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Posted in General on Jan 03, 2011
The IRS has issued a statement that as a result of recent changes in the tax law you may have to wait to file your returns. While this may be true, give us a call to schedule an appointment to prepare your return as soon as you have your tax documents. Our software will allow us to prepare the return in full. Then when the IRS finalizes their forms and systems we will promptly efile the return.
The IRS summarizes those affected by the changes as follows:
"People claiming any of these three items - involving the state and local sales tax deduction, higher education tuition and fees deduction and educator expenses deduction as well as those taxpayers who itemize deductions on Form 1040 Schedule A - will need to wait to file their tax returns until tax processing systems are ready, which the IRS estimates will be in mid- to late February."
You can read the full news release here http://www.irs.gov/newsroom/article/0,,id=233449,00.html?portlet=7
Remember, to file on the earliest possible date we can prepare your return prior to the finalization of the IRS forms and systems. Then we will efile your return as soon as the IRS gives the okay.
Last Updated by Myron on 2011-01-03 10:39:44
Posted in General on Jan 03, 2011
The so called "Bush Tax Cuts" were extended as a last effort of congress to maintain the current tax structure. Here is a brief summary of the law:
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2010 Tax Relief Act |
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Current Income Tax Rates |
The current income tax rates will be retained for two years (2011 and 2012), with a top rate of 35% on ordinary income and 15% on qualified dividends and long-term capital gains. |
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Social Security Tax |
Employees and self-employed workers will receive a reduction of two percentage points in Social Security payroll tax in 2011. |
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Two-Year Alternative Minimum Tax Patch |
A two-year AMT ?patch? for 2010 and 2011 will keep the AMT exemption at current levels. without the patch an estimated 21 million additional taxpayers would have owed AMT for 2010. |
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Key Credits Extended |
The new law extends the $1,000 child tax credit and maintains its refundability for two years, extends rules for the EIC (Earned Income Credit) for families, and extends the higher education tax credit (American Opportunity Tax Credit) and its partial refundability for two years. |
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Accelerated Depreciation |
Businesses can write off 100% of their equipment and machinery purchases, effective for property placed in service September 8, 2010 through December 31, 2011. For property placed in service in 2012, the new law provides for 50% additional first year depreciation. |
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Traditional Deductions Extended |
Extended retroactively to 2010 and through the end of 2011 - among others, the election to deduct sales tax in lieu of income tax, the $250 deduction of certain expenses for elementary and secondary school teachers, and the research credit. |
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Estate Taxes |
After the repeal of the estate tax in 2010 the estate tax will be reinstated in 2011 and 2012, with a top rate of 35%. The exemption amount will be $5 million per individual in 2011, and will be indexed to inflation in following years. |
Last Updated by Myron on 2011-01-03 08:40:48
Posted in General on Dec 27, 2010
As the year comes to a close we all spend time reflecting upon the past and setting expectations for the future. I hope 2010 was a happy and prosperous year for you. The new year brings hope, optimism and the opportunity for increase.
Individuals and businesses continue to be challenged by the economy, additional regulations, increasing taxes, and competitive pressures. Dealing with these challenges can be very difficult. We can help you develop clear, simple plans that will help you deal with the challenges that lie ahead and reach your objectives.
We have several services that can help you meet your financial objectives, including:
- Financial Coaching
- Investment Advising
- Tax Experts
- Bookkeeping Services
- Regular Follow-up
Providing these services creates a model to help clarify your objectives, develop a plan to meet those objectives, and creates a partnership-like relationship with us to assist you along the way to success. Here's how it works . . .
We sit down together and clearly identify your financial goals and timelines. Whether you want to ?get out of debt?, ?save for retirement?, ?make my business profitable?, or whatever it may be. We will take those ideas and break them down into SMART goals. Specific, Measurable, Achievable, Realistic, Timely.
Next we will identify key metrics that are critical to the success of your plan. Examples may include: a monthly forecast for your business, specific monthly debt payments, monthly investment goals, sales targets, controlling expenses, or profit targets. These metrics are the tactical measuring sticks that will help us stay on track as we implement your plan.
Finally, we will follow up with you monthly to compare your target metric to what actually happened. A simple email will remind you and update you on your progress, motivate and inspire you to continue with your goals, and remind you that we are here to help.
Whether it's personal or business, mid-life or retirement, we can help you reach your goals. Make 2011 the year you got back on track to financial success with a CPA who truly is your Personal Financial Advisor.
Give Myron a call to talk more about how he can help you achieve success. 801.546.1357
Last Updated by Myron on 2010-12-27 17:23:08
