Brashears Quality Furnishing, A Good Investment

This is a sponsored post written by me on behalf of Brashears. All opinions are 100% mine.

#Return Home With Your #TaxRefund

Here at Grizzly Bear Tax Care I give tax and other financial advice. I do get an occasional opportunity to be paid to advertise.

Supporting local business and encouraging smart consumer spending is something I can get behind.

Today I am pleased to talk about Brashears Furniture. They are based in Arkansas and have been for decades. Brashears also has a store in Branson, MO.

It is "tax time" which means for a lot of us that we will have disposable cash for the first time in a year. Sometimes we lose our minds, and spend big chunks of our money on pleasures that are gone in an evening (unless there were good leftovers).

Consider how you would feel knowing that you invested in a few good pieces of furniture and / or decorative accessories. Everyday when you come home from trying to make a living you get to relax in that new Conner Recliner .

You can take the whole family out for Japanese Grill & Sushi and drop a few hundred bucks for one enjoyable experience, or look forward to getting a good nights sleep on your bed that you will own for years to come.





























It is your money, you could use it to have a good time for a few days, or make an investment that you can pass down to your grandchildren along with the good memories attached to the quality pieces of  Brashears Furniture.

For The Tribes of North America - Who Pay U.S. Taxes

Low Income Taxpayer Clinics 2015 Grant Application   Package & Guidelines

There is a program that I just stumbled upon that would be the biggest benefit to the Tribes of North America. 

Within the Internal Revenue Service (IRS) there is an office called The Taxpayer Advocate Service (TAS).

There are not many taxpayers who are aware of the Taxpayer Advocate, but they are a neutral party of attorneys, CPA's, Enrolled Agents and other Tax Professionals who fight for the Taxpayer.

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Not everyone is eligible to be helped by the TAS. It can seem frustrating or unfair, but they help a wide range of problems, and have for many years. 

In today's announcement, the Taxpayer Advocate Service encourages people with complex or unresolved tax issues to see if they are eligible to be helped. 

When I used to work doing active returns, I had a few occasions to deal with members of the TAS who in some cases could and did help the taxpayer, and sadly in one case could not. They were still helpful, explaining why they could not, and giving him leads to possible help.

If the Tribal Nations will come together and help create Taxpayer Advocate Clinics on the Reservations, and near the Casinos, and near the Sacred Lands. These can be completely Native run. It is my lowly opinion that many many Natives may find amazing tax relief, and the changing of tax law in reference to Native Peoples in North America - U.S. Taxpayers

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Sometimes it is frustrating to talk to a government worker, because there is almost a secret language they speak that makes it hard to grasp. Forinstance, The TAS and the TACS and the IRS could be anything.

The Advocate Service has links where taxpayers can voice their matters in a civil manner, be heard, and possibly get some help or advice. 

One such link is called "Speak Up" It is a red button that I have linked in the hyper-linked  words. You will be taken to a form you can send in your ideas for improving the IRS and how it operates with people.  

Involvement in the process can make an impact quicker than you think. 

Download The IRS Pub 3319 - 2015 Grant Application Booklet

Bring Help to the Rez - Help for The People

REMINDER: General Welfare Exclusions for Indian Tribal Governments

REMINDER: General Welfare Exclusions for Indian Tribal Governments Register 9.3.2014!!

Free Webcast about General Welfare Exclusions for Indian Tribal Governments

When: September 4, 2014; 2 p.m. (Eastern)  

This webinar is free, and contains important information for the Native Tribal Governments. 

Topics to be covered: 

• The Tribal General Welfare exclusion principles in Revenue Procedure 2014-3
• Safe harbors benefits provided by the guidance (IRS Link to updated Indian Gaming Regulatory Act trust Guidance.)
• The procedures for falling within the Safe Harbor
• Specific benefits that are not compensation for services

Native Vote: Summer of Action - National Congress of American Indians

For many involved within the Indian Tribal Governments, tax rules and processes, this can be very complicated. Here is a link to the ITG (Indian Tribal Governments) Tax Kit

Another resource that may be helpful: The Tribal Business Structure Handbook, here is the PDF Link.

NCAI - Webinar On The Resolution Process

I hope this has been helpful, and for other pod casts and information, here is the link to the Tribal Portal. 

To keep up with recent developments between the IRS and Tribal Governments, here is a link.

IRS Summertime Tax Tip 2014-17: Use IRS Online Tools to Get Year-Round Tax Help

IRS Summertime Tax Tip 2014-17: Use IRS Online Tools to Get Year-Round Tax Help

The I.R.S. (Internal Revenue Service) often gets a bad rap, and all we hear are horror stories of how the IRS has targeted Right-Wing groups for audits, and other scary stories. It would be helpful if U.S. Taxpayers realized that the IRS is basically the clearing house/administrative branch of the U.S. Treasury.

Rules are made, and tax law changes come via the Senate and House of Representatives. All of this is policed and monitored by the United States Treasury Department. That is the reason why U.S. Taxpayers must wait for the Congress to complete it's job, in completing tax law changes, before the IRS can open the "gates" for the acceptance of tax returns for the previous tax year. 

2014 taxes will be prepared and filed in 2015 - There are some entities who have different times when their "fiscal year" stops and starts. An example is that the State of Arkansas.gov, has a fiscal tax year starting in July, and ending in June. Many business owners end up filing extensions, changing their tax filing years some.

Again, lately all I have heard about the IRS in the news has been how their investigations have focused on GOP / Tea Party participants. Here are some facts that media does not tell: 

1. 90% of the Tea Party / GOP members who have been "targeted" by the Department of Justice (D.O.J. the police force of Federal Agencies), has been due to their own A). Arrogance and Ignorance, and B). The violators of 501(c)3 non-profits, have been foolish enough to call in the press, and use social media to trumpet their violations, as some sort of victory. 
2. When an organization decides to register themselves as an entity with the IRS, they have choices: Sole Proprietor, Corporation, Non-Profit, Charitable Non-Profit, etc.. As a charitable non-profit, an entity would be given a pass on paying taxes, because they are set up as a CHARITY, who is not POLITICKING. If their organization wants to push a political agenda, as a focus, and deride charity, they are not eligible for a tax break from our society. 

Here is a link to Politicus USA article: "1000 Evangelical Preachers Will Break the Law and Support Republicans from The Pulpit" by Rmuse.

Here is what the IRS has to say about churches and religious organizations: IRS; PDF - Churches & Religious Organizations

A new easier form: 1023-EZ - IRS ASL Videos - YouTube

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I said all of that above, to say this; the IRS is made up of a wide variety of people from all walks of life. There was a time during the 1970 -1980's, when the IRS's authority and over-reach were stopped, and the agency became more "taxpayer friendly."

The Internal Revenue Service, has many avenues for the help and assistance to taxpayers. The Summer Tax Tip announced by the IRS today if full of links to help from the IRS. 

IRS Free File Fillable Forms and Free File is one benefit offered through the IRS website. It is possible for a taxpayer to go directly to companies offering tax software, I think it is more legitimate going through the IRS Website. 

Withholding Calculator: This is important for those who may be over withholding, or worse, under-withholding on their income tax. 

Help Yourself: In Spanish:

There are many other ways to get taxpayer assistance through the IRS. Stay informed. 

IRS Summertime Tax Tip 2014-15: Five Basic Tax Tips about Hobbies

IRS Summertime Tax Tip 2014-15: Five Basic Tax Tips about Hobbies by The IRS.gov Internal Revenue Service (IRS) sent this bulletin at 08/06/2014 07:30 AM EDT

Are you really running a business, or is this just a hobby? There is a long list of things to consider before being sure someone is a business: One of the nine items to think about is, "...

• Whether you depend on income from the activity for your livelihood." 

If a person requires assistance to survive, even though they depend on an activity for income, it is possibly not enough to consider the activity a business. 

There are many other things to consider:

Straight from the Internal Revenue Service (IRS), are some resources and ways to find out if you have a business, or a hobby.  The best resource to start with is PUB 535 (2013) Business Expenses (HTML link), or Pub 535 (PDF link)

If you are a business, and wonder about legit deductions, here is a helpful video from the I.R.S. 

Simplified Home Office Deduction, IRS.gov Videos - YouTube

Some hobbies are very expensive, and taxpayers may be stunned to learn that the 100K they won from the bass tournament is only deductible up to the amount laid out to be eligible to fish in a tournament with grand prizes
. 
With a business, the owner may often deduct many expenses that have been laid out to get the business going. This is in earnest hope and planning that the business will be taking in more than it loses, at least three out of the five prior years. If it does not, the business may be reclassified as a hobby.

ASL: Small Business Health Care Tax Credit (Captions & Audio), IRS - YouTube

When that happens: the financial lay-out may have been substantial, with continuing expenses, but once classified as a hobby, they may deduct expenses only up to and equal to any amounts earned.

This is a link to the U.S. Treasury, the place where tax money is processed. The I.R.S. is just a giant clearing house for the Treasury. It is the Treasury who enforces tax code. Here is a link to a definition by the IRS in agreement with the U.S Treasury "What Constitutes A Business?" 

 Like gambling, if you never win, it is just loss, and not deductible.

For those who are businesses, I hope you find this information useful. Thank you. 

USA.gov Update: 2014 State Sales Tax Holidays

USA.gov Update: 2014 State Sales Tax Holidays from USA.gov "Updates: 2014 Sales Tax Holidays"

Good news folks, it seems shoppers / consumers in the States of lower North America, may benefit from a sales tax holiday! It is getting close to back-to-school time, some nearer than others, so it appears that many States join in to help parents, and retailers get ready for school, and give them a day, weekend or longer to make purchases, without having to pay sales tax. 

States who participate are likely to see increased sales figures, because sometimes just a few dollars in savings, can help a parent provide more for their students. 

MA State Senators Michael Knapik, Stephen Brewer discuss holiday sales tax - YouTube

    Published on Jul 23, 2014

State Senators Michael Knapik, R-Westfield and Stephen Brewer, D-Barre, speak on the Senate floor after a long debate over the sales tax holiday, which passed 28-9

The link to the chart which shows participating States is in the linked article at the top. If you want to pop this up real quick, the link is 2014 Sales Tax Holiday. There are only 17 States which participate, and some of them come and go. This would be a nice thing for other States to participate in.

I live in Arkansas, and clicking on the DFA - (Department of Finance & Admin) Sales Tax Holiday. From this page and link: 

"2014 Sales Tax Holiday
Beginning at 12:01 a.m. on Saturday August 2, 2014, and ending at 11:59 p.m. on Sunday August 3, 2014, the State of Arkansas will hold its sales tax holiday allowing shoppers the opportunity to purchase certain School Supplies, School Art Supplies, School Instructional Materials, and clothing free of state and local sales or use tax. 
All retailers are required to participate and may not charge tax on items that are legally tax-exempt during the Sales Tax Holiday."

The itemized list of items tax free can be found on the DFA's website as well: DF&A - 2014 Itemized List. Arkansas 

Please spread the word for your friends, neighbors and loved ones. Thank you for all of the good you do.  

IRS Summertime Tax Tip 2014-08: Top Ten Tax Facts if You Sell Your Home

IRS Summertime Tax Tip 2014-08: Top Ten Tax Facts if You Sell Your Home

Remember, that if your tax situation is complicated, it is advisable to get professional taxpayer assistance. Make sure the person doing your tax return is certified, and is in good standing. Unfortunately the tax payer is responsible for his / her tax return, even if the person doing it, erred. 

Getting ready to sell your home, or have you already done so in tax year 2014? The following are some tips that you may want to know come tax time.

• Capital Gains Taxes - A capital gain happens when a taxpayer sells something for more than they paid for it. 

1. Exceptions to Capital Gains Taxes on the Sale of the taxpayers Primary residence:

        a. Must have used as primary residence at least 2 out of the 5 years before the sale.

        b. The gain of $250,000.00 or less can be excluded for tax purposes. ($500,000) for MFJ [Married 

Filing Jointly] returns. 

The $250G/$500G is not the Sale Price, but the Gain gotten over and above the original purchase price.

Publication 523, from the I.R.S. gives the special qualifications and rules for those selling their homes. Included are special rules for some persons with Disabilities and Service Persons.

"Selling Your Home" - YouTube - IRS Videos

Many may not realize the I.R.S. has information in multiple languages: In Espanol:

"Venta de Su Casa" - YouTube - IRS Videos

and...

ASL: Selling Your Home (Captions & Audio) - YouTube - IRS Videos

Having said all of that, more good news, if your Gain is Not Taxable, you may not be required to report the sale to the I.R.S.

Other news: If the taxpayer decides not to take the exemption, or if any part of the sale is a gain, they may be required to claim it on their taxes. Here is a link to "Questions and Answers on the Net Investment Income Tax."

• First Time Homebuyer Credit - Exception(s): There may be special rules regarding the sale of that home. Check Publication 523, to find out what they are.

Important note about the Premium Tax Credit. If you receive advance payment of the Premium Tax Credit in 2014 it is important that you report changes in circumstances, such as changes in your income or family size, to your Health Insurance Marketplace. You should also notify the Marketplace when you move out of the area covered by your current Marketplace plan. Advance payments of the premium tax credit provide financial assistance to help you pay for the insurance you buy through the Health Insurance Marketplace. Reporting changes will help you get the proper type and amount of financial assistance so you can avoid getting too much or too little in advance.

Reporting Changes To The Marketplace As They Happen: Pub 5152: English
Reporting Changes To The Marketplace As They Happen: Pub 5152: Spanish 

Selling Your Home - Podcast: English
Selling Your Home - Podcast: Spanish

Premium Tax Credit - Podcast: English
Premium Tax Credit - Podcast: Spanish