Tax Preparation made quick and easy
CTEC Registered Tax Preparer
PO Box 5859
Oceanside, CA 92052
ph: 623-258-0303
ana
Tax Highlights
1. Mark important tax dates on your calendar. While April 15th is the biggest deadline, you also want to make sure you receive any W-2, 1098 or 1099 forms on time as well. All of these should be mailed to you by January 31st, so if you don’t receive them soon after, contact the company that is supposed to send them to make sure you have them well in advance of the filing date.
2. Gather all income statements and documents, deductions and receipts. Group together any and all sources of income, which may include W-2, 1098 or 1099 forms as well as paid invoices or any other evidence of income you have received in the past year.
Group together documents regarding mortgage interest payments, property taxes, charitable gifts, medical bills, and any other items that may count as deductions.
If you have deductions that only have accompanying receipts as opposed to a document with the information, keep them separately in a file or folder.
Top Year End Tax Savings Tips
Here are five tips you can use to save money when tax time rolls around next year.
1. Donate to Charity - property, cash, clothing, household items, vehicles, stocks and even tax-free IRA money
2. Accelerate deductible expenses - pay your medical bills, property taxes or extra mortgage payments before December 31st
3. Defer income - ask to receive your bonus next year or if you are self-employed delay billing until close to the end of the year
4. Contribute the maximum to Retirement Accounts
5. Use the money in your Flexible Spending Accounts
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Make sure you take advantage of every possible tax break, after all the more money you keep for yourself, the better. Take a minute to review these new tax tips and contact us for more.
Top New Tax Breaks
1. Private mortgage insurance (PMI) deduction - consult with your tax preparer to ensure that your PMI is eligible for this deduction.
2. Home office deduction - if you use a portion of your home exclusively for your small business, consult with your tax preparer on how you can take this deduction.
3. Home mortgage debt forgiveness - under the Mortgage Debt Forgiveness Act of 2007 homeowners who receive debt forgiveness on their primary residence, don't have to pay taxes on the forgiven amount if they meet certain requirements.
4. You can deduct state or local sales or excise taxes in 2010 for the purchase of any new motor vehicle after February 16, 2009 and before January 1, 2010
5. If you are a first-time home buyer you may be able to claim a one-time tax credit.
For additional tips and suggestions please go to our "Contact us" page.
CTEC Registered Tax Preparer
PO Box 5859
Oceanside, CA 92052
ph: 623-258-0303
ana
