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Feel free to browse through our archived newsletter subjects.
February, 2004 Newsletter:
Donating Automobiles:
We have been bombarded with advertising from many charities to donate our
old automobiles and take a tax deduction for the fair market value on our
tax returns.
January, 2004 Newsletter:
Health Savings Accounts: On
December 8, 2003 President Bush signed the Medicare Prescription Drug and
Modernization Act of 2003.
December, 2003 Newsletter:
Year End Planning:
As we come to the end of another year, it is time to plan our 2003 income tax.
November, 2003 Newsletter:
Ohio Sales Tax Changes: At present, sales of licensed motor
vehicles, boats and outboard motors are subject to the sales tax rate of
the residence of the purchaser and the tax goes to that county.
October, 2003 Newsletter:
Real Estate Revaluation: The
county auditor is required by state law to revalue each parcel of real property
every six years.
Ask Your Accountant:
As a service for our clients and readers, we are starting a new
column to answer your questions that are of general interest.
September, 2003 Newsletter:
Telemarketing and Unsolicited
Fax Advertising: The FCC has established a
"National Do
Not Call List" to reduce the number of telemarketing calls
that have been flooding our homes.
Financial Truth #6:
"IN ORDER TO REACH YOUR GOALS, YOU MUST HAVE A PLAN."
August, 2003 Newsletter:
Vans and Light Trucks:
The Internal Revenue Code limits the deductions available for
autos, trucks and vans that weigh less than 6,000 pounds.
Purchasing a Business:
Many taxpayers find purchasing an existing business to be easier
than starting a new business from scratch.
Child Tax Credit:
The IRS has started mailing out the $400 Child Tax Credit checks on July 25th
and will continue mailing them for the next two weeks to taxpayers who have
already filed their returns for 2002.
Financial Truth #5:
"PURCHASING A HOME IS THE FIRST STEP TO FINANCIAL SECURITY."
July, 2003 Newsletter: Ohio's New
Budget Changes Many Tax Laws
Sales Tax: Effective
July 1, 2003, the Sales Tax has been increased by 1%.
Municipal Income Tax:
This law establishes April 15th, the due date for federal
returns, as a uniform deadline for filing municipal tax returns.
Personal Property Tax:
Currently, businesses pay Personal Property Tax on 23% of the
value of their inventory. Beginning in 2005, the assessment rate will be
reduced...
Franchise Tax:
Currently, every corporation subject to the corporate franchise tax must pay a
minimum tax of $50.
Income Tax: Members of
the National Guard or Reserves called to duty for Operation Iraqi Freedom may
apply to the Tax Commissioner for an extension of time for filing income tax
returns and paying income taxes for the period of the applicant's duty service
under Operation Iraq Freedom...
Financial Truth #4:
"THE BEST TIME TO BEGIN SAVING IS NOW."
June, 2003 Newsletter:
Jobs and Growth Tax Relief Act of
2003:
Congress has just passed the $350 billion tax relief plan.
Financial Truth #2:
"YOU HAVE NOT SAVED ANYTHING, UNLESS YOU SAVED THE SAVINGS."
May, 2003 Newsletter:
U.S. Savings Bond:
U.S. Savings Bonds that were purchased in 1973 will mature this year.
FDIC Insurance:
Both the House of Representatives and the Senate are considering bills to
increase the Federal Deposit Insurance Corporation coverage from $100,000 to
$130,000.
Overtime Pay: The
Department of Labor is proposing regulations to extend the overtime pay
provisions to white-collar worker who earn less than $425 per week.
Time to Plan: Now
that the mad rush of tax season is over and before the insights gained by it are
forgotten, it is now a good time to begin planning for the future.
Financial Truth #2:
"LITTLE THINGS MEAN A LOT! A SMALL CHANGE IN YOUR LIFESTYLE NOW, CAN MAKE
A LARGE CHANGE IN YOUR FUTURE."
April, 2003 Newsletter:
Last Chance to Receive a Refund for
1999:
The IRS has announced that 1.9 million people who paid taxes but did not
file a tax return for 1999 will lose more than $2.5 billion in refunds
Armed Forces Tax Fairness
Act: Congress is now considering H.R. 878 the Armed
Forces Taxes Fairness Act.
Job and Growth Tax Act of 2003:
The President's economic growth package has been introduced to congress as
H.R.2, the Jobs and Growth Tax Act of 2003.
Where's My Refund?: As a convenience to our clients, we have
added a "Where's
My Refund?" button to our web site.
Offshore Credit Cards:
The IRS is now actively pursuing taxpayers who have offshore credit cards.
Financial Truth #1:
"WEALTH DOES NOT COME FORM EARNING MORE, IT COMES FROM SPENDING LESS THAN YOU
EARN."
March, 2003 Newsletter:
Donating Your Car:
You have probably heard charities asking you to donate your old car to charity.
Social Security:
The SENIOR CITIZENS' FREEDOM TO WORK ACT has allowed many senior citizens to
work and still collect retirement benefits from Social Security.
Sale of Home: The
IRS has proposed regulations that will expand the exclusion of the gain from the
sale of your principal home that you lived in for at least 2 out the last 5
years.
Office at Home:
The IRS has issued proposed regulations that will eliminate a huge tax that has
kept many home-based workers from claiming the office at home deduction.
February, 2003 Newsletter:
Education Tax Breaks
Education Savings Accounts:
Education Savings Accounts
are a new name for the old Education IRAs that have been
improved.
College Tuition Deduction:
College Tuition Deduction is new for the years 2002 through 2005.
HOPE Credit: HOPE Credit
of up to $1,500 per student for the first two years of college is available for
joint returns.
Lifetime Learning Credit of 20%: Lifetime Learning Credit of 20%
of your higher education expenses up to a maximum credit of $1,000 for 2002 and
$2,000 for 2003 is available for higher education expenses
Student Loan Interest:
Student Loan Interest is deductible up to $2,500 even if you do not itemize you
deductions.
Section 529
Qualified Tuition Programs: Section 529 Qualified Tuition Programs
are run by the states. They cover private and public colleges,
universities, vocational schools or other post secondary educational
institutions.
Scholarships: Scholarships
are tax free so long as they are for tuition.
Employer
Provided Qualified Education Assistance Program: Payments of
up to $5,250 per year may be received tax free
U.S. Savings Bonds, Series
EE or I: U.S. Savings Bonds, Series EE or I that you
redeem will have interest that you will have to pay tax on. However, ...
Ohio Deduction
for Purchases of Ohio Tuition Credits and Contributions to College Savings
Plans: Ohio Deduction for Purchase of Ohio
Tuition Credits and Contributions to College Savings Plans is limited to
$2,000 per beneficiary each year.
Ohio Deduction for
Higher Education Tuition Payments: Ohio Deduction for Higher Education
Tuition Payments is available for qualified tuition and fees paid to a
post-secondary institution, located in OHIO.
January, 2003 Newsletter:
Preparing for Your Tax Return: Now that the excitement of the holidays
are over, it is time to begin gathering all of the documents needed to
prepare your tax returns. You will need the following items.
December, 2002 Newsletter:
2002 Tax Return Planning:
This is the time of year that most clients begin to plan for their 2002 tax
returns. There are may new opportunities and difficulties that face you
this year. Here is a list of new items to consider in your planning:
November, 2002 Newsletter:
Alternative Minimum Tax:
The alternative minimum tax (AMT) is beginning to impact more
middleclass and lower income taxpayers than anyone thought would be possible.
Individual Retirement
Accounts: The allowable contribution to an IRA has been
raised to $3,000 for the years 2002, 2003, and 2004 for taxpayers under the age
of 50. Taxpayers 50 years old or older may contribute $3,500.
Miscellaneous: The
federal exemption has been raised... The standard deduction for married tax
payers filing... Standard mileage rate for 2002 and 2003...
Teacher's Deduction:
The Job Creation and Worker Assistance Act of 2002 provides for a
new above-the-line deduction...
Wash Sales Traps:
The recent decline of the stock market has encouraged many people
to sell their stocks to obtain a loss that can be deducted on their stock
returns...
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