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January 2012
Issue: 39
Tax Time Is Here!

 

Happy New Year!  I hope everyone had a wonderful holiday season.  Of course, the new year also means another tax season is upon us.  It is time to start getting your tax information organized to file your 2011 tax return.  There were several tax law changes in 2011 and there promises to be some major changes occurring to the tax code over the next couple of years so it is very important that you know the changes and take advantage of every deduction that you are entitled to.  We are currently taking appointments to prepare 2011 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.  Last year my calendar booked up really fast so call early to schedule your tax meeting.  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 2011.  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, please contact us and we can answer your questions.  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.

For the most part, my staff has remained the same as last year.  My mom will be back for busy season and I hired a new Admin Assistant, Brooke, to help manage the office.  Rick Kleinbaum and Jared Miller are back as well.  However, Chris Lordan will not be back but I am in the process of hiring another very experienced CPA to take his spot. 

As always, if you have any questions or concerns, please don't hesitate to give me a call or shoot me an email.  I look forward to seeing everyone over the next couple of months.

Enjoy this month's newsletter! 
 
Reasonable Compensation for Corporate Shareholders

 

As long as there are double taxes, there will be hotly contested battles between the IRS and closely held corporation owners over the reasonable compensation owners deserve-and should report to the IRS-for the services they provide to and the value they create for their companies.


 

Tax Valuation Guide for Donated Goods

 

    

As you clean out your closet or reorganize your household, be sure to keep track of the items you give to charity. It's your job, not the charity's, to report the value of the donation to the Internal Revenue Service.

 

Tax law now requires that all household items given to a charity must be in good or better condition. Those questionable items you donated in previous years and claimed were worth a few dollars because they were in fair condition are no longer acceptable.

 

 

Read more... 

 
In This Issue
Reasonable Compensation for Corporate Shareholders
Tax Valuation Guide for Donated Goods
IRS Offers Top 10 Tax-Time Tips
Upcoming Tax Deadlines

IRS Offers Top 10 Tax-Time Tips

 

 

The income tax filing season has begun and important tax documents should be arriving in your mailbox. Even though your return is not due until April, you can make tax time easier on yourself with an early start. Here are the Internal Revenue Service's top 10 tips to ensure a smooth tax-filing process.

  
 

Upcoming Tax Deadlines

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

 

Vetscher & Associates, LLC

651-690-2250

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