Archive for January, 2010:
filed in tax returns on Jan.28, 2010
Every year individuals are faced with the decision to either prepare their own taxes or hire a professional to assist them. When they choose to hire a preparer there are several factors to consider in the process. First and foremost is that the taxpayer is legally responsible for what they file with the IRS.
While most [...]
Tags: accountant, arizona accountant, Arizona tax, audits, avoid penalties, Casa Grande Tax, certified public accountants, code of ethics, continuing education, CPA, CPAs, Deductions, enrolled agents, false income tax returns, federal tax, Fraud, fraudulent return, illegal activities, inflating expenses, interest, IRS, IRS examination, local tax, manipulating income figures, Penalties, regulations, Scottsdale Tax, state tax, tax credits, tax form, tax preparer, tax professional, tax return, taxpayer, Tempe Tax
filed in tax returns on Jan.27, 2010
In order to take advantage of all the tax incentives available to restaurant owners and to make things easier for your friendly neighborhood CPA (also should help to keep those professional fees down!), here are a few tips when putting together the information for preparing your tax return:
Make sure you have your 2009 asset acquisitions [...]
Tags: accelerated depreciation, Alternative Minimum Tax, Arizona tax, asset acquisitions, assets, AZ Restaurant Owners, bonus depreciation, Casa Grande Tax, CPA, federal tax, flow through entities, Form 1099, Form 8846, IRS, LLCs, local tax, Partnerships, personal property tax system, restaurant owners, S Corporations, Scottsdale Tax, Section 179, smallwares, state tax, tax basis, tax consequences, tax filing season, tax incentives, tax preparer, tax return, Tempe Tax, Tip Credit, transfers, vendors, write-offs
filed in Deductions on Jan.26, 2010
On January 22, 2010, President Obama signed into law an Act allowing taxpayers to treat charitable contributions of cash made after Jan. 11, 2010, and before Mar. 1, 2010 as contributions made on Dec. 31, 2009, if the contributions were for the purpose of providing relief to victims in areas affected by the earthquake in [...]
Tags: Casa Grande Tax, cash contribution, charitable contribution deduction, charitable contributions, charity, earthquake, federal tax, federal tax law, Haiti Earthquake Relief Donations, IRS, itemize, local tax, Red Cross, relief organizations, Scottsdale Tax, short-form filers, standard deduction, state tax, state tax treatment, tax bracket, tax documents, tax savings, taxpayers, Tempe Tax, text message
filed in Tax Tips on Jan.21, 2010
One of the most important decisions to make when starting or expanding a business is what type of entity to create. The choice can be long-lasting and difficult to change, so the entity type should fit the anticipated needs of the owners at the beginning, during regular operations, and at the eventual dissolution of the [...]
Tags: accountant, accounting, allocate income, appreciated property, Arizona tax, built-in-gains tax rules, business advisor, C Corporation, Casa Grande Tax, case law, double taxation, entity, federal tax, general capital, general partnerships, limited liability corporation, LLC, local tax, public stock offering, public traded company, S Corporation, Scottsdale Tax, Self-employment tax, shareholder-employees, shareholders, sole proprietorships, state tax, tax, tax-free distributions, taxation, Tempe Tax
filed in Credits on Jan.20, 2010
I always thought that one of the best names for anything in the tax law was the Hope Credit. Really – who could take the other side of that argument?
Well, under current law, the Hope Credit has been replaced. Not forever. Just for now. And the new credit is called the American Opportunity Credit. It [...]
Tags: adjusted gross income, AGI, American Opportunity Credit, American Reinvestment and Recovery Act of 2009, Arizona tax, Casa Grande Tax, federal tax, Hope Credit, Lifetime Learning Credit, local tax, nontaxable scholarship, Scottsdale Tax, state tax, tax credits, Tempe Tax, tuition and fees deduction
filed in tax returns on Jan.19, 2010
I know what you are thinking. I pay my accountant to do my tax return so I don’t have to think about it. Part of our job as accountants is to make your life easier, but there are several reasons that having an understanding of what is reported on your tax return is important.
Understanding what [...]
Tags: accountants, Arizona tax, audit, Casa Grande Tax, Deductions, documentation, expense, federal tax, income, IRS, local tax, Scottsdale Tax, state tax, tax preparer, tax records, tax return, Tempe Tax
filed in Tax Tips on Jan.14, 2010
The more things change, the more they stay the same―at least when it comes to the federal tax limits and deductions for 2010.
This month the IRS released federal tax amounts for the coming calendar year. While most of the inflation-adjusted tax amounts for next year are unchanged, 2010 does bring changes. In addition, the income-based [...]
Tags: 2010, Arizona tax, Casa Grande Tax, federal tax, federal tax amounts, Federal tax deductions, Federal tax limits, income-based restrictions, inflation-adjusted tax amounts, IRS, itemized deductions, local tax, personal exemptions, quick reference guide, Scottsdale Tax, state tax, tax deductions, tax limits, Tempe Tax, transaction planning
filed in Credits on Jan.13, 2010
There is a new credit on the Form 1040 this year – computed on the new Schedule M (see prior post on Schedule L and Schedule M). This credit is named the Making Work Pay and Government Retiree Credit and will be located on your 2009 Form 1040 on line 63. This credit came about [...]
Tags: adjusted gross income, American Recovery and Reinvestment Act of 2009, Arizona tax, ARRA, Casa Grande Tax, federal income tax, federal tax, Form 1040, Form 1040 Line 63, Government Retiree Credit, gross pay, local tax, Making Work Pay Credit, Schedule L, Schedule M, Scottsdale Tax, social security benefits, social security tax percentage, state tax, tax credit, tax filer, Tempe Tax, withholding
filed in Schedules on Jan.12, 2010
For those of us that have been around the federal tax forms for a long time – or even maybe just a wee bit of time – there was something that could always be counted on. And that was if we were talking about a Schedule L, we meant the balance sheet of a business [...]
Tags: 2008 Housing Act, adjusted gross income, American Recovery and Reinvestment Act of 2009, Arizona tax, balance sheet, book, business return, Casa Grande Tax, corporation, equity accounts, federal tax forms, Form 1040, government retiree credits, individual tax return, itemized deductions, local tax, Making Work Pay, net disaster loss, new motor vehicle sales taxes, partnership, real estate taxes, reconciliation, Schedule A, Schedule L, Schedule M, Scottsdale Tax, standard deduction, Standard Deduction for Certain Filers, state tax, tax income, tax returns, taxable income, Tempe Tax
filed in Tax Tips on Jan.07, 2010
The holidays are over and as you put away the decorations you uncover an unruly pile of paper accumulated over the past 12-months that you will need for your tax return. “Oh, how I wish I had kept better records all year!” you mutter under your breath. Well, it may not be too late, and [...]
Tags: 1099, Arizona tax, automobile registration, Casa Grande Tax, charitable donations, child care receipts, deductible expenses, deductible tax-deferred investments, Deductions, dividends, expenses, expenses and deductions, federal tax, Form 1099, general accounting office, income, income tax payments, investment fees, IRA Distribution records, IRS, IRS contributions, K-1 forms, local tax, medical expenses, mortgage and investment interest payments, nondeductible investments, organized for tax time, preferential tax treatment, real estate tax payments, retain records, Roth IRA Contributions, Scottsdale Tax, state tax, tax deductions, tax return, tax-deferred investments, taxable investments, taxpayer, Tempe Tax, W-2, wages