 🎃 is three weeks away! The Elks Lodge 1418 St. Maries, Idaho and the St. Maries Chamber of Commerce, SMHS are all working together to make this year the biggest Trunk or Treat yet! Thank you to Archie's IGA and St Maries Harvest Foods for accepting candy donations for this event! ![]()
We can't wait to participate and see you all! 🧟😈 👻 ![]()
For questions about participating, please contact Stacey at the Elks (208-245-1418) or Aaron with the St. Maries Chamber of Commerce (208-245-3563)