The South Bay Tax Report
February 29, 2012
Wayland & Vukadinovich LLP
Named as the 2011 South Bay's
Best Tax Preparer
by The Daily Breeze
(Okay, this is the last month we'll crow about this)
Happy Tax Season!
We're thrilled - it's February 29th and that means we get one extra day of tax season this year, one extra day to crunch numbers, prepare tax returns, and find more ways to save taxes for our clients
We know, it's not much of a life, but it's all we have!
Anyway, this is an abbreviated version of our newsletter as we're hard at it during tax return season.
If you've finished your returns, congratulations!
If you're working on your returns, keep at it!
If you've not started - well, come on,
you've got one extra day this year, get to it!
Form 1099s
Form 1099s this year issued by brokerages and financial planners have gone through a range of changes.
Many of the 1099s may not be issued until today - February 29th.
Be sure you have ALL of your 1099s before you submit your tax packages to us.
Organizers
We have three types of organizers
1 - A short 1 page organizer that is sufficient for many of our clients - it's on our website or you can call us and we'll send one to you.
2 - A longer organizer which lists all of your amounts from last year.
It's slick and easy to complete. The paper version is not automatically mailed to you - you have to call us to ask for one as we don't want to cut down a forest for paper that many of you don't want.
Call Gina, give her the last six digits of your SSN and it's in the mail to you;
3 - An electronic version of (2); it's VERY easy, but not MAC compatible (sorry, it's our software company, not us).
Call Gina, give her your last six digits of your SSN and she will email it to you.
Taxes are due April 17th
Taxes are due April 17th this year - don't ask, it's a long story.
If you want us to file an extension for you, CONTACT us prior to that date, (preferably, MUCH prior to that date) and we'll extend or provide estimates of what you should send with your extension.
Remember - the extension is for filing, not for paying.
2012 Mileage Rates
The IRS announced mileage rates for 2012:
Business miles are deductible at 55.5 cents per mile,
Medical and moving miles are 23 cents,
Charitable miles are 14 cents.
Appointments
It's February 29th and we're running out of them.
Call us NOW to set an appointment as our calendar gets filled this time of the year.
You may not need an appointment if you can send in your information or use one of the organizers we mentioned above.
Individual Retirement Accounts
April 17th is the last day you can make your 2011 IRA or Roth contributions.
Don't miss that date!
Many of you request that we provide copies of tax returns we file for you to banks, loan brokers or other financial organizations. Please note that, due to Federal privacy guidelines, we are not allowed to provide information to 3rd parties without a formal authorization with AN ORIGINAL signature. Therefore, we usually honor your requests by providing the tax return copies to you directly so that you can forward the information on to the 3rd party. Note also that we do not charge a fee for providing electronic copies of your tax returns, but it often takes at least one business day before you will receive a link to a secure portal which will provide you with the information you have requested.
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