Smith Dickson, An Accountancy Corporation 

August 2014


Here are a few tax bill proposals that may impact you: 

  • Bipartisan Support For 'Bring Jobs Home Act' In US Senate:  The United States Senate voted on July 23, by the wide bipartisan margin of 93-7, to push forward the Bring Jobs Home Act, which would provide a 20 percent tax credit against companies' expenses incurred when bringing jobs back to the country, while denying the deduction for expenses if jobs are outsourced abroad.  (Read article)   

  • Student Tax Credit bill: The House approved legislation to consolidate four different tax incentives for higher education into a single tax credit. The bill, known as the Student and Family Tax Simplification Act, would consolidate the Hope Credit, the American Opportunity Tax Credit, the Lifetime Learning Credit, and the tuition deduction into a single, expanded American Opportunity Tax Credit.  (Read article)

  • Child Tax Credit bill The House has passed legislation that would require taxpayers to provide a Social Security number to claim the Child Tax Credit in an effort to discourage fraud, as well as adjust the amount of the credit for inflation.    (Read article)



Watch out for scam calls from individuals claiming to be Internal Revenue Service (IRS) agents or Criminal Investigation Division (CID) agents. These scam calls are designed to get the taxpayers to respond and to divulge personal identity information.  Smith Dickson is passing on this important information from the IRS ... (and see list of the IRS' Dirty Dozen Tax Scams for 2014")(Read article)
If you are not married, the decision about when to claim Social Security comes down to economics: If you wait until you are full retirement age to file, you'll get 100% of the benefit you have earned. Claiming benefits before this date (as early as age 62) means you'll get less, and delaying claims (no later than age 70) could make your monthly check 32% higher. The decision becomes significantly more complex for married couples.   Not only must each spouse consider the financial impact of when they file (the age they start), married individuals have additional choices as to how they can file.  (Read article)  


Smith Dickson is pleased to provide our year-round "Tax Calendar" available on our website.  Reference it for key dates for individuals, businesses (of all types), employers and estates/fiduciaries.


Some of the key dates for September 15th include: 

  • Individuals: Estimated Tax Quarterly Payment
  • C- and S-Corporations, LLCs and Trusts: Tax returns for 2013 are due
  • Corporations: Tax installment payment

Be sure to contact us with your tax questions and needs.





Smith Dickson is a full-service Southern California CPA firm that specializes in providing high-quality services designed to create long-term value for our clients. Our services include accounting, tax compliance and planning, litigation support, business consulting and estate/trust tax compliance. Please contact us with your questions.

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Smith Dickson, An Accountancy Corporation | 18100 Von Karman Avenue | Suite 420 | Irvine | CA | 92612