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November 2008
Issue: 15
Obama's Tax Plan
 
The election of Barack Obama as the 44th President of the United States means big changes are coming to the tax code within the next couple of years.  What does that mean for you?  Generally speaking, individuals making less than $250,000 will benefit from lower taxes while individuals making more than $250,000 will pay more taxes.   I've included a couple articles in this newsletter detailing several of the changes you can expect to see in the next couple of years.  Several tax opportunities exist now to take advantage of current tax laws before they expire. If you're worried that your taxes are going to be going up in the next couple of years, then please contact us immediately to learn what you can do now to lower your tax bill.
 
The latest and greatest version of QuickBooks was released last month.  As you know, we are an authorized reseller of QuickBooks and can offer all QuickBooks products at a 20% discount.  If you're interested in purchasing or upgrading your QuickBooks software by using this discount, you can order through our website, by clicking on the link in this email, or by calling us.  Please see the article in this newsletter for some of the new features of QuickBooks 2009.
 
Enjoy this months newsletter!
Obama to Push for Another Stimulus Plan
 
President-elect Barack Obama is expected to begin working on passing an economic stimulus package, possibly even before he takes office.

Congress will begin a lame-duck session later this month in which it is expected to consider a short-term stimulus package to boost the economy. "We have a stimulus package on the table that I hope Republicans in the Senate will allow to be taken up in a lame-duck session," said House Speaker Nancy Pelosi, D-Calif.

Read more...
A tax attorney predicts that small businesses and high-net-worth individuals will need tax-planning advice to help protect their assets from anticipated changes in tax law.

"Most immediately, we'll see our clients looking to get the most from estate tax minimization," said Phil Tortorich, who specializes in estate-planning law as a partner at Katten Muchin Rosenman LLP in Chicago. "That will be true through the end of the year, especially as they try to make changes before any major new policies go into effect."
 
Bailout Law is Powered With Energy-Related Tax Breaks
 
The Emergency Economic Stabilization Act of 2008, which was signed into law on October 3, 2008, includes numerous federal tax breaks for energy-related expenditures and activities. Here are 20 highlights:
 
In This Issue
Obama to Push For Another Stimulus Plan
Obama Presidency Could Worry Some Taxpayers
Bailout Law is Powered With Energy-Related Tax Breaks
What's New for Intuit QuickBooks 2009
Upcoming Tax Deadlines
What's New for Intuit QuickBooks 2009
 
Work Smarter, Not Harder. Check out the new features of QuickBooks 2009 that will help you get back to business.
 
Highlighted Features
 
NEW! Company Snapshot
Get a real-time overview of your business, such as customers who owe you money, bills to be paid, and reminders- all on one screen.
 
FREE with purchase of QuickBooks 2009 - Easily create a professional website.  Attract new customers with easy-to-use website creation tools including customizable templates, one-click publishing, and website hosting - no programming required! Look professional without spending thousands of dollars.
 

Upcoming Tax Deadlines

November 15th - Payroll deposits are due for monthly depositors
 
December 31st - End of 2008 tax year.  Last day to take advantage of tax planning opportunities for 2008.
 
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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