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Dear Valued Client,

In this edition of our client newsletter, we cover some timely back to school tax breaks, a guide to finding lost money, important partnership employee regulations and much more.

Our goal is to provide you an unparalleled level of client service. If you see something that you want to talk about, please contact us to explore the possibilities. We rely on satisfied clients as the primary source of new business, and your referrals are both welcomed and most sincerely appreciated!



TaxSquad - Laurence Weinhoff, EA

Back to School? Tax Breaks May Help to Pay the Cost!


Now that summer is over, it is time for many young adults to head back to college or university, and it is time for their parents or family members to dig into their pockets to help pay for that schooling.
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Find Your Unclaimed Money


Each year literally billions of dollars go unclaimed from federal and state governments, financial institutions and companies no longer generating activity. These can include tax refunds, savings or checking accounts, stocks, uncashed dividends or payroll checks, traveler's checks, trust distributions, unredeemed money orders or gift certificates (in some states), insurance payments or refunds and life insurance policies, annuities, certificates of deposit, customer overpayments, utility security deposits, mineral royalty payments, and contents of safe deposit boxes.
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Is the HERO Solar Financing Solution Really a Hero?


The Home Energy Renovation Opportunity (HERO) Plan is a program that finances the purchase and installation of eligible energy-efficient and water-saving upgrades in a taxpayer’s home. These upgrades include solar panels, air conditioning, roofing, windows, lighting controls, and landscape-related products.
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Partners May Not Be Employees


If your partnership has been treating you and other partners as employees of a disregarded entity owned by the partnership in order for the partners to participate in employee benefit plans and receive other employee benefits, you’d better read this. Temporary tax regulations(1) recently issued by the IRS take aim at this practice and were written to put a stop to it.


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Surprised by the Alternative Minimum Tax?


When looking over your tax return, do you notice an amount on line 45? If an amount is entered there, it is because you are subject to the alternative minimum tax (AMT). The AMT is a generally punitive method of computing income tax that does not allow some of the tax preferences and deductions that regular tax computation allows. When an AMT computation results in a higher tax, the higher tax applies, and the additional tax from the AMT is added on line 45 of your return.
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Don’t Miss out on the Electric Vehicle Credit


If you are considering purchasing a new car or light truck (less than 14,000 pounds), maybe you should consider one of the many electric vehicles currently being offered for sale and take advantage of a federal income tax credit worth as much as $7,500.
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Should Our Olympic Champs Be Taxed On Their Prize Money & Medals?


You may not realize this, but in addition to winning an Olympic medal, winners are compensated by the U.S. Olympic Committee with prize money: $25,000 for a gold medal, $15,000 for a silver medal and $10,000 for a bronze medal.
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New Business? First-Year Deduction Strategies


If you are planning a new business start-up and are incurring some expenses, you probably anticipate deducting those expenses in the first year of the business’s operation. Unfortunately it is a little more complicated than that. Expenses a business incurs in the beginning can include equipment purchases, vehicle purchases and use, leasehold improvements, organizational costs and start-up expenses, and each receives a different tax treatment.
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Disclaimer: The tax advice included in this newsletter is an overview of some complex tax rules and is not intended as a thorough in-depth analysis of the tax issues discussed. Do not act on the information included in this newsletter without first determining how these issues apply to your particular set of circumstances and if there are any special tax laws or regulations that might apply to your situation.
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