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March 2009
Issue: 18
Tax Season In Full Swing!
 
It is the middle of tax season and we are as busy as ever.  If you haven't come in yet, we encourage you to call now to schedule an appointment to get your taxes prepared.  The closer we get to April 15th, the harder it will be for us to get your taxes filed by the deadline.  Please download our Income Tax Data Itemizer and fill out the areas that apply to you prior to your appointment.  If you are a small business owner, then please visit the forms section of our website to download the worksheets to fill out to record the activity in your small business for 2008.  It is much easier for us to prepare your tax return if these forms are completed when you come in for your appointment.  If you have any questions when you are filling out the forms, then please contact us and we can answer your questions for you.  Our extended busy season hours are Monday through Wednesday 9am - 9pm, Thursday and Friday 9am - 7pm, and Saturday hours are 10am - 3pm.  Feel free to call anytime between these hours with questions or to make an appointment.
 
As most of you know, the government passed another multi-billion dollar stimulus package last month.  There are several tax provisions in the package that wil affect you.  Please see the article in this newsletter to learn about all the ways that you can save on taxes as a result of the stimulus package.
 
Enjoy this months newsletter!
 
Millions of taxpayers will take home more money from the almost $790 billion American Recovery and Reinvestment Act expected to be signed into law early this week, but most provisions won't happen automatically.
 
"The Recovery Act gives taxpayers money to spend, incentives to spend it and choices to spend it on," said Amy McAnarney, executive director of The Tax Institute at H&R Block. "There are provisions that pay you now and some that pay you later. But for most individuals, this isn't a check-is-in-the-mail stimulus. Taxpayers will need to have guidance to maximize the benefit."

Read more...
 
The Internal Revenue Service announced that taxpayers who qualify for the first-time homebuyer credit and purchase a home this year before Dec. 1 have a special option available for claiming the tax credit either on their 2008 tax returns due April 15 or on their 2009 tax returns next year. Qualifying taxpayers who buy a home this year before Dec. 1 can get up to $8,000, or $4,000 for married filing separately.
 
In This Issue
Stimulus 2009: Something for Nearly Everyone
Expanded Tax Break Available for 2009 First-Time Homebuyers
Checking the Status of Your Federal Tax Refund is Easy
Upcoming Tax Deadlines
If you already filed your federal tax return and are due a refund, you can check the status of your refund online, in English or Spanish. Where's My Refund? and ¿Dónde está mi reembolso? are interactive tools on the IRS Web site at IRS.gov. Whether you split your refund among several accounts, opted for direct deposit into one account, or asked the IRS to mail you a check, Where's My Refund? and ¿Dónde está mi reembolso? give you online access to your refund information nearly 24 hours a day, 7 days a week.  

Read more...

Upcoming Tax Deadlines 

March 16th - Corporate tax returns are due (Forms 1120 & 1120S).

March 16th - February payroll deposits are due for monthly depositors
 
March 31st - End of 1st Quarter
 
April 15th - Individual Income Tax Returns are due (Form 1040)
 
April 15th - Partnership Tax Returns are due (Form 1065)
 
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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