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October 2008
Issue: 14
Extended Individual Tax Return Deadline October 15th
 
If you haven't filed your 2007 Individual Income Tax Return yet, you must get it filed by October 15th.  If you don't file by the deadline, then you will lose the economic stimulus payment that you are entitled to.  Please read the srticle in this newsletter to learn more about the economic stimulus payment.  This is your last chance to file and receive the payment from the government.  If you need to file you return, then please contact us as soon as possible and we will get the return filed by the deadline and ensure you get the refund from the government.
 
Enjoy this months newsletter!
 
You must file a return by October 15th to receive a payment prior to year's end. It can take up to eight weeks for the IRS to process the return and issue the check.

People who have no tax filing requirement but have at least $3,000 in qualifying income should file a simple Form 1040A to claim the minimum payment of $300 ($600 for married couples) plus the $300 payment for each qualifying child younger than 17 as of Dec. 31, 2007. Qualifying income includes any combination of earned income, nontaxable combat pay as well as certain payments from the Social Security Administration, Department of Veterans' Affairs and the Railroad Retirement Board.

Read more...
 
A new Web site uses a financial modeling program to calculate a user's taxes under either of the major presidential candidates.
 
Business modeling software developer Quantrix collaborated with Professor Jeffrey Gramlich of the University of Southern Maine to develop the online tool, which can be found at www.ElectionTaxes.com. The tool aims to help individuals assess the impact of the tax policies proposed by Senators John McCain, R-Ariz., and Barack Obama, D-Ill.
 
In This Issue
It's Not Too Late to Claim Your Economic Stimulus Payment
Web Site Computes Taxes Under Obama, MCcain Plans
Tax Credit For First Time Homebuyers
Upcoming Tax Deadlines
 
First-time homebuyers should begin planning now to take advantage of a new tax credit included in the recently enacted Housing and Economic Recovery Act of 2008. Available for a limited time only, the credit:applies to home purchases after April 8, 2008, and before July 1, 2009. The credit 
 
-  Reduces a taxpayer's tax bill or increases his or her refund, dollar for dollar
 
Is fully refundable, meaning that the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax that they owe.
 

Upcoming Tax Deadlines

October 15th - Extended  Individual & Partnership Tax Returns are due (Form 1040 & Form 1065)
 
October 31st - Quarterly payroll tax returns are due for the 3rd quarter.
 
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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