| Greetings!
We are happy to introduce our new e-mail Newsletter! We hope you find the new design pleasing, and all information valuable.
The biggest compliment that you can give us is to forward our newsletter to your friends, collegues, or someone you know who might find the material of interest. Please click the "Forward" button at the bottom so that we know. If that person or company becomes a Loggins & Associates client, then you will get the credit for the referral.
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| IRA Rollover Opportunity |
There is an interesting rollover opportunity that's coming in a few months. After 2009, you will be able to roll-over amounts in qualified employer sponsored retirement plan accounts (401k, profit sharing plans, and regular IRAs) into a Roth IRA regardless of your adjusted gross income (AGI).
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| First Time Homebuyer Credit
Extended - Income Limits Decreased |
 A new law that went into effect November 6 extends the first-time homebuyer credit five months and expands the eligibility requirements for purchasers. The Worker, Homeownership, and Business Assistance Act of 2009 extends the deadline for qualifying home purchases from Nov. 30, 2009, to April 30, 2010. Additionally, if a buyer enters into a binding contract by April 30, 2010, the buyer has until June 30, 2010, to settle on the purchase.
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| 2010 Mileage Rates Released |
 The IRS just released the 2010 mileage rates to be used by employees, self-employed individuals and other taxpayers to compute deductible costs of operating an automobile (including vans, pickups and panel trucks) for business, medical, moving and charitable purposes. These rates are established based on an annual study conducted by an independent contractor on behalf of the IRS, which analyzes fixed and variable costs of operating an automobile. The 2010 rates for business purposes will be 50 cents per mile, a 5 cent per mile decrease from the 2009 rates. When the standard business mileage rate of 50 cents is used for automobiles owned by the taxpayer, depreciation will be considered to have been allowed at a rate of 23 cents per mile, 2 cents per mile more than in 2008 and 2009. Such depreciation reduces the taxpayer's basis in the automobile. The standard mileage rate for medical and moving expenses will be 16.5 cents per mile. This represents a 7.5 cent per mile decrease from 2009. The standard mileage rate for charitable purposes will be 14 cents per mile, the same rate as in 2009. The charitable rate is determined under the Internal Revenue Code. |
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| Tax Planning |
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It's not too late to schedule a tax planning appointment. Phone appointments are still available! |
| Year-End Tax |
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The following IRS links provide valuable year-end tax tips:
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QuickBooks
Year-End |
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Now is the time to get your payrol records in order. Make sure that all employes and service providers have correct tax IDs and addresses in your QuickBooks program. It will make 1099 & W-2 processing that much faster - and save you $$!
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