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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/April Tax Deadlines |
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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.
April 15
Individuals - File an income tax return for 2008 (Form 1040, 1040A, or 1040EZ) and pay any tax due. If you want an automatic 6-month extension of time to file the return, file Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return, or you can get an extension by phone if you pay part or all of your estimate of income tax due with a credit card. Then file Form 1040, 1040A, or 1040EZ by October 15.
Individuals - If you are not paying your 2009 income tax through withholding (or will not pay in enough tax during the year that way), pay the first installment of your 2009 estimated tax. Use Form 1040-ES.
Partnerships - File a 2008 calendar year return ( Form 1065). Provide each partner with a copy of Schedule K-1 (Form 1065), Partner'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 and provide Schedule K-1 or a substitute Schedule K-1, file Form 7004. Then file Form 1065 by October 15.
Corporations - Deposit the first installment of estimated income tax for 2009. A worksheet, Form 1120-W, is available to help you estimate your tax for the year.
Employers - Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in March.
Employers - Social security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in March. | |
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Greetings!
This week, and continuing through April 14, we 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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5 Items to Keep in Mind When Filing 2008 Taxes |
Here are a few tax law changes you may want to note before filing your 2008 federal tax return:
#2 - Standard Deduction Increased for Most Taxpayers
The 2008 basic standard deductions all increased. They are:
- $10,900 for married couples filing a joint return and qualifying widows and widowers
- $5,450 for singles and married individuals filing separate returns
- $8,000 for heads of household
Beginning this year, taxpayers can claim an additional standard deduction based on the state or local real-estate taxes paid in 2008. Also new for 2008, a taxpayer can increase his standard deduction by the net disaster losses suffered from a federally declared disaster.
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.
- 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.
Cost: Free
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Ask An Expert |
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Q: Can I take a home office deduction?
A: In order to deduct expenses related to the business use of your home, you must carry on a "bona fide" business, as well as meet other specific requirements. Even then, your deduction may be limited.
To qualify to claim expenses for the business use of your home, your use of the business part of your home must be exclusive, regular, for your trade or business,
AND
The business part of your home must be one of the following:
- Your principal place of business
- A place where you meet and deal with customers in the normal course of your trade or business or
- A separate structure you use in connection with your trade or business.
Most taxpayers with home-based businesses accurately report their income and expenses, while still enjoying the benefits that a home-based business can offer. However, some unscrupulous promoters advise taxpayers incorrectly that they can operate any type of unprofitable "business" out of their home and claim personal expenses as business expenses. Taxpayers cannot transform nondeductible personal living expenses into deductible business expenses, regardless of how convincing the information in the promoter's marketing materials may seem.
These are generally not deductible as business expenses:
- Deducting all or most of the cost and operation of a personal residence. For example, placing a calendar, desk, file cabinet, telephone or other business item in each room does not increase the amount that can be deducted.
- Paying children a salary for answering telephones or washing cars.
- Deducting education expenses from salaries paid to children wrongfully claimed as employees.
- Deducting excessive car and truck expenses when the vehicle was used for both personal and business use.
- Deducting personal furniture, home entertainment equipment or children's toys.
- Deducting personal travel, meals and entertainment under the guise that everyone you encounter is a potential client.
For more information:
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.
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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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