QuickBooks Classes:
Our firm offers QuickBooks classes every month.  A two-hour class is $50. Call 618-334-8887 to reserve your space.  10% of each tuition is donated to the SIUE Small Business Development Center.

We will be teaching a 6 hour QuickBooks class at Southern Illinois University-Edwardsville every month in 2010.  The cost for this class is $109.  To reserve your space up go to: www.siue.edu/educationaloutreach


Additional classes are offered:
Payroll Preparation
Business Plans and Loans
Starting a Restaurant
Real Estate Investment
To reserve your space up go to: www.siue.edu/educationaloutreach

The instructor for each class is
Susan M. Young, CPA

Financial Budgeting:
As part of our community outreach program, we offer free or low cost budgeting classes.  Topics include:
1. Family Budgeting and 2. Planning for College expenses.  These workshops can be organized through your church or financial representative's office.  Additional individual counseling is also available.

2010 Update: Many of the tax credits which were available for 2009 will probably be phased out or eliminated in 2010.  Additionally, dividends and capital gains taxes may be increased.  It is very important to pay appropriate estimated taxes or set aside funds for possible tax payments for 2010 tax liabilities.  We encourage every client to strongly consider planning all capital sales, investments, and other actions in coordination with our office.

Tax Law Changes for 2009 Taxes:

For additional information, go to: www.irs.gov and select Individuals and Highlights of recent tax law changes

American Reinvestment and Recovery Act Highlights:

*(note phaseouts and some restrictions apply to . 

 all below-listed information)

 

IRS has an online withholding calculator for those familes with two working spouses, or any person with more than one job, to help avoid under-withholding of taxes.

 

1. New definitions apply for "qualifying child"
2. Qualified miltary benfits definition has been expanded
3. Qualified higher education benefits now include some supplies, computer hardware/software
4. Exemptions have increased to $3650 per person*
5. Change of rules: Revocation of Claim of Exemption for divorced/ separated parents -Form 8332
6. Economic recovery payments of $250 are not taxable for Social Security, Railroad Retirement or Disabled recipients
7. Unemployment payment exclusion increased
8. Educational Savings Bonds interest exclusion change - Pub 970 CH 10
9. Taxable amount of investment earning for a Child increased to $1900
10. Changeof rate calculations for Capital Gains
11. Change ot emergency response team income exclusion
12. Reservists called to duty have new rules for FSA distributions
13. Relief for some homeowners re: debt discharge - Form 982, IRS Pub 4681
14. Widow/widower with home sale has new exclusion limit
15. Exemptions for Peace Corps and uniformed members overseas - Pub 523
16. Change of rules re: exclusion of home sale CG if home was previously NOT main home
17. New rules for averaging income for farmers and fisherman
18. Businesses share of COBRA costs have new rules re: discharged workers
19. Monthly business transit pass/commuter pass/parking reimbursements allowance increases
20. Bicycles now qualify as transit method
21. Move related to job has increased milage allowance
22. Higher income limits for IRA and Roth IRA
23. Expanison of deductibility for IRA/Roth IRA if you already have a workplace retirement plan
24. Contribution limits for 401k, 403b and Federal Retirement increased
25. Archer Medical Savings plan deduction limits increased
26. Repaying student loans has changed phaseout - Pub 970 CH4
27. Standard deduction increased plus automatic calculation of minimum real estate tax
28. State and local sales excise tax on new vehicles may be deductible - Pub 505
29. Recent cahnge for losses in Presidentially declared disaster areas - Pub 547
30. Increase of standard mileage rate for medical purposes - Pub 502
31. Increase of Long term Care Premiums as medical expenses
32. Additional rules re: charitable deductions - Pub 526
33. Taxes paid by credit card: interest and fees may qualify for deductibility
34. Increase of adoption credits and employer assistance limits - Pub 8839
35. Earned Income Credit increased and limits increased*
36. Advanced Earned Income Credits increased*
37. Education Credits increased; HOPE expanded to 4 years*
38. Lifetime learning credit rules changed* - Pub 970 CH3
39. Non-business energy credits reinstated at 30% for solar, geothermal, environmental etc.*
40. Ist time homebuyer credit available for home purchases* - Firm 5405
41. Plug-in electric vehicles (<25mph) qualify for credits (not golf carts)*
42. Increase of health Coverage tax Credit*
43. Business mileage increaed to $.55 per mile - Pub 463 CH4
44. Business: Section 179 expense increased to $250,000*
45. Extension of bonus depreciation for first year of service
46. Change of estimated tax payments - Form 2210

For more information, contact Susan M. Young, CPA 618-334-8887

This information is supplied for reference purposes.  We are not responsible for the application or misapplication of this information to any tax return.  Contact a professional for proper use.