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| We accept Discover, Visa, and MasterCard
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At no additional cost to you, for tax prepration fees, we now accept Discover, Visa, and MasterCard. It's fast and easy.
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| Foreign Accounts and Trusts
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Taxpayers with more than $1,500 of taxable interest or ordinary dividends or who have interests in certain foreign bank and financial accounts or trusts must complete Part III of Schedule B and possibly file separate reports disclosing such interests. Account holders who do not comply with the reporting requirements may be subject to civil penalties, criminal penalties or both.
Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts. File this form if the taxpayer had an interest in or signature or other authority over a financial account located outside the U.S., such as a bank, securities or other financial account, or owned more than 50% of the stock of a corporation that owns one or more bank accounts located outside of the U.S. Do not file Form TD F 90-22.1 if (1) the aggregate value of all foreign accounts is $10,000 or less at all times during the year or (2) the accounts are at a U.S. military banking facility.
Form 3520, Annual Return to Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts. File this form if the taxpayer received a distribution from, or was the grantor of or transferor to, a foreign trust.
Form 8938, Statement of Specified Foreign Financial Assets. Beginning in 2011, individuals who own certain foreign financial assets that exceed applicable threshold amounts must attach Form 8938 to their return.
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| GO GREEN with your TAX RETURN
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Besides filing electronically, whenever possible, this year our Tax Clients have the option to receive a full and complete copy of their Income Tax Return in either paper form, as in years past, or for easier storage, in pdf format on a compact disk. For many of us, years of past returns can take up valuable filing space; this option may help diminish the problem.
When your income taxes are prepared this year, simply request your copy of the return to be in pdf format. You will need Adobe Acrobat Reader to view your entire return and supporting documents on your computer, and you can print out any portion as needed.
In addition to the pdf option, for faster filing and refunds, you can also request that your E-File forms be emailed to you under our new secure e-mail procedure, as well as any other supporting documents for you review. It's just another way to "go green" at no additional cost to you.
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| Mortgage Debt Relief Expires 12/31/2012
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If you are a homeowner whose mortgage debt is partly or entirely forgiven during tax years 2007 through 2012, you may be able to claim special tax relief and exclude the debt forgiven from your income. Under the Federal Mortgage Forgiveness Debt Relief Act of 2007, which includes forgiveness of debt from a Short Sale, Foreclosure or Debt Restructure, qualified hom eowners may exclude the forgiveness of debt, which would otherwise be taxable, under certain parameters of the Code. As of 4/12/2010, California now conforms to federal law.
Click on the links below or contact this office directly for more information about the Mortgage Forgiveness Debt Relief Act of 2007:
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2010
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2012
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| Business Mileage |
$ 0.50 |
$ 0.51 |
$ 0.55 1/2
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| Business Mileage deemed Depreciation |
$ 0.23 |
$ 0.21 |
$ 0.21
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| Charitable Mileage |
$ 0.14 |
$ 0.14 |
$ 0.14 |
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| Medical and Moving Mileage |
$ 0.16 1/2 |
$ 0.19 |
$ 0.23 1/2 |
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Expecting a tax refund, and wondering where it is?
Just click on any of the following website links and you will be connected directly to the taxing authorities:
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