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Dear Valued Client,
This month's edition provides you with important tax updates and strategies that can save you money. If you have questions regarding any of the articles discussed, please contact this office.
June is the best time for a mid-year tax consultation. This office can help you with your tax planning needs.
Tax Pro Plus
This month's edition provides you with important tax updates and strategies that can save you money. If you have questions regarding any of the articles discussed, please contact this office.
June is the best time for a mid-year tax consultation. This office can help you with your tax planning needs.
Tax Pro Plus
Borrowing Money for Your Business
If you are a small business owner looking for capital to start a business or expand an existing one, you will quickly learn that most lenders will require you to be personally liable on a secured loan.
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Important Tip When Buying or Selling a Business
If you are contemplating on buying or selling a business, one of the most important and frequently overlooked issues is the allocation of the purchase/sales price to the various elements of the business.
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Too Many Estimated Tax Vouchers?
When your 2008 tax return was prepared, this office may have provided you with estimated tax vouchers for you to use in filing and paying your 2009 estimated tax liability. If you owed a significant amount of tax on your 2008 return or have filed estimates in the past, the IRS may send you yet another set of payment vouchers without any payment amounts shown. This leaves some taxpayers confused on which set of vouchers to use and how much they should pay, if any.
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Fuel-Efficient Vehicles Provide Big Tax Break
If you pick a fuel-efficient new car, you can benefit from a sizable tax credit that reduces your income tax dollar for dollar. This is in addition to the sales tax deduction. So for those of you who are going car shopping, read this article carefully.
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What To Do If You Receive an IRS Notice
If it is not your refund check in the mail box, that letter from the IRS will probably increase your heart rate a little. Don’t panic; many of these letters can be dealt with simply and painlessly.
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Special Vehicle Sales Tax Deduction Not Limited to Cars
Taxpayers typically associate the special 2009 vehicle sales tax deduction with the purchase of a new car. However, this deduction also applies to the purchase of new light trucks, motor homes, motorcycles and motor scooters that meet the “motorcycle definition.” So if you are in the market for any of the above, you could qualify for this deduction.
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Don't Be a 2009 Tax Ostrich!
Hopefully, you have your 2008 tax return behind you. But even if your 2008 return is on extension, don’t think you can put off worrying about 2009 until next year! Congress has created a number of tax incentives to help stimulate the economy and, in some cases, you need to take action to benefit from those incentives.
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How to Cut Your Utility Bills While Reducing Your Taxes
How would you like to get paid to reduce your utility bills? You can do that by taking advantage of tax credits now available for making energy improvements to your home. Generally, you’ll be able to claim a tax credit of 30% of the cost of the improvements, which will also lead to lower energy consumption resulting in lower utilities bills. This is a win-win deal for energy-conscious taxpayers.
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Haven't Received Your Refund Yet?
Are you one of the many who filed their returns near the deadline, or were on extension and filed after April 15, and still have not received your refund? If so, you can easily check the status of your refund on the IRS web site, whether you opted for direct deposit or asked the IRS to mail you a check.
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Deducting a Home Sale Loss
As unfair as it may sound, for tax purposes, the loss on the sale of personal use property is not deductible. However, gains are taxable. So, if your home had not been used for business purposes, you would not have a loss deduction.
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Recording Infrequent Transactions in QuickBooks
Day-to-day transactions like receiving payments from customers or paying vendors occur so frequently that most QuickBooks users do them automatically. However, from time to time you may encounter an infrequent transaction that will stop you in your tracks. In this article we'll discuss several common tricky transactions and offer advice on how to handle them.
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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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