Local Comprehensive Tax Course Starting Soon
Considering Becoming a Tax Professional? Start a New Career in Weeks!
Join the Peoples Tax Family located right here in Richmond, VA!
Online courses are available year-round; live classes begin in October:
Thank you for your interest in taking a tax course with The Income Tax School at Peoples Tax! Whether you’re interested in working part-time or are ready for a full-time career, we invite you to join us. Peoples Tax is here to make a difference for you and your family. Why not be in control of your time and your income?
Benefits for Tax School Graduates:
- Gain a New, Professional, Marketable Skill
- Work Flexible Hours: Days, Nights or Weekends
- Increase Your Income; Save on Tax Preparation Fees
- Cut Your Own Tax Bill – Tax Courses May Be Deductible
- Certificate of Achievement Awarded Upon Completion
Our Live Class Schedule:
The Comprehensive Tax Course: (20 three-hour lessons plus a final exam)
This course will will give you a solid foundation in individual tax preparation, enabling you to complete all of the standard tax returns. No prerequisites. Students will complete the 20-lesson Comprehensive Course online, with a weekly live review class. Class size is limited to 12 students.
- Evening Class:
- Starts October 21, 2014 for 10 weeks – ending in mid-December 2014
- Weekly Live Review Class Time:
- Tuesday evenings from 6:00 – 9:00 p.m.
- Location: The Forum Office Park, 10120 W. Broad St., Suite A – near Innsbrook
- Instructor: Cathy Mueller, EA
- Fee: $199 for books (a savings of $248 or 55% from our e-learning course price of $447).
- Refund:Graduates who are hired and complete the entire upcoming tax season with Peoples Income Tax will receive a $100 refund.
You will receive a certificate after successful completion of each course. Software and company training will be available after the course concludes for students interested in seasonal employment with Peoples Tax.
Register early to ensure your place in the class. Completion of the course does not guarantee employment, nor are graduates required to work for the Company.
Scholarships are available for qualified individuals in need of financial assistance. Call for details: (804) 204-1040.
If you are unsure, but still interested, we are willing to offer you a free pass to come to the first class so that you can see if this would be a well-fitted opportunity for you. Please RSVP.
Keep Your Records Safe in Case Disaster Strikes
Prepare for the current hurricane season and this upcoming winter
Some natural disasters are more common in the summer. But major events like hurricanes, tornadoes and fires can strike any time. It’s a good idea to plan for what to do in case of a disaster. You can help make your recovery easier by keeping your tax and financial records safe. Here are some basic steps you can take now to prepare:
- Backup Records Electronically. Many people receive bank statements by email. This is a good way to secure your records. You can also scan tax records and insurance policies onto an electronic format. You can use an external hard drive, CD or DVD to store important records. Be sure you back up your files and keep them in a safe place. If a disaster strikes your home, it may also affect a wide area. If that happens you may not be able to retrieve your records.
- Document Valuables. Take photos or videos of the contents of your home or business. These visual records can help you prove the value of your lost items. They may help with insurance claims or casualty loss deductions on your tax return. You should store them with a friend or relative who lives out of the area.
- Update Emergency Plans. Review your emergency plans every year. Update them when your situation changes. Make sure you have a way to get severe weather information. Have a plan for what to do if threatening weather approaches.
- Get Copies of Tax Returns or Transcripts. Visit IRS.gov to get Form 4506, Request for Copy of Tax Return, to replace lost or destroyed tax returns. If you just need information from your return, you can order a free transcript online or by calling 800-908-9946. You can also file Form 4506T-EZ, Short Form Request for Individual Tax Return Transcript or Form 4506-T, Request for Transcript of Tax Return.
- Count on Peoples Tax. If you fall victim to a disaster, know that Peoples Tax stands ready to help. You can call us at 804-204-1040 for special help with disaster-related tax issues.
Taxpayer Bill of Rights
The 10 fundamentals
Each and every taxpayer has a set of fundamental rights they should be aware of when dealing with the IRS. Explore your rights and our obligations to protect them.
- The Right to Be Informed Taxpayers have the right to know what they need to do to comply with the tax laws. They are entitled to clear explanations of the laws and IRS procedures in all tax forms, instructions, publications, notices, and correspondence. They have the right to be informed of IRS decisions about their tax accounts and to receive clear explanations of the outcomes.
- The Right to Quality ServiceTaxpayers have the right to receive prompt, courteous, and professional assistance in their dealings with the IRS, to be spoken to in a way they can easily understand, to receive clear and easily understandable communications from the IRS, and to speak to a supervisor about inadequate service.
- The Right to Pay No More than the Correct Amount of TaxTaxpayers have the right to pay only the amount of tax legally due, including interest and penalties, and to have the IRS apply all tax payments properly.
- The Right to Challenge the IRS’s Position and Be HeardTaxpayers have the right to raise objections and provide additional documentation in response to formal IRS actions or proposed actions, to expect that the IRS will consider their timely objections and documentation promptly and fairly, and to receive a response if the IRS does not agree with their position.
- The Right to Appeal an IRS Decision in an Independent ForumTaxpayers are entitled to a fair and impartial administrative appeal of most IRS decisions, including many penalties, and have the right to receive a written response regarding the Office of Appeals’ decision. Taxpayers generally have the right to take their cases to court.
- The Right to FinalityTaxpayers have the right to know the maximum amount of time they have to challenge the IRS’s position as well as the maximum amount of time the IRS has to audit a particular tax year or collect a tax debt. Taxpayers have the right to know when the IRS has finished an audit.
- The Right to PrivacyTaxpayers have the right to expect that any IRS inquiry, examination, or enforcement action will comply with the law and be no more intrusive than necessary, and will respect all due process rights, including search and seizure protections and will provide, where applicable, a collection due process hearing.
- The Right to ConfidentialityTaxpayers have the right to expect that any information they provide to the IRS will not be disclosed unless authorized by the taxpayer or by law. Taxpayers have the right to expect appropriate action will be taken against employees, return preparers, and others who wrongfully use or disclose taxpayer return information.
- The Right to Retain RepresentationTaxpayers have the right to retain an authorized representative of their choice to represent them in their dealings with the IRS. Taxpayers have the right to seek assistance from a Low Income Taxpayer Clinic if they cannot afford representation.
- The Right to a Fair and Just Tax SystemTaxpayers have the right to expect the tax system to consider facts and circumstances that might affect their underlying liabilities, ability to pay, or ability to provide information timely. Taxpayers have the right to receive assistance from the Taxpayer Advocate Service if they are experiencing financial difficulty or if the IRS has not resolved their tax issues properly and timely through its normal channels.
Small Business Corner: Business Use of Home
Deduct parts of your home that you use for business
Whether you are self-employed or are an employee, you may be able to deduct certain expenses for the part of your home you use for business despite the general denial of business expense deductions for the home.
To deduct expenses for business use of the home, part of your home must be used as one of the following:
- Exclusively and regularly as your principal place of business for your trade or business
- Exclusively and regularly as a place where you meet and deal with your patients, clients, or customers in the normal course of your trade or business; or
- A separate structure used exclusively and regularly in connection with your trade or business that is not attached to your home
- On a regular basis for certain storage use
- For rental use
- As a daycare facility
When the exclusive-use requirement applies, you cannot deduct business expenses for any part of your home that you use for both personal and business purposes. For example, if you are an attorney and use the den of your home to write legal briefs and for personal purposes, you may not deduct any business use of your home expenses. Further, under the principal place of business test, you must determine that your home is the principal place of your trade or business after considering where your most important activities are performed and most of your time is spent, in order to deduct expenses for the business use of your home. Additionally, a portion of your home may qualify as your principal place of business if you use it for the administrative or management activities of your trade or business and you have no other fixed location where you conduct substantial administrative and management activities for that trade or business. An employee may only deduct business use of the home expenses when the business part of the home is used regularly and exclusively and for the employer’s convenience.
Deductions also may be taken for business storage purposes when the dwelling unit is the sole fixed location of the business or for regular use of a residence for the provision of day care services; exclusive use is not required in these cases.
Deductible expenses for business use of your home include the business portion of real estate taxes, mortgage interest, rent, casualty losses, utilities, insurance, depreciation, maintenance, and repairs. You may not deduct expenses for lawn care in general or for painting a room not used for business.
Historically, the business use of home deduction has been computed by allocating the total expenses of the home to the percentage of the home used for business. Typically, this is done by floor space, but qualified daycare providers who do not use their home exclusively for business purposes must also figure the percentage based on the amount of time the applicable portion of the home is used for business.
While the deduction can still be computed in the same manner as before, many taxpayers may find a new optional safe harbor method less burdensome. Beginning in 2013, Revenue Procedure 2013-13 allows qualifying taxpayers to use a prescribed rate of $5 per square foot of the portion of the home used for business (up to a maximum of 300 square feet) to compute the business use of home deduction. Under this safe harbor method, depreciation is treated as zero and the deduction is claimed directly on Form 1040, Schedule C; Form 8829 is not used. Instead, two entries will be made directly on the Schedule C for the square footage of the home and square footage of the office which the taxpayer completes indicating their election to use the safe harbor option.
Regardless of the method used to compute the deduction, you may not deduct business expenses in excess of the gross income limitation. Under the regular method for computing the deduction, you may be able to carry forward some of these business expenses to the next year, subject to the gross income limitation for that year. However, under the safe harbor method there is no carryover provision, but you may elect in and out of the safe harbor method in any given year.
Have questions? Give your local Peoples Tax Professional. We are happy to help! Call (804) 204-1040 or email us.