- Deduction Limits
- Tax Brackets
- Standard Deductions
- Mileage Allowances
- Auto Depreciation Limits
- Self-employed Health Insurance
- Earnings Ceiling for Social Security
- Long-term Care
- Day Care Deductions
- And more...
Friday, February 5, 2010
TAX INFORMATION CHEAT SHEET
We have created our very own Tax Information Cheat Sheet. It includes information on:
Thursday, February 4, 2010
DEDUCTING GAMBLING LOSSES
Casual gamblers must net their winnings or losses on a daily basis when figuring their taxes, the Tax Court says.
"A couple played the slots on occasion. On one day, they hit a $2,000 jackpot and netted $1,100 for the day.
They lost a total of $2,264 on their other trips. In the Court’s view, the $1,100 in winnings is taxed as income and the offsetting $1,100 in losses can be claimed as an itemized deduction. However, since the couple took the standard deduction,they cannot write off the $1,100 in losses (Shollenberger, TC Memo. 2009-306)."
Remember, too, that gambling losses in excess of winnings cannot be deducted.
Wednesday, February 3, 2010
BACK TO THE OLD RULES ON PENSION DISTRIBUTION
In 2009 Congress changed the rules on distributions from retirement plans for people over 70 ½ which said that they could skip taking a distribution if they so desired. Unfortunately, Congress did not extend the waiver beyond 2009 so required minimum distributions from IRAs and plans resume this year. Taxpayers that turned 70½ in 2009 needn’t take any payout for 2009 by April 1, 2010, but they must take a distribution for 2010 by Dec. 31, 2010. Withdrawals for 2010 are based on Dec. 31, 2009 balances.
Heirs stuck with the five-year payout period get an extra year because the five-year span is calculated without regard to 2009. So if an IRA owner died in 2004, heirs have until Dec. 31, 2010 to clean out the IRA.
Heirs stuck with the five-year payout period get an extra year because the five-year span is calculated without regard to 2009. So if an IRA owner died in 2004, heirs have until Dec. 31, 2010 to clean out the IRA.
Tuesday, February 2, 2010
THE US ECONOMY GREW IN THE 4TH QUARTER
Why didn’t that make the headlines? Apparently only bad news makes the headlines.
'Finally Some Good News: U.S. economy grows at 5.7% pace, fastest in six years'
(AP/Yahoo!) -- The AP writes that the U.S. economy "grew faster than expected at the end of last year" at a 5.7% annual growth rate in the fourth quarter, "the fastest pace since 2003." According to the story, "The Commerce Department report Friday is the strongest evidence to date that the worst recession since the 1930s ended last year." The AP notes that "the report provided an upbeat end to an otherwise dismal year" as the "nation's economy declined 2.4% in 2009, the largest drop since 1946" and "the first annual decline since 1991." See the article at http://finance.yahoo.com/news/Economy-likely-grew-faster-in-apf-3028347842.html?x=0&.v=9>
U.S. economy grew 4.6% in Q4, Wall Street analysts predict
The U.S. economy appears to be picking up steam faster than many experts had expected. A broad range of Wall Street analysts forecast that the economy grew an annualized 4.6% in the fourth quarter, more than double the third quarter's 2.2%. That would mark the strongest quarterly expansion since 2006. Some estimates run as high as 6% GDP expansion for the quarter. The Guardian (London) (1/29) , The Wall Street Journal (1/29) , Reuters (1/28)
'Finally Some Good News: U.S. economy grows at 5.7% pace, fastest in six years'
(AP/Yahoo!) -- The AP writes that the U.S. economy "grew faster than expected at the end of last year" at a 5.7% annual growth rate in the fourth quarter, "the fastest pace since 2003." According to the story, "The Commerce Department report Friday is the strongest evidence to date that the worst recession since the 1930s ended last year." The AP notes that "the report provided an upbeat end to an otherwise dismal year" as the "nation's economy declined 2.4% in 2009, the largest drop since 1946" and "the first annual decline since 1991." See the article at http://finance.yahoo.com/news/Economy-likely-grew-faster-in-apf-3028347842.html?x=0&.v=9>
U.S. economy grew 4.6% in Q4, Wall Street analysts predict
The U.S. economy appears to be picking up steam faster than many experts had expected. A broad range of Wall Street analysts forecast that the economy grew an annualized 4.6% in the fourth quarter, more than double the third quarter's 2.2%. That would mark the strongest quarterly expansion since 2006. Some estimates run as high as 6% GDP expansion for the quarter. The Guardian (London) (1/29) , The Wall Street Journal (1/29) , Reuters (1/28)
STAFF RETREATS
If you are going to own a business, there are certain expenses that are necessary. Can you imagine running a business without paying rent or utilities or having employees? It would be nice if we did not have to pay these bills, but we all know that if we don't make these investments we won't be in business.
Another expenditure that I feel is just as important is incurring the cost and the time to have staff retreats. Our accounting firm just had a one day retreat and I have to share with you that it was well worth the time and cost.
A staff retreat can be a source of great unity and inspiration. During the retreat we learn many things. We focus on how each of the members of our organization has different strengths and how we can utilize these strengths to be a better team. We also develop deeper understandings of who we are as individuals and as a group.
Spending time with coworkers in a way that is fun, relaxed, and reflective can be nourishing as well as productive. Rarely in this culture do we take the time to simply pause from the frantic pace of our actions. A commitment to pausing on an organizational level can lead to the manifestation of an entirely different and powerful orientation toward work, vision, community, and self.
I urge you to keep in mind this important tool for running a successful business.
Another expenditure that I feel is just as important is incurring the cost and the time to have staff retreats. Our accounting firm just had a one day retreat and I have to share with you that it was well worth the time and cost.
A staff retreat can be a source of great unity and inspiration. During the retreat we learn many things. We focus on how each of the members of our organization has different strengths and how we can utilize these strengths to be a better team. We also develop deeper understandings of who we are as individuals and as a group.
Spending time with coworkers in a way that is fun, relaxed, and reflective can be nourishing as well as productive. Rarely in this culture do we take the time to simply pause from the frantic pace of our actions. A commitment to pausing on an organizational level can lead to the manifestation of an entirely different and powerful orientation toward work, vision, community, and self.
I urge you to keep in mind this important tool for running a successful business.
Monday, February 1, 2010
OUR NEW ADDITION
My oldest son James and my 14th grandchild. John was born on December 24th. What a great Christmas present!
QUOTE OF THE WEEK
"Opportunity is missed by
most people because it is
dressed in overalls and
looks like work."
Thomas Edison
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