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Volume 2010
- 5 Ways You Can 'Max Out' Bush Tax Custs Don’t stand by idly while the 2003 tax cuts go by the boards. Here are five ways to wring more tax savings from capital gains and dividends.
- Affordable Care Act Tax Provisions The "Affordable Care Act", passed March 23, 2010, contains some tax provisions that take effect this year and more that will follow over the next several years. See which are now in effect, and which are expected.
- Saving for College with 529 Plans Many parents are looking at ways to save for college. Section 529 plans, also known as Qualified Tuition Programs (QTP), are a popular college savings vehicle for parents.
- Coverdell Education Savings Accounts If you jump through the right hoops, the government might not tax your beneficiaries on the money you give them for school.
- Tax Credits for Home Improvements The credit still applies in 2010 to energy-related improvements.
- Health Care Reform is Also Tax Reform The new health care bill has many tax changes that you should know about.
- Getting the Right Amount of Tax Withheld Because the worksheets and withholding methods do not account for all possible situations, you may not be getting the right amount withheld.
- Are Your Social Security Benefits Taxable? Less than one-third of all current beneficiaries pay taxes on their benefits. Will you be one of them?
- Homeowner Records: What To Keep and How Long How you keep records is up to you, but they must be clear and accurate and must be available to the IRS.
- Getting The Most From Auto Expenses How to make the most of your auto deductions.
- How Children Lower Your Taxes The top 10 tax items to consider if you have children.
- Itemizers Can Deduct Certain Taxes Don't miss these five types of deductible non-business taxes.
- Estimated Tax Payments - Q&A How do you know if you have to file quarterly individual estimated tax payments?
- Identity Theft During the Tax Filing Season Protect yourself against online identity theft and other scams that increase during and linger after the filing season.
- Don't Overlook These Valuable Tax Credits Take time now to review your records and see if you qualify for one of these tax credits; many are new or expanded for the 2009 and 2010 tax filing years.
- Five Often-Overlooked Reasons Why You Need a Will Most people fail to appreciate the full importance of a will, especially if they feel their estate is too small to justify the time and expense of preparing one.
- Receive Your Refund Faster with Direct Deposit Direct deposit is faster, eliminates undeliverable mail, and is the best way to guard against having a tax refund stolen.
- 2010 Rules for Roth IRAs 2010 brings new planning opportunities for Roth IRAs.
- IRS Announces 2010 Standard Mileage Rates Beginning on January 1, 2010, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be ...
- Changes in Tax Brackets and Benefits for 2010 By law, the dollar amounts for a variety of tax provisions must be revised each year to keep pace with inflation. As a result of little inflation, there will be no significant changes for 2010.
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2009
- 10 Facts About the New First Time Homebuyer Credit If you are in the market for a new home, you may still be able to claim the First-Time Homebuyer Credit. Congress recently passed The Worker, Homeownership and Business Assistance Act Of 2009, extending the First-Time Homebuyer Credit and expanding who qualifies.
- Events Requiring An Estate Plan Update If any of the following events occur, you'll probably need to update your estate plan.
- Pre-Retirement Checklist As you approach retirement, there are various matters that you should take care of. Here are some of the items you should check.
- Lower Your Taxes and Heating Bills You can weatherize your home and be rewarded for the effort.
- What Income is Nontaxable? Make sure you don't pay taxes that you don't have to.
- Tax Benefits for Job Seekers If you are searching for a job, you may be able to deduct some of your expenses on your tax return.
- Planning Retirement Withdrawals If you are thinking of retiring soon, or changing jobs, you may face a major financial decision: what to do about the funds in your retirement plan.
- Gift Taxes Gifts above $13,000 may be taxable to the giver.
- 10 Things You Should Know About Identity Theft Here are ten things the IRS wants you to know about identity theft so you can avoid becoming the victim of a scam artist.
- 8 Tips for Taxpayers Who Owe Money to the IRS Having a hard time coming up with money to pay the tax bill? Here are some options.
- A SIMPLE Retirement Plan for the Self-Employed SIMPLE plans really shine for self-employed business owners. Here's why.
- Buy a New Car in 2009 and Save The American Recovery and Reinvestment Act of 2009 provides a deduction for state and local sales and excise taxes paid on the purchase of new cars, light trucks, motor homes and motorcycles through 2009.
- Make Home Improvements This Summer With the 2009 energy efficiency tax credits, you may be able to reduce the cost of certain home improvements.
- Saving For College With 529 Plans Many parents are looking at ways to save for college. In 2000, Section 529 plans, also known as Qualified Tuition Programs (QTP) became a popular college savings vehicle for parents. Every state now has a program allowing persons to prepay for future higher education, with tax relief.
- Coverdell Education Savings Accounts A Coverdell Education Savings Account is an account created as an incentive to help parents and students save for education expenses.
- Do You Need to Pay Estimated Taxes? Why and when do you have to pay estimated taxes?
- Home Office Deduction If you use a portion of your home for business purposes, you may be able to take a home office deduction whether you are self-employed or an employee.
- Recording Infrequent Transactions in QuickBooks From time to time you may encounter an infrequent transaction that will stop you in your tracks. Here are several common tricky transactions along with advice on how to handle them.
- Summer Travel Tax Deductions As the summer travel season is almost upon us, you might like to know that a portion of your summer travel may be tax-deductible.
- Cut Taxes on the Sale of Your Home Despite the slumping real estate market, houses are still being sold and there is money to be made. If you're so fortunate now or in the future, here's some basics on how to avoid paying too much capital gain.
- 2009 Health Savings Account Limits As we are in the month of June already, it is important to take a moment and review your Health Savings Account to ensure the maximum benefit is being obtained.
- Timing Mistakes That Cost Thousands of Dollars Timing can mean a lot. Read this tale about a mistimed bankruptcy filing that unfortunately eliminated a valuable tax "asset".
- Are Your Social Security Benefits Taxable? Here's a quick primer on benefit taxability.
- Obama's New Tax Credit Most of you have heard that under the Obama Administration's American Recovery and Reinvestment Act you will be receiving a "Making Work Pay" tax credit. But what does this actually mean to you? When can you expect to receive the money?
- Employee Versus Independent Contractor If you incorrectly classify an employee as an independent contractor, you can be held liable for employment taxes for that worker, plus a penalty.
- Household Employees and Withholding Taxes While many people disregard the need to pay taxes on household employees, they do so at the risk of stiff tax penalties.
- Offset Education Costs - 2009 Changes Education tax credits were significantly enhanced under the American Recovery and Reinvestment Act of 2009.
- Tax Tip: Deduct Credit/Debit Card Fees on Tax Payments That fee you pay is also a deduction.
- $250 Economic Recovery Payment The economic recovery payment is a one-time payment of $250 that will be made in 2009 to some people. Will it be you?
- New Tax Relief for Individuals The American Recovery and Reinvestment Act (ARRA) of 2009 was signed into law by President Obama on February 17, 2009. Here are some key highlights of the tax relief for individuals.
- Understanding The New First-Time Homebuyers Credit The first-time homebuyer credit created by last year's housing law didn't do much to spur home sales, but the new economic stimulus law sweetens the pot.
- Spring Cleaning: Tax Records You Can Throw Away Here's what you need to keep and what you can throw out without fearing the wrath of the IRS.
- Beware of Tax Consequences of a Job Loss Here's a look at tax questions surrounding a job loss and unemployment issues.
- Financial Planning Tips for April 2009 Here are some simple reminders to help you focus on your finances.
- Homeowner Records: What To Keep and How Long Keeping full and accurate homeowner records is vital for determining home deductions and the adjusted basis of your home. What types of records should you keep, and for how long?
- Getting The Most From Auto Expenses If you use a car for business, you have two choices for claiming deductions. Here's what you need to know to claim auto expenses.
- Retirement Savings Plan Limits for 2009 A table showing how much can you contribute to your retirement plan (401-k, IRA, etc.) this year.
- Estimated Tax Payments - Q&A What's the scoop on estimated tax payments?
- Itemizers Can Deduct Certain Taxes Did you know that you may be able to deduct certain taxes on your federal income tax return?
- You Can Still Make a 2008 IRA Contribution If you haven't contributed funds to an Individual Retirement Arrangement for tax year 2008, or if you’ve put in less than the maximum allowed, you still have time to do so
- 2009 Recovery Act: General Update on Stimulus Tax Bill Now, while Congress debates the final size and scope of the stimulus package, is a good time to take a look at the expected tax incentives and explore how they could lower your tax bill.
- Recovery Rebate Credit Available This Year If you didn't get your rebate (aka 'stimulus check') last year, you may get it this year as a tax credit!
- IRS Helps Financially Distressed Taxpayers The Internal Revenue Service kicked off the 2009 tax filing season by announcing a number of new steps to help financially distressed taxpayers maximize their refunds and speed payments while providing additional help to people struggling to meet their tax obligations.
- Guidelines for Roth IRA Contributions Taxpayers confused about whether they can contribute to a Roth IRA should consider these guidelines.
- Businesses - Use Ratios To Gauge Your Sales Force's Performance It's vital to make sure you're getting the best from on-premises sales staff.
- Financial Planning Tips for February 2009 Here are some simple reminders to help you focus on your finances.
- 5 Often-Overlooked Reasons Why You Need a Will Most people fail to appreciate the full importance of a will. Here are 5 reasons to have one.
- 7 Ways to Use QuickBooks to Manage AR Collections For businesses, it's more important than ever to keep a close rein on your accounts receivable. QuickBooks can help you manage your credit risk
- How to Get Paid On Time These suggestions can help your business tighten up its credit and collections policies and improve its cash flow.
- Cash Flow: The Life Blood of Business Cash is essential to the success of any business. Cash is the "life blood" that keeps a business operating. If cash drys up, the business fails. Understanding your business' cash flow is a key managerial skill.
- Widening of Tax Brackets and Benefits For 2009, personal exemptions and standard deductions will rise and tax brackets will widen because of inflation adjustments.
- Year-End Charitable Contributions With tax season upon us, individuals and businesses making contributions to charity should keep in mind several important tax law provisions that have taken effect in recent years.
- Non-cash Donations: So How Much Is That Sweater Worth? The IRS allows a deduction for the fair market value of items contributed to qualified organizations. So how much of a tax deduction is that old sweater that’s boxed up in the garage?
- Receive Your Refund Faster with Direct Deposit Want your refund faster? Have it deposited directly into your bank account. More taxpayers are choosing direct deposit as the way to receive their federal tax refunds.
- Tips For Deducting Vehicle Donations If you donated a car or other vehicle to a qualified charitable organization in 2008 and intend to claim a deduction, you should be aware of special rules that apply to vehicle donations.
- IRS Speeds Lien Relief for Homeowners The IRS has announced an expedited process that will make it easier for financially distressed homeowners to avoid having a federal tax lien block refinancing of mortgages or the sale of a home.
- Financial Planning Tips for January 2009 Here are three simple reminders to help you focus on your finances.
- QuickBooks: Use Closing Date to Protect Prior Year Data Use this technique to close the books on the year to help prevent potentially costly changes to those periods.
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2008
- Tax Breaks For "Commuting" From Your Home Office Although somewhat confusing, working through the details of work-related travel from a home office may net you a substantial tax deduction.
- Harvesting Stock Losses for Tax Savings If you've got some losers in your taxable investment accounts, read why now might be a good time to sell them.
- IRS Announces 2009 Standard Mileage Rates The new rates for business, medical and moving purposes are slightly lower than rates for the second half of 2008.
- Mutual Fund Buyers: Beware of a Potential Tax Surprise! Are you considering buying mutual funds in a taxable account (as opposed to an IRA or 401K)? If so, learn how to avoid a potential tax gotcha.
- New IRS Audit Initiatives for Businesses The IRS is getting smarter about whom it audits.
- Pre-Retirement Checklist As you approach retirement, there are various matters that you should take care of. Here are some of the items you should check.
- Events Requiring An Estate Plan Update Generally, your estate plan should be reviewed every two years to determine whether it needs to be changed or updated. However, when certain events occur, you'll probably need to update your estate plan.
- First Look: QuickBooks 2009 Is an upgrade worth it? We explore some of the improvements and offer a big caution on the upgrade.
- 9 Year-End Tax Saving Ideas For Individuals There are a number of steps you might take by year-end to cut your 2008 tax bill.
- 6 Year-End Tax Saving Ideas For Businesses Some potential tax-saving moves should be taken no later than Dec. 31, 2008 for businesses on the calendar year.
- Recent IRS Warning - Form 1099-OID Fraud The IRS cautions taxpayers to avoid getting caught up in a new tax fraud disguised as a debt payment option for credit cards or mortgage debt.
- Tax Credit to Aid First-Time Homebuyers First-time homebuyers should begin planning now to take advantage of a new tax credit included in the recently enacted Housing and Economic Recovery Act of 2008.
- Tax Facts About Capital Gains and Losses Here are a few tax facts about capital gains and losses.
- Delay Home Energy Efficiency Improvements New tax laws might make it prudent to wait.
- 16 Bank Reconciliation Tips and Tricks for Quickbooks Although it may seem like drudgery, reconciling your bank account is a critical accounting task that you should carry out each month. Doing so helps ensure the integrity of your financial reports, since most of your accounting transactions ultimately affect cash in some fashion.
- Tax Changes in the Emergency Economic Stabilization Act of 2008 Washington has passed a massive rescue plan to help restore confidence in the financial markets. The new law includes more than $150 billion in tax incentives as well as some important "revenue raisers".
- California Budget Brings Tax Changes California's latest budget contains some tax changes that may affect you.
- Is Your Activity a Hobby or a Business? We explore how the IRS treats them differently for tax purposes, and how getting it wrong could cost you.
- Why Keep Good Records? Good record-keeping will help you remember the various transactions you made during the year, which in turn may make filing your return a less taxing experience.
- Living Trusts 101 Do you need a living trust? Here's some of the basics on living trusts to help you figure that out.
- Financial Planning Tips for October 2008 Helpful reminders to keep you in better financial shape.
- Seven Ways to Search QuickBooks Find that needle-in-a-haystack!
- Business is great and ... Referrals are our #1 source of new business.
- Like this newsletter? Pass it on. We try to make our monthly newsletter as useful as possible for our clients and friends. We encourage you to forward it to people who might benefit from it, and we encourage them to sign up!
- IRS Raises Mileage Allowance
If you drive a car or truck, you've probably noticed that gas is pricey! With gas prices so high, it's important to choose the right way to deduct car and truck expenses.
- Housing Bill Offers Tax Opportunities and Traps On Wednesday, July 30, President Bush signed the "Housing and Economic Recovery Act of 2008." While the bill focuses on protecting lenders and preventing foreclosures, there are three other tax provisions worth noting.
- Economic Stimulus Payments for Extension Filers
If you filed a Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, you can still receive an Economic Stimulus Payment for 2008.
- Tips for Recently Married or Divorced Taxpayers
Newlyweds and the recently divorced should ensure the name on their tax return matches the name registered with the Social Security Administration. A mismatch could unexpectedly increase a tax bill or reduce the size of any refund.
- What Income is Taxable? Nontaxable?
Generally, most income you are taxed on income that is available to you regardless of whether it is actually in your possession, constructive receipt of income. But there are some situations when certain types of income are partially taxed or not taxed at all.
- Gift Taxes
Do you have to pay tax on a gift you give?
- Tax Due Dates for September 2008
See the September tax due dates.
- A Great SIMPLE Retirement Plan for the Self-Employed
SIMPLE plans really shine for self-employed business owners, and here's why.
- Financial Planning Tips for September 2008
Create a Living Will, update your will, and review your Budget vs. Actuals
- Should You Invest in Life Insurance?
Life insurance protects your family in the event of death. Most people do not have the right amount of insurance. It is important to determine the amount that suits your needs.
- Ten Overlooked QuickBooks Reports That You Should Use
Just about every QuickBooks user relies on the Report Center and Reports menu, but if you’re like most, you have a small handful of reports that you tend to rely on. In this article we’ll go off the beaten path and explore ten reports that many users overlook.
- August 2008
Feature Articles
• Cash Flow - The Pulse of Your Business • Planning Retirement Withdrawals • Credit Reports: What You Should Know Tax Tips
• Selling Your Home Without the Tax Hit • IRS Changes Business Tax Filing Extension • What to do if You Haven't Filed Your 2007 Return • IRS Offers Basic Hints to Help New Small Business QuickBooks Tips
• Use Accounting Ratios to Stave Off Financial Problems Financial Planning Tips
• Prepare a Post Mortem Letter • Get Your Social Security Statement of Benefits • Review Your Budget vs Actuals for July • Estimate Your Tax Liability - July 2008
Feature Articles
• Standard Mileage Rates Increase • Use It or Lose It Health Plan Alternatives • Kiddie Tax Age Limit Change • Saving For College With 529 Plans Tax Tips
• Do You Need to Pay Estimated Taxes? • Getting Married? Filing Status Considerations • Coverdell Education Savings Accounts • Home Office Deduction QuickBooks Tips
• Profit & Loss Report Versus Statement of Cash Flows Financial Planning Tips
• Estate Plan Checkup • Examine Property Tax Bills • Budget vs. Actuals • Investment Review - Summer Travel Tax Deductions As the summer travel season is almost upon us, a portion of your summer travel may be tax-deductible. If your travel is primarily for business or for career-related education, then a portion of the trip may be tax-deductible. As long as most of your travel days are for business purposes, you can deduct the cost of travel (airfare, trains, car), hotel, parking, taxi service, meals, etc. – Travel expenses.
- Tax Due Dates for June 2008
- Tips on Tips Do you get tips in your line of work? Here are some tax tips about tips.
- IRS Changes Health Savings Account Limits The IRS issued new guidance on the maximum contribution levels for in 2009 for Health Savings Accounts (HSAs) and out-of-pocket spending limits for High Deductible Health Plans (HDHPs) that must be used in conjunction with HSAs.
- Are Your Social Security Benefits Taxable? How much, if any, of your Social Security benefits are taxable depends on your total income and marital status.
- Cut Taxes on the Sale of Your Home Despite the slumping real estate market, houses are still being sold and there is money to be made. Sellers need to take a close look at the exclusion rules and cost basis of your home to reduce taxable gain on your house.
- QuickBooks Helps You Navigate Tricky Waters Now it’s more important than ever to keep a close eye on your company’s performance.
- Financial Planning Tips for June 2008
- Beware of Economic Stimulus Check Scams The Internal Revenue Service continues to warn taxpayers to beware of several current email and telephone scams that use the IRS economic stimulus payments as a lure.
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