Haven’t filed your tax returns yet?

If you haven’t filed your tax returns for 2009 yet, you are not alone.  It is more and more common for people to extend and put off that unpleasant filing task until fall.  There are less than 3 months to get it together and file by the October 15th deadline. 

Those getting refunds have been loaning the US and State governments their money interest free.  If you owe beware there will be interest charged on any amounts that were not paid by April 15th.

In any event enjoy the rest of your summer.  Tax returns are still waiting for you.

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We are at the halfway point in 2010

So what are your plans for the rest of 2010.  Do you have any life events in the works?  If so talk to your accountant to make sure you are taking advantage of any tax benefits.  Many credit opportunites are expiring.  Don’t miss out.

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Buying a home in California?

So you missed out on the federal homebuyer’s credit? Don’t miss out on the California homebuyer’s credit.  For those who are first time homebuyers or are buying a brand new home California is providing for a $10,000 credit that can be used over the next 3 years.  Don’t wait too long though.  There are limited funds allocated to this credit. So first come, first served.

Don’t wait until tax time. You should apply for this credit the minute you have your final escrow closing statement in your hands.

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Mid-Year Tax Planning

Most of us think that once April 15th is past and we have filed our tax returns for the prior year we are done until next year. Not so. June is a great time to think about the income tax issues you dealt with in the prior year. Did you owe? Did you get a very large refund?  Did you buy a home? Are there other changes in your life this year?

Prevent surprises.  Now is the time to talk with your CPA about the effects of those changes on your current year taxes. Actions taken now will help you manage your tax refunds or amounts owed into your budget.

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So your taxes are filed for the year and you think “I’m done until next year” and then it arrives;  A notice from the IRS or Franchise Tax Board. Don’t panic.  Send it to your CPA as soon as possible so they can help you understand what is needed.

The letter will explain the reason for the correspondence and provide instructions. Many of these letters and notices can be dealt with simply, without having to call or visit an IRS or Franchise Tax Board office.

The notice you receive covers a very specific issue about your account or tax return. Generally, the IRS or Franchise Tax Board will send a notice if it believes you owe additional tax, are due a larger refund, if there is a question about your tax return or a need for additional information.

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We are moving!

Effective June 1, 2010 we will be open in our new office space at 14150 Market Street in Walnut Grove.  Stop by and say hi.

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Energy Credits

Are you considering going green with your home or business?  The federal energy credits and various rebates can make the cost very low.  Go to IRS.gov for a summary of the the credits and grants that are available through the end of 2010.

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Personal Financial Management

Do your personal finances get away from you?  Is it hard to keep track of your bank accounts, credit cards and investments.  Try www.mint.com.  It is very easy to set up and works with almost all banks, credit cards and investment websites.  Give it a try today.  Set your financial goals.

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Record Retension

Wow, it has been a month since I last posted.  The filing season kept me away.  So many of you have asked the question:  How long do I need to keep my financial records?

Here are some guidelines:

  • For federal tax returns the IRS can audit a return for up to 3 years after it is filed.  After that the return cannot be challenged unless the return is fraudulent. For a fraudulent return they can audit for up to 7 years.
  • For California tax returns the Franchise Tax Board can audit a return for up to 4 years.
  • If you own property you should keep all records that related to that property for as long as you own the property plus 4 years.

So to be safe – save all records for 7 years.  Set up a filing system that is separated by years so that you can shred 1 year each year.

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California Home Buyer Credit Extended

KCRA 3 video story

California is extending a first-time homebuyer tax credit to the end of 2010 under a bill signed into law by Gov. Arnold Schwarzenegger.

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