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Dear Valued Client,
With tax season almost upon us, there are many important tax law provisions to consider. If you haven't made an appointment for a year-end tax planning consultation, you can schedule one now to discuss tax strategies that can be implemented before the close of the year.
Enjoy the rest of 2009 and have a wonderful holiday season.
Tax Pro Plus
With tax season almost upon us, there are many important tax law provisions to consider. If you haven't made an appointment for a year-end tax planning consultation, you can schedule one now to discuss tax strategies that can be implemented before the close of the year.
Enjoy the rest of 2009 and have a wonderful holiday season.
Tax Pro Plus
Itemize or Standard Deduction? It's a Complicated Decision for 2009.
Most taxpayers have annually had the option to itemize their deductions or take a standard deduction, and the rationale for making the choice has always been rather simple: take the higher of the two amounts. However, for 2009, the choice can be complicated, and, in some cases, requires advanced planning to maximize the tax benefits of that choice.
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Homebuyer Credit Extended
To stimulate home sales, Congress first established the first-time homebuyer credit in 2008, then modified it for 2009 (through November 30, 2009), and then extended it again through the middle of 2010 (2011 for certain service members) resulting in some complicated rules.
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Tips for Year-End Donations
Individuals and businesses making contributions to charity should keep in mind several important tax law provisions that have taken effect in recent years.
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Bunching Your Deductions Can Provide Big Tax Benefits
If your tax deductions normally fall short of itemizing your deductions or even if you are able to itemize, but only marginally, you may benefit from using the “bunching” strategy.
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Fine-Tuning Capital Gains and Losses
Year-end has historically been a good time to plan tax savings by carefully structuring capital gains and losses. Conventional wisdom has always been to minimize gains by selling “losers” to offset gains from “winners,” and, where possible, generating the maximum allowable $3,000 capital loss for the year.
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Don't Cut Corners with Your Retirement Savings
This has been a tough year for many small business owners, and many are looking for corners to cut to conserve cash. One corner that you should not cut unless you are desperate is contributing to your retirement plan. Not only do these contributions help you fund your future retirement, but they can also provide you with a current tax deduction when you contribute to a self-employed retirement plan or to most traditional IRAs.
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When is a Home Modification Deductible?
Generally, home improvements are not deductible except to offset home gain when the home is sold. But a medical expense deduction may be claimed when it is a medically-necessary home modification. The modification expense is deductible as a medical expense to the extent it exceeds any resulting increase in the value of the property.
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Earmarked Charitable Contributions
The IRS recently responded to a Senator’s inquiry related to contributions to a church that were made to help the church’s minister pay previous health expenses. The issue of the inquiry was whether members could take a contribution deduction and whether the minister has to include such donations in income.
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Luxury Car Rules May Limit Vehicle Write-Offs
Unfortunately, if you deduct actual expenses for the business use of your car, you will probably find your write-offs for depreciation restricted due to so-called luxury car limitations. And most cars (including trucks or vans) fit the IRS definition of a "luxury vehicle," regardless of their cost. If a vehicle is four-wheeled, used mostly on public roads, and has an unloaded gross weight of no more than 6,000 pounds, the car is considered a "luxury vehicle."
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Lodging Expense Requires Substantiation
Self-employed individuals who pay for lodging expenses while away from home on business can deduct these lodging expenses only if they are substantiated in full (record of time, place, amount, and business purpose, plus paid bills or receipts). The expenses can't be substantiated using the lodging component of the federal per-diem rate.
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QuickBooks 2010 Review
Every QuickBooks upgrade has something for everyone, but some releases raise the bar more than others. QuickBooks 2010 is one of them.
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Are You Receiving Unemployment Benefits?
For 2009, federal law allows each spouse to exclude the first $2,400 of unemployment benefits; the rest is taxable. For example, if your unemployment benefits were $2,000 and your spouse’s were $3,000, you would be able to exclude all of your unemployment benefits and $2,400 of your spouse’s for a total exclusion of $4,400 on your jointly-filed federal return. That leaves $600 of the benefits being taxable. Many states, including California, do not tax unemployment benefits at all.
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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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