Raymond J. Busch, Ltd CPA

Raymond J. Busch, Ltd CPA    Newsletter

Time to Plan November 2009
In This Issue
Seven Facts about the Nonbusiness Energy Property Credit
Tax Resoltion Services
Article Headline
Tax Resolution Services
 
taxman 

Not all firms that provide services similar to ours take the position that you want to remain in business, we do. Raymond is a former IRS Agent and has been working with businesses for over 36 years. We have all the most modern tools to make sure your resolution process is as smooth as possible. We will determine the best possible course of action, with possiblilies such as:
  • Offers in Compromise
  • Installment Agreements

We are committed to providing you the help you need to cope with this difficult situation and keep your business going.  When you deal with our firm you are dealing with  the owner, not some referral service, or branch office with the actual I.R.S. expertise being located out of  State.  Most IRS negotiations require us (not you) to meet with the IRS face to face.
 

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Cathy Glenn
(708) 691-5633
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Dear
 
I can't believe it is almost tax time again! Only 2 months to go before the end of the year, and time is going by fast to finish all the end of the year planning for our clients. Make sure you are ready by updating your bookkeeping, and begin to look at all the numbers to see if you need to make some important choices before December 31 comes and goes.  
 
 
 
Special Edition Tax Tip 2009-12 - IRS.gov
Seven Facts about the Nonbusiness Energy Property Credit 
Taxpayers who take energy saving steps this year may get bigger tax savings next year. The Nonbusiness Energy Property Credit, a tax credit for making energy efficient improvements to homes has been increased as part of the American Recovery and Reinvestment Act of 2009.
Here are seven things the IRS wants you to know about the Nonbusiness Energy Property Credit:
  1. The new law increases the credit rate to 30 percent of the cost of all qualifying improvements and raises the maximum credit limit to $1,500 claimed for 2009 and 2010 combined.
  2. The credit applies to improvements such as adding insulation, energy-efficient exterior windows and energy-efficient heating and air conditioning systems.
  3. To qualify as "energy efficient" for purposes of this tax credit, products generally must meet higher standards than the standards for the credit that was available in 2007.
  4. Manufacturers must certify that their products meet new standards and they must provide a written statement to the taxpayer such as with the packaging of the product or in a printable format on the manufacturers' Website.
  5. Qualifying improvements must be placed into service after December 31, 2008, and before January 1, 2011.
  6. The improvements must be made to the taxpayer's principal residence located in the United States.
  7. To claim the credit, attach Form 5695, Residential Energy Credits to either the 2009 or 2010 tax return. Taxpayers must claim the credit on the tax return for the year that the improvements are made.
Homeowners who have been considering some energy efficient home improvements may find these tax credits will get them bigger tax savings next year.
For more information on this and other key tax provisions of the Recovery Act, visit the official IRS Website at IRS.gov/recovery.
 
Links:
  • Energy Incentives for Individuals in the American Recovery and Reinvestment Act
  • IR-2009-98, Expanded Recovery Act Tax Credits Help Homeowners Winterize their Homes, Save Energy; Check Tax Credit Certification Before You Buy, IRS Advises
  • YouTube Video: Home Energy Credits: English | Spanish |  ASL
  • Audio File for Podcast: Home Energy Credits: English | Spanish

We have been working hard on creating class for local small business owners. It is designed to help with the financial planning of their business.
 
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Thank You,
 
Cathy Glenn
 
Cathy Glenn
Raymond J. Busch, Ltd
Certified Public Accountant
708-691-5633