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August 2010
Issue: 30
New Website and Property Tax Returns Due
 
I hope everyone is having a great summer!  One thing I have been sepnding a lot of time on this summer is updating and enhancing our website.  We launched the new site last week with several new features and improvements.  I added a Resources page that includes many tax calculators that can be used on a regular basis by many of our clients.  I also expanded on our Services page and added a QuickBooks page that details all of the QuickBooks related services that we offer and allows our clients to purchase QuickBooks software online at a discount.  Check out the new site and let me know what you think.
 
We would like to remind all of our Minnesota clients that the MN Property Tax Refund Return needs to be filed by August 16th.   Individual homeowners and renters are eligible for the Property Tax Refund.  You qualify if your income is below a certain amount and you paid rent or property taxes in 2009.  If you think you might qualify, please contact us and we can determine if you are eligible for a refund or not.  During tax season, we keep a list of clients who might be eligible for this refund.  In the summer months, we review this list and file the property tax returns for those that are eligible.  We have filed them for a lot of you already and you should be receiving a copy of the return in the mail from us, if you haven't already.  If you haven't heard anything from us and if you think you might qualify, then please let us know.

Enjoy this month's newsletter!
 
Believe it or not, 2010 is already half over. And while you're seeking relief indoors from the heat, you might make use of this respite to think about your taxes.
 
Yeah, yeah. That's not the summer fun you'd planned. We get it. But as Hunt Valley, Md. financial planner and CPA Drew Tignanelli puts it,"The best time to do tax planning is in the year you're planning for." And with six months left in 2010, there's plenty of time for you to make strategic moves that can help reduce your tax bill next April.
 
Six Ways To Avoid Capital Gains Tax
 
Pity that poor billionaire Philip Anschutz. He tried to cash out of positions in Anadarko and Union Pacific without having to pay immediate tax on the appreciation. The IRS gave him a good slapping around, and so far he's losing in court, too.
 
Don't let this happen to you. There are ways to duck cap gain taxes. We'll look at several classic techniques.
 
In This Issue
Your Midyear Tax Checkup: Make Sure You're Square with Uncle Sam
Small Business Financial Checkups Get Complicated
Tax Foundation Offers Bush Tax Cuts Calculator
Upcoming Tax Deadlines

Tax Foundation Offers Bush Tax Cuts Calculator

If you are worried about the potential of tax rates increasing as soon as next year, then you should learn about how higher taxes will affect you.
 
The nonprofit Tax Foundation has introduced an online calculator that allows taxpayers to compare how they would fare if all the Bush tax cuts expired as scheduled at the end of this year.  This would mean higher taxes for all individuals as pre-2001 tax rates would return.
 
The calculator also allows taxpayers to try out two other possible scenarios: what would happen if the Bush tax cuts of 2001 and 2003 were extended into 2011 or made permanent, or what would happen if President Obama's budget is adopted, which includes a combination of expirations and extensions.
 

Upcoming Tax Deadlines

August 16th - Minnesota Property Tax Refund Returns are due
 
 
August 16th - July payroll deposits are due for monthly depositors.
 
September 15th - Extended deadline to file 2009 C Corp, S Corp, & Partnership tax returns 
 
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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