"Back to School” Tax Planning beats an apple for the teacher!

School is back in session. If you have children in school, you’ve probably already met the teachers. You may have even watched a football game or two.

 

It’s probably been a long time since you’ve sat in a classroom yourself. However, school is never out if you’re looking to make the most of your money in today’s challenging economy.

 

What classes would you take to keep more of your income in your pocket? Try these: 

• Math 1040: Where are tax rates headed?
• History 2010: Lessons from last year’s mistakes?
• Social Studies 463: Write off meals and entertainment
• Chemistry 162: Is there a “secret formula” for paying less?
• Anatomy 213: What’s the best strategy for healthcare benefits?

If you want to keep the most of what you make, you can’t wait until finals for answers. You need to study now. Putting tax-wise ideas and strategies in place today could help avoid an ugly surprise when “report cards” come due April 15!

Call me today at (260) 348-5633 for your free Tax Analysis. I’ll find the mistakes and missed opportunities that may be costing you thousands today, and show you how “back to school” tax planning can save thousands more tomorrow. I guarantee you’ll leave with valuable new lessons, or I’ll donate $25 to your alma mater. So call now to schedule your analysis!


The time is now to strategically plan to stop wasting money on taxes you are not required to pay. Most changes need to be in place by December 31 to reduce your current year taxes, and sooner implementation results in greater savings, so act now!

Would you survive the 'Santa audit'?

Uh-oh. Santa's tax return is being audited. He claimed the standard mileage rate on the sleigh, but didn't keep a mileage log! He needs to find his receipt for sponsoring the Reindeer Games. His inventory at the end of the year, and every year, is zero - that's suspicious! Worst of all, he paid the elves as independent contractors instead of employees! Yeesh.

Santa could have benefited from professional tax planning!!

The time is now to strategically plan to stop wasting money on taxes you are not required to pay.

Standard Mileage Rates for 2011

The IRS allows two methods of deducting business use of a vehicle.

The first is substantiating actual expenses for deductible costs. Corporations must use this method.

The IRS permits unincorporated taxpayers to use a standard mileage rate. Although using the standard rate  may be it more convenient than tracking all actual expenses related to non-personal use, actual expense deduction may be greater than the standard rate deduction in many cases.

The following are the standard mileage rates for the second half of 2011.
Business mileage rate is $0.555
Medical and moving rate is $0.235
Charitable rate is 14 cents per mile (no change).
The following are the standard mileage rates for the first half of 2011.
Business mileage rate is 51 cents per mile (up from 50 cents per mile).
Medical and moving rate is 19 cents per mile (up from 16.5 cents per mile).
Charitable rate is 14 cents per mile (no change).





STANDARD MILEAGE RATES

     Business   Med   Charity
             & Moving

2010 $0.500    $0.165 $0.14
Business rate includes $0.23/mile depreciation

2009 $0.550    $0.24  $0.14
Business rate includes $0.21/mile depreciation

The time is now to strategically plan to stop wasting money on taxes you are not required to pay. Most changes need to be in place by December 31 to reduce your current year taxes, and sooner implementation results in greater savings, so act now!

Q: Is it too late in the year to do tax planning?

Q: Is it too late in the year to do tax planning?


A: Unless today is the last business day of the year, it is never too late to do tax planning. Some changes must occur before December 31 to get credit in the current year. Then again, in order to get a full 365 days worth of tax incentives next year, now is the time to plan for changes that will take effect on January 1.

Raising taxes on high-earning families has begun

Raising taxes on high-earning families has begun, with the newly-enacted healthcare legislation. Will the attack on households with $250K incomes stop with this single bill?

If the US deficit is to be paid with tax hikes on upper incomes, it would require a tax rate of 77 percent on top earners according to Rosanne Altshuler of the Tax Policy Center in Washington, as quoted by Mark Trumbull in The Christian Science Monitor, April 11, 2010.

The time is now to strategically plan to stop wasting money on taxes you are not required to pay. Act now to implement a tax-savings plan!

Beware of savings bonds no longer earning interest

The following savings bonds are no longer earning interest.
SERIES........................ISSUE DATE
E.............................May 1941 through January 1980
EE............................January 1980
H.............................All issues
HH............................January 1980 through January 1990
Savings Notes.................All issues
A, B, C, D, F, G, J, K ...... All issues


How long bonds earn interest based on issue date:
SERIES........ISSUE DATE.........................NUMBER OF YEARS BONDS EARN INTEREST
E.............May 1941- November 1965............40 years
..............December 1965 - June 1980..........30 years
EE............All issues.........................30 years
H.............June 1952- January 1957............29 years, 8 months
..............February 1957- December 1979.......30 years
HH............All issues.........................20 years
I.............All issues.........................30 years
Savings Notes.All issues.........................30 years


A tax-savings strategy is to cash the non-earning bonds and invest the proceeds in a tax-favored investment.


The time is now to strategically plan to stop wasting money on taxes you are not required to pay. Sooner implementation results in greater savings, so act now!

Recap of famous people with tax problems, 2009

Read more background and content in the original article posted at http://www.accountingweb.com/topic/tax/2009-recap-celebrities-tax-woes

Duane “Dog” Chapman, A&E reality show, Dog and the Bounty Hunter
Radio and TV host, Alexis Stewart, daughter of Martha Stewart
Survivor winner Richard Hatch
Actors Nicolas Cage and Val Kilmer
Miguel Ferrer (RoboCop) [6]
Chris Tucker [7]
Robin Givens [8]
Hip Hop group Blackeyed Peas
Singers Aaron Carter, Foxy Brown and Toni Braxton
Rappers Method Man, Nas and DMX
Race car driver Helio Castroneves
Pro golfer Jim Thorpe
Boxer Floyd Mayweather
Other sports figures: Ron Darling, Jerry Koosman, Darren McCarty, Julio Cesar Chavez, Michael Vick, and Diego Armando Maradona
Photographer Annie Liebovitz
Politicians Timothy Geithner, Tom Daschle, Nancy Killefer, Al Franken, John Kerry and California governor, Arnold Schwarzenegger.

Most of these people have the wherewithal to fight the IRS. You probably don't. That's why legitimate tax strategies - done right the first time - are so important. Be certain that you rely only on proven, legal tactics (not scams, not off-shore trusts) backed up by court cases and IRS regs.

The time is now to strategically plan to stop wasting money on taxes you are not required to pay. Sooner implementation will result in greater savings, so act now!