Tag: tax return

End of the Year Tips to Maximize your Tax Refund

iStock_000045491268_LargeIt seems that tax season ended just yesterday, but a new season is upon us. Like most Americans, we’re sure that you’re looking for ways to pay no more than what you owe, and even boost your tax refund. Below are a few tips at maximizing your taxes this upcoming season:

  • Travel for work? See the doctor often? Don’t shy away from tax deductions. Believe it or not, but a lot of things add up without you knowing it. Keep a log of tax deductible activities and see if it’s worth writing them off. The same holds true for charitable deductions, and even moving fees if you relocate to a new home.
  • You have until April 15 to open a traditional IRA for the previous tax year.  Typically, traditional IRA contributions reduce taxable income.
  • Consider scheduling health-related exams during the last quarter of the year to boost medical expense deduction potential.  It’s actually been proven that taxpayers who pay particular attention to the calendar improve their chances of receiving a larger refund than those who don’t. Paying property taxes or things like your mortgage before the end of the current year can actually yield a larger refund. Make the calendar your best friend!

Don’t forget that when you’re looking to truly maximize your tax refund to seek out the premier CPA in Hawaii! Visit Michael J. Yuda CPA, LLC today!

Benefits of Filing Taxes Early

Tax Form with Fountain PenWe know tax season just ended, but the reality of tax season being here again is right around the corner. Did you know that there are numerous benefits that come with filing your taxes early? Here are a few reasons you should considering filing early this upcoming year:

  • Taxpayers who have children in college should get tax information early as it will impact the amount of financial aid the student may receive.
  • Filing taxes early can lessen the odds of becoming a victim of identity theft. The sooner a return is filed, the less likely someone else can file a return in your name.
  • When filing early, you have plenty of time to catch potential mistakes. Early planning prevents poor performance, and when you decide to file taxes early you’re not forced to stress out over missing paperwork or trying to meet a tight deadline.
  • Filing earlier gets you your refund much earlier!
  • This one might be a no-brainer, but filing early avoids one to have to file for an extension. People who wait to the last minute often have to go through the process of filing for an extension, which can lead to unneeded and preventable stress plus additional costs.

When tax season is here, seek out the tax consulting professionals in Hawaii at Michael J. Yuda, CPA, LLC.

Hawaii Tax Consulting

money-256301_640 (1)Hiring a Certified Public Accountant to help with your taxes is well worth the money spent. If you’re in need of strategic tax planning, which is important for small business owners or individuals with complex returns, someone who pays high income taxes, or have unusual circumstances that warrant the guidance of a professional, then choosing a CPA over another enrolled agent or general tax preparer is highly recommended.

CPAs help provide guidance related to the grey areas of your taxes, whereas anyone can deal with the black and white of filing tax returns. The guidance and strategies provided by a CPA in terms of tax preparation of consulting are based on their interpretation of IRS rulings and past experiences.  Michael Yuda previously worked for the IRS as a revenue agent and has unparalleled experience in handling tax preparation.

When you’re in need of tax consulting in Honolulu, Hawaii, choose Michael J. Yuda, CPA, LLC. The tax consulting services with Michael J. Yuda include the preparation of all personal and business income tax returns. This includes and is not limited to partnership, corporation, S-corporation, and limited liability company returns. We also prepare state tax returns, as well as multi-state returns, such as required for entertainment individuals and professional athletes, who work in several states during a calendar year.

Overlooked Tax Deductions

Every year, the IRS reports on the most common mistakes that taxpayers make on their returns. Everything from missing Social Security numbers to name misspellings make the list. However, there are some mistakes that people make on their taxes every year that you might not be aware of. Here are a few common overlooked tax deductions that you might miss when filing your taxes.

Stupid mistake


  • Dependent Parents: If you’re providing more than 50% of your parent’s financial support, and those expenses exceed 10% of your adjusted gross income, you may qualify for a very large deduction.
  • Sales tax on a new car: Used cars don’t count, and there are a few restrictions, but if you purchased a new car, you might be able to deduct the sales tax.
  • Continuing education deductions: If you itemize your deductions, you may be able to deduct various employee business expenses, including continuing education, professional publication subscriptions, professional association dues, and even tax preparation fees.
  • Business meals and entertainment: If you’re a small business owner or work freelance, you can write off business and entertainment expenses.
  • Home energy efficiency improvements:  If you are or have made your home more energy efficient, you may be able to deduct up to $1,500 off your tax bill.

There are many more hidden deductions that are often overlooked. If you don’t want deductions to be overlooked, consider seeking the tax consulting service of Michael J. Yuda CPA, LCC today!

Have A Less Taxing 2013 Tax Season

Under PressureTax day is less than two months away, and you aren’t alone if you haven’t even begun preparing your taxes. This year, how about you keep tax season less taxing, and take away the stress filing taxes can impose on your life. Below are a few helpful tips to make the 2013 tax season less daunting.

  • Get Organized: Easier said than done, right? The first step toward preparing your tax return is to organize every necessary document you need.
  • Become Aware: It’s important to understand what income is taxable. Reach out to a tax professional or do research to educate yourself on what is and what isn’t taxable.
  • Learn About New Tax Changes: In 2013 no major tax changes occurred, but there may be a few tweaks that could affect some taxpayers. Most of the changes that did occur are related to federal health care.
  • E-File: E-filing is the quickest way to receive your refund.
  • Seek Out Help: If you’re completely lost, choose Michael J. Yuda, CPA, LLC in Honolulu, Hawaii. Our tax consulting service includes preparation of all personal and business income tax returns. Michael J. Yuda is a trusted CPA in Hawaii, and can help make your 2013 tax season less taxing on you.

Preparing for Tax Season 101: What You’ll Need to Bring

Tax Preperation

With tax season springing upon us, the time to collect your important documents is not too far off. If you want to make the most out of your meeting with your CPA, it’s important to bring all needed documents. When you’re getting ready to meet with your CPA, make sure you bring the following documents:

  • W-2s from your employer(s).
  • 1099-MISC forms.
  • 1099-INT (interest) and 1099-DIV (dividends) forms.
  • 1099 B forms if you’ve brokered or traded stocks and bonds during the year.
  • K-1 forms for income from a partnership, trust or S Corporation.
  • 1099-SSA forms if you are receiving Social Security.
  • Documents that show additional income not reported on a W-2 or 1099 form.
  • Canceled checks, receipts, spreadsheets that show any tax-related expenses.
  • College expense records and 1098-T forms.
  • Proof of charitable donations.
  • If you paid estimated taxes, be sure to bring a summary of your federal and state estimated payments.
  • If you are starting with a new CPA, bring a complete copy of the prior year federal and state tax returns.

If you’re still unsure of what to bring to your CPA during tax time, consider asking your CPA before your meeting. If you’re looking for a CPA in Hawaii to help you get the most out of your taxes, and keep your personal finances in order, make Michael J. Yuda CPA, LLC your only choice!

Using Your Tax Refund Wisely

If you’ve been patiently waiting near the mailbox for your tax refund you’re probably not alone. Some may have already received their refund check, but there are still people waiting diligently for their check! Sure, it’s great to have that extra money in your pocket, but before you go out and spend it on a shopping spree or expensive vacation, consider using this money for more important things! Here are a few helpful suggestions to get the most out of your tax refund check:

don’t hesitate to contact the Honolulu CPA firm, Michael J. Yuda CPA, LLC for any questions

  • Take household expenses into mind and figure out how far ahead you can be if you use your refund to pay them off.
  • Consider the benefits of establishing and creating an emergency fund that can cover expenses in the event of an emergency or even a pay freeze. In the wake of paycheck squeezes and lay-offs, saving your tax refund could provide a blanket in the event that your personal finances take a hit.
  • Pay down credit card or loan debt. With the extra money, you can get a great head start on paying down debt that has been building.
  • Begin planning your retirement fund. Adding money into a retirement fund is not only a sensible decision, but can have you financially stable when you reach retirement.
  • Consider taking that class you’ve always wanted! There’s no better way to spend your money wisely than investing in yourself!

There are many sensible ways to spend your tax refund. Sure it’s easy to go out and spend money on things you really want, but in the long run, using your refund wisely can help pave the way to a more financially stable and fulfilling life. If you’re curious as to how to become more financially responsible, don’t hesitate to contact the Honolulu CPA firm, Michael J. Yuda CPA, LLC for any questions you might have.


Tax Return Preparation: Leading the Way to a Strong Financial Plan

Tax Return preparation! The thought probably never crosses your mind, but tax planning is an extremely integral piece of maintain a strong financial plan. Most people sadly don’t concentrate on tax planning, and scramble to get their taxes done every year so they can get the sweet little check! However, if you properly prepare for tax season, chances are your return will be much more satisfying. Tax return preparation should be maintained through an entire year, and not at the very last minute! Staying organized and keeping records is an excellent way to obtain a strong financial plan and get the most bang for your buck!

Taxes impact one’s financial well-being in a big way, especially for those who are self-employed or business owners. Take enough time to plan for the current year and make necessary adjustments to help keep things on track. Hiring a CPA is a great way to maintain financial success.  Tax law and changing tax codes happen all the time, which can affect your taxes in a negative way. Tax return preparation can help you be ready if those changes are a factor for you. Taking control of your taxes and saving money is what tax planning is all about! Who doesn’t want to save more money? When you actively keep records of your spending, realizing what you’re paying for can help you make cuts much easier.

Tax return preparation will help you take control of your taxes, and be ready well in advance when tax day springs upon us. It’s important to always remember that the tax code is complicated, and Michael J. Yuda,  CPA in Hawaii can help un-complicate them!