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Tuesday, August 18, 2009
Thursday, August 13, 2009
September 15th - Business Returns DUE
Corporate/LLC/Partnership/Estate&Trust Returns DUE SEPTEMBER 15th!
September 15th is an important date for the IRS, and we want to make sure that you are aware and prepared. Corporate, LLC, Partnership, and Estate/Trust Returns are DUE on September 15th. In previous years the extension date was October 15th, but this year the IRS shortened the filing date by one month effective for 2008. This gives us even less time to prepare, and we want to make sure that we have everything in place to be able to lower your tax liability to the fulllest extent of the law. Also, remember that filing late will incur a penalty charge, so please call or email Fern to set up an appointment at your earliest convenience at office@mbtaxpro.com or (503) 595-5890.
First Time Homebuyer Credit
There is still time to take advantage of the First Time Homebuyer Credit. Qualifying taxpayers who purchase a home before December 1st, 2009 receive a credit of ten percent of the cost of the home purchase up to $8,000 or $4,000 for married individuals filing separately. You can qualify if you have not owned a home in the past three years. You have the option of either amending your 2008 tax return, or claiming the credit on your 2009 tax return. The amended return will allow you to claim the homebuyer credit on the 2008 tax return without waiting until next year to to claim it on your 2009 tax return. Where's My Refund?If you have not received your refund yet, and would like to know the exact date that you might expect it, please go to http://www.irs.gov/ and look at the right side of the home page. There is an icon called "Where's My Refund?" Click on that icon and it will take you to an data input page where you will provide your Social Security Number, your filing status (Filing Single, Head of Household, Married Filing Jointly etc.), and your exact amount of the refund that you expect. After you provide that information you will be taken to a page that tells you exactly the status of your refund, and when you should expect it to be direct deposited or mailed to your home. If you are unsure of the exact amount you are expecting, feel free to call us and we'll let you know.
A Frequently Asked Question
Question: I am starting a small business and would like to get a better understanding of my personal bank account vs. my business account. Which one do I deposit my income into? How much can I transfer to my personal account per month? What kind of expenses are deductible when they are spent from my business account?
Answer: Great question! When you have income to deposit, go ahead and deposit all of it into your business account. That way you have a fast and easy way of seeing exactly how much is coming in every month. Then take out any and all money that you will need for personal expenses (rent/mortgages, food, clothing, personal items, recreation etc.). What is left in your business account will be spent strictly on the business. Some business expenses might be office rent, supplies, networking, advertising, professional fees, business travel costs, insurance, and of course, your business tax preparation! If you would like a copy of our Self-Employed or Small Business Deduction Worksheet, just email or call Fern at the office and she will be happy to email or mail one to you right away.
Thank you for helping to make 2009 one of our best years at MB Tax Professionals. Enjoy your last few weeks of summer, and we'll be looking forward to appointments with many of you soon.
All the best,
MB Tax Professionals
September 15th is an important date for the IRS, and we want to make sure that you are aware and prepared. Corporate, LLC, Partnership, and Estate/Trust Returns are DUE on September 15th. In previous years the extension date was October 15th, but this year the IRS shortened the filing date by one month effective for 2008. This gives us even less time to prepare, and we want to make sure that we have everything in place to be able to lower your tax liability to the fulllest extent of the law. Also, remember that filing late will incur a penalty charge, so please call or email Fern to set up an appointment at your earliest convenience at office@mbtaxpro.com or (503) 595-5890.
First Time Homebuyer Credit
There is still time to take advantage of the First Time Homebuyer Credit. Qualifying taxpayers who purchase a home before December 1st, 2009 receive a credit of ten percent of the cost of the home purchase up to $8,000 or $4,000 for married individuals filing separately. You can qualify if you have not owned a home in the past three years. You have the option of either amending your 2008 tax return, or claiming the credit on your 2009 tax return. The amended return will allow you to claim the homebuyer credit on the 2008 tax return without waiting until next year to to claim it on your 2009 tax return. Where's My Refund?If you have not received your refund yet, and would like to know the exact date that you might expect it, please go to http://www.irs.gov/ and look at the right side of the home page. There is an icon called "Where's My Refund?" Click on that icon and it will take you to an data input page where you will provide your Social Security Number, your filing status (Filing Single, Head of Household, Married Filing Jointly etc.), and your exact amount of the refund that you expect. After you provide that information you will be taken to a page that tells you exactly the status of your refund, and when you should expect it to be direct deposited or mailed to your home. If you are unsure of the exact amount you are expecting, feel free to call us and we'll let you know.
A Frequently Asked Question
Question: I am starting a small business and would like to get a better understanding of my personal bank account vs. my business account. Which one do I deposit my income into? How much can I transfer to my personal account per month? What kind of expenses are deductible when they are spent from my business account?
Answer: Great question! When you have income to deposit, go ahead and deposit all of it into your business account. That way you have a fast and easy way of seeing exactly how much is coming in every month. Then take out any and all money that you will need for personal expenses (rent/mortgages, food, clothing, personal items, recreation etc.). What is left in your business account will be spent strictly on the business. Some business expenses might be office rent, supplies, networking, advertising, professional fees, business travel costs, insurance, and of course, your business tax preparation! If you would like a copy of our Self-Employed or Small Business Deduction Worksheet, just email or call Fern at the office and she will be happy to email or mail one to you right away.
Thank you for helping to make 2009 one of our best years at MB Tax Professionals. Enjoy your last few weeks of summer, and we'll be looking forward to appointments with many of you soon.
All the best,
MB Tax Professionals
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