It's been BUSY around here!

August has been spectacular down here in the South Bay.  We've had unseasonably warm weather. We've had the Manhattan Beach Open Volleyball Tournament, the Manhattan Six-Man Volleyball Tournament, the Catalina Paddleboard race and the Hermosa Beach Arts Fiesta all in the last several weeks - we've got a picture of the Fiesta below.

With all of that beach action, you'd think we here at

Wayland & Vukadinovich LLP

would be tanned and rested, but

we've been spending far too many hours inside our "international headquarters" preparing extended returns, reviewing regulations, planning tax events and estates, and generally working hard for our clients.

Tax season never stops!

We're the only people in Hermosa Beach without a tan!

Can I do anything to help my taxes before year-end?

It's never too late - well, actually, it CAN be too late if you wait until 2013 - but you may still be able to have some impact on your taxes for 2012.

Here are eleven things you can do:

• Vote - Well, you say, I don't see how that has anything to do with my 2012 taxes, and you're likely right, but it will have much to do with your taxes beyond 2012 so be sure you are registered and be sure you vote.
• Contribute - Many things will change next year but it's likely you will always be able to deduct contributions you make to IRS approved tax-exempt organizations. Consider making a gift before year-end and you can deduct the gift and save that tax!
• Harvest - We're not talking about bringing in those wilted tomatoes you've been trying to grow in the back yard. Consider harvesting those capital gains in your portfolio; you know, that Apple stock you bought for $4 and is now worth $600! If you have losses carried over from a prior year, you can offset the losses against the gains OR you may want to take the gains this year as it's very possible that capital gains rates will increase next year. You'll also avoid the 3.8% Medicare tax that some of you may be responsible for next year.
• Plan - Try NOW to set aside enough extra cash to make an IRA, a Roth. or a SEP type contribution. These are wonderful retirement vehicles, something that will become more and more important for everyone in the years ahead.
• Memorialize - We here at Wayland & Vukadinovich think we have a great retirement plan idea. We think we should add $25 to the bill of everyone who admits to us that they don't have a will, a trust, or an estate plan. We'll die rich! Take a look at (or prepare) your will. Plan your estate and keep it up to date or you'll likely find that your old Aunt Eloise who never sent you presents at the holidays inherits your bank accounts!
• Cheer - Gary wants to remind all of you to cheer for his favorite USC Trojan football team this year. Again, it has nothing to do with taxes, but he gets in a very bad mood when they lose.
• Flex - Okay, we're stretching with this format but we want to make sure you review any flexible spending accounts you have as rules regarding the amount you can contribute and what they can be used for have changed with the new health insurance legislation.
• Distribute - For those of you who are over 70 1/2 or who hold inherited IRAs, make sure to take your required minimum distribution. While many of us believe 70 is the new 60, the IRS does not share that view and wants you to take your required minimum distributions!
• Disclose - we can't remind you often enough to tell us if you have foreign bank accounts (especially if the balance is over $10,000 any time during the year) or foreign assets (especially if those assets exceed $50,000 during the year).
• Organize - We, of course, draw tremendous enjoyment in reviewing your receipts for the food you bought for your camping trip, but it's not an efficient way of determining what is and is not deductible - please take the time to organize your receipts and records before year-end. You know best what each expense was for, and you can provide the best guidance to us in helping us determine deductibility.
• Review - We've talked before about reviewing your home loan - it may be time to think about a refinance, but you should also review your property tax bill; you have until November 1st to file a property tax appeal with your local county assessor in California if you believe your property tax assessment does not reflect the current value of your home or rental property.

Oh, wait - did I remember to file my 2011 tax return?

If you extended your 2011 tax filing on April 15th, you have until October 15th to complete and file your return.

We here at Wayland & Vukadinovich would be thrilled to assist you, but we need your information prior to October 1st to guarantee that we can complete your 2011 AND get that return e-filed before the deadline.

Don't wait until the last minute!

Can I make a gift to my children?

Our friends at the Internal Revenue Service allow each taxpayer to give anyone up to $13,000 of assets per year, tax free. There's no limit on the number of gifts if they are made to different people and the recipients don't have to be relatives.

(which means you can always send $13,000 to us here at Wayland & Vukadinovich)

You can transfer any asset, including cash, securities or even a partial interest in a business or parcel of real estate. However, you may need an appraisal for those hard to value assets.

Can you help me with my refinance?

Yes, it seems a dozen or so of you have yet to refinance, so we just want to remind you refinance hold-outs that we can assist by providing electronic copies of tax returns we have prepared for you.

Due to those pesky privacy regulations, we are not allowed to provide information DIRECTLY to 3rd parties without a formal authorization with your original signature.

As a result, we usually honor your requests by providing the tax return copies directly to you so that you can forward the information on to the requesting 3rd party.

Generally, we don't charge you for providing the information but it often takes at least one business day before you will receive a link to a secure portal which will provide you with the information you requested. 

And remember - you can often amortize the points or loan origination fees you pay on the new loan - they have to be written off over the life of the new loan. We'll need a copy of the final escrow statement to make sure we have the correct information for your tax return.