Tax Pro Plus
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Dear Valued Client,
Take advantage of the special tax breaks that are still available. If you have been impacted by the economy and need to hold on to your cash, there are many incentives that can help you out.
If you need to discuss your circumstances or would like more information on the topics covered in this edition, please call this office for an appointment.
Tax Pro Plus
Take advantage of the special tax breaks that are still available. If you have been impacted by the economy and need to hold on to your cash, there are many incentives that can help you out.
If you need to discuss your circumstances or would like more information on the topics covered in this edition, please call this office for an appointment.
Tax Pro Plus
Uncle Sam Really Wants You to Buy a New Car
Part of Uncle Sam’s plan to stimulate the economy is to increase car sales. The goal here is two-fold: to save and increase jobs and to put more fuel-efficient vehicles on the road. This would reduce our dependence on foreign energy and lessen harmful emissions nationwide. To accomplish these ends, Congress has added a number of incentives to those already available from manufacturers faced with reduced sales brought on by the slow economy.
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Clarifying Waivers of RMDs for 2009
Retirement plan account participants, IRA owners, and their beneficiaries do not have to take their required minimum distributions (RMDs) attributable to 2009. Congress waived those RMDs for 2009 so that distributions would not have to be taken while the stock markets—and, correspondingly, plan values—were at a low, in hopes that the markets would recover quickly.
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Writing Off Equipment Purchases in 2009 Can Be Tricky
Generally, assets (equipment) other than real property, leasehold improvements and certain farm structures acquired by a small business can be written off using three provisions of the tax law or combinations of the three. Choosing the right provision or a combination of provisions can have a significant impact on your taxes in 2009 and future years, so careful planning is required for any significant purchases made in 2009.
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Are You Recording Information for 1099s?
If you use independent contractors to perform services for your business or rental and you pay them $600 or more for the year, you are required to issue them a Form 1099 after the end of the year to avoid facing the loss of the deduction for their labor and expenses. (This requirement generally does not apply for payments made to a corporation.)
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Tax Facts about Summertime Child Care Expenses
Many parents who work or are looking for work must arrange for the care of their children during the school vacation. If you are one of those parents, and your children requiring care are under 13 years of age, you may qualify for a child care tax credit.
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Payroll Withholding Drop Attributable To New Credit
If you noticed a drop in your payroll withholding without changing your W-4 filing status or exemptions, it was probably due to the new “Making Work Pay Tax Credit.” This is being paid to taxpayers in advance of filing their 2009 tax returns by way of a payroll withholding reduction.
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Special Small Business Estimated Tax Safe Harbor
If you are uncertain about how well your business will fare this year and don’t want to overpay your estimated taxes because you need the cash, there is a special break this year for small business owners that provides a “safe-harbor” estimate amount that will provide protection from federal under-estimated tax penalties.
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Seven Tax Tips for Students with a Summer Job
Many students hold a summer job during their time off from school. Here are some tax issues that should be considered when working a summer job.
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Claiming Tuition Credits
Tax regulations provide that solely for education credit purposes, if a third party makes a payment directly to an eligible educational institution for a student’s qualified tuition and related expenses, the student would be treated as receiving the payment from the third party, and, in turn, paying the qualified tuition and related expenses. Furthermore, qualified tuition and related expenses paid by a student would be treated as paid by the taxpayer if the student is a claimed dependent of the taxpayer.
Tune Up Your Business Plan with QuickBooks
Do you have a business plan? If you don’t, even if you’re a sole proprietor, you should. Business plans can be a good barometer for the health of your finances as a way to gauge whether or not you’re on the right path. If you don’t have a business path (or if yours is less than organized or polished), you can use QuickBooks’ tools to create or fine-tune one.
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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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