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May 2008
Issue: 9
Another Tax Season in the Books
 
We survived another tax season!  This tax season was the busiest yet and we made it through without any issues.  It was great to see everyone and we really appreciate your business and continued support.  If any of you have any questions about your recently filed taxes, the stimulus payments, or any other tax or accounting issues, please don't hesitate to give us a call or email.  If you missed the deadline and still need to file your tax return, please contact us to set up an appointment.  The sooner you get your return filed, the sooner you will receive your stimulus payment.
 
The stimulus payments started going out last week.  If you haven't received the rebate yet, you should see it in your bank account within the next 2 weeks.  If you opted to receive a paper check, it will take a little longer to receive the rebate check in the mail.  Included in this newsletter is a rebate payment schedule which will tell you exactly when you should be receiving your rebate check.
 
Enjoy this months newsletter!

The Internal Revenue Service reminds taxpayers who owe but can't pay in full that several options are available to help them meet their tax obligations and save money by the April 15 filing deadline.

Taxpayers should file their return on time, pay as much as they can with their return and use IRS.gov if they need to request a payment agreement.

Read more...

New Law Provides Two Important Business Tax Breaks
 
On February 13, President Bush signed the Economic Stimulus Act of 2008, which contains the valuable rebates for individual taxpayers. In addition, the new law includes two significant business tax breaks in the form of bigger depreciation write-offs:
 
- Bigger Section 179 depreciation deductions are allowed for qualifying assets placed in service in tax years beginning in 2008. Under the Section 179 deduction privilege, many small and medium-sized businesses can instantly depreciate most or all of the cost of qualifying new and used assets in the year they are first placed in service.
 
In This Issue
Payment Options Available for Those Who Can't Pay In Full
New Law Provides Two Important Business Tax Breaks
Stimulus Payment Schedule
Upcoming Tax Deadlines

Stimulus Payment Schedule

For taxpayers that filed their tax returns by the April 15th deadline, the economic stimulus payments will be issued according to the last two-digits of the main filer's Social Security number. For joint filers, the payments will go out based on the person listed first on the return. Payments will be made by either direct deposit or paper check, consistent with how people filed their 2007 tax return. 

Read more...

Upcoming Tax Deadlines

 
May 2nd - First round of stimulus payments are sent out
 
May 15th - April payroll deposits are due for monthly depositors
 
June 15th - The 2nd estimated tax payment is 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

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