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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 |
| Pay via Pay Pal |
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ECL Consulting now offers our clients the option of paying their invoices via Pay Pal. Look for a link on your invoice to take you directly to Pay Pal. Save time and money by paying online, securely and easily.
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| ECL Staff 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
1-520-843-2092.
Please make sure you dial the "1" and the area code, no matter where you're dialing from.
Eli Larriva:
520-241-0371
Carol Rundle: 520-721-6868
Susie Guthrie: 520-240-1735
Kris Dorris:
443-206-3613 |
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| March Tax Deadlines |
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March 16
Employers - Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in February.
Employers - Social security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in February.
Corporations - File a 2008 calendar year income tax return (Form 1120 or 1120-A) and pay any tax due. If you want an automatic 6-month extension of time to file the return, file Form 7004 and deposit what you estimate you owe.
S Corporations - File a 2008 calendar year income tax return (Form 1120S) and pay any tax due. Provide each shareholder with a copy of Schedule K-1 (Form 1120S), Shareholder's Share of Income, Credits, Deductions, etc., or a substitute Schedule K-1. If you want an automatic 6-month extension of time to file the return, file Form 7004 and deposit what you estimate you owe.
Electing large partnerships - Provide each partner with a copy of Schedule K-1 (Form 1065-B), Partner's Share of Income (Loss) From an Electing Large Partnership. This due date is effective for the first March 15 following the close of the partnership's tax year. The due date of March 16 applies even if the partnership requests an extension of time to file the Form 1065-B by filing Form 8736 or Form 8800.
S corporation election - File Form 2553, Election by a Small Business Corporation, to choose to be treated as an S corporation beginning with calendar year 2009. If Form 2553 is filed late, S treatment will begin with calendar year 2010.
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Greetings!
ECL Consulting can help make filing your taxes easier! 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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IRS Tax Tip #8 |
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Think about Direct Deposit
If you elect to have your refund directly deposited into your bank account, you'll receive it faster than waiting for a check by mail.
Don't wait around for a paper check. Have your federal tax refund deposited directly into your bank account. Choosing Direct Deposit is a secure and convenient way to get your money in your pocket faster.
Here are the main reasons 66 million taxpayers chose Direct Deposit in 2008:
1. Direct Deposit is secure. There is no chance for a check to get lost in the mail. Thousands of checks are returned to the IRS by the US Post Office every year as undeliverable mail. Direct Deposit eliminates the possibility you won't receive your check and prevents your refund from being stolen.
2. Direct Deposit is convenient. The money goes directly into your bank account. You won't have to make a special trip to the bank to deposit the money yourself.
3. Direct Deposit is easy. Just make sure you entered the correct bank account and bank routing numbers on your tax form and you'll receive your refund quicker than ever.
4. Direct Deposit offers options. You can also electronically direct your refund to multiple accounts. With the "split refund" option, taxpayers can divide their refunds among as many as three checking or savings accounts and three different U.S. financial institutions. A word of caution - some financial institutions do not allow a joint refund to be deposited into an individual account. Check with your bank or other financial institution to make sure your direct deposit will be accepted.
For more information about direct deposit of your tax refund and the split refund option, ask your tax preparer.
For individuals and especially small businesses, ECL Consulting, LLC recommends finding a qualified tax preparer who truly cares about providing the best service, is knowledgeable and will locate all available deductions to reduce your tax and increase your refund. We are happy to recommend qualified and dedicated income tax preparers we work with. Please contact us to locate the best professional for your needs. |
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Save on QuickBooks |
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ECL Consulting, LLC has partnered with A+ QBooks Consulting & Services, LLC to bring you substantial savings on QuickBooks.
- QuickBooks Point of Sale Basic, Pro, and Multi-Store -software and hardware - up to 50% off MSRP. Sale extended through 3/27/09.
- Free QuickBooks 2009 Pro with the new Assisted payroll subscription. Offer ends 3/16/09.
Call (800) 609-0788 or email for details or to order. |
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ECL Consulting Presents... |
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The Better Business Bureau of Southern Arizona has invited ECL Consulting to present a seminar on "What You Need to Know Before Filing Your Taxes."
This seminar will cover two main areas:
- Preparing Your Business Records
- 10 Questions to Ask Your Tax Accountant
By the end of the presentation you will have:
- A plan for compiling complete records for the lowest tax impact
- The knowledge to better locate your available business deductions
- The tools to ensure your tax preparer is saving you money
Location: The seminar will be held at the headquarters of The Better Business Bureau of Southern Arizona, 434 S Williams Blvd., Suite 102, Tucson, AZ 85711.
Date and Time: March 25, noon to 1 pm. You are welcome to bring a bag lunch.
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Ask An Expert |
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Q: Am I subject to the Alternative Minimum Tax?
A: Tax laws provide tax benefits for certain kinds of income and allow special deductions and credits for certain expenses. These benefits can drastically reduce some taxpayers' tax obligations. The Alternative Minimum Tax attempts to ensure that anyone who benefits from these tax advantages pays at least a minimum amount of tax.
Congress created the AMT in 1969, targeting a small number of high-income taxpayers who could claim so many deductions they owed little or no income tax. Because the AMT is not indexed for inflation, a growing number of middle-income taxpayers are discovering they are subject to the AMT.
You may have to pay the AMT if your taxable income for regular tax purposes plus any adjustments and preference items that apply to you are more than the AMT exemption amount.
For tax-year 2008, Congress raised the alternative minimum tax exemption to the following levels:
- $69,950 for a married couple filing a joint return and qualifying widows and widowers
- $46,200 for singles and heads of household
- $34,975 for a married person filing separately
You can find more information about the Alternative Minimum Tax and how it impacts you by referring to IRS Form 6251 (Alternative Minimum Tax -Individuals) or by calling 800-TAX-FORM (800-829-3676). Also see the AMT Assistant.
Ever have an accounting, tax, QuickBooks or cash flow management question and didn't know who to ask? Now you can Ask An Expert! Email us your questions 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? 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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