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Dear Valued Client,
This month's edition brings more tax-saving strategies your way. As we quickly approach the end of the year, make sure that you take advantage of credits that are still available.
Please schedule a consultation with this office for 2009 fall and 2010 tax planning. This office is here to help you with all your tax needs.
Tax Pro Plus
This month's edition brings more tax-saving strategies your way. As we quickly approach the end of the year, make sure that you take advantage of credits that are still available.
Please schedule a consultation with this office for 2009 fall and 2010 tax planning. This office is here to help you with all your tax needs.
Tax Pro Plus
Itemizing Your Standard Deduction
You would think a standard deduction would be a fixed amount. Well, for 2009, that’s not the case! In addition to the long-standing additions for being age 65 and over and being blind, you can also add on certain items for 2009 that normally would be deductible only to those who itemize their deductions.
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Know the Rules Before You Break Open Your Retirement Piggy Bank
You may be looking for sources of cash to weather the current economic climate and your retirement piggy bank may be a tempting source. However, if you are under age 59½ and plan to withdraw money from your retirement account, you will likely pay both income tax and a 10% early distribution tax on any previously untaxed money that is taken out.
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Converting a Rental to a Home
A $250,000 ($500,000 for joint filers) exclusion is available to offset the gain from the sale of a taxpayer’s principal residence. This exclusion can be used repeatedly, provided the eligibility requirements are met, but generally not more than once every two years.
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Taking Your Business Home
The economic downturn has many businesses struggling to stay afloat. With so much at stake, some owners have moved their businesses into their homes to save money. If you are considering this option, then you need to be aware of the rules that apply when deducting home office expenses.
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Tax Tips for Recently Married Taxpayers
If you, like many others during the summer months, have gotten married or plan to get married in the near future, here are some post-marriage tips to help you avoid stress at tax time.
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Six Tips for Unemployed Taxpayers
If you have, unfortunately, joined the many individuals who are unemployed due to the current economic downturn, there are a number of tax provisions available in 2009 that you may find helpful in weathering a difficult period.
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Small Business Filing Deadline Looms for Special Refund Claims
Time is running out for many small businesses wishing to take advantage of the expanded business loss carryback option included in this year’s recovery law. Eligible individuals have until October 15 to choose this expanded carryback option. Eligible calendar-year corporations have until September 15.
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Employing an Unemployed Veteran
If you are considering or have already hired an unemployed veteran, you may qualify for a special credit that the government has provided as an incentive to hire veterans. Here is the rundown.
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Did You Overlook Something on a Prior Tax Return?
Occasionally, clients will realize that an item of income was overlooked, a deduction was not claimed, or that an amended tax document was received after the tax return was already filed. Regardless of whether the oversight will result in more tax due or a refund, it should not be dismissed.
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Does the IRS Owe You Money?
If you have not filed a prior year tax return and are due a refund, you should consider filing the return to claim it. If you are missing a refund for a previously-filed tax return, you should contact the IRS to check on its status and confirm your current address.
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Partnership & Trust Extensions End September 15
If you have a calendar year 2008 partnership, estate or trust return on extension, don’t forget the extension for filing those returns ends on September 15, 2009. In prior years, the extension was for six months (to October 15) but was reduced to five months beginning in 2009.
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Settle Up Fast with Quickbooks' Bill Paying Tools
Some of the financial crystal ball-types are telling us there are signs that the recession may be drawing some of its last breaths. But those bills are still coming in, and you may have had a long, dry summer and less income that you can use to meet those business obligations.
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Is Your Hobby an Activity Engaged in For Profit?
In general, taxpayers may deduct ordinary and necessary expenses for conducting a trade or business or for the production of income. Trade or business activities and activities engaged in for the production of income are activities engaged in for profit.
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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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