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
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