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January 2010
Issue: 26
It's Tax Time!
 
I hope everyone had a wonderful and relaxing holiday season!  With the holidays over, that means that tax season is upon us.  It is time to start getting your tax information organized to file your 2009 tax return.  There were over 100 tax law changes again this year and they affect just about every taxpayer in one way or another.  It is very important that you take advantage of every deduction that you are entitled to.  We are currently taking appointments to prepare 2009 tax returns.  Most of you should have your W-2's and other tax documents by the first week of February and we encourage you to call now to schedule an appointment to get your taxes prepared.  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 2009.  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 - 8pm, 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.  For those that live out of state or prefer not to make an appointment, the option is available for you to mail, email, or drop off your tax information.  We encourage everyone to make an appointment earlier in the year as we get very busy the closer it gets to April 15th and we cannot guarantee a timely filed return if you schedule an appointment for early April.
 
We wish you a very happy 2010 and we look forward to seeing you during the next couple of months!  Enjoy this months newsletter!
 
In 2009, numerous new and expanded deductions and credits came into being for a broad cross-section of taxpayers: College tax benefits for parents and students; energy credits for homeowners who are going green; and even tax breaks for home buyers and car buyers.

Following is a summary of these and other key changes taxpayers will find when they start preparing their 2009 federal income tax returns.
 
 
Many tax preparation businesses will be taking advantage of a new IRS initiative aimed at helping taxpayers build their nest eggs by allocating a portion of their tax refund toward the purchase of U.S. savings bonds.
 
In This Issue
2009 Tax Law Changes Provide Saving Opportunities for Nearly Everyone
Tax Refunds Can Go into Savings Bonds This Year
IRS Announces 2010 Standard Mileage Rates
Upcoming Tax Deadlines
 
The Internal Revenue Service issued the 2010 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
 
Beginning on Jan. 1, 2010, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
- 50 cents per mile for business miles driven
- 16.5 cents per mile driven for medical or moving purposes
- 14 cents per mile driven in service of charitable organizations
 

Upcoming Tax Deadlines

January 15th - Final estimated tax payment is due for individuals
 
January 31st - Payroll tax returns are due for the 4th quarter.
 
January 31st - W-2's and 1099's must be sent out to employees.
 
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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