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Dear Valued Client,
This edition of our newsletter covers guidelines on keeping old tax records, upcoming tax changes that are crucial to investors, an uptick in identity theft tax fraud and much more. Feel free to share this newsletter with your family, friends and colleagues. 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 Read This before Tossing Old Tax RecordsNow that you’ve completed your taxes for 2011, you are probably wondering what old records can be discarded. If you are like most taxpayers, you have records from years ago that you are afraid to throw away. To determine how to proceed, it is helpful to understand why the records needed to be kept in the first place.Read the article »
Big Changes Coming for Investors in 20132013 will bring some big changes for investors, and none of them for the better. Taxpayers affected by these upcoming changes may wish to consider taking actions in 2012 to mitigate the impact of these changes. The following are the changes that will affect investors in 2013.Read the article »
Identity Theft and Tax Fraud Are Growing ProblemsCyber criminals have been using stolen identities to file tax returns and obtain fraudulent refunds. Tax preparers have reported an increase in e-file rejections because the taxpayers’ or their children’s SSNs have already been used in a previously e-filed return, which results in the e-filed return being rejected.Read the article »
Is Your Child a Full-Time Student?If you have a qualified child you can claim an exemption for that child on your tax return, which results in a $3,800 deduction for 2012 (up from $3,700 in 2011). Depending upon your tax bracket, that deduction can produce a substantial tax savings. To be treated as a qualified child, a child must be under the age of 19 or a full-time student under the age of 24.Read the article »
Is Your Hobby a For-Profit Endeavor?The tax treatment for a hobby is substantially different than it is for a business, which sometimes makes it difficult to distinguish one from the other. The IRS provides appropriate guidelines when determining whether an activity is engaged in for profit, such as a business or investment activity, or is engaged in as a hobby.Read the article »
How Business Website Expenses Are DeductedWith the explosion of online businesses, one would think that there would be a standard method of deducting the cost of your business website. But some questions still exist as to what part of a website is considered software, and to date, the IRS has not fully clarified that issue for tax purposes.Read the article »
Cutting Expenses Key To Profitability, But How? Some TipsIt may seem like a no-brainer – cut expenses to make more money – but many small changes can result in significant savings.Read the article »
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