Questions Related to Giving This Holiday Season?
We're here to help answer these and all of your tax questions. Our goal is to make sure you are able to maximize the way you gift for your family and loved ones. Just give us a call!
610-489-7215
or email us:
info@macoassociates.com
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General Tax Questions?
We'd like to call your attention to the Resources section on our website, which you can access by clicking here. Many of your tax-related questions are answered here. This is where we store the following:
- Tax Tips newsletters
- Tax calculators
- IRS forms
- Record retention guide
- Email newsletter
archive
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Toys for Tots
Drop off your Toys for Tots donation at our office location! Kalejta Financial Management is an official drop spot:
740 W. Main St Ste 1
Collegeville, PA
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Greetings!
For us, the Fall is the perfect opportunity to send thanks your way -- your business is important to us and we truly value the trust and confidence you've shown in letting us manage your tax and accounting matters.
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A Little Bit of Preparation Makes for a Much Easier Tax Season
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The holiday season brings hectic
days and busy schedules for  everyone, so taxes and accounting might not be the first thing on your mind. Believe it or not, by being even a little bit more prepared, you'll be in better position to stay ahead of the tax scramble and still have ample time to enjoy the holidays.
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First-Time Homebuyer Credit: Are You Required to Repay it?
If you purchased a home in 2008 and claimed the first-time homebuyer credit, you must repay the credit in equal installments over a 15-year period beginning on your 2010 tax return.
 If you purchased a home after 2008 and claimed the first-time homebuyer credit, you do not have to repay the credit if you own and use the home as primary residence for at least 36 months beginning on the date of purchase. On the other hand, you must generally repay the credit if you dispose of your home or stop using it as your principal residence within this 36-month period. This includes situations where you sell the home, convert the home to a business or rental property, abandon the home, or the lender forecloses on the mortgage.
In general, you repay the credit by including it as additional tax on the return for the year you dispose of the home or it ceases to be your main home. There are a few exceptions to the replayment rules. See page 4 of our Summer Tax Tips for this information.
IRA/SEP/401(k) Dates:
Make sure to maximize your contributions to these plans. Due dates for deductibility vary depending on the plan, so call or email us for the specifics if you don't know them. We're right here to help!
Charitable Cash Contributions:
The holidays mean giving and gifts are on everyone's mind. The IRS has special requirements for cash charitable contributions. What does this mean for you? Each cash charitable contribution you make must be backed up with a written receipt or other documentation, regardless of the amount. Gone are the days of estimates. So continue to be as generous as you'd like, but make sure to get that receipt!
 Also, make sure you give us your mileage logs for charitable miles (14 cents a mile), medical miles (16.5 cents a mile), business miles (50 cents). We want you to get every deduction you are legally entitled to!
Saver's Credit: Another Reason to Save for Retirement
 If you make contributions to a traditional or Roth IRA, elective deferrals to a 401(k), 403(b), governmental 457, SEP, or SIMPLE plan, voluntary employee contributions to a federal Thrift Savings Plan, or contributions to a 501(c)(18)(D) plan, you may qualify for a Credit for Qualified Retirement Savings (saver's credit).
The credit equals a percentage of your eligible contributions (up to $2,000). The percentage varies from 10, 20, or 50 percent depending on your adjusted gross income and filing status. Thus, the maximum credit is $1,000 ($2,000 x 50%). For 2010, the saver's credit is available if your adjusted gross income does not exceed: - $55,500 on a joint return
- $41,625 on a head of household return
- $27,750 on all other returns.
Email us if you think you qualify.
Did You Invest in Your Business?
If you loaned money to your business, you are required to charge interest on the loan and report it as income on your personal return! If you don't, the IRS may reclassify it as a contribution to capital. Call or email and we can help you understand this better!
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We hope you enjoy a wonderful holiday season and just remember, we're only a phone call or email away with solutions to any of your tax, bookkeeping, small business, and accounting questions. Let us help!
Warmest Wishes and Happy Thanksgiving!
- Maco & Associates |
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