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Dear Valued Client,
Happy New Year! This office would like to take this opportunity to thank you for your continued patronage of our firm and wish you and yours a very happy New Year. This edition of our newsletter covers some important steps to prepare for your upcoming tax appointment. Being organized for your appointment allows us to consider every legal deduction. This firm relies on satisfied clients as the primary source of new business, and your referrals are both welcome and most sincerely appreciated! Sincerely, Todd Baldwin, CPA Make the Most of New Tax Incentives with Year-End PlanningThe end of the year has historically been the time for tax planning and making strategic year-end adjustments to reduce your tax bite. 2008 adds a whole new meaning to year-end tax planning. Because of the downturn in the economy, falling home prices, failing financial institutions and the huge losses on Wall Street, Congress has provided a number of tax incentives in an effort to get the economy back on track. The following articles include details about the most significant changes and those that require action by year's end.Year-End Tax Tips and Planning Strategies • Large investment losses Make the Most of New Tax Incentives with Year-End PlanningThe end of the year has historically been the time for tax planning and making strategic year-end adjustments to reduce your tax bite. 2008 adds a whole new meaning to year-end tax planning. Because of the downturn in the economy, falling home prices, failing financial institutions and the huge losses on Wall Street, Congress has provided a number of tax incentives in an effort to get the economy back on track. The following articles include details about the most significant changes and those that require action by year's end.Year-End Tax Tips and Planning Strategies • Large investment losses It’s Tax Time! Are You Ready?If you’re like most taxpayers, you find yourself with an ominous stack of “homework” around TAX TIME! Unfortunately, the job of pulling together the records for your tax appointment is never easy, but the effort usually pays off when it comes to the extra tax money you save! When you arrive at your appointment fully prepared, you’ll have more time to:Read the article »
Are You Liable for a Gift Tax Return?Frequently, taxpayers think that gifts of cash, securities, or other assets they give to other individuals are tax-deductible and, in turn, the gift recipient sometimes thinks income tax must be paid on the gift received. Nothing is further from the truth. To fully understand the ramifications of gifting, one needs to realize that gift tax laws are related to estate tax laws.Read the article »
Are You Required to File 1099s?If you use independent contractors to perform services for your business 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 and to avoid a monetary penalty. The 1099s for 2011 must be provided to the independent contractor no later than January 31, 2012.Read the article »
2012 Standard Mileage Rates AnnouncedThe Internal Revenue Service has issued the 2012 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes.Read the article »
New Credits for Hiring VeteransCongress recently passed legislation that extends and expands the Work Opportunity Credit (WOTC) for hiring unemployed veterans. This effectively gave a one-year lease on life to the WOTC, but only with respect to qualified veterans who begin work for the employer before January 1, 2013. For all other classifications, the credit ended at the close of 2011.Read the article »
Modifying QuickBooks Reports Gives You Better Insight Into Past, Future: Part 1If you make one resolution about improving your accounting procedures in 2012, it should be this: Make extensive use of the tools that QuickBooks offers for report modification. Comprehensive, meticulously-shaped reports that flow out of your carefully-constructed records and transactions are your reward for pounding on the keys every day, conscientiously recording income and expenses.Read the article »
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