Sign Up Now to Join Our Newsletter Mailing List Email:

Visit www.vetscher-cpas.com and find out how we can help your and your businesses financial needs. 

About Us Menu ItemServices Menu ItemTax News Menu ItemForms Menu ItemTax Links Menu Item
December 2007
Issue: 6
Year-End Tax Planning
 
It's hard to believe but it is year-end and tax season is right around the corner.  Even though you won't file your tax return until 2008, now is the time to start planning to ensure you won't be in for any suprises when you do file your 2007 Income Tax Return.  Typically, small business owners and anyone that had any significant changes in their tax situation during 2007 (i.e. started a business, saw a large income increase, marriage, etc) should review their income and deductions for 2007 to determine if they will owe or get a refund when they file their 2007 tax return.  We can prepare a tax estimate for you this month and based on that estimate, you would have until the end of the year to take the necessary steps to lower your tax bill.  We do bill for this service, but the tax savings could greatly outweigh the charge for the year-end tax planning and estimate.
 
We included an article this month about the benefits of year-end tax planning.  Please let us know if we can be of any service to you before year-end!
 
Enjoy this months newsletter!
 
Taxpayer refunds could be delayed this tax season due to congress' inactivity to pass a tax bill.

The Internal Revenue Service Oversight Board has sent a letter to the leaders of the Senate Finance Committee saying it is "gravely concerned about the serious risks to the 2008 filing season" if legislation to change the alternative minimum tax is delayed much longer.

Read more...

Year-End Capital Gain Tax Planning

It's usually a lot easier. Helping clients deal with capital gains at year-end usually means adhering to a few well-worn pieces of advice. But changes in two aspects of capital gains add wicked twists in 2007. Here's what to watch and why.

Read more...

IRS Sets 2008 Mileage Rates

The Internal Revenue Service has issued the optional standard mileage rates for calculating the deductible costs next year of operating an automobile for various purposes.

Beginning Jan. 1, 2008, the standard mileage rates for using a car, van, pickup or panel truck is 50.5 cents per miles for business purposes. For medical or moving purposes, the rate is 19 cents per mile. For driving in the service of charitable organizations, the rate is 14 cents per mile.

In This Issue
Taxpayer Refunds Could Be Delayed This Tax Season
Year-End Capital Gain Tax Planning
IRS Sets 2008 Mileage Rates
Tax Strategy: 2007 Year-End Tax Planning
Upcoming Tax Deadlines

Tax Strategy: 2007 Year-End Tax Planning

With 2008 just a few weeks away, tax practitioners finally have their clients' attention on the need for year-end tax planning.

As in prior years, year-end 2007 presents unique tax planning challenges, as well as traditional opportunities. Especially this year, sunset provisions, phase-ins and phase-outs, and inflation adjustments, as well as retroactive and prospective legislative changes and deadlines set in final regulations, all contribute to chasing a moving target.

Read more...

Upcoming Tax Deadlines

 
December 17th - November payroll deposits are due for monthly depositors
 
December 31st - End of 4th quarter.
 
January 15th - 4th quarter estimated tax payments are due for individuals
 
Please let us know if there is anything we can do for you!!

Thomas R. Vetscher, CPA
John T. Vetscher, CPA

651-690-2250

Sign Up Now to Join Our Newsletter Mailing List Email: