Year-round, personalized service

 

We talk to our clients, and are available throughout the year to advise on life changes or IRS problems that arise. 

There will inevitably be events that impact your tax responsibilities such as the birth of a child, start of a new business, sale or purchase of a home or inheritance from your parents. 

We analyze your life changes not only for tax risks, but for opportunities, as well.

Review new tax laws and changes such as those occurring in 2010 plus items of concern: 
1. Deduction of Health Insurance by self-employed.

2. First-time Home buyer Credit. 
3. AMT Exemption Patch 
4. Tax rates. 
5. Understand the tax effects on Roth Conversions.
6. Offset against from W-2 G, gambling winnings that can be reported on page 1 of form 1040 for each casino visit.
7. New requirements for grouping passive losses. 
8. Major changes in Health Care benefits. 
9. Applying annuity and life insurance policies for long-term care. 
10. Changes in principal Residence Energy Credit. 
11. Foreign Bank account Reporting. 
12. Tax Preparer required to have PTIN Number. 
13. Increase in information returns and late filing penalties. 
14. Elective deferral of Business Debt Relief Income. 
15. Increase in section 179 expensing allowance. 
16. Credit for Small Employer Health Coverage. 
17. Small Business Tax Credits- will carry back to prior five years. 
18. Payroll Tax forgiveness and tax credit for 2010 
19. You must now know the difference between Employee Vs Subcontractor 
20. For non-cash donation of over $500 you must provide the following in addition to photos of items contributed:

1) Date of Contribution(S) 
2) Organization 
3) Address 
4) Item 
5) How Item was acquired 
6) Valuation Code (T- Thrift Shop Value or Comparable sales). 
7) Purchase Date 
8) Purchase Cost


21. Use of the accrual basis to cash basis-taking allowable deductible expenses. 
22. Vehicle Business Mileage rate has gone to .51 cents per mile for 2011 Call or email me on any questions you may have concerning the above topics.