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Providing you with news, tips, and observations to provide to you the most current information available |
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JANUARY, 2010 BEN MURPHY CPA VOL 1 ISSUE 1 |
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Certified Public Accountant Personal Financial Specialist |
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IT DEPENDS |
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Welcome to the first issue of It Depends, a newsletter designed to keep you updated and informed with the most recent tax law. Have you ever wondered how someone becomes a “professional tax advisor?” Here is the secret, a two-word answer to any tax question. When someone asks you a question, just do the following: First, listen intently. Second, stare into the distance thoughtfully, as if you were turning the pages of the tax code to the correct answer. It adds to the drama if you rub your chin as you are thinking. Third, you give the person a serious look as you respond, “It depends.” This will answer any question because every individual tax situation is different and therefore, knowledge is the key. Ben Murphy, CPA has over 25 years of experience in the accounting profession. His friendly and knowledgeable staff will strive to meet all of your tax needs. We want to make sure you have every opportunity and advantage that you deserve. |
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It’s that time again!
It’s everyone’s favorite season: Tax Season. 2009 has finally passed along with a recession, a new president, and many changes to the tax laws. This is where we come into the picture. It’s up to us to decipher all the changes Congress made and apply them to you! We’ve highlighted a few high points that impact our clients. For more information feel free to visit our website or contact us. Here you’ll find useful and informative links including: updates, references, online advising and more. www.benmurphycpa.com |
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2009 HIGHLIGHTS Tax updates for Individuals
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2009 HIGHLIGHTS Tax updates for Businesses
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· First Time Homebuyer’s credit has been extended. You must be in contract by April 30, 2010 and close by June 30, 2010. · Medical and moving mileage increases to $0.24 per mile. · With the American Opportunity Credit, students could receive up to $1,000 in a refundable education credit. · Your standard deduction could increase with an additional deduction for state and local sales tax and excise tax paid on the purchase of qualified motor vehicles including: passenger automobiles or light trucks, a motorcycle, or a motor home. Limits apply. · Receive up to $1,500 in energy credits in 2009 when you improve the energy efficiency of your home. Qualified items included in the credit are insulation, energy efficient exterior doors, windows, skylights, heating and air conditioning systems, water heaters, and metal or asphalt roofs. |
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· 50% bonus depreciation applies to property placed in service before 2010 (before 2011 for certain long-production period property and aircraft). · Code Sec. 179 expensing limit is set at $250,000. · The standard mileage rate for business travel is $0.55 per mile. · Qualified small businesses can claim the disabled access credit equal to 50% of their eligible access expenditures. Limits apply. · Automobiles, trucks and vans placed in service in 2009 are subject to revised auto depreciation and expensing dollar caps; vehicles eligible for bonus depreciation are subject to higher auto depreciation and expensing dollar caps. · A partnership that converts to a corporation can make an S election effective for the corporation's first tax year. |
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“ The significant problems we have cannot be solved at the same level of thinking with which we created them.” -Albert Einstein |
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DISCLAIMER The information contained in this newsletter is general in nature and appears in condensed form. It is not intended to be comprehensive coverage of all tax law changes or explanations. It is not intended to be legal tax advice or opinion. This information is provided for educational purposes only. |