Greetings!
Happy Election Day! If you haven't made it to the polls yet, we encourage you to exercise your constitutional right to help shape our future. Regardless of how the election pans out, there will be a major shift in tax law starting on January 1, 2013. A number of tax provisions, which were extended at the end of 2010, are scheduled to expire at the end of this year. The Journal of Accountancy has a very complete list of all of the provisions expiring. Remember that these provisions are expiring without any action needed by the government, so no matter who wins the election, these changes are going to happen.
This means that if you have some plans that hinge on taxes (perhaps the sale of stocks with gains attached to them or projected income in your business), it is time to talk to us and see whether you need to execute those plans now while the tax landscape is a known quantity. The low capital gains rate of 15% (or 0% if you are in the 15% tax bracket) is likely not to get any lower, so this may be the time to pay the least amount of tax on some of those long-term gains.
If you have been by the office over the last few months, you'll notice a new face in Jennifer Cornay, who joined our office in June. She's working on the client accounting and payroll side of our practice. Born and raised in Albuquerque, Jennifer attended Central New Mexico Community College and received an Associates degree in Accounting. She's married to her high school sweetheart, Matt, and enjoys spending time with her family, husband and 2 dogs. She's in great company with all of the dog lovers here in the office!
As we mentioned a few months ago,we'll be starting to use portals for all of our clients in order to facilitate communication. Going forward, we'll be sending you copies of any notice responses, copies of tax returns or other communications via our internet portal. This way, your documents are secure and easy to access. If you're interested in getting your copy of your tax return electronically through the portal, let us know and we'll change you over to that (rather than giving you a paper copy if you so choose). The same thing goes for your tax organizer - if you would like to switch to an electronic copy, just let us know by the first week of January and we'll switch you over. As we work our way to the end of the year, it'll be time to talk taxes before December 31st! We are open to do planning for you and your business so that you pay only what you owe in taxes and not a penny more. If you are interested, please shoot us an e-mail or give us a call and we'll schedule an appointment with you. As always, if you have any questions, feel free to give us a call or shoot us an e-mail!
Thanks,
Rob and Jason | 
