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September 2011
Issue: 37
Extended 2010 Individual Income Tax Returns Due October 17th

I hope everyone is doing well!  It is hard to believe that summer is over and tax deadlines are once again upon us.
If you filed an extension for your 2010 Individual Income Tax Return, then you must have your return filed by October 17th. If you still need to file, then please contact us immediately so we can make arrangements to get your return filed by the deadline and ensure you will avoid any penalties and interest. It is important that you file your return by the deadline so you don't miss out on several tax breaks that are available only if you file by the deadline. Please contact us immediately if you still need to file your 2010 tax return. The sooner you get your information to us the better.

Many of you have been asking so here is a picture of Andrew.  He is already beginning to sleep through the night and smile and laugh.  I think he looks like his Grandpa!

AJ

Enjoy this month's newsletter!
IRS Delivers Record Number of Audits

 

On the heels of a record reporting year for taxes, taxpayers should be wary - or at a minimum more informed - about audits from the IRS, according to Patrick Cox, CEO of TaxMasters (TAXS), the leading tax compliance and repayment services provider in the nation. According to Cox, the IRS will send out a record number of audits which can be misleading and even wrong.


 

Tax Tips on Combining Business and Pleasure

 

With productivity the top priority at many finance departments - and with smart phones getting ever smarter at tracking down sunbathing executives - it's getting harder for CFOs to spend some days exclusively at the beach.

The key is to properly combine and document business and personal travel. For instance, when a few vacation days are added onto what's essentially a business trip within the United States, business-related travel costs are usually deductible, according to the firm. Actual transportation expenses such as cab, rail, and plane fares and baggage fees and tips are deductible for out-of-town business.

 

Read more...

In This Issue
IRS Delivers Record Number of Audits
Tax Tips on Combining Business and Pleasure
President's Jobs Bill Contains Many Tax Proposals
Upcoming Tax Deadlines

President's Jobs Bill Contains Many Tax Proposals

 

President Barack Obama submitted his American Jobs Act to Congress on Monday, and among its provisions are several tax items, including a temporary payroll tax cut, a limit on itemized deductions for certain high-income taxpayers, and a proposal to tax carried interest as ordinary income rather than capital gains.

 

Upcoming Tax Deadlines

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

 

Vetscher & Associates, LLC

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