Tax News: Changes in the Law

In the past couple of years there have been a dizzying number of changes in tax law. Sometimes it seems like Congress approves a new rebate or credit every week. To help you keep track of the changes we regularly update our Tax News page.

Please call or e-mail Karen or Gary with any questions you have regarding the tax law changes and their impact on your situation. Remember, there are no do-overs with the IRS so it is vital that you have a thorough understanding before making a decision.

Tax Deduction for New Business Assets Expiring?

In 2008 Congress increased the Section 179 expense limit to $250,000 from previous limit of $135,000. Section 179 allows businesses to choose to expense new equipment and assets in the year purchased rather than requiring that the property be capitalized and depreciated. Unfortunately, the increase is scheduled to expire at the end of 2009 unless Congress approves and extension. If you are considering the purchase of new business assets, doing so prior to Dec. 31st could be to your advantage, Please call us if you have any questions.

Tax Seminars: Knowledge Is Power

Accountability would like to thank Larry Brock and David Tarbet from the Brock Law Office in Chino for their participation in our business entity seminar. Including an attorney's legal perspective on issues surrounding entity choice and creation was of great value to our clients and to us as well. Thanks again Larry and David for your participation.

Don't miss these upcoming free tax seminars:

Tuesday, September 15th, 7:00 pm
Compliance and Accounting for Corporations, S-Corps, Partnerships and LLC's
and
How secure is your network computer?

Topics we'll discuss:

Our guest speaker will be Scott Cordell of Redfire IT. Scott will address computer security and data backup/disaster recovery solutions.

All seminars are open to the public and presented at no charge. However, seating is limited. If you or a friend are interested in attending, please e-mail us to reserve your seat.

We are excited to announce that Accountability is teaming with Bethany Baptist Church in Montclair to host repeat presentations of our most popular seminars:

Both seminars will held at:
Bethany Baptist Church
9950 Monte Vista Ave
Montclair, CA 91763
6:30 — 8:00 pm

Admission is free and the seminars are open to the public. To register for either seminar e-mail Accountability or call Bethany Baptist at (909) 626-4671.

Attention first-time Home Buyers

If you purchased your first home in 2009, or are considering a first time purchase before Dec. 1st 2009, you're probably already aware of the $8000 First Time Home Buyers tax credit. But did you know that you can amend your 2008 tax return to receive your money this year rather than waiting till you file your 2009 return? We can prepare and file your amended 2008 return the day you close escrow ensuring that you receive your credit ASAP! Please call Karen or Gary with any questions you may have regarding the credit or amending your return.

Deadline For Filing Your 2008 Return 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 client's 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.

Other Important Dates:

Food For Thought

Commit your work to the Lord, and then your plans will succeed. (Proverbs 16:3)
 

— Karen Spencer

President

Newsletter Archive

 
(909) 627-5927