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Profitability Points

Welcome to Profitability Points, the blog space of Person Huff CPA group! We’ve decided to take up the challenge of making the boring topics of accounting and small business interesting enough that you read our posts and learn something you can apply in your daily operations. Our goal is to help you make (and keep!) more money by providing timely information about federal and state taxes, managing cash flow and streamlining operations. Learn more about our Five Point Profitability Checkup

Back Taxes Owed - Don't Ignore the IRS

If you have not filed one or more tax returns, you are probably very worried and scared about what will happen next. The longer you wait to catch up your returns and pay any back taxes owed, the worse your situation becomes. If you don’t file returns voluntarily, the IRS may file a “Substitute Return” for you, which will not give you credit for deductions and exemptions you may be entitled to receive. You will be assessed for any taxes owed and receive a Notice of Delinquency proposing a tax assessment. If you do not file a return within 90 days or file a petition in Tax Court, the IRS will begin a series of actions against you, which can include:

If you have received a Notice of Delinquency, the worst thing you can do is ignore it. Penalties and interest will be added to the amount you already owe and you could face possible criminal prosecution. We know how frightening this can be and we want to help!

Ignoring your back taxes owed and notices from the IRS does NOT make them go away – it just makes things worse. We can help you file your returns and ensure that you receive credit for all deductions and exemptions which you are entitled to claim. If you owe more than you can pay, we can represent you to the IRS and help you negotiate a payment plan or Offer In Compromise that will stop all further actions against you. If you are receiving letters from the IRS, it is imperative you act NOW to stop further actions. Contact us today and let’s get started the next steps to solving your tax problems.

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The Effects Of Lower Corporate Tax Rates On The Overall Economy

August 27, 2015

Tax Foundation recently conducted a study on the effect of lower corporate tax rates on the overall economy. The article summarizing their findings is linked below for those interested in tax reform. While we can’t verify all the figures, the article seems to point out that the tax revenue reduction can at least partially be […]

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Louisiana Ranked Among Lowest Property Taxes in Nation

August 25, 2015

Well Louisiana, we finally have a third to last national ranking in something that should make you happy! Louisiana is ranked 48th of 50 when it comes to the effective property tax rate on your residence. Some of these statistics were surprising – Delaware’s rates are lower than Illinois, for example. Memories of my time […]

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Back-To-School – Time To Check Your Eligibility for Education Tax Credits

August 24, 2015

With another school underway, now is a good time to see if you will qualify for either of two college tax credits or other education-related tax benefits when you file your 2015 federal income tax return. In general, the American Opportunity Tax Credit or Lifetime Learning Credit is available to taxpayers who pay qualifying expenses […]

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Cash Flow VS Profit – They Are NOT the Same!

August 20, 2015

CASH IS KING! The life blood of any business is its ability to collect cash and pay bills as well as pay its employees, particularly its owners. Far too often small businesses are profitable, but they do not have enough operating capital to meet their current needs. Consequently, they may be forced to sell out […]

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Are Businesses Required to Carry Insurance?

August 18, 2015

Business insurance, like many types of expenditures is one of those items which business owners typically do not like to pay. Sufficient insurance can be as critical to the success of your business as a good product or service. Without proper insurance you could lose all of the money, time and effort you put into […]

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Small Business Tax Goals

July 16, 2015

There are many tax planning strategies for small business owners aimed at their individual tax situation and business itself. Regardless of the complexity of the tax situation, one of the following goals will be accomplished: Reducing the amount of taxable income Lowering your tax rate Controlling the time when the tax must be paid Claiming […]

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The Saver’s Credit…Are You Eligible?

July 16, 2015

Have you heard of the “Saver’s Credit”? You may have heard it called by its formal name- Retirement Savings Contribution Credit. This credit allows low-to-moderate income workers to save two ways for the same amount. We have listed 6 tips you should know about this credit: Save for retirement. You may be able to claim […]

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Affordable Care Act Laws And Your Taxes

July 16, 2015

Be on the lookout for 2 tax forms: Form 1095-B ( sent by health insurer) and Form 1095-C ( sent by larger employers). If you received subsidies in 2014 to reduce the cost of health care, look for Form 1095-A. If you were uninsured for part of, or all of, 2014 look for Form 8965( […]

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