Margret Benson's CPA Q and A

Eagan, MN CPA / Margaret M Benson LLC

bensonaccounting — Sat, 13 Mar 2010 17:06:14 +0000

With all the turmoil it today’s financial markets you need all the help you can get. Here is a good place to start. There are good resources articles like “the secret of creating wealth” and “Financial planning checklist”. There also frequently asked questions on investments, stocks, annuities, IRAs, Roth IRAs.
Free finical calculators are there for you to use, no requiring you to give up an email or phone numbers to use them.
Give them a look.

Eagan, MN CPA / Margaret M Benson LLC.

How to get the most of your auto deductions

bensonaccounting — Sun, 07 Mar 2010 19:50:22 +0000

You need to keep careful records of your travel expenses. We won’t be able to determine which of the two options is better for you if you don’t know the number of miles driven and the total amount you spent on the car.

Furthermore, the tax law requires that you keep travel expense records and that you give information on your return showing business versus personal use. If you use the actual cost method, you must keep receipts.

Tip: Consider using a separate credit card for business, to simplify your record-keeping.
Tip: You can also deduct the interest you pay to finance a business-use car, if you’re self-employed.

Note: self-employed and employees who use their cars for business can deduct auto expenses if they either (1) don’t get reimbursed, or (2) are reimbursed under an employer’s “non-accountable” reimbursement plan. In the case of employees, expenses are deductible to the extent that auto expenses (together with other “miscellaneous itemized deductions”) exceed 2% of adjusted gross income.

to read more you can read my Newsletter at bensonaccounting.com

Top 10 ways children lower your taxes

bensonaccounting — Sun, 07 Mar 2010 18:56:19 +0000

This information is intended to provide generalized information that is appropriate in certain situations. It is not intended or written to be used, and it cannot be used by the recipient, for the purpose of avoiding federal tax penalties that may be imposed on any taxpayer. The contents of this newsletter should not be acted upon without specific professional guidance. Please call us if you have questions.

Got Kids? They may have an impact on your tax situation. Here are the top 10 things to consider if you have children.

1. Dependents: In most cases, a child can be claimed as a dependent in the year they were born. For more information see IRS Publication 501, Exemptions, Standard Deduction, and Filing Information.

2. Child Tax Credit: You may be able to take this credit on your tax return for each of your children under age 17. If you do not benefit from the full amount of the Child Tax Credit, you may be eligible for the Additional Child Tax Credit. The Additional Child Tax Credit is a refundable credit and may give you a refund even if you do not owe any tax. For more information see IRS Publication 972, Child Tax Credit.

3. Child and Dependent Care Credit: You may be able to claim the credit if you pay someone to care for your child under age 13 so that you can work or look for work. For more information see IRS Publication 503, Child and Dependent Care Expenses.

4. Earned Income Tax Credit: The EITC is a benefit for certain people who work and have earned income from wages, self-employment or farming. EITC reduces the amount of tax you owe and may also give you a refund. For more information see IRS Publication 596, Earned Income Credit.

5. Adoption Credit: You may be able to take a tax credit for qualifying expenses paid to adopt an eligible child. For more information see the instructions for IRS Form 8839, Qualified Adoption Expenses.

6. Children with Earned Income: If your child has income earned from working they may be required to file a tax return. For more information see IRS Publication 501.

7. Children with Investment Income: Under certain circumstances a child’s investment income may be taxed at the parent’s tax rate. For more information see IRS Publication 929, Tax Rules for Children and Dependents.

8. Coverdell Education Savings Account: This savings account is used to pay qualified educational expenses at an eligible educational institution. Contributions are not deductible, however, qualified distributions generally are tax-free. For more information see IRS Publication 970, Tax Benefits for Education.

9. Higher Education Credits: Education tax credits can help offset the costs of education. The American Opportunity and the Lifetime Learning Credit are education credits that reduce your federal income tax dollar-for-dollar, unlike a deduction, which reduces your taxable income. For more information see IRS Publication 970.

10. Student Loan Interest You may be able to deduct interest you pay on a qualified student loan. The deduction is claimed as an adjustment to income so you do not need to itemize your deductions. For more information see IRS Publication 970.

Got kids? and need more information, contact us. The forms and publications on these topics can also be found on IRS.gov or by calling 800-TAX-FORM (800-829-3676).

If you would like to read other tax tips go to my newsletter at http://www.bensonaccounting.com

Benson Accounting Question & Answer

bensonaccounting — Thu, 19 Feb 2009 01:42:20 +0000

Hi I am Peggy
I like helping people, and felt this blog would be a good way to reach more of you with the help you are seeking. So if you have any tax, business, payroll, or accounting questions, just post them here and we will do our best to address your needs ASAP. Feel free to ask, whatever you need. If I do not have the answer I probably know someone that can help you.
Thank you for visiting

Hello world!

bensonaccounting — Thu, 19 Feb 2009 01:18:30 +0000

Welcome to WordPress.com. This is your first post. Edit or delete it and start blogging!