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Wayland & Vukadinovich Website
Important Filing Dates

December 15

The 2010 W&V tax appointment calendar for tax return preparation opens - call Gina for more information

 

December 10

First installment of California property taxes are due

 

December 15

Tax organizers for 2010 tax season are available by request - contact Gina

 

December 31 

Last chance to make charitable contributions, pay medical expenses, or pay any other tax deductible items for 2010

 

January 15 

Final 2010 estimated tax payments are due

 

January 31 

Final day to issue Form 1099s to outside contractors

 

 

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 The South Bay Tax Report  
October 31 2010
 


Happy Halloween!



Is it time for your IRA Withdrawal?
Don't forget - if you've turned 70 1/2, you may need to take a mandatory withdrawal from your tax-deferred retirement accounts. Last year, the IRS suspended the mandatory withdrawal requirements, but those requirements are back in place this year. The IRS requires that you look at your December 31, 2009 account balance in determining your required minimum distribution.

Franchise Tax Board delays refunds
Some of you waited until October 15th to file your tax returns - you need to know that refunds on individual and corporate tax returns that were not processed by the State's Franchise Tax Board by October 7th will be delayed until there is sufficient cash in the state treasury to pay those refund claims. The State Treasurer indicates they only had about $3.5 billion on hand at September 30th and $3.5 billion just doesn't go as far as it used to so expect delays in your refund requests until the state's cash position has stabilized.

Franchise Tax Board to begin assessing penalties on certain non-electronic payments
Seveal years ago, California passed rules requiring individuals who made a single estimated tax payment of $20,000 or greater or who had a total tax liability of $80,000 or greater to make all future payments of state tax electronically. During these last several years, the State Franchise Tax Board elected to NOT penalize those taxpayers who chose not to make electronic payments, but California has announced that penalties WILL BE assessed in 2011 so if you are required to make e-payments, visit the Franchise Tax Board website 
www.ftb.ca.gov for more information. 
 
We'll Open our Appointment Books on December 15th
If you want to set your appointment for preparation of your 2010 tax return, contact Gina starting December 15th -
where did the year go???
We'll also have our organizers available by the 15th of December - as always, we ask that you contact Gina directly to obtain your organizer. We don't accept email requests for organizers for security reasons


It's Time to Look Forward
As year end approaches, it's always a good idea to look forward in regards to tax and financial matters.
 
Do you have your will or trust up-to-date?
Have you named the proper beneficiary on your IRA, 401k or other tax-deferred retirement account?
Have you set aside instructions for your survivors as to where they can locate your personal financial information?
Do you have a health care directive?
Have you looked at your current mortgage to see if it can be refinanced or if there are other, better mortgage programs that you might be able to qualify for?
Are you maximizing your retirement plan contributions?
Do you know who is going to win the Super Bowl? Oh, sorry, that's for another newsletter!!!
Be proactive in managing your personal financial affairs!

 Online list of notaries public

  The California Secretary of State now provides an online list of notaries public who hold active commissions. Visit the website at

www.sos.ca.gov/business/notary-online-listing.htm

 

 

 

Wayland 2Contact Us
 
 Visit our website:
 
 
   
Gary Wayland   -   [email protected]
Mike Vukadinovich   -   [email protected]
Susan Patterson   -   [email protected]
Sonia Tramel   -   [email protected]
Midge Leatherbury   -   [email protected]
Debbie Reasor   -   [email protected]
Gina Stevens   -   [email protected]
 
 
Certified Public Accountants
1097 Aviation Blvd
Hermosa Beach CA 90254
(310) 376-0455   (310) 379-4523 fax