Happy Thanksgiving!
Maco & Associates is thankful for your trust and your business!
Maco

Questions Related to Giving This Holiday Season?
 
We're here to answer all of your tax questions. Our goal is to maximize your giving this year. Contact us with questions!

610-489-7215
or email us:
info@macoassociates.com 


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






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.
A Little Bit of Preparation Makes for a Much Easier Tax Season 

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.
Handy Year-End Tax Tips

IRA/SEP/401(k):
Make sure to maximize your contributions to these plans by 4/17/2012. Click here for information on contribution limits.



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 if filing jointly). For 2011, 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.



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!

MileageAlso, make sure you give us your mileage logs for charitable miles (14 cents a mile), medical miles (19 cents a mile), business miles (51 cents). We want you to get every deduction you are legally entitled to!



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! 
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