September 2012  Tax Tips from Smith, Sullivan & Company P.C.
 

 

Tax Tips for Newlyweds 

 

Have you recently tied the knot? Summer and fall are both popular times for weddings. Marriage also brings about some changes with your taxes. Here are some tips: 

Notify the Social Security Administration.
If you've taken on a new name, your name and Social Security number must match on your next
lltax return. Make sure you notify Social Security.  
 
Have you moved? 
Notify the IRS of your address change and also notify the U.S. Postal Service so that you receive all of your tax forms.

Let your boss know. 
Report your name and/or address change to your employer to make sure that you receive your W-2 form and tax statements at the end of the year.

Check your withholding. 
If you and your spouse both work, your combined income may move you into a higher tax bracket.

Select the correct tax form. 
Now that you're married, you may have enough deductions to itemize rather than taking the standard deduction. Make sure you fill out Form 1040, not 1040A or 1040 EZ.

File jointly or separately? 
Your marital status on December 31 determines whether or not you are considered married for that year for tax purposes. Figure your taxes both ways to determine which filing status
    will result in the lowest tax payment. 
 
For more information on tax filling changes after your wedding, please contact us.    

   
Charitable Giving Tax Information

It's great to be generous and donate to a deserving charity. If you would like your contribution to be tax deductible be certain that your charity meets the following criteria.

1. Tax-Exempt Status.
Ask your charity about it's tax-exempt status. Click here to search for your favorite charity on the IRS Exempt Organizations Select Check section.

2. Use the right form for itemizing! 
Charitable contributions are deductible only if use Form 1040, Schedule A. 

 

3. Fair market value.  
Special rules apply if you donate items such as a car, boat, clothing or household goods. If you receive something in return for your donation, like merchandise, or admission to a charity banquet or sporting event, only the amount exceeding the fair market value of the benefit received can be deducted.

4. Keep good records. 
A cancelled check, bank or credit card statement, payroll deduction record or written statement from the charity with the charity's name, contribution date and amount will help you document your donations at tax time. 

 

5. Donations over $250  
All contributions valued at $250 or more require documentation to be deductible. For donations that exceed $250, your charity should provide you with a written statement specifying the amount of the donation and a description or value of any property donated. It should also state whether the charity received goods or services in exchange for your donation.

6. Timing is everything. 
Most contributions are only deductible in the tax year that they are actually made. End-of-year donations made by check or credit card usually qualify as tax-deductible for that tax year, even though you many not pay the credit card bill or have your bank account debited until after December 31.

Contact us if you have questions regarding charitable giving. 
 


Have you heard about QuickBooks?

QuickBooks software helps you create invoices, pay bills, track expenses and generate financial reports to monitor business' growth and make sure reports are ready at tax time. QuickBooks can help you save time and stay organized. 

 

Have you thought about using QuickBooks at your business? 

 

Need some help with training and account set-up? 

 

Do you already have QuickBooks and want to make sure you are using 100% of the software capabilities? 

 

Sandy Fallow, our Accounting Services Manager can help! sandy fallow
Sandy, a Certified QuickBooks Pro Advisor works with our small business and nonprofit clients helping them with QuickBooks accounting system set-up and training.

Call us at 508.871-7178 and ask for Sandy if you'd like to learn more about about using QuickBooks to improve your business.
 

 
Linda Smith and
Maureen Sullivan
Questions?  Call us at 508.871.7178

or email: [email protected] 

or go to:  www.smithsullivancpa.com   

  

  


 

  

 

 

At Smith, Sullivan & Company, PC, our dedicated professionals listen to your auditing and accounting, tax preparation, and small business questions. We provide personalized solutions to you and your family, your business or nonprofit, all at a reasonable price.

 

Our accounting team has extensive experience. We understand your frustration when you tell us that you've paid top dollar for accounting services - only to learn that there's a junior-level person working on your engagement. Or, that it's mid-March and your accountant isn't returning emails or phone calls because your files have been put on the back burner so that they can focus on the tax return crunch. At Smith, Sullivan & Company, PC we only send senior-level accountants into the field and they remain accessible to you throughout the year. A dedicated team is assigned year-round specifically to our nonprofit clients, so that deadlines are met on time and your questions are never ignored.

 

Established in 1993, Smith, Sullivan & Company, PC is for you if you value communication, one-on-one attention, and "hands-on" expertise from experienced senior-level accountants. Whether you have a project to bid on now, or in the near future, contact us to schedule an introductory meeting, we'd love to meet you!   

 

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