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Dear Valued Client,
With tax season finally behind us, it's never too early to start planning for next year. Having a plan in place now gives you a big headstart and allows you to maximize your savings in all areas.
In this month's edition, you'll find some helpful tips and available tax breaks that may apply to you. Keeping up with the latest tax law changes is important, since it could benefit you in some way.
If you need tax planning advice or would like to schedule a consultation, this office is here to help throughout the year.
Tax Pro Plus
With tax season finally behind us, it's never too early to start planning for next year. Having a plan in place now gives you a big headstart and allows you to maximize your savings in all areas.
In this month's edition, you'll find some helpful tips and available tax breaks that may apply to you. Keeping up with the latest tax law changes is important, since it could benefit you in some way.
If you need tax planning advice or would like to schedule a consultation, this office is here to help throughout the year.
Tax Pro Plus
First $2,400 of Unemployment Benefits Tax-Free for 2009
During March, close to six million people were receiving unemployment benefits; thanks to the relief provided by the American Recovery and Reinvestment Act, the first $2,400 of these unemployed workers’ unemployment insurance was exempt from tax.
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Watch Out For Your Withholding Adjustment!
As part of the tax law passed in February, many taxpayers will be entitled to the new “Making Work Pay” credit. Even though this credit will be calculated in the 2009 tax return, the federal income tax withholding tables used by employers have been adjusted to reflect this new credit in an effort to get the money into working taxpayers’ hands right away.
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New Estimated Tax Rules Give Small Business Owners a Break
Taxpayers, including small business owners, are required to prepay their taxes for the year through withholding or by making estimated tax payments. Due to the lack of a withholding source, small business owners are most frequently affected by this requirement.
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IRS Tips on Preparing for a Disaster
Part of being prepared is having a plan in place in case of a disaster. It only makes good sense for taxpayers to safeguard their records. Some simple steps can help taxpayers and businesses protect financial and tax records in case of a disaster.
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What Are Your Chances of Being Examined?
The IRS recently announced that a total of 1,391,581 individual income tax returns were audited during FY 2008 (October 1, 2007 through September 30, 2008) out of a total of 137.8 million individual returns that were filed in the previous year. This works out to 1.0% of all individual returns filed (about the same as the audit rate for the preceding year). Even the national average is about 1% that includes large numbers of returns where the income is easily verifiable and the deductions not complicated. However, once your return includes more complicated items, the odds quickly increase.
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“Kiddie Tax” No Longer Just For Kiddies
Years ago, it was the practice of many taxpayers to put investments in their children’s names to lessen the tax bite by having the investment’s income taxed at the child’s rate instead of the parent’s higher rate. This tactic became so prevalent that Congress stepped in and passed laws that caused most of a child’s investment income to be taxed at the parent’s top marginal tax rate, thereby curtailing the benefit of that strategy. Because this provision originally applied to children under the age of 14, it was coined the “Kiddie Tax.”
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Are You Retired and Considering Going Back To Work?
With the nation’s economy in turmoil, many retired taxpayers are thinking about going back to work to either supplement their retirement income or to rebuild their retirement savings. If this applies to you, there are some tax issues you need to be aware of.
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Home Modifications for Disabilities
Many disabled homeowners find it necessary to modify their homes to accommodate their disability. The question is whether or not those modifications can provide any tax benefit.
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Losses on Qualified Tuition Plan Accounts
Are you one of the many who have been contributing to a Sec. 529 Qualified Tuition plan for a child or grandchild and recently closed it out? If you received less than what was originally contributed, you are probably wondering if you can take a tax loss.
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Home Office Loss When Home is Sold
If you recently sold or lost a home that included a home office, you may be wondering if you can deduct a loss related to the home sale.
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Disposing of Business Assets
In this current economic climate, some small business owners are faced with shutting down their businesses. What happens to the equipment that has been depreciated? Some may choose to keep the equipment for his or her personal use, while others may dispose of it.
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Tapping into Your 401(k)
The 401(k) plan is for your retirement, so you need to consider a withdrawal’s impact on your future retirement. Also, since withdrawals are taxable, you probably won’t be able to keep the entire amount that is withdrawn.
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Getting Things Done Fast with QuickBooks Keyboard Tricks
You're accustomed to using your mouse to navigate your way through QuickBooks, but you may not realize that there are faster ways to get your work done in QuickBooks. Typically your hands are already on the keyboard, so take advantage of the shortcuts built into the application to save you time. Using this technique might also help minimize wear-and-tear on your wrists. In this article we'll explore a variety of ways that you can quickly carry out tasks in QuickBooks.
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The Tax Pro Plus newsletter is available via e-mail on a free subscription basis. You can subscribe or unsubscribe at any time. For more information about - Tax Pro Plus, go to http://www.taxproplus-la.com. This message was sent using ClientWhys Persyst. View our permission marketing policy.
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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