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Eli will be out of town January 1st through the 4th. If you need to reach him, please contact his assistant, Carol, at 721-6868 or carol@eclconsulting.com.
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Remember to schedule your FREE meeting with us to see how we can save you time and money!
(520) 241-0371
info@eclconsulting.com
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| January Tax Deadlines |
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January 1
Employers - Stop advance payments of the earned income credit for any employee who did not give you a new Form W-5 for 2009. January 15
Employers - 941 (Social Security, Medicare and withheld income tax) deposit. If the monthly deposit rule applies, deposit the tax for December payroll.
Individuals- Make a payment of your estimated tax for 2008 if you did not pay your income tax for the year through withholding (or did not pay in enough tax that way). This is the final installment date for 2008 estimated tax. However, you do not have to make this payment if you file your 2008 return (Form 1040) and pay any tax due by February 2, 2009.
Extended Deadline
February 2
Employers - Give your employees their copies of Form W-2 for
2008 by February 2, 2009.
Businesses - Give your independent contractors their copy of Form 1099-Misc by February 2, 2009.
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Greetings!
Here we are at the end of another year and taxes are on everyone's mind. In this edition we break down a few year end considerations when preparing for your 2008 tax return.
All of us at ECL Consulting wish you a happy, prosperous and blessed new year! |
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2008 Tax Tips |
1. Seek Professional Help
Professional tax prepararers are specially trained to help you maximize your deductions and make sound tax and financial planning decisions. If you are not currently working with a tax professional who understands your business, your goals and communicates the pros and cons of all your tax options then contact us to be referred to a professional who does!
2. Recovery Rebate Credit
If you did not qualify for or did not receive the maximum amount
for the 2008 economic stimulus payment, you may be entitled to a
recovery rebate credit when you file your 2008 tax return. Ask your tax
preparer if you qualify for this rebate. You need to know the amount of
the payment you received in 2008, which can be found on your Economic
Stimulus Payment Notice (Notice 1378).
3. Should you File a Tax Return?
Single Taxpayers
If you expect to file a single return,
the IRS requires you to file a return for 2008 if your gross income for
the year is at least: $8,950 if you are under age 65. $10,300 if you
are at least age 65.
Married Filing Jointly
For married persons filing jointly,
you are required to file a return if gross income for 2008 is at least:
$17,900 if both of you are under age 65. $18,950 if one of you was at
least age 65. $20,000 if both of you were at least age 65.
You Owe Certain Taxes
If you owe FICA or Medicare taxes
(also called payroll taxes) on unreported tip or other reported income that were not collected, you must file a return. You must also file a
tax return if you are liable for any alternative minimum tax. You must
also file a return if you owe taxes on individual retirement accounts,
Archer MSA accounts or an employer-sponsored retirement plan.
Advance Earned Income Tax Credit Payments
The Earned Income
Tax Credit is a federal income tax credit for eligible low-income
workers. The credit reduces the amount of tax an individual owes, and
may be returned in the form of a refund. If your receive advance
payments for the earned income credit from your employer, you must file
a return.
Self-Employment Earnings
If your net earnings from self-employment (such as income from an LLC or sole proprietorship) are $400 or more, you must file a return.
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Ask An Expert |
Ever have an accounting, tax, QuickBooks or cash flow management question and didn't know who to ask? Now you can Ask An Expert! Send your questions to askexpert@eclconsulting.com and we will print the question and the answer in our newsletter! No question is too big or too small. | |
Have you enjoyed this newsletter? Have any suggestions for things you'd like to see covered? Let us know by emailing askexpert@eclconsulting.com.
Each issue will cover different topics and have different features, so watch for us each Tuesday.
Remember, we provide accounting and cash flow solutions for successful companies -- yours!
Eli Larriva
ECL Consulting, LLC
(520)241-0371
info@eclconsulting.com
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