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1. The IRS does not initiate contact with a taxpayer by e-mail.

2. If you receive a scam e-mail claiming to be from the IRS, forward it to the IRS at phishing@irs.gov.

3. Identity thieves get your personal information by many different means, including:

• Stealing your wallet or purse
• Posing as someone who needs information about you through a phone call or e-mail
• Looking through your trash for personal information
• Accessing information you provide to an unsecured Internet site.

4. If you discover a website that claims to be the IRS but does not begin with ‘www.irs.gov’, forward that link to the IRS at phishing@irs.gov.

5. To learn how to identify a secure website, visit the Federal Trade Commission at www.onguardonline.gov/tools/recognize-secure-site-using-ssl.aspx

6. If your Social Security number is stolen, another individual may use it to get a job. That person’s employer may report income earned by them to the IRS using your Social Security number, thus making it appear that you did not report all of your income on your tax return.  If this happens you will receive a written notice from the IRS that will provide details of the underreported income including the employer information. 

7. Your identity may have been stolen if a letter from the IRS indicates more than one tax return was filed for you or the letter states you received wages from an employer you don’t know. If you receive such a letter from the IRS, leading you to believe your identity has been stolen, respond immediately to the name, address or phone number on the IRS notice.  This notice will be sent approximately 18 months after the year in which the theft occurred. 

8. If your tax records are not currently affected by identity theft, but you believe you may be at risk due to a lost wallet, questionable credit card activity, or credit report, you need to provide the IRS with proof of your identity. You should submit a copy of your valid government-issued identification – such as a Social Security card, driver’s license, or passport – along with a copy of a police report and/or a completed Form 14039, Identity Theft Affidavit. As an option, you can also contact the IRS Identity Protection Specialized Unit, toll-free at 800-908-4490. You should also follow FTC guidance for reporting identity theft at www.ftc.gov/idtheft.

9. Show your Social Security card to your employer when you start a job or to your financial institution for tax reporting purposes. Do not routinely carry your card or other documents that display your Social Security number.

For more information about identity theft – including information about how to report identity theft, phishing and related fraudulent activity, contact Davis & Langford CPA at 678-889-9548 or visit us at our website at www.johnscreekcpa.com

Thank a veteran for their service today.

The law provides for two tax credits, the American Opportunity (formerly the Hope Scholarship credit) and the Lifetime Learning Credits. Both credits will reduce a taxpayer’s tax liability dollar for dollar until the tax reaches zero. Any Hope or Lifetime credit in excess of the tax liability is lost. The American Opportunity credits provide for a partial excess credit refund.  The credit is not allowed for taxpayers who file married separate returns. The credits are elective and the taxpayer must choose between the two credits for each student.

AMERICAN OPPORTUNITY CREDIT

The American Opportunity credit replaces the Hope education credit for 2009 and 2010, providing an increased and expanded credit.  Where the Hope credit only applied to the first two years of post-secondary education, the American Opportunity credit will be available for four years of college, and the maximum credit per student increases to $2,500.  The credit will be based on 100% of the first $2,000, and 25% of the next $2,000, of tuition, fees and course material (including books) expenses paid during the tax year.  40% of the credit is refundable, provided the taxpayer is not: (1) a child under the age of 18 or (2) under the age of 24, a full-time student and is not self-supporting.  Except as noted above, the other qualifications and restrictions that apply to the Hope credit also apply to the American Opportunity credit.

For higher-income taxpayers, this credit begins to phase out for AGI in excess of $80,000 ($160,000 for married couples filing jointly), an increase from the previous phase-out thresholds of $50,000/$100,000.

LIFETIME LEARNING CREDIT

The Lifetime Learning Credit is a credit of up to 20% of the first $10,000 of qualifying educational expenses for (1) undergraduate, graduate, or certificate level courses for a student attending classes on at least a half-time basis, or (2) any course at an eligible institution to acquire or improve job skills of the student (no attendance time requirements).

Example: A taxpayer has two children attending college on a full-time basis. The taxpayer pays qualified tuition expenses for the two children in the amount of $12,500, and there is no reimbursement or other tax benefit claimed for the tuition expense. The taxpayer is entitled to a tax credit of $2,000 (20% of the first $10,000) for the tax year. 

Qualifying expenses…for both credits include tuition and fees but generally not expenses for room, board, equipment*,materials*, books* and other nonacademic fees such as student activity, athletic, insurance, etc. Also excluded are expenses for courses that involve sports, games or hobbies that are not part of a degree program. Tax-free scholarships or fellowships and other tax-free educational benefits must reduce expenses qualifying for the credit. *However books and certain other materials that are provided by the school and included in the tuition and fees may also be deductible.

Qualifying students…must attend a qualified educational institution (one that is eligible to participate in U.S. Dept. of Education student aid programs). The student must be the taxpayer, spouse, or someone who is a dependent of the taxpayer. In addition, in the case of the Hope Scholarship Credit, the student must have no federal or state felony drug convictions for the academic period to which the credit would apply.

The allowable credit phases out when a taxpayer’s modified 2009 AGI is between $50,000 and $60,000 for single taxpayers and between $100,000 and $120,000 for joint return filers. These phase-out levels are annually adjusted for inflation.

For additional information on the tax benefits and credits available for education visit our website or call us at 678.889.9548.

Listening to the story of Jesus Feeding the Multitudes in the high mountains of Honduras.

This was written by my good friend, Dr. Ben Mathes, the founder of Rivers of the World.  Marilyn, Alex, Lang and I were part of the team he describes.  The original post is on their website.

I just returned from a week of ministry in Honduras with 3, Rivers of the World’s (ROW) executive administrator, and a team of other folks. We were north of Tegucigalpa and south of San Pedro Sula. Our work was sort of near Taulabe and Siguatepeque. Did you get all that?

ROW built a wonderful medical clinic in the Taulabe area in partnership with Indiana University School of Medicine. They are just wonderful folks. We minister to people in about 41 villages located up in the mountains.

On these trips to Honduras, ROW takes a team of people who may or may not know each other. By the end of the week, we have blended our talents so well that we have a solid team that represents Christ through very basic ministry. This ministry includes sharing the Gospel, feeding the hungry, showing compassion to the sick, curing where we can, healing often and always loving others in the name of Christ.

These trips are so exciting and fun to see how God can take ordinary people and use them to do some extraordinary things in the lives of those in need. If you are not involved in a mission program at your church, then contact me and I’ll get you plugged in to mission’s work around the world.

David tells us in Psalm 133:1 (NKJV)

 “Behold, how good and how pleasant it is For brethren to dwell together in unity!”

As Christians, we must present a positive image to the world in order to attract them to Jesus. If they see us being kind to one another, working through differences of opinions in love and being generous with our time and money, they will naturally want to know more about our Lord and Savior.