 
Wishing
you a very Merry Christmas and the best for the new year!
Joe's practice focuses around Tax Returns, Financial Service, 401K roll overs,
Estate planning and Income Distribution Planning.
Joe holds the AICPA certification of "Personal Financial Specialist" and is a
member of the PFP "Personal Financial Planning section of the AICPA.
The
AICPA’s Personal Financial Planning Section is the premier provider of information,
tools, advocacy and guidance for CPAs who specialize in providing estate, tax, retirement,
risk management and investment planning advice to individuals and closely held entities.
CPA e-mail should be sent to hicks.j@tx.rr.com
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Important Tax & Financial Calculators
What
is my potential estate tax liability-
2011 federal income
tax estimator
Capital gains (and losses) tax
estimator
How
much of my social security benefit may be taxable-
Should I itemize or take the
standard deduction-
Tax freedom
day
Do I have too
much debt-
Advantages
of a 529 College Savings Plan
How much
home can I afford-
Should
I convert to a bi-weekly payment schedule-
How much life
insurance do I need-
What is my life expectancy-
What are my needs for burial
and final expenses-
What may my 401(k) be worth-
What may my 457
Plan be worth-
What is my risk tolerance-
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Fall 2011
Office hours Monday through Thursday 10:00am
to 5:00pm by appointment
Friday - in and out of office, call before coming. Drop box by the door
Business phone answered most any time.
Financial Services, Estate & Tax News
Home Page
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Standard Mileage Rates
for 2012 Released
The IRS on Friday released standard mileage rates
for use in 2012 (Notice 2012-1). Taxpayers
can use the optional standard mileage rates to calculate the deductible costs of operating
an automobile.
For business use of an automobile remains at
55½ cents per mile. For medical or moving expenses, it is 23 cents per mile (a half-cent
decrease from the second half of 2011). For services to charitable organizations, the rate
(which is set by statute) is 14 cents per mile.
Rather than using the standard mileage rates,
taxpayers may instead use their actual costs if they maintain adequate records and can
substantiate their expenses. The rules for substantiating these amounts appear in Rev.
Proc. 2010-51.
For automobiles a taxpayer uses for business
purposes, the portion of the business standard mileage rate treated as depreciation is 23
cents per mile for 2012 (it was 22 cents per mile for 2011).
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What
is a CPA Personal Financial Specialist?
A
Personal Financial Specialist (PFS) is a Certified Public Accountant (CPA) who meets the
financial planning requirements established by the American Institute of Certified Public
Accountants (AICPA). The credential is awarded only to CPAs who demonstrate the requisite
experience, education, examination, and ethical standards established by the AICPA.
What
are the requirements?
In
order to obtain the PFS credential, an applicant must:
- Be a CPA in good standing
- Be a member in good standing with the AICPA
- Earn a minimum of 80 hours of personal financial planning
education
- Pass a comprehensive Personal Financial Planning exam
- Have at least two years (or 3,000 hours equivalent) of
full-time financial planning business experience
- Agree to be bound by the AICPA Code of Professional Conduct
- Meet continuing education requirements
In addition Joe has passed the 66 & 7 securities exams and is insurance
licensed in the State of Texas |
Link
to our Location
Additional
information can always be found at the IRS Web site, http://www.irs.gov.
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