Newsletter | January
Happy New Year!
We at Roth CPA & Associates hope 2010 is a happy and profitable year for you!
Tax Organizers
If we did your tax return last year, we will be mailing an organizer packet to you within the next few days. Once you receive your packet, please call us to schedule a time to bring us your tax information. Most people will need to schedule their appointment for February since they will be receiving tax related statements in the mail through January, but it’s not too early to schedule your appointment now. We’re looking forward to seeing you again!
If we didn’t do your taxes last year and you would like us to send you an organizer packet, please give us a call or send us an email requesting an organizer packet.
This Year’s Tax Returns
Tax law changes will make preparing this year’s tax returns more complicated that ever. There are credits and deductions if you bought a house, made energy efficient improvements, or bought a car. There may even be negative issues with the Making Work Pay Credit, which was implemented by changes in the withholding tables and may result in under-withholding for a number of reasons: Two jobs, a dependent had a job and got a credit they weren’t entitled to, or both spouses worked and each got a full credit. This credit still needs to be taken on the return, and due to under-withholding could result in some taxpayers owing more taxes than they expected. As always, at Roth CPA and Associates, we will make sure to take all the credits and deductions you are entitled to in order to minimize your tax liability!
For businesses this year’s tax returns are just as complicated. The expanded five-year net operating loss carryback has been enhanced and will carry into 2010. Of course if this affects your business, we will need to run the numbers to determine if it’s advantageous to carry the loss back that far. There may be legislation passed early this year with some retroactive changes that we don’t even know about yet.
The IRS has hired so many new examiners and agents that it is reasonable to anticipate the number of audits will go up. As always, we suggest that you be very careful and vigilant with your records. You should make sure that you keep proof for all the positions taken on your return.
We are looking forward to seeing you during this year’s tax season! Please call us at (513) 530-9000 to schedule your appointment.