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November 2009
Issue: 24
Congress Extends First-Time Homebuyer Credit; QuickBooks 2010 Released
 
The First-Time Homebuyer Tax Credit that was scheduled to expire on November 30th was extended by congress until April 30, 2010.  The credit allows first-time homebuyers to claim an $8,000 tax credit when they purchase a home.  The new bill also extends the credit to existing homeowners, allowing them to claim a $6,500 tax credit on the purchase of a new home.  I included an article in this newsletter with more details on this legislation.
 
The latest version of QuickBooks Financial Software was released last month.  Each year, QuickBooks releases a new version of the software that includes many improvements and additional features that weren't included in previous years.  We included an article in this newsletter detailing the new features of QuickBooks 2010.  If you already use QuickBooks, I recommend upgrading your software every 2 to 3 years to take advantage of the improvements and additional functionality.  If you are thinking about using QuickBooks for the first time, please click on the QuickBooks ad at the bottom of this newsletter to learn about the different products offered.  We are a QuickBooks affiliate so you can purchase QuickBooks through the ad below or through the QuickBooks page on our website at a 20% discount.  You can also download a free version of QuickBooks Simple Start, the most basic version of QuickBooks, at www.quickbooks.com.
 
Enjoy this months newsletter!
 
The Senate voted by a 98-0 margin to extend the First-Time Homebuyer Tax Credit while also expanding the credit to existing homeowners who want to move to another residence.
 
Prepare for a Roth IRA Conversion Opportunity
 
Taxpayers who convert a traditional IRA into a Roth IRA can enjoy a number of tax advantages. However, there's always been a problem for higher-income folks. You can't convert a traditional IRA into a Roth in a year when your modified adjusted gross income (MAGI) exceeds $100,000.
 
Good news: The $100,000 restriction will disappear at the end of this year. Starting in 2010, you can convert a traditional IRA into a Roth no matter how high your income.
 
Read more...
In This Issue
Senate Extends Homebuyer Tax Credit
Prepare for a Roth IRA Conversion Opportunity
What's New in QuickBooks Pro and Premier 2010
Upcoming Tax Deadlines
 
QuickBooks 2010 helps your business be more profitable. New features help you get insight into every dollar going in and out of your business, and help you be more efficient so you spend time on what's most important.
 
New features include a company snapshot page, a document management system, and the ability to add or edit multiple list entries at once.
 

Upcoming Tax Deadlines

December 31st - End of 2009 Tax Year.  Last day to take advantage of tax planning opportunities for 2009.
 
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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