Income Tax Preparation

Over the last several weeks I’ve been surprised to hear stores promoting their lay-a-way service. I have a two-fold fascination with this new marketing tactic the first being purely nostalgic. As a young girl my mother would take me shopping for fall clothes at Sears Department Store, and the clothes would be put on lay-a-way. We would go back every other week or so, and my mother would pay $20 towards her lay-a-way. Christmas gifts, birthday gifts, and lots of other purchases all went on lay-a-way at Sears and K-Mart. I can clearly remember the excitement when my mother would make that last payment, and a clerk would go into the back room and return carrying large boxes of purchases that we had been put on lay-a-way months earlier.

Over twenty years ago I read The Road Less Traveled by M. Scott Peck. I particularly remember a passage about delayed gratification. I knew then that I was the type of person that would always save the frosting on the cupcake for last. Over the years I have worked with dozens of clients weighed down with thousands upon thousands dollars of credit card debt. Lured by huge marketing campaigns geared towards promoting a buy now pay later attitude many of my clients bought into this approach only to find themselves buried under the mountain of debt this attitude results in.

In the last few years more and more clients have had 1099-C forms as part of their tax preparation. These are forms that the credit cards issue when they agree to compromise or reduce a credit card debt due to an individual’s inability to fully pay their debt. Unfortunately, when a credit card company agrees to cancel a credit card debt the amount of the debt cancelled is typically taxable. Usually, the taxpayers that have these forms had no idea that they would be paying tax on the amount of debt that the credit card companies agreed to cancel.

Approximately ten years ago I was doing presentations to students at local high schools about the pitfalls of credit card debt. Many of them were headed for colleges where credit card companies would have tables set up at orientation encouraging them to sign up for their first credit card. Ironically, a few years later I was reading articles about the alarming number of graduating college students that were filing bankruptcy due to astonishing high credit card debt. A few months ago my twenty-three year old daughter applied for and was denied a credit card. Kudos to the credit department that had the foresight to realize that a college student employed only part-time might not be the best credit risk.

For many years the credit card companies took the position that everyone should have credit cards. They calculated their risks and knew that high interest rates they charged would more than cover the number of people that filed for bankruptcy or settled their debt for a lesser amount. Times have changed and most credit card companies have tightened their criteria. Could this possibly mean a return to a time when people actually save their money and wait until they can afford something before purchasing it; a return to a period of delayed gratification? Stores like Sears and K-Mart have seen the change coming, and they know that people do not have the same credit card buying power that they did not that many years ago. Programs like lay-a-way and Christmas Clubs may become popular once again. Personally, I welcome the return to a lay-a-way lifestyle. I have already started my Christmas shopping, and I am putting it all on lay-a-way.

Over the last several weeks I’ve been surprised to hear stores promoting their lay-a-way service. I have a two-fold fascination with this new marketing tactic the first being purely nostalgic. As a young girl my mother would take me shopping for fall clothes at Sears Department Store, and the clothes would be put on lay-a-way. We would go back every other week or so, and my mother would pay $20 towards her lay-a-way. Christmas gifts, birthday gifts, and lots of other purchases all went on lay-a-way at Sears and K-Mart. I can clearly remember the excitement when my mother would make that last payment, and a clerk would go into the back room and return carrying large boxes of purchases that we had been put on lay-a-way months earlier.

Over twenty years ago I read The Road Less Traveled by M. Scott Peck. I particularly remember a passage about delayed gratification. I knew then that I was the type of person that would always save the frosting on the cupcake for last. Over the years I have worked with dozens of clients weighed down with thousands upon thousands dollars of credit card debt. Lured by huge marketing campaigns geared towards promoting a buy now pay later attitude many of my clients bought into this approach only to find themselves buried under the mountain of debt this attitude results in.

In the last few years more and more clients have had 1099-C forms as part of their tax preparation. These are forms that the credit cards issue when they agree to compromise or reduce a credit card debt due to an individual’s inability to fully pay their debt. Unfortunately, when a credit card company agrees to cancel a credit card debt the amount of the debt cancelled is typically taxable. Usually, the taxpayers that have these forms had no idea that they would be paying tax on the amount of debt that the credit card companies agreed to cancel.

Approximately ten years ago I was doing presentations to students at local high schools about the pitfalls of credit card debt. Many of them were headed for colleges where credit card companies would have tables set up at orientation encouraging them to sign up for their first credit card. Ironically, a few years later I was reading articles about the alarming number of graduating college students that were filing bankruptcy due to astonishing high credit card debt. A few months ago my twenty-three year old daughter applied for and was denied a credit card. Kudos to the credit department that had the foresight to realize that a college student employed only part-time might not be the best credit risk.

For many years the credit card companies took the position that everyone should have credit cards. They calculated their risks and knew that high interest rates they charged would more than cover the number of people that filed for bankruptcy or settled their debt for a lesser amount. Times have changed and most credit card companies have tightened their criteria. Could this possibly mean a return to a time when people actually save their money and wait until they can afford something before purchasing it; a return to a period of delayed gratification? Stores like Sears and K-Mart have seen the change coming, and they know that people do not have the same credit card buying power that they did not that many years ago. Programs like lay-a-way and Christmas Clubs may become popular once again. Personally, I welcome the return to a lay-a-way lifestyle. I have already started my Christmas shopping, and I am putting it all on lay-a-way.

Greetings!

The topic of this newsletter is not going to be about tax law changes for 2010. Congress is set to begin on November 15th a lame duck session,
and legislators have a long list of tax policy measures to debate. So, for now we just don’t have the answers to many of your questions. There are certain provisions and credits that are set to expire unless congress takes action to extend them, and while many of us are optimistic that these credits will get extensions, the answer for now is still hugely unknown. The outcome of the November 2nd election will greatly influence the disposition of the 2001 and 2003 tax cuts in the upcoming lame-duck session.

So, the topic of this month’s is technology. For the last few years I have been working on developing a paperless office system. Our goal is to implement some of these systems in 2011. Whenever possible we will be sending tax organizers, tax returns, and copies of needed tax documents electronically. We are currently in the process of designing a new website that will include a client portal where clients can log in and pick up copies of their tax returns and necessary documents. Every year we photocopy copies of every client’s supporting documentation. For some clients one year’s file could consist of over one hundred sheets of paper. Now that’s a lot of trees! This year we will be scanning documents and storing them electronically. Many of you have requested that we provide electronic copies of your tax returns, and it is a fast and easy way to deliver tax returns and documents. We will keep you posted as we work out the details. You can find Taxing Matters on Facebook and Linkedin. It seems like my two daughters and their generation are a bit more familiar with these forms of social media than I am, but I am making the attempt. If you use either of these tools, be sure to say hello. We may be using both of these services more in the future as a way of delivering information to clients.

Also, November and December are the last opportunity for us to effectively plan for your 2010 tax situation. We are currently scheduling tax planning appointments. Be sure to contact us if you need an appointment. We can adjust estimated payment amounts or make suggestions for equipment purchases if we review your income and expenses for 2010. Many of clients are telling me that they have started to see an increase in their gross income especially during the last half of the year. High-end retail seems to be improving while construction is still lagging. Since high-end retail went down before the construction trades when the recession first hit, I expect to see the recovery in the retail arena first. Hopefully, the construction trades will be soon to follow!

November is a busy month for us here at Stone Pony Farm with turkey sales. Once again we have raised a variety of heritage organic turkeys. You can see our farm on the web at www.stoneponyfarmofwestport.com.

Have a wonderful Thanksgiving!
Over the last several weeks I’ve been surprised to hear stores promoting their lay-a-way service. I have a two-fold fascination with this new marketing tactic the first being purely nostalgic. As a young girl my mother would take me shopping for fall clothes at Sears Department Store, and the clothes would be put on lay-a-way. We would go back every other week or so, and my mother would pay $20 towards her lay-a-way. Christmas gifts, birthday gifts, and lots of other purchases all went on lay-a-way at Sears and K-Mart. I can clearly remember the excitement when my mother would make that last payment, and a clerk would go into the back room and return carrying large boxes of purchases that we had been put on lay-a-way months earlier.

Over twenty years ago I read The Road Less Traveled by M. Scott Peck. I particularly remember a passage about delayed gratification. I knew then that I was the type of person that would always save the frosting on the cupcake for last. Over the years I have worked with dozens of clients weighed down with thousands upon thousands dollars of credit card debt. Lured by huge marketing campaigns geared towards promoting a buy now pay later attitude many of my clients bought into this approach only to find themselves buried under the mountain of debt this attitude results in.

In the last few years more and more clients have had 1099-C forms as part of their tax preparation. These are forms that the credit cards issue when they agree to compromise or reduce a credit card debt due to an individual’s inability to fully pay their debt. Unfortunately, when a credit card company agrees to cancel a credit card debt the amount of the debt cancelled is typically taxable. Usually, the taxpayers that have these forms had no idea that they would be paying tax on the amount of debt that the credit card companies agreed to cancel.

Approximately ten years ago I was doing presentations to students at local high schools about the pitfalls of credit card debt. Many of them were headed for colleges where credit card companies would have tables set up at orientation encouraging them to sign up for their first credit card. Ironically, a few years later I was reading articles about the alarming number of graduating college students that were filing bankruptcy due to astonishing high credit card debt. A few months ago my twenty-three year old daughter applied for and was denied a credit card. Kudos to the credit department that had the foresight to realize that a college student employed only part-time might not be the best credit risk.

For many years the credit card companies took the position that everyone should have credit cards. They calculated their risks and knew that high interest rates they charged would more than cover the number of people that filed for bankruptcy or settled their debt for a lesser amount. Times have changed and most credit card companies have tightened their criteria. Could this possibly mean a return to a time when people actually save their money and wait until they can afford something before purchasing it; a return to a period of delayed gratification? Stores like Sears and K-Mart have seen the change coming, and they know that people do not have the same credit card buying power that they did not that many years ago. Programs like lay-a-way and Christmas Clubs may become popular once again. Personally, I welcome the return to a lay-a-way lifestyle. I have already started my Christmas shopping, and I am putting it all on lay-a-way.

Greetings!

The topic of this newsletter is not going to be about tax law changes for 2010. Congress is set to begin on November 15th a lame duck session,
and legislators have a long list of tax policy measures to debate. So, for now we just don’t have the answers to many of your questions. There are certain provisions and credits that are set to expire unless congress takes action to extend them, and while many of us are optimistic that these credits will get extensions, the answer for now is still hugely unknown. The outcome of the November 2nd election will greatly influence the disposition of the 2001 and 2003 tax cuts in the upcoming lame-duck session.

So, the topic of this month’s is technology. For the last few years I have been working on developing a paperless office system. Our goal is to implement some of these systems in 2011. Whenever possible we will be sending tax organizers, tax returns, and copies of needed tax documents electronically. We are currently in the process of designing a new website that will include a client portal where clients can log in and pick up copies of their tax returns and necessary documents. Every year we photocopy copies of every client’s supporting documentation. For some clients one year’s file could consist of over one hundred sheets of paper. Now that’s a lot of trees! This year we will be scanning documents and storing them electronically. Many of you have requested that we provide electronic copies of your tax returns, and it is a fast and easy way to deliver tax returns and documents. We will keep you posted as we work out the details. You can find Taxing Matters on Facebook and Linkedin. It seems like my two daughters and their generation are a bit more familiar with these forms of social media than I am, but I am making the attempt. If you use either of these tools, be sure to say hello. We may be using both of these services more in the future as a way of delivering information to clients.

Also, November and December are the last opportunity for us to effectively plan for your 2010 tax situation. We are currently scheduling tax planning appointments. Be sure to contact us if you need an appointment. We can adjust estimated payment amounts or make suggestions for equipment purchases if we review your income and expenses for 2010. Many of clients are telling me that they have started to see an increase in their gross income especially during the last half of the year. High-end retail seems to be improving while construction is still lagging. Since high-end retail went down before the construction trades when the recession first hit, I expect to see the recovery in the retail arena first. Hopefully, the construction trades will be soon to follow!

November is a busy month for us here at Stone Pony Farm with turkey sales. Once again we have raised a variety of heritage organic turkeys. You can see our farm on the web at www.stoneponyfarmofwestport.com.

Have a wonderful Thanksgiving!
Greetings!

The topic of this newsletter is not going to be about tax law changes for 2010. Congress is set to begin on November 15th a lame duck session,
and legislators have a long list of tax policy measures to debate. So, for now we just don’t have the answers to many of your questions. There are certain provisions and credits that are set to expire unless congress takes action to extend them, and while many of us are optimistic that these credits will get extensions, the answer for now is still hugely unknown. The outcome of the November 2nd election will greatly influence the disposition of the 2001 and 2003 tax cuts in the upcoming lame-duck session.

So, the topic of this month’s is technology. For the last few years I have been working on developing a paperless office system. Our goal is to implement some of these systems in 2011. Whenever possible we will be sending tax organizers, tax returns, and copies of needed tax documents electronically. We are currently in the process of designing a new website that will include a client portal where clients can log in and pick up copies of their tax returns and necessary documents. Every year we photocopy copies of every client’s supporting documentation. For some clients one year’s file could consist of over one hundred sheets of paper. Now that’s a lot of trees! This year we will be scanning documents and storing them electronically. Many of you have requested that we provide electronic copies of your tax returns, and it is a fast and easy way to deliver tax returns and documents. We will keep you posted as we work out the details. You can find Taxing Matters on Facebook and Linkedin. It seems like my two daughters and their generation are a bit more familiar with these forms of social media than I am, but I am making the attempt. If you use either of these tools, be sure to say hello. We may be using both of these services more in the future as a way of delivering information to clients.

Also, November and December are the last opportunity for us to effectively plan for your 2010 tax situation. We are currently scheduling tax planning appointments. Be sure to contact us if you need an appointment. We can adjust estimated payment amounts or make suggestions for equipment purchases if we review your income and expenses for 2010. Many of clients are telling me that they have started to see an increase in their gross income especially during the last half of the year. High-end retail seems to be improving while construction is still lagging. Since high-end retail went down before the construction trades when the recession first hit, I expect to see the recovery in the retail arena first. Hopefully, the construction trades will be soon to follow!

November is a busy month for us here at Stone Pony Farm with turkey sales. Once again we have raised a variety of heritage organic turkeys. You can see our farm on the web at www.stoneponyfarmofwestport.com.

Have a wonderful Thanksgiving!
Over the last several weeks I’ve been surprised to hear stores promoting their lay-a-way service. I have a two-fold fascination with this new marketing tactic the first being purely nostalgic. As a young girl my mother would take me shopping for fall clothes at Sears Department Store, and the clothes would be put on lay-a-way. We would go back every other week or so, and my mother would pay $20 towards her lay-a-way. Christmas gifts, birthday gifts, and lots of other purchases all went on lay-a-way at Sears and K-Mart. I can clearly remember the excitement when my mother would make that last payment, and a clerk would go into the back room and return carrying large boxes of purchases that we had been put on lay-a-way months earlier.

Over twenty years ago I read The Road Less Traveled by M. Scott Peck. I particularly remember a passage about delayed gratification. I knew then that I was the type of person that would always save the frosting on the cupcake for last. Over the years I have worked with dozens of clients weighed down with thousands upon thousands dollars of credit card debt. Lured by huge marketing campaigns geared towards promoting a buy now pay later attitude many of my clients bought into this approach only to find themselves buried under the mountain of debt this attitude results in.

In the last few years more and more clients have had 1099-C forms as part of their tax preparation. These are forms that the credit cards issue when they agree to compromise or reduce a credit card debt due to an individual’s inability to fully pay their debt. Unfortunately, when a credit card company agrees to cancel a credit card debt the amount of the debt cancelled is typically taxable. Usually, the taxpayers that have these forms had no idea that they would be paying tax on the amount of debt that the credit card companies agreed to cancel.

Approximately ten years ago I was doing presentations to students at local high schools about the pitfalls of credit card debt. Many of them were headed for colleges where credit card companies would have tables set up at orientation encouraging them to sign up for their first credit card. Ironically, a few years later I was reading articles about the alarming number of graduating college students that were filing bankruptcy due to astonishing high credit card debt. A few months ago my twenty-three year old daughter applied for and was denied a credit card. Kudos to the credit department that had the foresight to realize that a college student employed only part-time might not be the best credit risk.

For many years the credit card companies took the position that everyone should have credit cards. They calculated their risks and knew that high interest rates they charged would more than cover the number of people that filed for bankruptcy or settled their debt for a lesser amount. Times have changed and most credit card companies have tightened their criteria. Could this possibly mean a return to a time when people actually save their money and wait until they can afford something before purchasing it; a return to a period of delayed gratification? Stores like Sears and K-Mart have seen the change coming, and they know that people do not have the same credit card buying power that they did not that many years ago. Programs like lay-a-way and Christmas Clubs may become popular once again. Personally, I welcome the return to a lay-a-way lifestyle. I have already started my Christmas shopping, and I am putting it all on lay-a-way.

Greetings!

The topic of this newsletter is not going to be about tax law changes for 2010. Congress is set to begin on November 15th a lame duck session,
and legislators have a long list of tax policy measures to debate. So, for now we just don’t have the answers to many of your questions. There are certain provisions and credits that are set to expire unless congress takes action to extend them, and while many of us are optimistic that these credits will get extensions, the answer for now is still hugely unknown. The outcome of the November 2nd election will greatly influence the disposition of the 2001 and 2003 tax cuts in the upcoming lame-duck session.

So, the topic of this month’s is technology. For the last few years I have been working on developing a paperless office system. Our goal is to implement some of these systems in 2011. Whenever possible we will be sending tax organizers, tax returns, and copies of needed tax documents electronically. We are currently in the process of designing a new website that will include a client portal where clients can log in and pick up copies of their tax returns and necessary documents. Every year we photocopy copies of every client’s supporting documentation. For some clients one year’s file could consist of over one hundred sheets of paper. Now that’s a lot of trees! This year we will be scanning documents and storing them electronically. Many of you have requested that we provide electronic copies of your tax returns, and it is a fast and easy way to deliver tax returns and documents. We will keep you posted as we work out the details. You can find Taxing Matters on Facebook and Linkedin. It seems like my two daughters and their generation are a bit more familiar with these forms of social media than I am, but I am making the attempt. If you use either of these tools, be sure to say hello. We may be using both of these services more in the future as a way of delivering information to clients.

Also, November and December are the last opportunity for us to effectively plan for your 2010 tax situation. We are currently scheduling tax planning appointments. Be sure to contact us if you need an appointment. We can adjust estimated payment amounts or make suggestions for equipment purchases if we review your income and expenses for 2010. Many of clients are telling me that they have started to see an increase in their gross income especially during the last half of the year. High-end retail seems to be improving while construction is still lagging. Since high-end retail went down before the construction trades when the recession first hit, I expect to see the recovery in the retail arena first. Hopefully, the construction trades will be soon to follow!

November is a busy month for us here at Stone Pony Farm with turkey sales. Once again we have raised a variety of heritage organic turkeys. You can see our farm on the web at www.stoneponyfarmofwestport.com.

Have a wonderful Thanksgiving!
Greetings!

The topic of this newsletter is not going to be about tax law changes for 2010. Congress is set to begin on November 15th a lame duck session,
and legislators have a long list of tax policy measures to debate. So, for now we just don’t have the answers to many of your questions. There are certain provisions and credits that are set to expire unless congress takes action to extend them, and while many of us are optimistic that these credits will get extensions, the answer for now is still hugely unknown. The outcome of the November 2nd election will greatly influence the disposition of the 2001 and 2003 tax cuts in the upcoming lame-duck session.

So, the topic of this month’s is technology. For the last few years I have been working on developing a paperless office system. Our goal is to implement some of these systems in 2011. Whenever possible we will be sending tax organizers, tax returns, and copies of needed tax documents electronically. We are currently in the process of designing a new website that will include a client portal where clients can log in and pick up copies of their tax returns and necessary documents. Every year we photocopy copies of every client’s supporting documentation. For some clients one year’s file could consist of over one hundred sheets of paper. Now that’s a lot of trees! This year we will be scanning documents and storing them electronically. Many of you have requested that we provide electronic copies of your tax returns, and it is a fast and easy way to deliver tax returns and documents. We will keep you posted as we work out the details. You can find Taxing Matters on Facebook and Linkedin. It seems like my two daughters and their generation are a bit more familiar with these forms of social media than I am, but I am making the attempt. If you use either of these tools, be sure to say hello. We may be using both of these services more in the future as a way of delivering information to clients.

Also, November and December are the last opportunity for us to effectively plan for your 2010 tax situation. We are currently scheduling tax planning appointments. Be sure to contact us if you need an appointment. We can adjust estimated payment amounts or make suggestions for equipment purchases if we review your income and expenses for 2010. Many of clients are telling me that they have started to see an increase in their gross income especially during the last half of the year. High-end retail seems to be improving while construction is still lagging. Since high-end retail went down before the construction trades when the recession first hit, I expect to see the recovery in the retail arena first. Hopefully, the construction trades will be soon to follow!

November is a busy month for us here at Stone Pony Farm with turkey sales. Once again we have raised a variety of heritage organic turkeys. You can see our farm on the web at www.stoneponyfarmofwestport.com.

Have a wonderful Thanksgiving!
Greetings!

The topic of this newsletter is not going to be about tax law changes for 2010. Congress is set to begin on November 15th a lame duck session, and legislators have a long list of tax policy measures to debate. So, for now we just don’t have the answers to many of your questions. There are certain provisions and credits that are set to expire unless congress takes action to extend them, and while many of us are optimistic that these credits will get extensions, the answer for now is still hugely unknown. The outcome of the November 2nd election will greatly influence the disposition of the 2001 and 2003 tax cuts in the upcoming lame-duck session.

So, the topic of this month’s is technology. For the last few years I have been working on developing a paperless office system. Our goal is to implement some of these systems in 2011. Whenever possible we will be sending tax organizers, tax returns, and copies of needed tax documents electronically. We are currently in the process of designing a new website that will include a client portal where clients can log in and pick up copies of their tax returns and necessary documents. Every year we photocopy copies of every client’s supporting documentation. For some clients one year’s file could consist of over one hundred sheets of paper. Now that’s a lot of trees! This year we will be scanning documents and storing them electronically. Many of you have requested that we provide electronic copies of your tax returns, and it is a fast and easy way to deliver tax returns and documents. We will keep you posted as we work out the details. You can find Taxing Matters on Facebook and Linkedin. It seems like my two daughters and their generation are a bit more familiar with these forms of social media than I am, but I am making the attempt. If you use either of these tools, be sure to say hello. We may be using both of these services more in the future as a way of delivering information to clients.

Also, November and December are the last opportunity for us to effectively plan for your 2010 tax situation. We are currently scheduling tax planning appointments. Be sure to contact us if you need an appointment. We can adjust estimated payment amounts or make suggestions for equipment purchases if we review your income and expenses for 2010. Many of clients are telling me that they have started to see an increase in their gross income especially during the last half of the year. High-end retail seems to be improving while construction is still lagging. Since high-end retail went down before the construction trades when the recession first hit, I expect to see the recovery in the retail arena first. Hopefully, the construction trades will be soon to follow!

November is a busy month for us here at Stone Pony Farm with turkey sales. Once again we have raised a variety of heritage organic turkeys. You can see our farm on the web at www.stoneponyfarmofwestport.com.

Have a wonderful Thanksgiving!
Over the last several weeks I’ve been surprised to hear stores promoting their lay-a-way service. I have a two-fold fascination with this new marketing tactic the first being purely nostalgic. As a young girl my mother would take me shopping for fall clothes at Sears Department Store, and the clothes would be put on lay-a-way. We would go back every other week or so, and my mother would pay $20 towards her lay-a-way. Christmas gifts, birthday gifts, and lots of other purchases all went on lay-a-way at Sears and K-Mart. I can clearly remember the excitement when my mother would make that last payment, and a clerk would go into the back room and return carrying large boxes of purchases that we had been put on lay-a-way months earlier.

Over twenty years ago I read The Road Less Traveled by M. Scott Peck. I particularly remember a passage about delayed gratification. I knew then that I was the type of person that would always save the frosting on the cupcake for last. Over the years I have worked with dozens of clients weighed down with thousands upon thousands dollars of credit card debt. Lured by huge marketing campaigns geared towards promoting a buy now pay later attitude many of my clients bought into this approach only to find themselves buried under the mountain of debt this attitude results in.

In the last few years more and more clients have had 1099-C forms as part of their tax preparation. These are forms that the credit cards issue when they agree to compromise or reduce a credit card debt due to an individual’s inability to fully pay their debt. Unfortunately, when a credit card company agrees to cancel a credit card debt the amount of the debt cancelled is typically taxable. Usually, the taxpayers that have these forms had no idea that they would be paying tax on the amount of debt that the credit card companies agreed to cancel.

Approximately ten years ago I was doing presentations to students at local high schools about the pitfalls of credit card debt. Many of them were headed for colleges where credit card companies would have tables set up at orientation encouraging them to sign up for their first credit card. Ironically, a few years later I was reading articles about the alarming number of graduating college students that were filing bankruptcy due to astonishing high credit card debt. A few months ago my twenty-three year old daughter applied for and was denied a credit card. Kudos to the credit department that had the foresight to realize that a college student employed only part-time might not be the best credit risk.

For many years the credit card companies took the position that everyone should have credit cards. They calculated their risks and knew that high interest rates they charged would more than cover the number of people that filed for bankruptcy or settled their debt for a lesser amount. Times have changed and most credit card companies have tightened their criteria. Could this possibly mean a return to a time when people actually save their money and wait until they can afford something before purchasing it; a return to a period of delayed gratification? Stores like Sears and K-Mart have seen the change coming, and they know that people do not have the same credit card buying power that they did not that many years ago. Programs like lay-a-way and Christmas Clubs may become popular once again. Personally, I welcome the return to a lay-a-way lifestyle. I have already started my Christmas shopping, and I am putting it all on lay-a-way.

Greetings!

The topic of this newsletter is not going to be about tax law changes for 2010. Congress is set to begin on November 15th a lame duck session,
and legislators have a long list of tax policy measures to debate. So, for now we just don’t have the answers to many of your questions. There are certain provisions and credits that are set to expire unless congress takes action to extend them, and while many of us are optimistic that these credits will get extensions, the answer for now is still hugely unknown. The outcome of the November 2nd election will greatly influence the disposition of the 2001 and 2003 tax cuts in the upcoming lame-duck session.

So, the topic of this month’s is technology. For the last few years I have been working on developing a paperless office system. Our goal is to implement some of these systems in 2011. Whenever possible we will be sending tax organizers, tax returns, and copies of needed tax documents electronically. We are currently in the process of designing a new website that will include a client portal where clients can log in and pick up copies of their tax returns and necessary documents. Every year we photocopy copies of every client’s supporting documentation. For some clients one year’s file could consist of over one hundred sheets of paper. Now that’s a lot of trees! This year we will be scanning documents and storing them electronically. Many of you have requested that we provide electronic copies of your tax returns, and it is a fast and easy way to deliver tax returns and documents. We will keep you posted as we work out the details. You can find Taxing Matters on Facebook and Linkedin. It seems like my two daughters and their generation are a bit more familiar with these forms of social media than I am, but I am making the attempt. If you use either of these tools, be sure to say hello. We may be using both of these services more in the future as a way of delivering information to clients.

Also, November and December are the last opportunity for us to effectively plan for your 2010 tax situation. We are currently scheduling tax planning appointments. Be sure to contact us if you need an appointment. We can adjust estimated payment amounts or make suggestions for equipment purchases if we review your income and expenses for 2010. Many of clients are telling me that they have started to see an increase in their gross income especially during the last half of the year. High-end retail seems to be improving while construction is still lagging. Since high-end retail went down before the construction trades when the recession first hit, I expect to see the recovery in the retail arena first. Hopefully, the construction trades will be soon to follow!

November is a busy month for us here at Stone Pony Farm with turkey sales. Once again we have raised a variety of heritage organic turkeys. You can see our farm on the web at www.stoneponyfarmofwestport.com.

Have a wonderful Thanksgiving!
Greetings!

The topic of this newsletter is not going to be about tax law changes for 2010. Congress is set to begin on November 15th a lame duck session,
and legislators have a long list of tax policy measures to debate. So, for now we just don’t have the answers to many of your questions. There are certain provisions and credits that are set to expire unless congress takes action to extend them, and while many of us are optimistic that these credits will get extensions, the answer for now is still hugely unknown. The outcome of the November 2nd election will greatly influence the disposition of the 2001 and 2003 tax cuts in the upcoming lame-duck session.

So, the topic of this month’s is technology. For the last few years I have been working on developing a paperless office system. Our goal is to implement some of these systems in 2011. Whenever possible we will be sending tax organizers, tax returns, and copies of needed tax documents electronically. We are currently in the process of designing a new website that will include a client portal where clients can log in and pick up copies of their tax returns and necessary documents. Every year we photocopy copies of every client’s supporting documentation. For some clients one year’s file could consist of over one hundred sheets of paper. Now that’s a lot of trees! This year we will be scanning documents and storing them electronically. Many of you have requested that we provide electronic copies of your tax returns, and it is a fast and easy way to deliver tax returns and documents. We will keep you posted as we work out the details. You can find Taxing Matters on Facebook and Linkedin. It seems like my two daughters and their generation are a bit more familiar with these forms of social media than I am, but I am making the attempt. If you use either of these tools, be sure to say hello. We may be using both of these services more in the future as a way of delivering information to clients.

Also, November and December are the last opportunity for us to effectively plan for your 2010 tax situation. We are currently scheduling tax planning appointments. Be sure to contact us if you need an appointment. We can adjust estimated payment amounts or make suggestions for equipment purchases if we review your income and expenses for 2010. Many of clients are telling me that they have started to see an increase in their gross income especially during the last half of the year. High-end retail seems to be improving while construction is still lagging. Since high-end retail went down before the construction trades when the recession first hit, I expect to see the recovery in the retail arena first. Hopefully, the construction trades will be soon to follow!

November is a busy month for us here at Stone Pony Farm with turkey sales. Once again we have raised a variety of heritage organic turkeys. You can see our farm on the web at www.stoneponyfarmofwestport.com.

Have a wonderful Thanksgiving!
Greetings!

The topic of this newsletter is not going to be about tax law changes for 2010. Congress is set to begin on November 15th a lame duck session, and legislators have a long list of tax policy measures to debate. So, for now we just don’t have the answers to many of your questions. There are certain provisions and credits that are set to expire unless congress takes action to extend them, and while many of us are optimistic that these credits will get extensions, the answer for now is still hugely unknown. The outcome of the November 2nd election will greatly influence the disposition of the 2001 and 2003 tax cuts in the upcoming lame-duck session.

So, the topic of this month’s is technology. For the last few years I have been working on developing a paperless office system. Our goal is to implement some of these systems in 2011. Whenever possible we will be sending tax organizers, tax returns, and copies of needed tax documents electronically. We are currently in the process of designing a new website that will include a client portal where clients can log in and pick up copies of their tax returns and necessary documents. Every year we photocopy copies of every client’s supporting documentation. For some clients one year’s file could consist of over one hundred sheets of paper. Now that’s a lot of trees! This year we will be scanning documents and storing them electronically. Many of you have requested that we provide electronic copies of your tax returns, and it is a fast and easy way to deliver tax returns and documents. We will keep you posted as we work out the details. You can find Taxing Matters on Facebook and Linkedin. It seems like my two daughters and their generation are a bit more familiar with these forms of social media than I am, but I am making the attempt. If you use either of these tools, be sure to say hello. We may be using both of these services more in the future as a way of delivering information to clients.

Also, November and December are the last opportunity for us to effectively plan for your 2010 tax situation. We are currently scheduling tax planning appointments. Be sure to contact us if you need an appointment. We can adjust estimated payment amounts or make suggestions for equipment purchases if we review your income and expenses for 2010. Many of clients are telling me that they have started to see an increase in their gross income especially during the last half of the year. High-end retail seems to be improving while construction is still lagging. Since high-end retail went down before the construction trades when the recession first hit, I expect to see the recovery in the retail arena first. Hopefully, the construction trades will be soon to follow!

November is a busy month for us here at Stone Pony Farm with turkey sales. Once again we have raised a variety of heritage organic turkeys. You can see our farm on the web at www.stoneponyfarmofwestport.com.

Have a wonderful Thanksgiving!
Greetings!

Tax season is right around the corner so I wanted to take this opportunity to share a few reminders and tax tips.

  1. If you are planning on making charitable contributions, be sure to make them before December 31st so that you can deduct them on your 2010 tax return.
  2. The last estimated payment for state income taxes is due on January 15th, 2011, but if you make the payment before December 31st it is deductible as an itemized deduction on your 2010 tax return.
  3. The standard mileage rate for business miles this year is 50 cents per mile. Be sure to total your business mileage for the year. It’s a great business deduction!
  4. If your business pays more than $600 per year to an individual or business you will need to provide the recipient with a Form 1099. These forms are due out to the recipients by January 31, 2011. We can prepare these forms for you.
  5. There are home energy efficiency credits for exterior windows, doors, insulation, certain roofs and high-efficiency heating systems and hot water heaters. These credits are set to expire on December 31st. If your home needs new windows, this is the year to do it. There is also a solar tax credit, but that credit is not expiring this year.
  6. The overall most improved credit we saw last year was the American Opportunity Credit for education. The credit phases out at a much higher income amount than the previous Hope Credit. The credit amount is 100 percent of the first $2,000 plus 25 percent of the next $2,000. Up to 40 percent of the credit amount is a refundable credit. For purposes of claiming the American opportunity credit, qualifying expenses include qualified tuition, fees and course materials. So, for purposes of calculating this credit be sure to add fees and course materials to the amount of tuition paid on the Form 1098-T issued by the educational institution. We saw amazing result when we were able to take advantage of this credit last year!
  7. Once again, we will need proof of health insurance for the MA return. Your health insurance company will provide Form 1099-HC so that we can document the fact that you had health insurance during the year.

We will start putting together tax organizers sometime in mid-December, and we hope to be able to email organizers this year so be sure to check your inbox for your tax organizer. Be sure to contact our office if you have any end-of-year tax questions.

I look forward to working with all you during the upcoming tax season.

Happy Holidays!
Over the last several weeks I’ve been surprised to hear stores promoting their lay-a-way service. I have a two-fold fascination with this new marketing tactic the first being purely nostalgic. As a young girl my mother would take me shopping for fall clothes at Sears Department Store, and the clothes would be put on lay-a-way. We would go back every other week or so, and my mother would pay $20 towards her lay-a-way. Christmas gifts, birthday gifts, and lots of other purchases all went on lay-a-way at Sears and K-Mart. I can clearly remember the excitement when my mother would make that last payment, and a clerk would go into the back room and return carrying large boxes of purchases that we had been put on lay-a-way months earlier.

Over twenty years ago I read The Road Less Traveled by M. Scott Peck. I particularly remember a passage about delayed gratification. I knew then that I was the type of person that would always save the frosting on the cupcake for last. Over the years I have worked with dozens of clients weighed down with thousands upon thousands dollars of credit card debt. Lured by huge marketing campaigns geared towards promoting a buy now pay later attitude many of my clients bought into this approach only to find themselves buried under the mountain of debt this attitude results in.

In the last few years more and more clients have had 1099-C forms as part of their tax preparation. These are forms that the credit cards issue when they agree to compromise or reduce a credit card debt due to an individual’s inability to fully pay their debt. Unfortunately, when a credit card company agrees to cancel a credit card debt the amount of the debt cancelled is typically taxable. Usually, the taxpayers that have these forms had no idea that they would be paying tax on the amount of debt that the credit card companies agreed to cancel.

Approximately ten years ago I was doing presentations to students at local high schools about the pitfalls of credit card debt. Many of them were headed for colleges where credit card companies would have tables set up at orientation encouraging them to sign up for their first credit card. Ironically, a few years later I was reading articles about the alarming number of graduating college students that were filing bankruptcy due to astonishing high credit card debt. A few months ago my twenty-three year old daughter applied for and was denied a credit card. Kudos to the credit department that had the foresight to realize that a college student employed only part-time might not be the best credit risk.

For many years the credit card companies took the position that everyone should have credit cards. They calculated their risks and knew that high interest rates they charged would more than cover the number of people that filed for bankruptcy or settled their debt for a lesser amount. Times have changed and most credit card companies have tightened their criteria. Could this possibly mean a return to a time when people actually save their money and wait until they can afford something before purchasing it; a return to a period of delayed gratification? Stores like Sears and K-Mart have seen the change coming, and they know that people do not have the same credit card buying power that they did not that many years ago. Programs like lay-a-way and Christmas Clubs may become popular once again. Personally, I welcome the return to a lay-a-way lifestyle. I have already started my Christmas shopping, and I am putting it all on lay-a-way.

Greetings!

The topic of this newsletter is not going to be about tax law changes for 2010. Congress is set to begin on November 15th a lame duck session,
and legislators have a long list of tax policy measures to debate. So, for now we just don’t have the answers to many of your questions. There are certain provisions and credits that are set to expire unless congress takes action to extend them, and while many of us are optimistic that these credits will get extensions, the answer for now is still hugely unknown. The outcome of the November 2nd election will greatly influence the disposition of the 2001 and 2003 tax cuts in the upcoming lame-duck session.

So, the topic of this month’s is technology. For the last few years I have been working on developing a paperless office system. Our goal is to implement some of these systems in 2011. Whenever possible we will be sending tax organizers, tax returns, and copies of needed tax documents electronically. We are currently in the process of designing a new website that will include a client portal where clients can log in and pick up copies of their tax returns and necessary documents. Every year we photocopy copies of every client’s supporting documentation. For some clients one year’s file could consist of over one hundred sheets of paper. Now that’s a lot of trees! This year we will be scanning documents and storing them electronically. Many of you have requested that we provide electronic copies of your tax returns, and it is a fast and easy way to deliver tax returns and documents. We will keep you posted as we work out the details. You can find Taxing Matters on Facebook and Linkedin. It seems like my two daughters and their generation are a bit more familiar with these forms of social media than I am, but I am making the attempt. If you use either of these tools, be sure to say hello. We may be using both of these services more in the future as a way of delivering information to clients.

Also, November and December are the last opportunity for us to effectively plan for your 2010 tax situation. We are currently scheduling tax planning appointments. Be sure to contact us if you need an appointment. We can adjust estimated payment amounts or make suggestions for equipment purchases if we review your income and expenses for 2010. Many of clients are telling me that they have started to see an increase in their gross income especially during the last half of the year. High-end retail seems to be improving while construction is still lagging. Since high-end retail went down before the construction trades when the recession first hit, I expect to see the recovery in the retail arena first. Hopefully, the construction trades will be soon to follow!

November is a busy month for us here at Stone Pony Farm with turkey sales. Once again we have raised a variety of heritage organic turkeys. You can see our farm on the web at www.stoneponyfarmofwestport.com.

Have a wonderful Thanksgiving!
Greetings!

The topic of this newsletter is not going to be about tax law changes for 2010. Congress is set to begin on November 15th a lame duck session,
and legislators have a long list of tax policy measures to debate. So, for now we just don’t have the answers to many of your questions. There are certain provisions and credits that are set to expire unless congress takes action to extend them, and while many of us are optimistic that these credits will get extensions, the answer for now is still hugely unknown. The outcome of the November 2nd election will greatly influence the disposition of the 2001 and 2003 tax cuts in the upcoming lame-duck session.

So, the topic of this month’s is technology. For the last few years I have been working on developing a paperless office system. Our goal is to implement some of these systems in 2011. Whenever possible we will be sending tax organizers, tax returns, and copies of needed tax documents electronically. We are currently in the process of designing a new website that will include a client portal where clients can log in and pick up copies of their tax returns and necessary documents. Every year we photocopy copies of every client’s supporting documentation. For some clients one year’s file could consist of over one hundred sheets of paper. Now that’s a lot of trees! This year we will be scanning documents and storing them electronically. Many of you have requested that we provide electronic copies of your tax returns, and it is a fast and easy way to deliver tax returns and documents. We will keep you posted as we work out the details. You can find Taxing Matters on Facebook and Linkedin. It seems like my two daughters and their generation are a bit more familiar with these forms of social media than I am, but I am making the attempt. If you use either of these tools, be sure to say hello. We may be using both of these services more in the future as a way of delivering information to clients.

Also, November and December are the last opportunity for us to effectively plan for your 2010 tax situation. We are currently scheduling tax planning appointments. Be sure to contact us if you need an appointment. We can adjust estimated payment amounts or make suggestions for equipment purchases if we review your income and expenses for 2010. Many of clients are telling me that they have started to see an increase in their gross income especially during the last half of the year. High-end retail seems to be improving while construction is still lagging. Since high-end retail went down before the construction trades when the recession first hit, I expect to see the recovery in the retail arena first. Hopefully, the construction trades will be soon to follow!

November is a busy month for us here at Stone Pony Farm with turkey sales. Once again we have raised a variety of heritage organic turkeys. You can see our farm on the web at www.stoneponyfarmofwestport.com.

Have a wonderful Thanksgiving!
Greetings!

The topic of this newsletter is not going to be about tax law changes for 2010. Congress is set to begin on November 15th a lame duck session, and legislators have a long list of tax policy measures to debate. So, for now we just don’t have the answers to many of your questions. There are certain provisions and credits that are set to expire unless congress takes action to extend them, and while many of us are optimistic that these credits will get extensions, the answer for now is still hugely unknown. The outcome of the November 2nd election will greatly influence the disposition of the 2001 and 2003 tax cuts in the upcoming lame-duck session.

So, the topic of this month’s is technology. For the last few years I have been working on developing a paperless office system. Our goal is to implement some of these systems in 2011. Whenever possible we will be sending tax organizers, tax returns, and copies of needed tax documents electronically. We are currently in the process of designing a new website that will include a client portal where clients can log in and pick up copies of their tax returns and necessary documents. Every year we photocopy copies of every client’s supporting documentation. For some clients one year’s file could consist of over one hundred sheets of paper. Now that’s a lot of trees! This year we will be scanning documents and storing them electronically. Many of you have requested that we provide electronic copies of your tax returns, and it is a fast and easy way to deliver tax returns and documents. We will keep you posted as we work out the details. You can find Taxing Matters on Facebook and Linkedin. It seems like my two daughters and their generation are a bit more familiar with these forms of social media than I am, but I am making the attempt. If you use either of these tools, be sure to say hello. We may be using both of these services more in the future as a way of delivering information to clients.

Also, November and December are the last opportunity for us to effectively plan for your 2010 tax situation. We are currently scheduling tax planning appointments. Be sure to contact us if you need an appointment. We can adjust estimated payment amounts or make suggestions for equipment purchases if we review your income and expenses for 2010. Many of clients are telling me that they have started to see an increase in their gross income especially during the last half of the year. High-end retail seems to be improving while construction is still lagging. Since high-end retail went down before the construction trades when the recession first hit, I expect to see the recovery in the retail arena first. Hopefully, the construction trades will be soon to follow!

November is a busy month for us here at Stone Pony Farm with turkey sales. Once again we have raised a variety of heritage organic turkeys. You can see our farm on the web at www.stoneponyfarmofwestport.com.

Have a wonderful Thanksgiving!
Greetings!

Tax season is right around the corner so I wanted to take this opportunity to share a few reminders and tax tips.

  1. If you are planning on making charitable contributions, be sure to make them before December 31st so that you can deduct them on your 2010 tax return.
  2. The last estimated payment for state income taxes is due on January 15th, 2011, but if you make the payment before December 31st it is deductible as an itemized deduction on your 2010 tax return.
  3. The standard mileage rate for business miles this year is 50 cents per mile. Be sure to total your business mileage for the year. It’s a great business deduction!
  4. If your business pays more than $600 per year to an individual or business you will need to provide the recipient with a Form 1099. These forms are due out to the recipients by January 31, 2011. We can prepare these forms for you.
  5. There are home energy efficiency credits for exterior windows, doors, insulation, certain roofs and high-efficiency heating systems and hot water heaters. These credits are set to expire on December 31st. If your home needs new windows, this is the year to do it. There is also a solar tax credit, but that credit is not expiring this year.
  6. The overall most improved credit we saw last year was the American Opportunity Credit for education. The credit phases out at a much higher income amount than the previous Hope Credit. The credit amount is 100 percent of the first $2,000 plus 25 percent of the next $2,000. Up to 40 percent of the credit amount is a refundable credit. For purposes of claiming the American opportunity credit, qualifying expenses include qualified tuition, fees and course materials. So, for purposes of calculating this credit be sure to add fees and course materials to the amount of tuition paid on the Form 1098-T issued by the educational institution. We saw amazing result when we were able to take advantage of this credit last year!
  7. Once again, we will need proof of health insurance for the MA return. Your health insurance company will provide Form 1099-HC so that we can document the fact that you had health insurance during the year.

We will start putting together tax organizers sometime in mid-December, and we hope to be able to email organizers this year so be sure to check your inbox for your tax organizer. Be sure to contact our office if you have any end-of-year tax questions.

I look forward to working with all you during the upcoming tax season.

Happy Holidays!
Greetings!

Tax season is right around the corner so I wanted to take this opportunity to share a few reminders and tax tips.

  1. If you are planning on making charitable contributions, be sure to make them before December 31st so that you can deduct them on your 2010 tax return.
  2. The last estimated payment for state income taxes is due on January 15th, 2011, but if you make the payment before December 31st it is deductible as an itemized deduction on your 2010 tax return.
  3. The standard mileage rate for business miles this year is 50 cents per mile. Be sure to total your business mileage for the year. It’s a great business deduction!
  4. If your business pays more than $600 per year to an individual or business you will need to provide the recipient with a Form 1099. These forms are due out to the recipients by January 31, 2011. We can prepare these forms for you.
  5. There are home energy efficiency credits for exterior windows, doors, insulation, certain roofs and high-efficiency heating systems and hot water heaters. These credits are set to expire on December 31st. If your home needs new windows, this is the year to do it. There is also a solar tax credit, but that credit is not expiring this year.
  6. The overall most improved credit we saw last year was the American Opportunity Credit for education. The credit phases out at a much higher income amount than the previous Hope Credit. The credit amount is 100 percent of the first $2,000 plus 25 percent of the next $2,000. Up to 40 percent of the credit amount is a refundable credit. For purposes of claiming the American opportunity credit, qualifying expenses include qualified tuition, fees and course materials. So, for purposes of calculating this credit be sure to add fees and course materials to the amount of tuition paid on the Form 1098-T issued by the educational institution. We saw amazing result when we were able to take advantage of this credit last year!
  7. Once again, we will need proof of health insurance for the MA return. Your health insurance company will provide Form 1099-HC so that we can document the fact that you had health insurance during the year.

We will start putting together tax organizers sometime in mid-December, and we hope to be able to email organizers this year so be sure to check your inbox for your tax organizer. Be sure to contact our office if you have any end-of-year tax questions.

I look forward to working with all you during the upcoming tax season.

Happy Holidays!
Over the last several weeks I’ve been surprised to hear stores promoting their lay-a-way service. I have a two-fold fascination with this new marketing tactic the first being purely nostalgic. As a young girl my mother would take me shopping for fall clothes at Sears Department Store, and the clothes would be put on lay-a-way. We would go back every other week or so, and my mother would pay $20 towards her lay-a-way. Christmas gifts, birthday gifts, and lots of other purchases all went on lay-a-way at Sears and K-Mart. I can clearly remember the excitement when my mother would make that last payment, and a clerk would go into the back room and return carrying large boxes of purchases that we had been put on lay-a-way months earlier.

Over twenty years ago I read The Road Less Traveled by M. Scott Peck. I particularly remember a passage about delayed gratification. I knew then that I was the type of person that would always save the frosting on the cupcake for last. Over the years I have worked with dozens of clients weighed down with thousands upon thousands dollars of credit card debt. Lured by huge marketing campaigns geared towards promoting a buy now pay later attitude many of my clients bought into this approach only to find themselves buried under the mountain of debt this attitude results in.

In the last few years more and more clients have had 1099-C forms as part of their tax preparation. These are forms that the credit cards issue when they agree to compromise or reduce a credit card debt due to an individual’s inability to fully pay their debt. Unfortunately, when a credit card company agrees to cancel a credit card debt the amount of the debt cancelled is typically taxable. Usually, the taxpayers that have these forms had no idea that they would be paying tax on the amount of debt that the credit card companies agreed to cancel.

Approximately ten years ago I was doing presentations to students at local high schools about the pitfalls of credit card debt. Many of them were headed for colleges where credit card companies would have tables set up at orientation encouraging them to sign up for their first credit card. Ironically, a few years later I was reading articles about the alarming number of graduating college students that were filing bankruptcy due to astonishing high credit card debt. A few months ago my twenty-three year old daughter applied for and was denied a credit card. Kudos to the credit department that had the foresight to realize that a college student employed only part-time might not be the best credit risk.

For many years the credit card companies took the position that everyone should have credit cards. They calculated their risks and knew that high interest rates they charged would more than cover the number of people that filed for bankruptcy or settled their debt for a lesser amount. Times have changed and most credit card companies have tightened their criteria. Could this possibly mean a return to a time when people actually save their money and wait until they can afford something before purchasing it; a return to a period of delayed gratification? Stores like Sears and K-Mart have seen the change coming, and they know that people do not have the same credit card buying power that they did not that many years ago. Programs like lay-a-way and Christmas Clubs may become popular once again. Personally, I welcome the return to a lay-a-way lifestyle. I have already started my Christmas shopping, and I am putting it all on lay-a-way.

Greetings!

The topic of this newsletter is not going to be about tax law changes for 2010. Congress is set to begin on November 15th a lame duck session,
and legislators have a long list of tax policy measures to debate. So, for now we just don’t have the answers to many of your questions. There are certain provisions and credits that are set to expire unless congress takes action to extend them, and while many of us are optimistic that these credits will get extensions, the answer for now is still hugely unknown. The outcome of the November 2nd election will greatly influence the disposition of the 2001 and 2003 tax cuts in the upcoming lame-duck session.

So, the topic of this month’s is technology. For the last few years I have been working on developing a paperless office system. Our goal is to implement some of these systems in 2011. Whenever possible we will be sending tax organizers, tax returns, and copies of needed tax documents electronically. We are currently in the process of designing a new website that will include a client portal where clients can log in and pick up copies of their tax returns and necessary documents. Every year we photocopy copies of every client’s supporting documentation. For some clients one year’s file could consist of over one hundred sheets of paper. Now that’s a lot of trees! This year we will be scanning documents and storing them electronically. Many of you have requested that we provide electronic copies of your tax returns, and it is a fast and easy way to deliver tax returns and documents. We will keep you posted as we work out the details. You can find Taxing Matters on Facebook and Linkedin. It seems like my two daughters and their generation are a bit more familiar with these forms of social media than I am, but I am making the attempt. If you use either of these tools, be sure to say hello. We may be using both of these services more in the future as a way of delivering information to clients.

Also, November and December are the last opportunity for us to effectively plan for your 2010 tax situation. We are currently scheduling tax planning appointments. Be sure to contact us if you need an appointment. We can adjust estimated payment amounts or make suggestions for equipment purchases if we review your income and expenses for 2010. Many of clients are telling me that they have started to see an increase in their gross income especially during the last half of the year. High-end retail seems to be improving while construction is still lagging. Since high-end retail went down before the construction trades when the recession first hit, I expect to see the recovery in the retail arena first. Hopefully, the construction trades will be soon to follow!

November is a busy month for us here at Stone Pony Farm with turkey sales. Once again we have raised a variety of heritage organic turkeys. You can see our farm on the web at www.stoneponyfarmofwestport.com.

Have a wonderful Thanksgiving!
Greetings!

The topic of this newsletter is not going to be about tax law changes for 2010. Congress is set to begin on November 15th a lame duck session,
and legislators have a long list of tax policy measures to debate. So, for now we just don’t have the answers to many of your questions. There are certain provisions and credits that are set to expire unless congress takes action to extend them, and while many of us are optimistic that these credits will get extensions, the answer for now is still hugely unknown. The outcome of the November 2nd election will greatly influence the disposition of the 2001 and 2003 tax cuts in the upcoming lame-duck session.

So, the topic of this month’s is technology. For the last few years I have been working on developing a paperless office system. Our goal is to implement some of these systems in 2011. Whenever possible we will be sending tax organizers, tax returns, and copies of needed tax documents electronically. We are currently in the process of designing a new website that will include a client portal where clients can log in and pick up copies of their tax returns and necessary documents. Every year we photocopy copies of every client’s supporting documentation. For some clients one year’s file could consist of over one hundred sheets of paper. Now that’s a lot of trees! This year we will be scanning documents and storing them electronically. Many of you have requested that we provide electronic copies of your tax returns, and it is a fast and easy way to deliver tax returns and documents. We will keep you posted as we work out the details. You can find Taxing Matters on Facebook and Linkedin. It seems like my two daughters and their generation are a bit more familiar with these forms of social media than I am, but I am making the attempt. If you use either of these tools, be sure to say hello. We may be using both of these services more in the future as a way of delivering information to clients.

Also, November and December are the last opportunity for us to effectively plan for your 2010 tax situation. We are currently scheduling tax planning appointments. Be sure to contact us if you need an appointment. We can adjust estimated payment amounts or make suggestions for equipment purchases if we review your income and expenses for 2010. Many of clients are telling me that they have started to see an increase in their gross income especially during the last half of the year. High-end retail seems to be improving while construction is still lagging. Since high-end retail went down before the construction trades when the recession first hit, I expect to see the recovery in the retail arena first. Hopefully, the construction trades will be soon to follow!

November is a busy month for us here at Stone Pony Farm with turkey sales. Once again we have raised a variety of heritage organic turkeys. You can see our farm on the web at www.stoneponyfarmofwestport.com.

Have a wonderful Thanksgiving!
Greetings!

The topic of this newsletter is not going to be about tax law changes for 2010. Congress is set to begin on November 15th a lame duck session, and legislators have a long list of tax policy measures to debate. So, for now we just don’t have the answers to many of your questions. There are certain provisions and credits that are set to expire unless congress takes action to extend them, and while many of us are optimistic that these credits will get extensions, the answer for now is still hugely unknown. The outcome of the November 2nd election will greatly influence the disposition of the 2001 and 2003 tax cuts in the upcoming lame-duck session.

So, the topic of this month’s is technology. For the last few years I have been working on developing a paperless office system. Our goal is to implement some of these systems in 2011. Whenever possible we will be sending tax organizers, tax returns, and copies of needed tax documents electronically. We are currently in the process of designing a new website that will include a client portal where clients can log in and pick up copies of their tax returns and necessary documents. Every year we photocopy copies of every client’s supporting documentation. For some clients one year’s file could consist of over one hundred sheets of paper. Now that’s a lot of trees! This year we will be scanning documents and storing them electronically. Many of you have requested that we provide electronic copies of your tax returns, and it is a fast and easy way to deliver tax returns and documents. We will keep you posted as we work out the details. You can find Taxing Matters on Facebook and Linkedin. It seems like my two daughters and their generation are a bit more familiar with these forms of social media than I am, but I am making the attempt. If you use either of these tools, be sure to say hello. We may be using both of these services more in the future as a way of delivering information to clients.

Also, November and December are the last opportunity for us to effectively plan for your 2010 tax situation. We are currently scheduling tax planning appointments. Be sure to contact us if you need an appointment. We can adjust estimated payment amounts or make suggestions for equipment purchases if we review your income and expenses for 2010. Many of clients are telling me that they have started to see an increase in their gross income especially during the last half of the year. High-end retail seems to be improving while construction is still lagging. Since high-end retail went down before the construction trades when the recession first hit, I expect to see the recovery in the retail arena first. Hopefully, the construction trades will be soon to follow!

November is a busy month for us here at Stone Pony Farm with turkey sales. Once again we have raised a variety of heritage organic turkeys. You can see our farm on the web at www.stoneponyfarmofwestport.com.

Have a wonderful Thanksgiving!
Greetings!

Tax season is right around the corner so I wanted to take this opportunity to share a few reminders and tax tips.

  1. If you are planning on making charitable contributions, be sure to make them before December 31st so that you can deduct them on your 2010 tax return.
  2. The last estimated payment for state income taxes is due on January 15th, 2011, but if you make the payment before December 31st it is deductible as an itemized deduction on your 2010 tax return.
  3. The standard mileage rate for business miles this year is 50 cents per mile. Be sure to total your business mileage for the year. It’s a great business deduction!
  4. If your business pays more than $600 per year to an individual or business you will need to provide the recipient with a Form 1099. These forms are due out to the recipients by January 31, 2011. We can prepare these forms for you.
  5. There are home energy efficiency credits for exterior windows, doors, insulation, certain roofs and high-efficiency heating systems and hot water heaters. These credits are set to expire on December 31st. If your home needs new windows, this is the year to do it. There is also a solar tax credit, but that credit is not expiring this year.
  6. The overall most improved credit we saw last year was the American Opportunity Credit for education. The credit phases out at a much higher income amount than the previous Hope Credit. The credit amount is 100 percent of the first $2,000 plus 25 percent of the next $2,000. Up to 40 percent of the credit amount is a refundable credit. For purposes of claiming the American opportunity credit, qualifying expenses include qualified tuition, fees and course materials. So, for purposes of calculating this credit be sure to add fees and course materials to the amount of tuition paid on the Form 1098-T issued by the educational institution. We saw amazing result when we were able to take advantage of this credit last year!
  7. Once again, we will need proof of health insurance for the MA return. Your health insurance company will provide Form 1099-HC so that we can document the fact that you had health insurance during the year.

We will start putting together tax organizers sometime in mid-December, and we hope to be able to email organizers this year so be sure to check your inbox for your tax organizer. Be sure to contact our office if you have any end-of-year tax questions.

I look forward to working with all you during the upcoming tax season.

Happy Holidays!
Greetings!

Tax season is right around the corner so I wanted to take this opportunity to share a few reminders and tax tips.

  1. If you are planning on making charitable contributions, be sure to make them before December 31st so that you can deduct them on your 2010 tax return.
  2. The last estimated payment for state income taxes is due on January 15th, 2011, but if you make the payment before December 31st it is deductible as an itemized deduction on your 2010 tax return.
  3. The standard mileage rate for business miles this year is 50 cents per mile. Be sure to total your business mileage for the year. It’s a great business deduction!
  4. If your business pays more than $600 per year to an individual or business you will need to provide the recipient with a Form 1099. These forms are due out to the recipients by January 31, 2011. We can prepare these forms for you.
  5. There are home energy efficiency credits for exterior windows, doors, insulation, certain roofs and high-efficiency heating systems and hot water heaters. These credits are set to expire on December 31st. If your home needs new windows, this is the year to do it. There is also a solar tax credit, but that credit is not expiring this year.
  6. The overall most improved credit we saw last year was the American Opportunity Credit for education. The credit phases out at a much higher income amount than the previous Hope Credit. The credit amount is 100 percent of the first $2,000 plus 25 percent of the next $2,000. Up to 40 percent of the credit amount is a refundable credit. For purposes of claiming the American opportunity credit, qualifying expenses include qualified tuition, fees and course materials. So, for purposes of calculating this credit be sure to add fees and course materials to the amount of tuition paid on the Form 1098-T issued by the educational institution. We saw amazing result when we were able to take advantage of this credit last year!
  7. Once again, we will need proof of health insurance for the MA return. Your health insurance company will provide Form 1099-HC so that we can document the fact that you had health insurance during the year.

We will start putting together tax organizers sometime in mid-December, and we hope to be able to email organizers this year so be sure to check your inbox for your tax organizer. Be sure to contact our office if you have any end-of-year tax questions.

I look forward to working with all you during the upcoming tax season.

Happy Holidays!
Greetings!

Tax season is right around the corner so I wanted to take this opportunity to share a few reminders and tax tips.

  1. If you are planning on making charitable contributions, be sure to make them before December 31st so that you can deduct them on your 2010 tax return.
  2. The last estimated payment for state income taxes is due on January 15th, 2011, but if you make the payment before December 31st it is deductible as an itemized deduction on your 2010 tax return.
  3. The standard mileage rate for business miles this year is 50 cents per mile. Be sure to total your business mileage for the year. It’s a great business deduction!
  4. If your business pays more than $600 per year to an individual or business you will need to provide the recipient with a Form 1099. These forms are due out to the recipients by January 31, 2011. We can prepare these forms for you.
  5. There are home energy efficiency credits for exterior windows, doors, insulation, certain roofs and high-efficiency heating systems and hot water heaters. These credits are set to expire on December 31st. If your home needs new windows, this is the year to do it. There is also a solar tax credit, but that credit is not expiring this year.
  6. The overall most improved credit we saw last year was the American Opportunity Credit for education. The credit phases out at a much higher income amount than the previous Hope Credit. The credit amount is 100 percent of the first $2,000 plus 25 percent of the next $2,000. Up to 40 percent of the credit amount is a refundable credit. For purposes of claiming the American opportunity credit, qualifying expenses include qualified tuition, fees and course materials. So, for purposes of calculating this credit be sure to add fees and course materials to the amount of tuition paid on the Form 1098-T issued by the educational institution. We saw amazing result when we were able to take advantage of this credit last year!
  7. Once again, we will need proof of health insurance for the MA return. Your health insurance company will provide Form 1099-HC so that we can document the fact that you had health insurance during the year.

We will start putting together tax organizers sometime in mid-December, and we hope to be able to email organizers this year so be sure to check your inbox for your tax organizer. Be sure to contact our office if you have any end-of-year tax questions.

I look forward to working with all you during the upcoming tax season.

Happy Holidays!
Over the last several weeks I’ve been surprised to hear stores promoting their lay-a-way service. I have a two-fold fascination with this new marketing tactic the first being purely nostalgic. As a young girl my mother would take me shopping for fall clothes at Sears Department Store, and the clothes would be put on lay-a-way. We would go back every other week or so, and my mother would pay $20 towards her lay-a-way. Christmas gifts, birthday gifts, and lots of other purchases all went on lay-a-way at Sears and K-Mart. I can clearly remember the excitement when my mother would make that last payment, and a clerk would go into the back room and return carrying large boxes of purchases that we had been put on lay-a-way months earlier.

Over twenty years ago I read The Road Less Traveled by M. Scott Peck. I particularly remember a passage about delayed gratification. I knew then that I was the type of person that would always save the frosting on the cupcake for last. Over the years I have worked with dozens of clients weighed down with thousands upon thousands dollars of credit card debt. Lured by huge marketing campaigns geared towards promoting a buy now pay later attitude many of my clients bought into this approach only to find themselves buried under the mountain of debt this attitude results in.

In the last few years more and more clients have had 1099-C forms as part of their tax preparation. These are forms that the credit cards issue when they agree to compromise or reduce a credit card debt due to an individual’s inability to fully pay their debt. Unfortunately, when a credit card company agrees to cancel a credit card debt the amount of the debt cancelled is typically taxable. Usually, the taxpayers that have these forms had no idea that they would be paying tax on the amount of debt that the credit card companies agreed to cancel.

Approximately ten years ago I was doing presentations to students at local high schools about the pitfalls of credit card debt. Many of them were headed for colleges where credit card companies would have tables set up at orientation encouraging them to sign up for their first credit card. Ironically, a few years later I was reading articles about the alarming number of graduating college students that were filing bankruptcy due to astonishing high credit card debt. A few months ago my twenty-three year old daughter applied for and was denied a credit card. Kudos to the credit department that had the foresight to realize that a college student employed only part-time might not be the best credit risk.

For many years the credit card companies took the position that everyone should have credit cards. They calculated their risks and knew that high interest rates they charged would more than cover the number of people that filed for bankruptcy or settled their debt for a lesser amount. Times have changed and most credit card companies have tightened their criteria. Could this possibly mean a return to a time when people actually save their money and wait until they can afford something before purchasing it; a return to a period of delayed gratification? Stores like Sears and K-Mart have seen the change coming, and they know that people do not have the same credit card buying power that they did not that many years ago. Programs like lay-a-way and Christmas Clubs may become popular once again. Personally, I welcome the return to a lay-a-way lifestyle. I have already started my Christmas shopping, and I am putting it all on lay-a-way.

Greetings!

The topic of this newsletter is not going to be about tax law changes for 2010. Congress is set to begin on November 15th a lame duck session,
and legislators have a long list of tax policy measures to debate. So, for now we just don’t have the answers to many of your questions. There are certain provisions and credits that are set to expire unless congress takes action to extend them, and while many of us are optimistic that these credits will get extensions, the answer for now is still hugely unknown. The outcome of the November 2nd election will greatly influence the disposition of the 2001 and 2003 tax cuts in the upcoming lame-duck session.

So, the topic of this month’s is technology. For the last few years I have been working on developing a paperless office system. Our goal is to implement some of these systems in 2011. Whenever possible we will be sending tax organizers, tax returns, and copies of needed tax documents electronically. We are currently in the process of designing a new website that will include a client portal where clients can log in and pick up copies of their tax returns and necessary documents. Every year we photocopy copies of every client’s supporting documentation. For some clients one year’s file could consist of over one hundred sheets of paper. Now that’s a lot of trees! This year we will be scanning documents and storing them electronically. Many of you have requested that we provide electronic copies of your tax returns, and it is a fast and easy way to deliver tax returns and documents. We will keep you posted as we work out the details. You can find Taxing Matters on Facebook and Linkedin. It seems like my two daughters and their generation are a bit more familiar with these forms of social media than I am, but I am making the attempt. If you use either of these tools, be sure to say hello. We may be using both of these services more in the future as a way of delivering information to clients.

Also, November and December are the last opportunity for us to effectively plan for your 2010 tax situation. We are currently scheduling tax planning appointments. Be sure to contact us if you need an appointment. We can adjust estimated payment amounts or make suggestions for equipment purchases if we review your income and expenses for 2010. Many of clients are telling me that they have started to see an increase in their gross income especially during the last half of the year. High-end retail seems to be improving while construction is still lagging. Since high-end retail went down before the construction trades when the recession first hit, I expect to see the recovery in the retail arena first. Hopefully, the construction trades will be soon to follow!

November is a busy month for us here at Stone Pony Farm with turkey sales. Once again we have raised a variety of heritage organic turkeys. You can see our farm on the web at www.stoneponyfarmofwestport.com.

Have a wonderful Thanksgiving!
Greetings!

The topic of this newsletter is not going to be about tax law changes for 2010. Congress is set to begin on November 15th a lame duck session,
and legislators have a long list of tax policy measures to debate. So, for now we just don’t have the answers to many of your questions. There are certain provisions and credits that are set to expire unless congress takes action to extend them, and while many of us are optimistic that these credits will get extensions, the answer for now is still hugely unknown. The outcome of the November 2nd election will greatly influence the disposition of the 2001 and 2003 tax cuts in the upcoming lame-duck session.

So, the topic of this month’s is technology. For the last few years I have been working on developing a paperless office system. Our goal is to implement some of these systems in 2011. Whenever possible we will be sending tax organizers, tax returns, and copies of needed tax documents electronically. We are currently in the process of designing a new website that will include a client portal where clients can log in and pick up copies of their tax returns and necessary documents. Every year we photocopy copies of every client’s supporting documentation. For some clients one year’s file could consist of over one hundred sheets of paper. Now that’s a lot of trees! This year we will be scanning documents and storing them electronically. Many of you have requested that we provide electronic copies of your tax returns, and it is a fast and easy way to deliver tax returns and documents. We will keep you posted as we work out the details. You can find Taxing Matters on Facebook and Linkedin. It seems like my two daughters and their generation are a bit more familiar with these forms of social media than I am, but I am making the attempt. If you use either of these tools, be sure to say hello. We may be using both of these services more in the future as a way of delivering information to clients.

Also, November and December are the last opportunity for us to effectively plan for your 2010 tax situation. We are currently scheduling tax planning appointments. Be sure to contact us if you need an appointment. We can adjust estimated payment amounts or make suggestions for equipment purchases if we review your income and expenses for 2010. Many of clients are telling me that they have started to see an increase in their gross income especially during the last half of the year. High-end retail seems to be improving while construction is still lagging. Since high-end retail went down before the construction trades when the recession first hit, I expect to see the recovery in the retail arena first. Hopefully, the construction trades will be soon to follow!

November is a busy month for us here at Stone Pony Farm with turkey sales. Once again we have raised a variety of heritage organic turkeys. You can see our farm on the web at www.stoneponyfarmofwestport.com.

Have a wonderful Thanksgiving!
Greetings!

The topic of this newsletter is not going to be about tax law changes for 2010. Congress is set to begin on November 15th a lame duck session, and legislators have a long list of tax policy measures to debate. So, for now we just don’t have the answers to many of your questions. There are certain provisions and credits that are set to expire unless congress takes action to extend them, and while many of us are optimistic that these credits will get extensions, the answer for now is still hugely unknown. The outcome of the November 2nd election will greatly influence the disposition of the 2001 and 2003 tax cuts in the upcoming lame-duck session.

So, the topic of this month’s is technology. For the last few years I have been working on developing a paperless office system. Our goal is to implement some of these systems in 2011. Whenever possible we will be sending tax organizers, tax returns, and copies of needed tax documents electronically. We are currently in the process of designing a new website that will include a client portal where clients can log in and pick up copies of their tax returns and necessary documents. Every year we photocopy copies of every client’s supporting documentation. For some clients one year’s file could consist of over one hundred sheets of paper. Now that’s a lot of trees! This year we will be scanning documents and storing them electronically. Many of you have requested that we provide electronic copies of your tax returns, and it is a fast and easy way to deliver tax returns and documents. We will keep you posted as we work out the details. You can find Taxing Matters on Facebook and Linkedin. It seems like my two daughters and their generation are a bit more familiar with these forms of social media than I am, but I am making the attempt. If you use either of these tools, be sure to say hello. We may be using both of these services more in the future as a way of delivering information to clients.

Also, November and December are the last opportunity for us to effectively plan for your 2010 tax situation. We are currently scheduling tax planning appointments. Be sure to contact us if you need an appointment. We can adjust estimated payment amounts or make suggestions for equipment purchases if we review your income and expenses for 2010. Many of clients are telling me that they have started to see an increase in their gross income especially during the last half of the year. High-end retail seems to be improving while construction is still lagging. Since high-end retail went down before the construction trades when the recession first hit, I expect to see the recovery in the retail arena first. Hopefully, the construction trades will be soon to follow!

November is a busy month for us here at Stone Pony Farm with turkey sales. Once again we have raised a variety of heritage organic turkeys. You can see our farm on the web at www.stoneponyfarmofwestport.com.

Have a wonderful Thanksgiving!
Greetings!

Tax season is right around the corner so I wanted to take this opportunity to share a few reminders and tax tips.

  1. If you are planning on making charitable contributions, be sure to make them before December 31st so that you can deduct them on your 2010 tax return.
  2. The last estimated payment for state income taxes is due on January 15th, 2011, but if you make the payment before December 31st it is deductible as an itemized deduction on your 2010 tax return.
  3. The standard mileage rate for business miles this year is 50 cents per mile. Be sure to total your business mileage for the year. It’s a great business deduction!
  4. If your business pays more than $600 per year to an individual or business you will need to provide the recipient with a Form 1099. These forms are due out to the recipients by January 31, 2011. We can prepare these forms for you.
  5. There are home energy efficiency credits for exterior windows, doors, insulation, certain roofs and high-efficiency heating systems and hot water heaters. These credits are set to expire on December 31st. If your home needs new windows, this is the year to do it. There is also a solar tax credit, but that credit is not expiring this year.
  6. The overall most improved credit we saw last year was the American Opportunity Credit for education. The credit phases out at a much higher income amount than the previous Hope Credit. The credit amount is 100 percent of the first $2,000 plus 25 percent of the next $2,000. Up to 40 percent of the credit amount is a refundable credit. For purposes of claiming the American opportunity credit, qualifying expenses include qualified tuition, fees and course materials. So, for purposes of calculating this credit be sure to add fees and course materials to the amount of tuition paid on the Form 1098-T issued by the educational institution. We saw amazing result when we were able to take advantage of this credit last year!
  7. Once again, we will need proof of health insurance for the MA return. Your health insurance company will provide Form 1099-HC so that we can document the fact that you had health insurance during the year.

We will start putting together tax organizers sometime in mid-December, and we hope to be able to email organizers this year so be sure to check your inbox for your tax organizer. Be sure to contact our office if you have any end-of-year tax questions.

I look forward to working with all you during the upcoming tax season.

Happy Holidays!
Greetings!

Tax season is right around the corner so I wanted to take this opportunity to share a few reminders and tax tips.

  1. If you are planning on making charitable contributions, be sure to make them before December 31st so that you can deduct them on your 2010 tax return.
  2. The last estimated payment for state income taxes is due on January 15th, 2011, but if you make the payment before December 31st it is deductible as an itemized deduction on your 2010 tax return.
  3. The standard mileage rate for business miles this year is 50 cents per mile. Be sure to total your business mileage for the year. It’s a great business deduction!
  4. If your business pays more than $600 per year to an individual or business you will need to provide the recipient with a Form 1099. These forms are due out to the recipients by January 31, 2011. We can prepare these forms for you.
  5. There are home energy efficiency credits for exterior windows, doors, insulation, certain roofs and high-efficiency heating systems and hot water heaters. These credits are set to expire on December 31st. If your home needs new windows, this is the year to do it. There is also a solar tax credit, but that credit is not expiring this year.
  6. The overall most improved credit we saw last year was the American Opportunity Credit for education. The credit phases out at a much higher income amount than the previous Hope Credit. The credit amount is 100 percent of the first $2,000 plus 25 percent of the next $2,000. Up to 40 percent of the credit amount is a refundable credit. For purposes of claiming the American opportunity credit, qualifying expenses include qualified tuition, fees and course materials. So, for purposes of calculating this credit be sure to add fees and course materials to the amount of tuition paid on the Form 1098-T issued by the educational institution. We saw amazing result when we were able to take advantage of this credit last year!
  7. Once again, we will need proof of health insurance for the MA return. Your health insurance company will provide Form 1099-HC so that we can document the fact that you had health insurance during the year.

We will start putting together tax organizers sometime in mid-December, and we hope to be able to email organizers this year so be sure to check your inbox for your tax organizer. Be sure to contact our office if you have any end-of-year tax questions.

I look forward to working with all you during the upcoming tax season.

Happy Holidays!
Greetings!

Tax season is right around the corner so I wanted to take this opportunity to share a few reminders and tax tips.

  1. If you are planning on making charitable contributions, be sure to make them before December 31st so that you can deduct them on your 2010 tax return.
  2. The last estimated payment for state income taxes is due on January 15th, 2011, but if you make the payment before December 31st it is deductible as an itemized deduction on your 2010 tax return.
  3. The standard mileage rate for business miles this year is 50 cents per mile. Be sure to total your business mileage for the year. It’s a great business deduction!
  4. If your business pays more than $600 per year to an individual or business you will need to provide the recipient with a Form 1099. These forms are due out to the recipients by January 31, 2011. We can prepare these forms for you.
  5. There are home energy efficiency credits for exterior windows, doors, insulation, certain roofs and high-efficiency heating systems and hot water heaters. These credits are set to expire on December 31st. If your home needs new windows, this is the year to do it. There is also a solar tax credit, but that credit is not expiring this year.
  6. The overall most improved credit we saw last year was the American Opportunity Credit for education. The credit phases out at a much higher income amount than the previous Hope Credit. The credit amount is 100 percent of the first $2,000 plus 25 percent of the next $2,000. Up to 40 percent of the credit amount is a refundable credit. For purposes of claiming the American opportunity credit, qualifying expenses include qualified tuition, fees and course materials. So, for purposes of calculating this credit be sure to add fees and course materials to the amount of tuition paid on the Form 1098-T issued by the educational institution. We saw amazing result when we were able to take advantage of this credit last year!
  7. Once again, we will need proof of health insurance for the MA return. Your health insurance company will provide Form 1099-HC so that we can document the fact that you had health insurance during the year.

We will start putting together tax organizers sometime in mid-December, and we hope to be able to email organizers this year so be sure to check your inbox for your tax organizer. Be sure to contact our office if you have any end-of-year tax questions.

I look forward to working with all you during the upcoming tax season.

Happy Holidays!
Greetings!

Tax season is right around the corner so I wanted to take this opportunity to share a few reminders and tax tips.

  1. If you are planning on making charitable contributions, be sure to make them before December 31st so that you can deduct them on your 2010 tax return.
  2. The last estimated payment for state income taxes is due on January 15th, 2011, but if you make the payment before December 31st it is deductible as an itemized deduction on your 2010 tax return.
  3. The standard mileage rate for business miles this year is 50 cents per mile. Be sure to total your business mileage for the year. It’s a great business deduction!
  4. If your business pays more than $600 per year to an individual or business you will need to provide the recipient with a Form 1099. These forms are due out to the recipients by January 31, 2011. We can prepare these forms for you.
  5. There are home energy efficiency credits for exterior windows, doors, insulation, certain roofs and high-efficiency heating systems and hot water heaters. These credits are set to expire on December 31st. If your home needs new windows, this is the year to do it. There is also a solar tax credit, but that credit is not expiring this year.
  6. The overall most improved credit we saw last year was the American Opportunity Credit for education. The credit phases out at a much higher income amount than the previous Hope Credit. The credit amount is 100 percent of the first $2,000 plus 25 percent of the next $2,000. Up to 40 percent of the credit amount is a refundable credit. For purposes of claiming the American opportunity credit, qualifying expenses include qualified tuition, fees and course materials. So, for purposes of calculating this credit be sure to add fees and course materials to the amount of tuition paid on the Form 1098-T issued by the educational institution. We saw amazing result when we were able to take advantage of this credit last year!
  7. Once again, we will need proof of health insurance for the MA return. Your health insurance company will provide Form 1099-HC so that we can document the fact that you had health insurance during the year.

We will start putting together tax organizers sometime in mid-December, and we hope to be able to email organizers this year so be sure to check your inbox for your tax organizer. Be sure to contact our office if you have any end-of-year tax questions.

I look forward to working with all you during the upcoming tax season.

Happy Holidays!

At Taxing Matters we take pride in providing accurate and confidential tax preparation services. We educate our clients on their tax situations and work diligently to minimize their tax liability. Our clients take advantage of our tax planning services throughout the year to avoid unpleasant surprises at tax time. Whether you are an individual, own a business, or hold rental properties, we have the experience and specialized tax knowledge to offer unparalleled service.