Watch Your Wallet, 2008
2008
- Tax Breaks For "Commuting" From Your Home Office Although somewhat confusing, working through the details of work-related travel from a home office may net you a substantial tax deduction.
- Harvesting Stock Losses for Tax Savings If you've got some losers in your taxable investment accounts, read why now might be a good time to sell them.
- IRS Announces 2009 Standard Mileage Rates The new rates for business, medical and moving purposes are slightly lower than rates for the second half of 2008.
- Mutual Fund Buyers: Beware of a Potential Tax Surprise! Are you considering buying mutual funds in a taxable account (as opposed to an IRA or 401K)? If so, learn how to avoid a potential tax gotcha.
- New IRS Audit Initiatives for Businesses The IRS is getting smarter about whom it audits.
- Pre-Retirement Checklist As you approach retirement, there are various matters that you should take care of. Here are some of the items you should check.
- Events Requiring An Estate Plan Update Generally, your estate plan should be reviewed every two years to determine whether it needs to be changed or updated. However, when certain events occur, you'll probably need to update your estate plan.
- First Look: QuickBooks 2009 Is an upgrade worth it? We explore some of the improvements and offer a big caution on the upgrade.
- 9 Year-End Tax Saving Ideas For Individuals There are a number of steps you might take by year-end to cut your 2008 tax bill.
- 6 Year-End Tax Saving Ideas For Businesses Some potential tax-saving moves should be taken no later than Dec. 31, 2008 for businesses on the calendar year.
- Recent IRS Warning - Form 1099-OID Fraud The IRS cautions taxpayers to avoid getting caught up in a new tax fraud disguised as a debt payment option for credit cards or mortgage debt.
- Tax Credit to Aid First-Time Homebuyers First-time homebuyers should begin planning now to take advantage of a new tax credit included in the recently enacted Housing and Economic Recovery Act of 2008.
- Tax Facts About Capital Gains and Losses Here are a few tax facts about capital gains and losses.
- Delay Home Energy Efficiency Improvements New tax laws might make it prudent to wait.
- 16 Bank Reconciliation Tips and Tricks for Quickbooks Although it may seem like drudgery, reconciling your bank account is a critical accounting task that you should carry out each month. Doing so helps ensure the integrity of your financial reports, since most of your accounting transactions ultimately affect cash in some fashion.
- Tax Changes in the Emergency Economic Stabilization Act of 2008 Washington has passed a massive rescue plan to help restore confidence in the financial markets. The new law includes more than $150 billion in tax incentives as well as some important "revenue raisers".
- California Budget Brings Tax Changes California's latest budget contains some tax changes that may affect you.
- Is Your Activity a Hobby or a Business? We explore how the IRS treats them differently for tax purposes, and how getting it wrong could cost you.
- Why Keep Good Records? Good record-keeping will help you remember the various transactions you made during the year, which in turn may make filing your return a less taxing experience.
- Living Trusts 101 Do you need a living trust? Here's some of the basics on living trusts to help you figure that out.
- Financial Planning Tips for October 2008 Helpful reminders to keep you in better financial shape.
- Seven Ways to Search QuickBooks Find that needle-in-a-haystack!
- Business is great and ... Referrals are our #1 source of new business.
- Like this newsletter? Pass it on. We try to make our monthly newsletter as useful as possible for our clients and friends. We encourage you to forward it to people who might benefit from it, and we encourage them to sign up!
- IRS Raises Mileage Allowance
If you drive a car or truck, you've probably noticed that gas is pricey! With gas prices so high, it's important to choose the right way to deduct car and truck expenses.
- Housing Bill Offers Tax Opportunities and Traps On Wednesday, July 30, President Bush signed the "Housing and Economic Recovery Act of 2008." While the bill focuses on protecting lenders and preventing foreclosures, there are three other tax provisions worth noting.
- Economic Stimulus Payments for Extension Filers
If you filed a Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, you can still receive an Economic Stimulus Payment for 2008.
- Tips for Recently Married or Divorced Taxpayers
Newlyweds and the recently divorced should ensure the name on their tax return matches the name registered with the Social Security Administration. A mismatch could unexpectedly increase a tax bill or reduce the size of any refund.
- What Income is Taxable? Nontaxable?
Generally, most income you are taxed on income that is available to you regardless of whether it is actually in your possession, constructive receipt of income. But there are some situations when certain types of income are partially taxed or not taxed at all.
- Gift Taxes
Do you have to pay tax on a gift you give?
- Tax Due Dates for September 2008
See the September tax due dates.
- A Great SIMPLE Retirement Plan for the Self-Employed
SIMPLE plans really shine for self-employed business owners, and here's why.
- Financial Planning Tips for September 2008
Create a Living Will, update your will, and review your Budget vs. Actuals
- Should You Invest in Life Insurance?
Life insurance protects your family in the event of death. Most people do not have the right amount of insurance. It is important to determine the amount that suits your needs.
- Ten Overlooked QuickBooks Reports That You Should Use
Just about every QuickBooks user relies on the Report Center and Reports menu, but if you’re like most, you have a small handful of reports that you tend to rely on. In this article we’ll go off the beaten path and explore ten reports that many users overlook.
- August 2008
Feature Articles
• Cash Flow - The Pulse of Your Business • Planning Retirement Withdrawals • Credit Reports: What You Should Know Tax Tips
• Selling Your Home Without the Tax Hit • IRS Changes Business Tax Filing Extension • What to do if You Haven't Filed Your 2007 Return • IRS Offers Basic Hints to Help New Small Business QuickBooks Tips
• Use Accounting Ratios to Stave Off Financial Problems Financial Planning Tips
• Prepare a Post Mortem Letter • Get Your Social Security Statement of Benefits • Review Your Budget vs Actuals for July • Estimate Your Tax Liability - July 2008
Feature Articles
• Standard Mileage Rates Increase • Use It or Lose It Health Plan Alternatives • Kiddie Tax Age Limit Change • Saving For College With 529 Plans Tax Tips
• Do You Need to Pay Estimated Taxes? • Getting Married? Filing Status Considerations • Coverdell Education Savings Accounts • Home Office Deduction QuickBooks Tips
• Profit & Loss Report Versus Statement of Cash Flows Financial Planning Tips
• Estate Plan Checkup • Examine Property Tax Bills • Budget vs. Actuals • Investment Review - Summer Travel Tax Deductions As the summer travel season is almost upon us, a portion of your summer travel may be tax-deductible. If your travel is primarily for business or for career-related education, then a portion of the trip may be tax-deductible. As long as most of your travel days are for business purposes, you can deduct the cost of travel (airfare, trains, car), hotel, parking, taxi service, meals, etc. – Travel expenses.
- Tax Due Dates for June 2008
- Tips on Tips Do you get tips in your line of work? Here are some tax tips about tips.
- IRS Changes Health Savings Account Limits The IRS issued new guidance on the maximum contribution levels for in 2009 for Health Savings Accounts (HSAs) and out-of-pocket spending limits for High Deductible Health Plans (HDHPs) that must be used in conjunction with HSAs.
- Are Your Social Security Benefits Taxable? How much, if any, of your Social Security benefits are taxable depends on your total income and marital status.
- Cut Taxes on the Sale of Your Home Despite the slumping real estate market, houses are still being sold and there is money to be made. Sellers need to take a close look at the exclusion rules and cost basis of your home to reduce taxable gain on your house.
- QuickBooks Helps You Navigate Tricky Waters Now it’s more important than ever to keep a close eye on your company’s performance.
- Financial Planning Tips for June 2008
- Beware of Economic Stimulus Check Scams The Internal Revenue Service continues to warn taxpayers to beware of several current email and telephone scams that use the IRS economic stimulus payments as a lure.
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