Robert Foley 101

Welcome

You are hero’s TOO

US population: 330,000,000

US Taxpayer’s: 123,000,000

US Self Employed: 8,000,000

US Government Employees: 24,000,000

3 Government employees for every self employed

www.usdebtclock.org

2020 UPDATE

Form 1040 has been revised

  • Health care coverage is no longer mandator
  • Page 1 for identification, dependents, income
  • Page 2 for tax computation, credits, withholding, balance due or refund

There are three schedules for other income, deductions and adjustments

Two new forms for QBI (Qualified Business Income) deduction

  • Form 8995 – Short form – For taxpayers that do not have W-2 Wages or UBIC
    • (Unadjusted Basis Immediately after Acquisition)
  • Form 8995-A – Long form with 4 Schedules
    • Sch A – For Specified Service Trades or Businessses
    • Sch B – Aggregation of Business Operations
    • Sch C – Loss Netting and Carryforward
    • Sch D – For Patrons of Agricultural or Horticultural Cooperatives

IRA: maximum contribution remains $6,000 catch-up (age 50+) $1,000

SIMPLE IRA: increase to $13,500 catch-up $3,000

401(k), 403(b),257: increase to $19,500 catch up $6,500

STOP REPAYING LOANS FROM RETIREMENT FUND: = TAX & PENALTY

Robert has earned a Bachelors of Science Degree from the University of Maryland, major in Economics. He has been preparing income tax returns for 50 years, 40 of them with a national tax preparation firm.

He is an Enrolled Agent, a Federally licensed tax practicioner, for over 20 years. He has helped taxpayers set up their businesses, and give them help meeting government responsibilities.

He has helped taxpayers set up their businesses, and give them help meeting government responsibilities through SCORE and One Million Cups.

Robert also worked as an insurance agent for 10 years, providing life, health and personal lines. He has also held a National Association of Securities Dealer license.

He owned several Financial Services offices, and is currently President of Foley Temporary Employee Staffing, Inc.

Memberships:

  • International Grapho Analysis Society
  • Wisconsin Society of Enrolled Agents
  • National Society of Accounts

Licenses:

Currently Licensed:

  • Enrolled Agent: Represent Taxpayers before the Internal Revenue Service
  • Private Investigator: State of Wisconsin

Prior Licenses:

  • Insurance Agent
  • Real Estate Salesman
  • NASD Securities