Tax Solutions

 

 

Top Seven tips for Starting a New Business - Anyone starting a new business    this year should be aware of their federal tax responsibilities. Here are the top seven things the IRS wants you to know if you plan on opening a new business this year.

 Gambling Winnings and Losses Tax Tips - You may know when to hold ‘em and when to fold ‘em but do you know how and when to report ‘em? Whether you are playing cards or the slots, it is important to know the rules about reporting gambling winnings and losses.

Keeping Good Records Reduces Stress at Tax Time - Although most people won’t be filing their tax returns for several months, the dog days of summer are actually a great time to start planning for the tax filing season by ensuring your records are organized.  Learn what to keep and how to organize here.

 

2009 Tax Changes - To help you to plan your tax strategies for 2009, here is a summary of some of the major tax changes for 2009.

 

Selling your Home? -  Here is some useful info on the subject from the IRS.

Eight Tips for Taxpayers Who Owe Money to the IRS -  The vast majority of Americans get a tax refund from the IRS each spring, but what do you do if you are one of those who received a tax bill? Here are eight tips for taxpayers who owe money to the IRS.

 

Energy Tax Credit for Windows --Not all Energy Star windows qualify for the 30% ($1,500 maximum) tax credit for 2009 and 2010.  Check for the details here.

Have a Home Office? Five facts about home office deductions.

Tax Benefits for Job Seekers - Many taxpayers spend time during the summer months polishing their résumé and attending career fairs. If you are searching for a job this summer, you may be able to deduct some of your expenses on your tax return.

 

Parents Can Get Credit for Sending Kids to Day Camp -The cost of day camp can count as an expense towards the child and dependent care credit. Expenses for overnight camps do not qualify. If your childcare provider is a sitter at your home or a daycare facility outside the home, you'll get some tax benefit if you qualify for the credit.

The credit is generally 20% to 35% of non-reimbursed expenses; up to $3000 in expenses for one child and up to $6000 for two or more children.  The actual credit is also based on your income.  The 35% rate applies if your income is under $15,000; the 20% rate, if your income is over $43,000.

For more information, e-mail jim@volzcpa.com 

Business and Individual Tax Solutions - Our experienced tax personnel use state of the art tax software to prepare your tax returns both accurately and economically. This includes Federal, state and local Income Taxes - and for businesses - Payroll Taxes, Sales Taxes and Information Returns.

We keep abreast of changes to the tax laws and advise our clients of possible tax savings during the preparation process and throughout the year. Also we encourage our clients to contact us any time during the year to help them evaluate the impact that a pending financial decision will have on their tax situation.   We work hard to be your Trusted Tax Advisor.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Top Ten Tips for Taxpayers Deducting Casualty and Theft Losses - Taxpayers who find themselves the victim of a natural disaster or theft this summer should knowthe rules for deducting their casualty losses next year when they file their federal tax return. Generally, you may deduct losses to your home, household items and vehicles on your federal income tax return.