Tax Tips

1. Why use an Enrolled Agent? Enrolled Agents, also known as EAs, are the only federally licensed tax practitioners who specialize in taxation and also have unlimited rights to represent taxpayers before the IRS. Stephen Updegraff, Enrolled Agent, at UAI Accounting and Tax Services is YOUR local tax expert. For more information about Enrolled Agents, go to the Enrolled Agent page of this website.

2. Are you actively involved in a charity or nonprofit? In addition to the usual cash donations that you have made throughout the year, you may be able to deduct the cost of using your vehicle if you volunteer your time or provide a service to a qualified charitable, educational or nonprofit organization. For more information on this tax tip contact Stephen Updegraff at 937-483-5154.

3. If you are covered under a Health Savings Account, you can contribute up to $6,250.00 each year tax free to use for qualified medical expenses. If you have an H.S.A. and are not using it to pay your current medical expenses, you are leaving money on the table and overpaying on your taxes. For more information on this tax tip, contact Stephen Updegraff at 937-483-5154.

4. There are several smart ways to save for a child’s college and K – 12 education expenses. Tax advantages exist through State 529 plans and Coverdell ESAs. Stephen Updegraff, Enrolled Agent, at UAI Accounting and Tax Services can help you explore tax free growth options. For more information on this tax tip, contact Stephen Updegraff at 937-483-5154.

5. Seven years retention is advised for tax returns, bank statements, credit card statements, receipts and logs. There are some items such as house expenses, investment documents, and insurance policies that should be kept for a longer period of time; and some documents that should be kept permanently; for more information on this tax tip, contact Stephen Updegraff at 937-483-5154.

6. Do you run a business out of your home? If so, you can deduct utilities and general expenses such as lawn care and cleaning services. You can also depreciate the part of your home that is used for business. Home based businesses have many tax advantages, and Stephen Updegraff, Enrolled Agent, is uniquely qualified to help you identify them. For more information on this tax tip, contact Stephen Updegraff at 937-483-5154.

7. Thinking of starting a new business? The type of business structure you chose can have a great impact on your tax bill. To help determine whether a sole proprietorship, LLC, or Corporation is best for you, the most important thing to do is put Stephen Updegraff, Enrolled Agent, on your team. For more information on this tax tip, contact Stephen Updegraff at 937-483-5154.

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