|
A.E.I. Tax Service is offering its famous 17% Off Courtesy Discount for New Clients-- Before March 31st. Contact us to sign up now. We guarantee our work.
For ways to save up to 47% on health insurance, get quotes and apply online with Anthem Blue Cross click here.
You may receive 6-9 months of free credit reports from Transunion by going to www.listclassaction.com and signing up before 9/24/2008.
You may improve your credit score by goin to www.naic.org and learning more.
You may improve your money skills at www.moneymanagement.org
Archive of tax tip articles e-mailed to clients and prospects:
ClientKeeper - February 2010 Message #1
===============================================
New law allows early deduction for Haiti relief
donations
===============================================
A law signed by President Obama on January 22 lets you
take an early tax deduction for contributions you make
for earthquake relief to Haiti. And if you use your
cell phone to donate via a text message, the new law
gives you an easier method for substantiating your
contribution.
If you itemize deductions on your tax return, you may
elect to take a charitable deduction on your 2009 return
for Haiti contributions made after January 11, 2010,
and before March 1, 2010. Claiming a 2010 contribution
on your 2009 return will give you an earlier tax benefit,
though you may also wait until you file your 2010 return
to take the deduction.
Here are other important details.
* The contributions must be made specifically for relief
related to the January 12, 2010, earthquake in Haiti.
* The contributions must be made to qualified charities,
rather than to specific individuals.
* Only cash contributions qualify for the earlier 2009
deduction option; contributions of property or goods
do not qualify.
* Contributions made to foreign charities generally
don't qualify.
* You'll need records to substantiate any deductible
donations you make. But a special easing of the rules
will allow you to use your telephone bill as
substantiation for donations made by text message.
The phone bill must show the name of the organization
receiving your donation, the date of the contribution,
and the amount you gave. For other donation methods,
you'll need a bank record or written communication
from the charity.
* If you claim a Haiti relief deduction on your 2009
return, you may not also claim the same donation on
your 2010 return (which you'll be filing in 2011).
To decide whether to take the deduction on your 2009
or 2010 return, run the numbers to see which year
will give you the bigger tax savings. For 2009,
higher-income taxpayers have a limit on their total
itemized deductions. This limit is eliminated for
2010, so the deduction could actually provide a
bigger tax break if taken on your 2010 tax return.
For additional information or filing assistance, please
contact our office.
ClientKeeper - February 2010 Message #2
============================================
Consider This New Way to Use Your Tax Refund
============================================
If you're receiving a tax refund this year, you can use
it to buy U.S. savings bonds from the IRS. Here are the
details.
* You may purchase up to $5,000 in U.S. Series I
savings bonds.
* The total amount of bonds you purchase must be a
multiple of $50. Any refund over the specified bond
purchase amount must be deposited into another
financial account, such as a checking or savings
account.
* Bonds will be issued in your name. If you're married
and file a joint return, the bonds will be issued in
the names of both spouses.
* The bonds will be sent to you by mail.
* You select this option when filing your 2009 return
by using Form 8888, "Direct Deposit of Refund to More
Than One Account."
* Form 8888 gives instructions on selecting this option
and specifying the amount of refund you want to use
to buy savings bonds.
For additional information about Series I savings bonds,
As an alternative, talk to Eric about a richer
tax-wise strategy to fund a tax-free savings
plan for yourself. Eric can be reached at (707) 538-8027 or by
|
