Tax Season 2009
On May 15th the big rush of tax season ended. I want to thank everyone for being so understanding during the tax season. Needless to say it was a very difficult season this year with the absence of Ray, the death of my niece and news that my sister-in-law's cancer has spread to her brain. Personally and professionally I faced more challanges than I have in the past 22 seasons combined.
I have met with our staff and we are implementing ways to improve service to our clients. Thank you again for your patience and understandinhg.
Tax News — I.R.S Rebate E-Mail Scam
We have received a number of calls from clients regarding an e-mail they received claiming to be from the I.R.S. The e-mail claims that you are eligible for an additional rebate credit and instructs you to click on a link to proceed. This e-mail is a scam! The I.R.S does not know your e-mail address and does not use e-mail to correspond with taxpayers.
2008 Filing Deadline Is Rapidly Approaching
October 15th is the final filing deadline for 2008 personal tax returns. All returns not filed by that date will be subject to late filing penalties. Each of our clients whose 2008 return is incomplete because of missing information will be receiving an e-mail listing the items we need to complete the return. Once you have all of the needed information please call or e-mail to schedule an appointment to complete your return.
First Time Home-buyers Credit 2009
- The tax credit is for first-time home buyers only. The IRS defines a first-time home buyer as someone who has not owned a principal residence during the three years proir to purchase.
- Unlike the 2008 credit, the 2009 tax credit does not have to be repaid.
- The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
- The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
- Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
- You can amend your 2008 return to receive the credit this year rather than waiting until you file your 2009 return.
Important Dates:
June 15
2nd Qtr Estimated Tax Payment Due
June 23
Seminar: Tax Planning For Small Business
July 21
Seminar: So you want to be a landlord
Aug 11
Seminar: Corporation, LLC or Partnership — which entity structure is best for you?
Sept 15
Corporation Tax Returns Due
Third Quarter Estimated Tax Payment Due
Seminar: Compliance and Accounting for LLC's, Corporations, S-Corps and Partnerships
Accountability News — Desiree Accepts New Position
Desiree Delayo came to work for us in 2005 as part of our tax staff. Over the past four years she became a very valuable employee. At the end of May, Desiree accepted a position with a Riverside company that provides in-home care to seniors. Desiree will be overseeing care givers, insuring that clients receive the best care possible. Her loving, warm personalty and her concern for others will be greatly appreciated by the seniors she will be serving. We pray that God will use her and bless her in this new position. She will be missed by everyone, but we wish her the best.
Tax Seminars: Knowledge Is Power
During tax season we talk to many individuals who have questions and concerns about various tax topics. In response to these questions we will be conducting free seminars covering the most popular topics.
Seminars will be held in our office and will begin at 7pm. All seminars are open to the public. Seating is limited, so please e-mail info@accty to reserve your seat.
June 23, 2009 — Tax planning strategies for small businesses
An overview of filing requirements and tax compliance for self-employed individuals.
Topics to be covered include:
- Mileage and other auto expenses
- Travel, entertainment and per diem expenses
- Recording income and expenses
- Depreciation
- Home office deduction
- Inventory and cost of goods sold
- Self-employment tax
- Estimated tax payments
July 21, 2009 — So you want to be a landlord ...
Reporting rental income and expenses: An overview of tax issues related to owning rental property.
Topics to be covered include:
- Tax advantages of rental property, cash flow vs.net rental income
- Reporting rental income
- Depreciation deduction (and recapture)
- Recording and reporting rental expenses
- Improvements vs. repairs
- Capital gain and other tax implications when you sell rental property
Note: We will have a real estate agent as guest speaker to address issues of purchase, qualifying, etc.
Food For Thought
Good planning and hard work lead to prosperity, but hasty shortcuts lead to poverty. (Proverbs 21:5)
— Karen Spencer
President