♪
♪ >> Rhonda: GOOD MORNING,
EVERYBODY, AND WELCOME BACK!
THE ACCOUNTANTS FROM THE
MICHIGAN CPAs HAVE BEEN
ANSWERING YOUR TOUGH QUESTIONS
FROM INSIDE OF THE "HELP ME
HANK" PHONE BANK.
THEY’VE BEEN VERY BUSY.
GEORGE IS NOT ON THE PHONE FOR
THE FIRST TIME ALL MORNING LONG.
ROBIN CAN TAKE YOUR CALL.
THEY’RE ANSWERING ALL TYPES OF
QUESTIONS FOR FREE.
SO THIS IS AN EXCITING
OPPORTUNITY FOR YOU TO TAKE
ADVANTAGE OF.
ADVANTAGE OF. THE NUMBER TO CALL IS ON YOUR
SCREEN, 313-298-WDIV,
SCREEN, 313-298-WDIV, 313-298-9348.
313-298-9348. OUR CONSUMER INVESTIGATOR HANK
WINCHESTER TALKED WITH OUR CPAs
AND OTHER EXPERTS, ALL WHO HAVE
ADVICE ON HOW TO MANEUVER
THROUGH THIS TAX SEASON AND HOW
TO AVOID COSTLY MISTAKES.
>> Hank: THE TAX DEADLINE IS
QUICKLY APPROACHING.
QUICKLY APPROACHING. ARE YOU READY?
DO YOU HAVE EVERYTHING IN ORDER?
BECAUSE REMEMBER THIS: EVEN IF
YOU MAKE A SMALL MISTAKE, IT
COULD COST YOU BIG-TIME!
IT’S TIME TO SHARPEN YOUR
PENCILS AND START WORKING ON
YOUR TAX RETURNS IF YOU HAVEN’T
ALREADY.
ALREADY. IF YOU’RE A BUSINESS OWNER,
TAXES WILL BE MORE COMPLEX.
J & F ADVISORS SAYS ONE OF THE
BIGGEST CHANGES AFFECTING 90% OF
BUSINESSES THEY REPRESENT IS
MEALS AND ENTERTAINMENT
DEDUCTION.
DEDUCTION. >> PRIOR TO THE TAX CUTS & JOBS
ACT, IT WAS GENERALLY 50%
DEDUCTIBLE.
DEDUCTIBLE. HOWEVER, THE NEW LAW HAS
COMPLETELY ELIMINATED THE
ENTERTAINMENT DEDUCTION AND
THERE ARE SOME EXCEPTIONS.
HOWEVER, A BUSINESS CAN NO
LONGER DEDUCT ENTERTAINMENT
EXPENSES.
EXPENSES. >> Hank: THAT MEANS IT’S HARDER
TO DEDUCT GOING OUT FOR A MEAL
OR A BASKETBALL GAME WITH
EMPLOYEES AND CLIENTS.
>> YOU HAVE TO HAVE SUFFICIENT
DOCUMENTATION TO SUPPORT IT IS
AN EVENT THAT IS FOR THE BENEFIT
OF EMPLOYEES.
OF EMPLOYEES. >> Hank: IF YOU NEED TO FILE AN
EXTENSION, YOU DON’T JUST GET IT
AUTOMATICALLY.
AUTOMATICALLY. YOU NEED TO FILE IT BY APRIL
15th.
15th. >> ANOTHER THING THAT PEOPLE
DON’T ALWAYS KNOW IS THAT IF
THERE’S A BALANCE DUE AND YOU
FILE AN EXTENSION, EVEN THOUGH
WE’VE BEEN EXTENDED TIME TO FILE
YOUR RETURN, YOU STILL HAVE TO
PAY THE BALANCE.
>> Hank: MAKE SURE ALL THE
INFORMATION IS CORRECT ON YOUR
RETURN.
RETURN. DOUBLE-CHECK IT.
DOUBLE-CHECK IT. IF YOU’RE FILING ELECTRONICALLY,
TAX PREP SOFTWARE IS GREAT BUT
ALSO EASY TO ADD AN EXTRA ZERO
OR FORGET ONE AND THAT WILL LAND
NEW HOT WATER WITH THE IRS.
>> THE SOFTWARE IS VERY GOOD.
I MAKE A POINT TO ACTUALLY RUN
MY OWN TAX RETURN THROUGH TURBO
TAX TO SEE WHERE MAYBE SOMEONE
WILL BE GETTING SNAGGED UP
SOMEWHERE OR WHAT IT LOOKS LIKE.
BUT, YOU KNOW, AT THE END OF THE
DAY, IT’S DATA ENTRY, AND
THERE’S A LOT OF THINGS THAT CAN
GO WRONG WITH DATA ENTRY.
>> Hank: IF THE ROUTING OR
ACCOUNT NUMBER YOU ACCIDENTALLY
ENTER DOESN’T EXIST, THE IRS
WILL HAVE TO ISSUE YOU A PAPER
CHECK, OR THE MONEY COULD GO
DIRECTLY TO THE OTHER PERSON AND
IT WOULD BE A BATTLE TO GET IT
BACK.
BACK. AND DON’T MISS THE FILING
DEADLINE.
DEADLINE. IF YOU HAPPEN TO OWE THE IRS
MONEY, YOU’LL BE CHARGED 5% OF
THE UNPAID BALANCE FOR EACH
MONTH PAST THE DEADLINE.
MORE TAX INFORMATION AND ADVICE
FROM THE PROS.
EVERYTHING YOU NEED TO KNOW CAN
BE FOUND ON THE "HELP ME HANK"
PAGE OF CLICKONDETROIT.COM.
I’M CONSUMER INVESTIGATOR HANK
WINCHESTER, "HELP ME HANK."
>> Rhonda: THE MICHIGAN
ASSOCIATION OF CPAs ARE HERE TO
TAKE YOUR CALL FOR THE NEXT 15
MINUTES.
MINUTES. AND THEN THEY HAVE TO GO TO
WORK.
WORK. BUT THEY HAVE MULTIPLE LOCATIONS
ACROSS THE METRO AREA FROM TROY,
AUBURN HILLS, TO SOUTHFIELD.
BUT TAKE ADVANTAGE AND GET YOUR
FREE CALL IN.
313-298-WDIV, OR 313-298-9348.
AFTER 7:00 A.M., THE PHONE BANK
WILL CLOSE BUT WILL REOPEN AT
4:00 THIS AFTERNOON UNTIL 6:30
DURING OUR NEWSCASTS THIS
EVENING.
EVENING. SO TAKE ADVANTAGE OVER THE NEXT
15 MINUTES AND GET YOUR CALL IN
IF YOU HAVE A QUESTION AND YOU