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  • Russ Falls
    • Feb 2
    • 2 min read

Investment and Taxes

The IRS has set up specific rules that need to be followed when it comes to investments of any kind. It is necessary for the taxpayer to keep track of the purchase price and date of the investment. For example, let us assume a person wants to start investing in small coins. At first this person can only invest in small qualities. He or she should keep track of all the purchases made, what was the day and the how much was bought. The reason it is important for the person to do that is, let us say, 10 years later he wanted to sell the coins. If the coins are now worth $5,000 now and you can not provide any documents on what you bought it for you will be taxed on the overall $5000.00. On the other hand, if you have the proof that the coins cost that person $3,000 then that person will be taxed on only $2,000. I want to also point out that if you don’t sell any of the coins or investment during a year there is no need to put it on the return.


If a person is dealing with an investment company that deals with buying and selling stocks, then the company should be sending the form 1099-B to you. Be aware that this form only will come out once the investment is sold. Lots more can be said on this subject.


If you have any questions free feel to contact me. I will help you the best I can. Here are some of the services you can expect when you contact me:

1 We are offering an audit assistance program for all our clients this year for no additional charge to you. 1) ID Theft assistance 2) Tax Debt Relief 3) Interpretation and Guidance and 4) Team of Experience of Tax Preparers

2 I am also offer two options for you to get your refund. One is though Refund Advantage for an additional charge of 39.95 first distributor of funds and 12.00 for the second distributor of funds refund. Once the refund is processed, the bank will get the money then they will pay the Tax Preparation fee out of the refund. You will get the difference in form of direct deposit.

3 The other option is pay the tax prep once I am done with your return with either e-check or credit card. Then I will e-file the return.

Falls Vital Accountant Services

Russ Falls

661-526-4983

https://www.rfvas.com/tax-services


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Introduction to Russ Falls

Russ Falls is a long-time resident of Palmdale CA. He went to school here and graduated from Palmdale High School. He first did income taxes for HR Blook for eight years then worked for Jackson Hewitt

 

661-526-4983

Book Clean up Services:

 

I will find the errors in the books and clean them up. If the accounts have not been reconciliation in six months or less. Or if the books have not been updating with in the past 6 months or so. If is it longer than six months, it might begin necessary for you do download all the transaction to excel spread sheet from the bank and then I can start the clean up process at that time.

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Provide Eight Reports:

 

Using QuickBooks Online I will provide the weekly report to the owner. Reports will be Balance Sheets, Profit and loss, Cash Flow statement, Accounts Payable, Accounts Receivable, Bank and Credit Card Report last 30 days, Uncleared Transactions and Uncategorized income and uncategorized Expenses. I will set up the chart of accounts and maintain their books. I will provide them with eight reports on a weekly basis. I will explain the reports to the client so they will be able to understand what is going on. This is the top-of-the-line services that I going to offer to the client.

Balance Sheet: A report that consists of the asset’s accountant balances minus the liabilities and the owner equity or the shareholders equity.

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Income Statement:  A report that gives your all the income the company minus all the expenses which the company had during in period of time. There are some expenses that was prepaid expenses which show up on the statement that was not paid with cash in that period of time.

 

Cash Flow Statement: This is a statement shows the cash inflows by the operation of the business and the investment income. The out of cash flow show the payment of the operations activities along with the investment in each period of time.

Accounts Payable Summary: This report shows the company owns money due. The time frame that the own amount is either current or past do and how far past due.

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Accounts Receivable Summary: This report is important to you as an owner operator truckdriver because it show if one of your customer is failing behind on paying you.

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Hopefully I will finish this page up tomorrow 2/12/2021.