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I want to donate to Haiti...anything I should know?
The IRS has announced that donations to Haiti's earthquake relief efforts that are made in 2010 may be eligible as deductions on your 2009 tax return. However, there are 10 important facts that the IRS has stated regarding this special provision. Click here
Ten Facts About Claiming Donations to Haiti to be directly connected to the IRS's webpage.
How long do I need to keep my tax records?
This is one of our most common questions. As a result, we have created a handy guideline for retention of most tax records. Just click here Retention of Tax Records
Don't forget that your DMV registration is partially deductible!
This is one of the most commonly overlooked items in our annual tax organizer. However, it's also one of the most widespread deductions. If you can't dig out your registration detail, the DMV has a handy web page that allows you to obtain the deductible portion of your vehicle license fees (VLF's). You will need your license plate number and the last five digits of your VIN. Click here to be directly connected.
Energy Credit Information
Advertisements frequently provide misleading or incorrect information regarding new tax credits. Energy credits tend to be one of the most commonly misinterpreted areas of tax incentives. Below are three links that provide useful information for current federal and state energy tax credits. As always, we recommend calling us first if you are unsure whether a particular energy improvement (residential or business) will provide any tax benefit.
- Energy Star
Not everything that is labeled "Energy Star" qualifies for a credit, however, this website provides a handy chart of residential energy credits, with more specific links to detailed specifications and how to recognize compliance. - Database of State Incentives for Renewables & Efficiency
A comprehensive list of state, local, and utility energy incentives. - Cooler Planet
Useful information regarding installation of solar panels, including a cost calculator that integrates tax credits and local incentives.
College Savings Plans and Financial Aid Information
The websites below include various information regarding your college finance concerns.
- College Savings Plans Network (CSPN)
Provides descriptions of all state college savings plans and includes links to state plan Websites. - Federal Student Aid
Information on Federal Student Aid, including student aid from other government agencies, and links to state education agencies. - FinAid
Includes information on aid programs, scholarships, grants, student loans and military aid. Also includes a guide to all state 529 plans and prepaid tuition plans for private universities. - Morningstar
Information on 529 plans listed by state, including plan summaries, fees and expenses, purchase information, and state tax information.
Save 30% on Quickbooks Checks and Supplies
As Quickbooks ProAdvisor's, we are offered discounts for Quickbooks checks and supplies that we can pass on to our clients. In order to take advantage of this 30% off discount, order online at www.intuitmarket.com/C39739 or call 1-800-433-8810 and mention special offer code C39739.
IRS Warns of Bogus E-mail Scams
The Internal Revenue Service has alerted taxpayers about Internet scams in which fraudulent e-mails are sent that appear to be from the IRS. The e-mails direct the consumer to a Web link that requests personal and financial information, such as Social Security, bank account or credit card numbers. The practice of tricking victims into revealing private personal and financial information over the Internet is known as “phishing” for information.
The IRS also reiterated that it does not:
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Notify taxpayers of refunds via e-mail;
- Require taxpayers to complete a special form, or provide detailed financial information to obtain a refund;
- Have an Antifraud Commission or the authority to freeze a taxpayer’s credit card or bank account because of potential theft or fraud perpetrated against the taxpayer; and,
- Handle lottery distributions.
See the below article under the heading "IRS Establishes e-Mail Box for Taxpayers to Report Phony e-Mails" to find out how to report suspicious emails to the IRS.
Electronic Federal Tax Payment System (EFTPS) Scam Alert
Taxpayers are now encountering a new e-mail scam that uses the Treasury Department's Electronic Federal Tax Payment System (EFTPS) “as a hook to lure individuals into disclosing their personal information,” IRS warned on July 19. The EFTPS allows businesses and individuals to pay all their federal taxes online or by phone. The latest e-mail scam looks like a page from the agency Web site, is replete with grammatical errors and typos, and claims to be from the “IRS Antifraud Commission” (sic), a fictitious group. The e-mail claims someone has enrolled the taxpayer's credit card in EFTPS and has tried to pay taxes with it. The e-mail also warns of fraud attempts involving the taxpayer's bank account. Finally, it claims money was lost and “remaining founds” (sic) are blocked, and directs recipients to click on a link that asks them to provide personal information in order to recover their funds. Taxpayers are urged to send any information about suspicious e-mails they receive to phishing@irs.gov .
IRS Establishes e-Mail Box for Taxpayers to Report Phony e-Mails
The Internal Revenue Service has established an electronic mailbox for taxpayers to send information about suspicious e-mails they receive which claim to come from the IRS. Taxpayers should send the information to: phishing@irs.gov. For more information, click here.
Your Vehicle's Gross Vehicle Weight
Do you know what the gross vehicle weight (GVW) is for your business vehicle? If not, this information can be found in either of two places. The actual GVW of your vehicle can be found on the metal plate on the inside of the driver's side door. Or you can find the GVW of your car's make and model by going to www.intellichoice.com. After choosing either "Research New Cars" or "Research Used Cars" (depending on the vehicle year), follow the series of links until you arrive at your vehicle's specifications.
Health Savings Accounts
Because no two individuals have the same medical expense costs for either health insurance premiums or for actual medical expenses, the advantages and disadvantages of a health savings account plan compared to a traditional medical insurance plan must be analyzed on a case-by-case basis. To help you nagivate through these choices, here are two informative links regarding health savings accounts: www.hsabank.com or www.hsainsider.com.
Social Security Website Benefit Calculator
The Social Security Administration has launched a new Internet service which offers three increasingly detailed levels of benefit estimates. The simplest, "quick calculator," asks only for a person's age and current-year earnings. The most sophisticated requires the user to download software onto a home computer and allows him or her to try out various retirement scenarios. This new benefit calculator can be found at the Social Security's website at www.socialsecurity.gov/retire2.
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