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January 2008
Issue: 7
Tax Season Is Here!
 
Tax season has arrived and it is time to start getting your tax information organized to file your 2007 tax return.  We are currently taking appointments to prepare 2007 tax returns and we will begin e-filing the returns on January 11th.  Most of you should have your W-2's and other tax documents by the first week of February and we encourage you to call now to schedule an appointment to get your taxes prepared.  Please download our Income Tax Data Itemizer and fill out the areas that apply to you prior to your appointment.  If you are a small business owner, then please visit the forms section of our website to download the worksheets to fill out to record the activity in your small business for 2007.  It is much easier for us to prepare your tax return if these forms are completed when you come in for your appointment.  If you have any questions when you are filling out the forms, then please contact us and we can answer your questions for you.  Our extended busy season hours are Monday through Wednesday 9am - 9pm, Thursday and Friday 9am - 7pm, and Saturday hours are 10am - 3pm.  Feel free to call anytime between these hours with questions or to make an appointment.  For those that live out of state or prefer not to make an appointment, the option is available for you to mail or email us your tax information.  We encourage everyone to make an appointment earlier in the year as we get very busy the closer it gets to April 15th and we cannot guarantee a timely filed return if you schedule an appointment for early April.  We also mailed out our annual newsletter with additional information.  If you did not receive the mailing, then you can download it here.
 
We wish you a very happy 2008 and we look forward to seeing you during the next couple of months!  Enjoy this months newsletter!

This year, some early filers may have to wait a few extra weeks for their refunds. The delay is due to the Alternative Minimum Tax (AMT) legislation enacted in December.

Most tax filers will not be affected by the AMT legislation. The delays in processing and refunds will be experienced only by those who include any of the following five forms with their 2007 individual income tax return:

Read more...

Seven Ways To Get A Jumpstart on Your Taxes

Earlier is better when it comes to working on your taxes. Taxpayers are encouraged to get a head start on tax preparation, especially since early filers avoid the last minute rush and get their refunds sooner.

Here are seven easy ways to get a good jump on your taxes long before the April deadline is here:

Read more...

In This Issue
Will Your Refund Be Delayed?
Seven Ways To Get A Jumpstart on Your Taxes
Set Up Your Business as a Single-Member LLC
Upcoming Tax Deadlines
 
Limited liability companies (LLCs) are increasingly popular alternatives to partnerships and corporations as entities for doing business.

Benefits: LLCs generally enjoy partnership tax treatment. Therefore, they are not subject to the corporate income tax.

In addition, the "limited liability" in their name means that LLCs provide their business owners (known as LLC members) with creditor protection. This usually allows members to shelter their personal assets from claims related to the LLC's business.

Read more...

Upcoming Tax Deadlines

 
January 15th - December payroll deposits are due for monthly depositors
 
January 15th - 4th quarter estimated tax payments are due for individuals
 
January 31st - 4th quarter payroll returns are due.
 
January 31st - Employers must distribute 2007 W-2's and 1099's to it's employees.
 
March 15th - Corporate tax returns are due (Forms 1120 & 1120S).
 
Please let us know if there is anything we can do for you!!

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

651-690-2250

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