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July 2009
Issue: 20
Happy 4th of July!
 
We hope everyone is having a great summer and wish you all a wonderful 4th of July weekend!
 
You all should have noticed an adjustment to the withholding on your paychecks by now.  This adjustment is the 2009 version of the government stimulus payments.  For most of you, this adjustment should not require you to make any changes to your withholding.  However, if you work multiple jobs or are high wage earners, then you may need to adjust your withholding so you won't owe money come tax time.  I included an article in this newsletter outlining various scenarios in which you should adjust your withholdings to offset the reduced government withhilding.  If you feel you might be affected by this, please contact us and we can let you know what steps must be taken.
 
We'll be working hard throughout the summer, so if you have any questions about your business or taxes, please don't hesitate to contact us.

Enjoy this month's newsletter!
 
With 2009 nearly half over, the Internal Revenue Service reminds individual taxpayers there is no better time to check their 2009 federal income tax withholding levels to make sure they do not face any surprises when returns are due next spring.

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One in 10. That is how many Americans economists predict could be unemployed by year's end. Yet, 8 in 10 taxpayers believe they won't have to pay taxes on unemployment benefits, according to a survey conducted by The Tax Institute at H&R Block.
 
As more families refinance their mortgages, are forced into foreclosure or find other ways to cancel their mounting debt, the last thing that may be on their minds is the potential tax consequences of their actions.
 
In This Issue
Check Withholding to Avoid a Tax Surprise
As Unemployment Rises, So Does Confusion on Tax Implications
Tax Consequences for Forgiven Debt
Should You Buy or Lease a Business Car?
Upcoming Tax Deadlines
The choice of whether to buy or lease a business car depends on many factors. And calculating the true, after-tax cost is not a simple task. Obviously, you must compare similar deals (for example, a 48-month lease and a 48-month loan for the same

Read more...

Upcoming Tax Deadlines 

July 15th - June payroll deposits are due for monthly depositors

July 31st - 2nd quarter payroll returns are due for employers
 
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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