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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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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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| April Tax Deadlines |
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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.
April 30
Employers - Social Security, Medicare, and withheld income tax. File form 941 for the first quarter of 2009. Deposit any undeposited tax. (If your tax liability is less than $2,500, you can pay it in full with a timely filed return.) If you deposited the tax for the quarter in full and on time, you have until May 11 to file the return.
Employers - Federal Unemployment Tax. Deposit the tax owed through March if more than $500. | |
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Greetings!
This week we conclude our series on Five Items to Keep in Mind When Filing 2008 Taxes.
Be sure to look for next week's e-newsletter with a big announcement.
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:
#4 - Standard Mileage Rates Adjusted for 2008
The standard mileage rates for business use of a vehicle:
- 50.5 cents per mile from Jan. 1 to June 30, 2008
- 58.5 cents per mile driven during the rest of 2008
The standard mileage rates for the cost of operating a vehicle for medical reasons or a deductible move: 19 cents per mile Jan. 1 to June 30, 2008; and 27 cents from July 1 to Dec. 31, 2008.
The standard mileage rate for using a car to provide services to charitable organizations remains at 14 cents a mile. Special rates apply to the Midwest disaster area.
Note: Standard mileage rates for 2009 are; 55.0 cents for business travel, .14 cents for chartiable travel and .24 cents for moving travel.
#5 - Kiddie Tax Revisited
The tax on a child's investment income previously only applied to children younger than age 18. It now applies if the child has investment income greater than $1,800 and is:
- Younger than 18;
- 18 years of age and had earned income that was equal to or less than half of his or her total support in 2008;
- Older than 18 and younger than 24, a student and during 2008 had earned income that was equal to or less than half of his or her total support.
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 Enterprise Solutions - 25% discount through 4/30/09.
Call (800) 609-0788 or email for details or to order. |
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Ask An Expert |
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Q: How can I avoid making a mistake on my tax return?
A: Errors made on tax returns may delay the processing of your return and the arrival of your refund. Avoiding the common errors below will help ensure your refund arrives on time:
1. Recovery Rebate Credit - Many returns filed in 2009 have errors involving the Recovery Rebate Credit, a credit for people who did not receive a stimulus payment in 2008 or who did not receive the maximum amount. To avoid delays in tax refunds, it is critical that taxpayers know whether they received a payment in 2008 and the correct amount of that stimulus payment. For people using a paper tax return, the stimulus payment amount will be required when completing the related worksheet. For people using tax software, the stimulus payment amount will be needed as part of the return preparation process.
2. Incorrect or missing social security numbers - When entering SSNs for anyone listed on your tax return, be sure they are entered exactly as they appear on the social security cards. Incorrect or transposed numbers will cause delays in the processing of your return.
3. Incorrect or misspelling of dependent's last name - When entering dependent's last name on your tax return, ensure they are entered exactly as they appear on the social security cards. Incorrect or misspelling of dependent's last name will cause delays in processing of your return.
4. Filing status errors - Make sure you choose the correct filing status for your situation.
5. Math errors - When preparing paper returns you should review all addition and subtraction to ensure it is correct. Remember, when you file electronically, the software takes care of the math for you!
6. Computation errors - Take your time. Many taxpayers are making mistakes when figuring the taxable income, withholding and estimated tax payments, Earned Income Credit, Standard Deduction for age 65 or over or blind, the taxable amount of social security benefits, and child and dependent care credit.
7. Incorrect bank account numbers for Direct Deposit - If you are due a refund and requested direct deposit did you check your financial institution routing and account numbers?
8. Forgetting to sign and date the return - An unsigned tax return is like an unsigned check - it is invalid.
9. Incorrect Adjusted Gross Income information - Taxpayers filing electronically must sign the return electronically using a personal identification number. To verify their identity, taxpayers will be prompted to enter their AGI from their originally filed 2007 federal income tax return or their prior year PIN if they used one to file electronically last year. Taxpayers should not use an AGI amount from an amended return, Form 1040X, or a math error correction made by IRS.
10. Failing to keep proper records - Failure to keep proper records can result in missed deductions. Do you know where all your receipts are?
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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