Sandy Barrett, EA, of Red Rock Taxes, LLC was our presenter on May 4, 2016. She gave members and guests a quiz to see how knowledgeable they are regarding taxes. A common misconception is that you can donate up to $500 in “stuff” without having a receipt. Actually, you need receipts whenever you are going to deduct a donation.
Clients also often think that if the bank does not issue an interest statement, 1099 INT, that you don’t have to report the interest. You are required to report it even if you do not receive a statement.
According to the Cohan Rule, even if your business records are destroyed or lost, you can deduct “reasonable estimates” of your expenses.
Although you may not be able to deduct your medical expenses on your federal return, you will be able to deduct all of them on The Arizona return if you itemize, so you should always bring those expenses to your preparer. Although most medical expenses are deductible, you cannot deduct costs for medical marijuana because, although it is legal in Arizona, it is still in violation of federal law.
For more information, visit Sandy’s website: www.redrocktaxes.com.
Our presenter for May 11th is Josh Clounch of RST Information Technology. The speaker will be Sandy Barrett of Red Rock Taxes.
Referral Business Year to Date
This month so far we generated just over $27,000 in new business for our members. Would you like to grow your business? Give us a call to visit and enjoy a breakfast on us!
The Sedona Referrals Club meets over breakfast every Wednesday morning at 7:00 am at The Heartline Cafe in West Sedona. Our purpose is to promote each members business via the exchange of prospective referrals. We believe in sending someone you know to someone you trust. Only one member represents each business category.
Each meeting features a business presenter for ten minutes and a speaker who shares some personal experience for five minutes. The meeting is rounded out with a one-minute commercial from each member and guest.
Would you like to grow your local business?
Come visit any regular club meeting and your breakfast is on us! If you know you are ready or have questions, call Vice President for Membership, Mike Jones, at 928-554-4477 or President, Christopher Wales, at 928-282-2150.
Looking for a product or service?
We just might have the person to fill your needs.Follow Sedona Referrals Club