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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). 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 may begin with calendar year 2010.
March 31
Electronic filing of Forms 1098, 1099, and W-2G. File Forms 1098, 1099, or W-2G with the IRS. This due date applies only if you file electronically (not by magnetic media). Otherwise, it is due on March 2. The due date for giving the recipient these forms will still be February 2. | |
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Greetings!
This week we conclude our series on IRS Top Ten Tax Time Tips. We hope you've found this information useful in reducing your tax burden and making filing easier.
Starting next week, and continuing through April 14, we will present Five Items to Keep in Mind When Filing 2008 Taxes.
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 Tips #9 and #10 |
#9 - Visit IRS.gov often
The official IRS Web site is a great place to find everything you'll need to file your tax return: forms, tips, FAQs and updates on tax law changes. You will also be able to visit our new website (launching soon!) for quick access to forms and information relevant to your business.
There's no need to panic. If you run into a problem, remember the IRS and ECL are there to help. We are glad to review any notices you receive, draft letters and even call the IRS on your behalf to make sure you understand and make the most of the resources and options available to you. If you'd like to contact the IRS directly try IRS.gov or call their customer service number at 800-829-1040.
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.
- QuickBooks ES - 25% discount through 4/30/09.
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 eligible for a tax credit?
A: You might be eligible for a tax credit. A tax credit is a dollar-for-dollar reduction of taxes owed. Some credits are even refundable. That means you might receive a refund rather than owe any taxes.
Here are five popular credits you should consider before filing your 2008 Federal Income Tax Return:
1. The Earned Income Tax Credit is a refundable credit for low-income working individuals and families. Income and family size determine the amount of the credit. For more information, see IRS Publication 596, Earned Income Credit.
2. The Child and Dependent Care Credit is for expenses paid for the care of your qualifying children under age 13, or for a disabled spouse or dependent, to enable you to work or look for work. For more information, see IRS Publication 503, Child and Dependent Care Expenses.
3. The Child Tax Credit is for people who have a qualifying child. The maximum amount of the credit is $1,000 for each qualifying child. This credit can be claimed in addition to the credit for child and dependent care expenses. For more information on the Child Tax Credit, see IRS Publication 972, Child Tax Credit.
4. The Retirement Savings Contributions Credit, also known as the Saver's Credit, is designed to help low- and moderate-income workers save for retirement. You may qualify if your income is below a certain limit and you contribute to an IRA or workplace retirement plan, such as a 401(k) plan. The Saver's Credit is available in addition to any other tax savings that apply. For more information, see IRS Publication 590, Individual Retirement Arrangements (IRAs).
5. Health Coverage Tax Credit. Certain individuals, who are receiving certain Trade Adjustment Assistance, Alternative Trade Adjustment Assistance, or pension benefit payments from the Pension Benefit Guaranty Corporation, may be eligible for a Health Coverage Tax Credit when you file your 2008 tax return.
There are other credits available to eligible taxpayers. Since many qualifications and limitations apply to the various tax credits, taxpayers should carefully check their tax form instructions, the listed publications, and additional information that is available on the IRS Web site at IRS.gov. IRS forms and publications are also available by calling 800-TAX-FORM (800-829-3676).
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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