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December 2010
Issue: 33
A Word of Thanks and Year-End Taxes
 
First, I want to thank everyone for the enormous outpouring of support over the last two months.  It has been a very difficult time for me, my family, and everyone in the office.  However, we are moving forward and that wouldn't have been possible without all of the thoughts and prayers from all of you.  Your kind words have helped us deal with this loss and made us realize how important Jack was to all of you.  Although it won't be easy to live up to his standards, I will do my best to fill his shoes and keep his legacy alive.  I hope you continue to work with us and I will strive to develop the same type of relationship with you as Jack did.
 
I have been interviewing several CPA's over the last couple of weeks.  We will be hiring two of them to help me out during the tax season.  I was very pleased with the quality of candidates I interviewed and I know we will get two extremely qualified people with several years experience preparing individual and small business tax returns.  They will be starting in early January and I will provide more details about them in our next newsletter.

Meanwhile, year-end has snuck up on us pretty quick.  It is now tax planning season.  Typically, small business owners, higher income individuals, and anyone that had any significant changes in their tax situation during 2010 (i.e. started a business, saw a large income increase, marriage, etc) should review their income and deductions for 2010 to determine if they will owe tax or get a refund when they file their 2010 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.  Let me know if would like like us to take a look at your tax situation before year-end.

As always, if you have any questions or concerns, please don't hesitate to give me a call or shoot me an email.

Enjoy this month's newsletter!

President Obama announced a deal Monday evening to extend the Bush-era tax rates for two years, as well as other tax breaks and unemployment benefits, after Republican and Democratic congressional leaders forged a compromise in meetings with administration officials.


In This Issue
Tax Cuts Extended for 2011 and 2012
5 Year-End Tax Saving Moves for Business Owners
Upcoming Tax Deadlines

5 Year-End Tax Saving Moves for Business Owners  

 

The end of the year is usually a hectic time for business owners, who are scrambling to wrap up activities while planning ahead for the new year. This December is particularly challenging because of continuing tax uncertainty. As a small-business owner and tax expert, I've decided to focus on what is known rather than on what is not known about tax rules, and to take year-end actions that are helpful regardless of possible changes to tax rules.

 

Here are five steps that I recommend taking before year's end.

 

Upcoming Tax Deadlines


December 31st - End of 2010 tax year and last day to make tax planning decisions.

January 15th - Final 2010 estimated tax payment is due for individuals.

 
Please let us know if there is anything we can do for you!!
 

Thomas R. Vetscher, CPA

651-690-2250

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