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June 2008
Issue: 10
Stimulus Payments
 
We have been getting a lot of phone calls regarding the stimulus payments that started going out last month.  Most of you should have received it by now unless you opted to receive the payment by paper check.  Several clients have called saying they did not receive as much as they thought they were going to get and some have called saying that they haven't received the payment at all, even though they should have by now.  Like all things with the tax code, the stimulus payment is based on a complex formula and subject to limitations.  I included a link in this newsletter to the IRS webpage that inclues all of the information regarding the stimulus payment.  You can also check the status of your stimulus payment on the IRS website by entering your social security number and other pertinent information.  This should help answer a lot of your questions about the stimulus payments.  If not, you can always call or email us and we should be able to answer any questions you may have.
 
We also included an article about IRS Notices you may receive in the mail.  Whenever you receive a notice from the IRS or state taxing authority, you should always contact us first.  Most of the time these notices can be resolved in a quick and efficient manner, and we will be able to provide you with the proper course of action.
 
Enjoy this months newsletter!
 
Another April 15 has come and gone, and millions of taxpayers still haven't filed their tax returns. About 10.3 million Americans were expected to file for automatic six-month extensions this year, up from 10 million last year, according to Internal Revenue Service estimates earlier this year. But some people didn't even bother getting an extension.
 
Estimates peg health insurance premium increases for 2008 at about 8.7%, on average. This is more than double the 4.1% Consumer Price Index increase for 2007. Escape hatch: One of the key ways to make health coverage affordable for sole proprietors and business owners is through tax breaks.

Read More...
What To Do If You Receive an IRS Notice
 
It's a moment many taxpayers dread. A letter arrives from the IRS - and it's not a refund check. Don't panic; many of these letters can be dealt with simply and painlessly.

Each year, the IRS sends millions of letters and notices to taxpayers to request payment of taxes, notify them of a change to their account or request additional information. The notice you receive normally covers a very specific issue about your account or tax return. Each letter and notice offers specific instructions on what you are asked to do to satisfy the inquiry.
 
In This Issue
What Happens If You Haven't Filed A Tax Return?
How Business Owners Can Boost Health-Care Deductions
What To Do If You Receive An IRS Notice
Economic Stimulus Payments Information Center
Upcoming Tax Deadlines

Economic Stimulus Payments Information Center

Since the payments began, the IRS has been fielding a variety of questions on the payment schedule and amounts, factors affecting direct deposit of payments and the eligibility requirements. Check out our answers to the most frequently asked questions. More questions? Check out our other frequently asked questions.

Upcoming Tax Deadlines

  
June 15th - The 2nd estimated tax payment is due for individuals
 
June 30th - End of 2nd Quarter
 
July 31st - Federal and state quarterly payroll returns are due for businesses
 
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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