Tax Time Is Around The Corner

This time of year, we always start to feel the anticipation of tax season. However, this year, we are spending more time watching CSPAN waiting to hear how the current legislation will effect our clients than looking forward to that time of year. Although by 2010 take season software is loaded, much of it is in "draft" form as we all sit and wait.
There is so much out there for and against passing so many bills but in short, no matter what your political views are, this is the time to get active and read up on many of these changes. Why? Because in my option this is the first time in history that these changes will not only impact us right now but the country as a whole in the next 5 years. This is not a long term forecast but a short term observation that will be one for history.
I will post more about the changes and legislation in the next few days. It is a long task and one that I take very seriously as I do not want to post to soon.

More than just taxes it is an adventure!

Taxes are boring and frustrating...no one wants to talk or hang out with their tax lady or man. Why because they are boring people. I am torn...I love taxes but I am not a boring person-not at all and that is why I love taxes.

My Dad (my business partner) refers to me as the loop hole child. Give me an inch and I will take a mile-but staying within the rules or least pointing out the loop holes. That is why I love taxes-I learn the rules and play by them but always looking for loop holes. It is like a fun game to me with no day or situation the same.

So, it is hard this time of year to think of anything but taxes. I find myself waiting to bring up taxes in a conversation so I can have something to talk about. Boring...yes, to everyone else but me so I thought that I would involve my husband in my tax love but no luck it is extremely boring to my husband and my kids...oh well at least I have my Dad and since he boring my mom with taxes, I guess I have someone to talk with.

So hear it begins-my blog about taxes with a little bit of fun in it...I am out to educate the public that not all tax people are boring!


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New Tax Laws

Although tax season is almost over, check your returns carefully even if you already filed them. There are several tax returns we have reviewed that are missing several forms that could save you money or provide a bigger refund.

Two of the most common omitted forms are:

1. Schedule L-can add up to an extra $1000 to your standard deduction if you pay property taxes. Most tax payers put this information correctly on a Schedule A and then see that they do not go over the standard deduction. However, by adding a Schedule L to the return, you may increase your standard deduction and lower your taxable income.

2. Schedule M-the making work pay credit form is a new form this year that provides a credit up to $400 for single working tax payers and $800 for married working tax payers.