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September 2012 
Issue: 42
Extended 2011 Individual Income Tax Returns Due October 15th

I hope everyone is doing well and had a wonderful summer!  It went by way too fast once again.  I wanted to remind everyone that the extended tax deadline for individuals is coming up soon.  If you filed an extension for your 2011 Individual Income Tax Return, then you must have your return filed by October 15th. 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. Please contact us immediately if you still need to file your 2011 tax return. The sooner you get your information to us the better.

In other news, the election is on everyone's minds these days and taxes are a central topic amongst the candidates.  Each candidate is proposing significant changes to the tax code that would affect virtually every taxpayer.  I have included an article that outlines the tax positions of both Obama and Romney for you to see where each candidate stands.  Both candidates are proposing changes but Romney's are a little more drastic than Obama's.  It will be very interesting to see how this unfolds over the next couple of months.  Depending on who gets elected, we'll be seeing some major changes to the tax code over the next couple of years.

Enjoy this month's newsletter!

 

And just like that, summer is nearly over and it's back to work. This week, I've been sorting through the "Ask the Taxgirl" mailbag and I'm seeing a number of questions that are similar in nature. Many of them are related to the same, tired arguments that taxpayers make over and over. Just because your neighbor, co-worker - or even your mom - says it's so, doesn't make it so. And the " Google defense" (you found it on the web) is about as effective as the " Turbo Tax defense."

Tax Credits for Your Small Business

 

Businesses can enjoy a variety of tax credits. A credit differs from a deduction in that it reduces your tax liability dollar for dollar. For example, if your tax liability totals $10,000, but you are able to take the disabled access credit for $4,000 you would owe only $6,000 in taxes. A deduction merely reduces your taxable income. So let's say you have a deduction valued at $4,000, and you are in the 25% tax bracket, you will save only $1,000 on your income taxes.


There are quite a few credits available. Some are obscure applying to only a small percentage of entrepreneurs but there a few noteworthy exceptions. On August 2, Congress passed the Family and Business Tax Cut Certainty Act which extended some of the existing tax credits for small businesses.  If you want to make sure you're not leaving any money on the roll, read on...


Read more... 

In This Issue
Eleven Tax Myths Debunked
Small Business Tax Credits
On Taxes: Romney vs. Obama
Upcoming Tax Deadlines

On Taxes: Romney vs. Obama

 

 It's officially election season. The Democrats have held their convention in Charlotte, N.C., following the prior week's Republican convention in Tampa, Fla. Not surprisingly, the two parties are proposing starkly different tax plans for the future -- something that's likely to become a bigger issue as the campaigns head for the Nov. 6 finish line. Here's the scoop on how the competing plans would affect individual taxpayers, as well as what's on tap for next year and beyond if nothing changes.  

 

Upcoming Tax Deadlines

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

 

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