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Dear Valued Client,
This newsletter edition discusses various topics of interest and offers new tax strategies. Such topics include the much-needed tax relief now available to struggling homeowners and a popular strategy used by taxpayers to exclude gain.
During these difficult economic times, we encourage you to make a tax planning appointment. We can find ways to help you maximize your savings.
Tax Pro Plus
This newsletter edition discusses various topics of interest and offers new tax strategies. Such topics include the much-needed tax relief now available to struggling homeowners and a popular strategy used by taxpayers to exclude gain.
During these difficult economic times, we encourage you to make a tax planning appointment. We can find ways to help you maximize your savings.
Tax Pro Plus
New Tax Credit for First-Time Homebuyers
Now is a good time to purchase a home and there are a lot of good deals awaiting those with a down payment to facilitate a purchase. Congress has come up with a novel way to help first-time homebuyers afford the down payment on a home.
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A New Twist For Home Sales
With the advent of the home sale gain exclusion back in the 1990s, taxpayers have been using that provision of the law in a popular strategy to exclude gain not just from their primary residence but also from rentals and second homes as well.
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Shift Business Income to Lower Taxes
If you have children who can work for you on a part-time basis or during the summer, you may be able to turn high-taxed income into tax-free or low-taxed income. It may even be possible to save on social security taxes and make retirement contributions for your child.
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Tax Tips for the Well-Traveled Businessperson
Did you know that food and lodging expenses may be deducted when you are away from home for business purposes? This may be particularly beneficial to self-employed individuals who travel extensively. However, as with everything else in the tax law, there are certain rules to follow.
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Recordkeeping Tips to Keep the IRS Away
With such complex tax laws, it is commonplace for many small businesses to make mistakes with bookkeeping and filing. One way to avoid making errors is to be aware of the most commonly encountered pitfalls.
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Mortgage Workouts - Tax-Free for Many Homeowners
There is now tax relief for struggling homeowners. If your mortgage debt is partly or entirely forgiven during 2007, 2008 or 2009, you may be able to claim special tax relief.
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Stuck With a Bad Debt?
Most business owners assume that when a customer does not pay for a service or product, it can be written off as a bad debt against the business.
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IRA Withdrawals for College Education
Generally, when funds are withdrawn from an IRA before a taxpayer reaches age 59-½, the distribution is taxable and an early withdrawal penalty tax of 10% of the distribution will also apply. Penalty-free withdrawals are permitted if the funds are used to pay qualified higher education expenses. Qualified "higher education” expenses include tuition at a qualified educational institution, as well as related room, board, fees, books, supplies and equipment. The expenses can be for the taxpayer, spouse, taxpayer's or spouse's children and grandchildren.
Caution: Even though the penalty may not apply, the distribution itself is still taxable.
Property Tax Deduction for Non-Itemizers
For 2008 only, those who take the standard deduction instead of itemizing deductions may claim an additional standard deduction for State and local property taxes paid (but taxes written off as business deductions don't count). The maximum deduction is $1,000 for joint returns and $500 for all other filers (or actual property tax paid, if that is less).
Seven Ways to Search QuickBooks
Over time, your QuickBooks company can grow in size to the point that it becomes difficult to find specific transactions. For instance, let’s say that you hire a new employee, and want to order another desk to match the ones in your office. You vaguely remember the last time that you ordered a desk, but can’t remember which vendor, or how much you paid. In this article we’ll discuss seven ways that you can search QuickBooks to find transactions such as this, or when necessary, determine if a transaction was deleted.
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Disclaimer: The tax advice included in this newsletter is an overview of some complex tax rules and is not intended as a thorough in-depth analysis of the tax issues discussed. Do not act on the information included in this newsletter without first determining how these issues apply to your particular set of circumstances and if there are any special tax laws or regulations that might apply to your situation.
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