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You can avoid headaches at tax time by keeping track of your receipts and other records throughout the year. Good record-keeping will help you remember the various transactions you made during the year, which in turn may make filing your return less, well, taxing. |
Archive for October, 2010
Advantages of Keeping Good Records
Friday, October 15th, 2010Key Tax Developments During the Third Quarter
Friday, October 15th, 2010|
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| The following is a summary of the most important tax developments that have occurred in the past three months that may affect you, your family, your investments, and your livelihood. Please call us for more information about any of these developments and what steps you should implement to take advantage of favorable developments and to minimize the impact of those that are unfavorable. (more…) |
Savings for College – 529 Plans
Wednesday, October 13th, 2010|
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| What is a 529 plan? 529 plans are investment vehicles designed to help families pay for future expenses associated with college or other qualified post-secondary training. Though contributions to a 529 plan are not deductible, these plans offer other tax advantages. All 50 states and the District of Columbia sponsor at least one type of 529 plan. (more…) |
Don’t Get Frustrated – Get Help! Overview of QuickBooks Educational Tools
Tuesday, October 12th, 2010|
Chris Blach, QuickBooks ProAdvisor |
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When you first cracked your copy of QuickBooks, you likely wanted to dive in and start generating invoices. Fortunately, QuickBooks is so intuitive that you were able to do just that. And its help system is so robust that you were able to get procedural questions answered quickly and easily. But there’s a lot to be said for backing up a bit and taking advantage of the myriad educational tools that QuickBooks offers. Even if you’ve been using the program for months, you may want to explore them. You’ll not only save time with the help system, but you may find better ways of performing tasks. |
Are You Enjoying a Hobby – or Running a Business? Why it Matters
Thursday, October 7th, 2010|
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Millions of Americans use hobbies to relax and take their mind off work. But hobbies that turn a profit – such as sewing, woodworking, fishing, gardening, stamp and coin collecting – may actually be considered businesses by the IRS. So, when does a hobby become a business and how does that change the tax implications? |
Financial Tips for October 2010
Tuesday, October 5th, 2010|
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Asset Allocation Adjustments Health Spending Checkup If your plan doesn’t allow unspent money to be carried over, then you may want to incur discretionary medical, dental, or optical costs prior to year-end. If you do not participate in such a plan, find out if one is available at your company. Also find out if you are eligible for a Health Savings Account. Review Budget vs. Actuals Estimate Your 2010 Tax Liability |
2011 Changes to Flexible Spending
Tuesday, October 5th, 2010|
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The Affordable Care Act, enacted in March, established a new uniform standard that, effective January 1, 2011, applies to Flexible Spending Arrangements (FSAs) and health reimbursement arrangements (HRAs). Under the new standard, the cost of an over-the-counter medicine or drug cannot be reimbursed from the account unless a prescription is obtained. The change does not affect insulin, even if purchased without a prescription, or other health care expenses such as medical devices, eye glasses, contact lenses, co-pays, and deductibles. The new standard applies only to purchases made on or after January 1, 2011, so claims for medicines or drugs purchased without a prescription in 2010 can still be reimbursed in 2011, if allowed by the employer’s plan. |
Federal Tax Due Dates for October 2010
Tuesday, October 5th, 2010|
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Relief for Homeowners with Corrosive Drywall
Tuesday, October 5th, 2010|
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| The Internal Revenue Service issued guidance providing relief to homeowners who have suffered property losses due to the effects of certain imported drywall installed in homes between 2001 and 2009.Affected taxpayers will be able to treat damages from corrosive drywall as a casualty loss and provides a ”safe harbor” formula for determining the amount of the loss. (more…) |
Extension Filers, Non-Profits Face Oct. 15 Deadlines
Tuesday, October 5th, 2010|
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| Oct. 15 is fast approaching and is a key deadline for millions of individual taxpayers who requested an extension to file their 2009 tax returns. It is also a crucial due date for thousands of small nonprofit organizations at risk of losing their tax-exempt status because they have not filed the required forms in the last three years. “The Oct. 15 deadline is particularly important this year because it’s the last chance for many small charities to comply with the law under the one-time relief program the IRS announced in July,” said IRS Commissioner Doug Shulman. “And as always, it’s an important deadline for taxpayers who took an extension to file their returns.” (more…) |
