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"I am a board certified CPA and can help you with all your individual and small business tax related, accounting and payroll needs.I am also certified by Quickbooks to train and advise people in the use of Quickbooks book keeping software. I'm here to help you, even if you work 40 hours a week. We can arrange to meet outside of business hours, even on weekends!"
Breaking News for the 2009 Tax Season
- Pub 15-T Deadline, employers must use Pub 15-T!
- Unemployoment Benefits Tax Free for 2009
- Special Tax Break for New Car Purchases Made in 2009
- Top 10 IRA Contribution Tips
The Pub 15-T is a new publication for those that prepare their own payroll. They have to start using this form this week. Unfortunately, all it does is lower your withholding and you may end up owing taxes at year end if you are not careful, so IRS also prepared PUB 919, How do I adjust my tax withholding, so that people can adjust their withholding so that they won't owe taxes.
From IRS Newsletter Issue Number 2009-07:
"While many employers are already using the revised withholding tables incorporating the new Making Work Pay credit, all employers must begin using them April 1.
Please remind employees that individuals and couples with multiple jobs may want to revise their Form W-4 forms to ensure their withholding is enough to cover the tax on the combined income. "
Unemployment Benefits Tax Free for 2009
From IRS Newsletter Issue Number 2009-13:
Every person who receives unemployment benefits during 2009 is eligible to exclude the first $2,400 when they file their tax return next year. For a married couple, the exclusion applies to each spouse separately. Unemployment benefits your clients received in 2008 and prior years remain fully taxable. See news release IR-2009-29 or IRS Information Related to the American Recovery and Reinvestment Act of 2009
Special Tax Break Available for New Car Purchases Made in 2009
From IRS Newsletter Issue Number IR-2009-030:
WASHINGTON — The Internal Revenue Service announced today that taxpayers who buy a new passenger vehicle this year may be entitled to deduct state and local sales and excise taxes paid on the purchase on their 2009 tax returns next year.
"For those thinking about buying a new car this year, this deduction may give them a little more drive to make their purchase this year," said IRS Commissioner Doug Shulman. “This deduction enables taxpayers to buy now and get cash back later on their tax returns.”
The deduction is limited to the state and local sales and excise taxes paid on up to $49,500 of the purchase price of a qualified new car, light truck, motor home or motorcycle.
The amount of the deduction is phased out for taxpayers whose modified adjusted gross income is between $125,000 and $135,000 for individual filers and between $250,000 and $260,000 for joint filers.
IRS also alerted taxpayers that the vehicle must be purchased after Feb. 16, 2009, and before Jan. 1, 2010, to qualify for the deduction.
The special deduction is available regardless of whether a taxpayer itemizes deductions on their return. The IRS reminded taxpayers the deduction may not be taken on 2008 tax returns.
Top Ten Tips about IRA Contributions
From IRA Newsletter TT-2009-61:
1. You may be able to deduct some or all of your contributions to your IRA and you also may be eligible for a tax credit equal to a percentage of your contribution.
2. Contributions can be made to your traditional IRA at any time during the year or by the due date for filing your return for that year, not including extensions. For most people, this means contributions for 2008 must be made by April 15, 2009.
3. The amount of funds in your IRA are generally not taxed until you receive distributions from that IRA.
4. To figure your deduction for IRA contributions, use the worksheets in the instructions for the form you are filing.
5. For 2008, the most that can be contributed to your traditional IRA generally is the smaller of the following amounts: $5,000 or the amount of your taxable compensation for the year. Taxpayers who are 50 or older can contribute up to $6,000.
6. Use Form 8880, Credit for Qualified Retirement Savings Contributions, to determine whether you are also eligible for a tax credit.
7. You cannot deduct an IRA contribution or claim the Credit for Qualified Retirement Saving Contributions on Form 1040EZ; you must use either Form 1040A or Form 1040.
8. To contribute to a traditional IRA, you must be under age 70 1/2 at the end of the tax year.
9. You must have taxable compensation, such as wages, salaries, commissions and tips. If you file a joint return, only one of you needs to have compensation.
10. Refer to IRS Publication 590, Individual Retirement Arrangements, for information on the amounts you will be eligible to contribute to your IRA account.
