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December 2009
Issue: 25
Year-End Tax Strategies
 
It's hard to believe but 2009 is coming to a close and tax season is right around the corner.  Even though you won't file your tax return until 2010, now is the time to start planning to ensure you won't be in for any suprises when you do file your 2009 Income Tax Return.  Typically, small business owners, higher income individuals, and anyone that had any significant changes in their tax situation during 2009 (i.e. started a business, saw a large income increase, marriage, etc) should review their income and deductions for 2009 to determine if they will owe tax or get a refund when they file their 2009 tax return.  We can prepare a tax estimate for you this month and based on that estimate, you would have until the end of the year to employ various tax strategies to lower your tax bill.  If you're curious what you can do before the end of the year to help your tax situation, we have included a couple articles in this newsletter with some year-end tax planning ideas.
 
Enjoy this months newsletter!
 
Year-end tax planning always makes sense, but this year it's especially vital.

Convulsions in the markets and the economy have shifted the ground beneath many taxpayers, and next year may bring major tax changes as lawmakers confront the record deficit
.
Bottom line: review your taxes before it's too late. "Too often, I can't do anything for people who come to me in February," says Douglas Stives, an accountant with Curchin Group in Red Bank, N.J.
 
Here are areas especially relevant now.
 
 
With the end of the year quickly approaching, evaluating your possible deductions, tax credits, and write-offs before the end of the 2009 tax year could make 2010 a great year.
 
Many Business Tax Deductions May Be Going Away
 
Businesses will have to act soon on a bevy of tax breaks before they expire at the end of the year.  Many of the tax incentives that Congress put in place in the American Recovery and Reinvestment Act are set to disappear unless Congress takes action quickly to extend them.
 
10 Tips to Ensure Year-End Charitable Contributions Can Be Deducted
 
The year-end charitable giving season is upon us, and you don't want to miss out on the federal tax rewards available for charitable contributions.
 
"Generosity is its own reward, but that doesn't mean you should miss out on the tax benefits of your gifts," said Justin Ransome, a partner in Grant Thornton's National Tax Office. "Many people don't realize how detailed the charitable giving rules actually are."
 
In This Issue
Smart Year-End Tax Moves for Individuals
Tips to Maximize Your 2009 Tax Return
Many Business Tax Deductions May Be Going Away
10 Tips to Ensure Year-End Charitable Contributions Can Be Deducted
Year-End Tax Strategies for Businesses
Upcoming Tax Deadlines
 
Tax planning in 2009 presents some unique challenges for entrepreneurs. It's been a rough year financially for many small businesses, and common tax strategies may not apply this time around. And there's a lot of uncertainty, both about next year's economic outlook and about legislation that may pass late this year.
 
It's always a good idea to meet with your accountant before year's end, says John Evans, a partner at accounting and consulting firm BDO Seidman who specializes in small and midsize businesses. This is a time to go over your firm's performance so far this year, estimate revenues for the rest of the year, and set projections for next year.
 

Upcoming Tax Deadlines

December 31st - End of 2009 Tax Year.  Last day to take advantage of tax planning opportunities for 2009.
 
January 15th - Final estimated tax payment is due for individuals
 
January 31st - Payroll tax returns are due for the 4th quarter.
 
January 31st - W-2's and 1099's must be sent out to employees.
 
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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