Bottom Line Bookkeeping & Tax Tooele

06/24/2022

As a tax preparer I often have very long term relationships with my clients, where I work with them year after year for 5, 10 years or more. As the years go by, some of them pass away, and that is always a painful occurrence for me. But it also sometimes happens, as it did today, that I hear from a client that he or she and their spouse are divorcing. If I was cynical I'd say that's good news because it usually turns one client into two, which is good for my business, right? But the truth is, I know how painful such a decision is, and how much hurt lies behind it, and I am not so selfish that I am only thinking of my own gain when that happens. I am always sorry to hear such news because as the years go by I do develop a kind of friendship with my clients.

06/22/2022

08/06/2021

Over 90 percent of U.S. households are eligible for a $300 monthly advance child tax credit -- the same child tax credit you would have received when you filed your 2020 return., without having to wait to file for 2021. You should qualify automatically if your income is below the phaseout, you have eligible children, and you filed a 2019 or 2020 return.

To manage your payments, or to opt out if you don't want the advance payments, go to to this link (see below) on the IRS website. You can also use this link to apply for payments if you didn't file a tax return in 2019 or 2020.

Unenroll if you don’t want to get advance Child Tax Credit payments, check if you’re enrolled and update your information for the payments.

07/16/2021

Legislation introduced in Congress to regulate the income tax profession and w**d out unqualified preparers. This idea failed in 2013 because the IRS was deemed not to have authority to institute such rules themselves. Running it through Congress first takes away that argument.

A pair of lawmakers introduced bipartisan legislation to regulate tax preparers in the latest effort to ferret out unqualified preparers.

04/15/2021

The man who invented the investment scheme where you pay off the original investors with the investments of the subsequent ones, keeping them all thinking they are making money while in fact the entire enterprise is a fraud, was Charles Ponzi. His name is so linked to the whole idea that it's just easier to call it a Ponzi Scheme.

A similar fame attaches to the name Bernie Madoff, who ran the most successful Ponzi Scheme of all time. It lasted at least 18 years (some experts say more like 30 years) and took in $65 billion (the original Ponzi Scheme lasted only a year and took in $1 million). Madoff died in prison yesterday while serving a sentence of 150 years, his name likewise linked with what the IRS calls the Madoff Rule, which allows victims of investment fraud to claim their qualifying losses on Schedule A.

04/13/2021

IRS.gov is always available and has tools to help people file and pay taxes, find information about their account, and get answers to tax questions. Our tax professionals at Bottom Line Bookkeeping & Tax Service can help too! Call us at 801-274-1100 to book an appointment today!

04/10/2021

Scammers are on the prowl and tax season is one of their busiest seasons. Here is a link by the IRS for “Tips to help taxpayers spot and avoid tax scams.”

Tax Tip 2021-30, March 8, 2021