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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 |
| February Tax Deadlines |
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Extended Deadline
February 2
Individuals - If youfailed to make your federal estimated tax payment by January 15 you can file your income tax return and pay any tax due by February 2nd without incurring additional penalties.
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. |
| Ask An Expert |
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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. |
| New ECL Contact Info |
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Each of ECL's staff members can be reached directly. You can also call 520-241-0371 to leave a message for any staff member.
Our new central fax number is
520-843-2092.
Eli Larriva: 520-241-0371
Carol Rundle: 520-721-6868
Susie Guthrie: 520-240-1735
Kris Dorris: 443-206-3613 | |
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Greetings!
The first few months of a new year mean tax time for most people, and ECL Consulting is no different. Now through April is our busiest time of the year as we help our clients organize and prepare for tax time. For the next few months, we will offer many tax tips to help you prepare for and reduce your taxes.
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IRS Tax Tip #1 |
Beginning today and continuing through April, we will offer a series of IRS-approved tax tips to help you reduce your tax burden, file more easily and receive your refund faster. Today, tax tip number one:
Gather your records...now!
It's never too early to start getting together any documents or forms you'll need when filing your taxes: receipts, canceled checks and other documents that support an item of income or a deduction you're taking on your return. Also, be on the lookout for W-2s and 1099s, coming soon from your employer.
ECL Consulting can help make this process easier for you. We offer services to help you organize your paper and electronic records so gathering the information you need to file your taxes is simpler and less time-consuming. Contact us today for more information. |
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Arizona $100 Penalty
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For certain information returns (see below) due after December 31, 2008 the Arizona Department of Revenue will charge a $100 penalty for filing late (including extensions) or failing to file. This penalty is PER MONTH or fraction of a month that the failure continues, up to a maximum penalty of $500. Forms subject to $100 penalty:- Form A1-R (Arizona Annual Withholding Reconciliation)
- Form 99 Exempt Organization Annual Information Return
- Form 165 (Arizona Partnership Income Tax Return)
- Form 120S (S Corporation Income Tax Return) when no liability is due
Contact us for assistance in preparing for and filing these returns to avoid penalties. |
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Widening of Tax Brackets and Benefits |
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For 2009, personal exemptions and standard deductions will rise and tax brackets will widen because of inflation adjustments.
By law, the dollar amounts for a variety of tax provisions must be revised each year to keep pace with inflation. As a result, more than three dozen tax benefits, affecting virtually every taxpayer, are being adjusted for 2009. Key changes affecting 2009 returns, filed by most taxpayers in early 2010, include the following:
- The value of each personal and dependency exemption, available to most taxpayers, is $3,650, up $150 from 2008.
- The new standard deduction is $11,400 for married couples filing a joint return (up $500), $5,700 for singles and married individuals filing separately (up $250) and $8,350 for heads of household (up $350). Nearly two out of three taxpayers take the standard deduction, rather than itemizing deductions, such as mortgage interest, charitable contributions and state and local taxes.
- Tax-bracket thresholds increase for each filing status. For a married couple filing a joint return, for example, the taxable-income threshold separating the 15-percent bracket from the 25-percent bracket is $67,900, up from $65,100 in 2008.
- The maximum earned income tax credit for low and moderate income workers and working families with two or more children is $5,028, up from $4,824. The income limit for the credit for joint return filers with two or more children is $43,415, up from $41,646.
- The annual gift exclusion rises to $13,000, up from $12,000 in 2008.
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Have you enjoyed this newsletter? Have any suggestions for things you'd like to see covered? Have a question for our resident Accounting Expert? 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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