Well, October 15th has come and gone, and we at 

Wayland & Vukadinovich LLP 

say goodbye to the 2014 tax year.

Of course, it takes three years before the statute of limitations runs out, there are IRS and California Franchise Tax Board notices and inquiries, there are - we hope, few - audits, so we can't actually ring out 2014 and ring in 2015 JUST yet, but we're already hard at work (perhaps WORKING HARD isn't exactly where we're at these days), 

we are taking tax update seminars, reviewing recent literature and looking for every LEGAL loophole and tax strategy we can find, 

You don't become a Daily Breeze FAVORITE tax return preparer just sitting around looking for cartoon turkeys you can throw into your newsletter!

Of course, we also have time for TERRIBLY important decisions such as what color paper we'll use for the tax letters this year. 

(Light blue? Pale yellow? Salmon?)

There are SO many decisions that go into a great tax return; yes, we make it look easy 

but that doesn't mean it IS easy.

We wish you all a very happy Thanksgiving.

Remember, we're great at tax returns, 

not so good on the graphics side, 

but we liked the turkey below and have named him "Refund."

May your 2015 "refund" be large!

In 2008, 39.3 million of us reported charitable contributions on our personal tax returns. 

The total we deducted was almost $173 billion, about $4,400 per person.

In 2013, only about 36.4 million of us reported charitable contributions on our tax returns.

Apparently, fewer of us are feeling charitable, but we INCREASED the amount we reported, up to almost $195 billion.

Why?

Are you feeling lucky?

Your refund turkey wasn't large enough?

Well, the IRS JUST announced that audits of individual taxpayers fell to the lowest rate in 11 years.

The IRS audited 0.84% of individual taxpayers during the 2015 fiscal year, the lowest level since 2004. 

Revenue from audits declined by 41% to about $7.3 billion, falling to the lowest level since 2002.

The IRS - correctly - blames this reduction in audits in their budget decline. 

The IRS has 22% fewer revenue agents 

(that's what the IRS calls their auditors) 

than it had five years ago, when it audited 1.1% of all individuals.

Well - bad news, Congress just killed the Social Security strategy known as "Claim Now, Claim More Later" that allowed married couples to boost their benefits by tens of thousands of dollars. The changes, part of the budget deal signed into law several weeks ago, eliminated the option of getting a lump-sum payout if you suspend an application for benefits and later changed your mind.

Note, however, 

(the use of "however" makes us  sound very intelligent)

that Congress allowed those who are 62 and older before the end of this year to still file restricted applications at 66 and get spousal benefits, so the take-away here is that you likely will want to call those friendly folks at the 

Social Security Administration 

to see if you have any "opportunities" under the new laws.  

Well, Mike's got a great day planned - he's taking an eight-hour webinar called

"Top 10 AMT Causes and Planning Strategies" and

Gary was looking forward to his webinar, 

"The Art of the Estate Tax Return."

However (our favor word), that's likely not why you ask.

December 15th is the first date that 

Executive Vice President of Appointment Administration Gina will take appointments for the 2015 season.

Call us, email her (gina@wvcpas.com), (or our newest employee, Madison, who staffs our front desk)

or stop by and talk to her while you watch Gary and Mike take webinars and make your appointment, ask for your organizer, or join in the webinar fun.

December 15 starts the 2015 tax filing season.

Our software provider has several new "features" planned this year including a new electronic organizer and a method by which you can notify your stockbroker to send us your 1099s electronically.

More info on that exciting development next month.

We're all over this.

The IRS JUST issued  ten "Summertime Tips"

(yes, the date of the newsletter was November 1st so the "Summertime" Tips likely are "Fall" Tips) 

regarding amended returns.

The IRS reminds us that we all make mistakes, 

we should not panic, 

we can simply file an amended tax return - Form 1040 X - to report that interest, deduct that property tax payment and - hopefully - remember to take the medical expense cost for your memory lapse. 

Just contact us here at 

Wayland & Vukadinovich LLP, 

let us know what you need corrected and we'll handle the amendment for a REASONABLE fee.

In another one of those November Summertime Tips, the IRS reminds those of you who were born before July 1, 1945 that they generally must receive payments from their individual retirement arrangements, 401ks or any deferred tax account by December 31st.

Known as "Required Minimum Distributions," 

these payments must be made by the end of 2015.

Contact your broker, plan administrator, or friendly local banker who has your IRA accounts, and he/she will assist you in executing those always complicated and confusing forms to make sure you take your proper RMD.

Yes, remember, this is a repeat of a question from last month. We at Wayland & Vukadinovich are many things to many people but we're not going to be 1099 return preparers any longer. 

Don't ask - it's a long story.

If you are in business;

if you pay someone who is not incorporated $600 or more for services, then you need to issue a 1099 and a wonderful, cheap, easy way is to use our friends (well, actually, they have no idea who we are)

at Track 1099.

They will handle your processing quickly, easily and CHEAPLY.

Visit them!

1097 Aviation Blvd

Hermosa Beach CA 90254

(310) 376-0455   (310) 379-4523 fax