December 29, 2011
December 28, 2011
Skype
Give us a call on Skype. Our Skype name is maxwoodbury,cpa,llc
No spaces! Looking forward to hearing from you.
No spaces! Looking forward to hearing from you.
Giving Guidance
If you plan to give to a charity, be sure the group you're donating to is appropriately qualified. Charitable contributions can be deducted only if you have receipts to back them up. Guidance is available on the IRS website at http://tinyurl.com/36syn7
- From the Indianapolis Star in the business section.
- From the Indianapolis Star in the business section.
December 27, 2011
Good Merry Christmas?
What did you get for Christmas? A few things I received were an umbrella, hot sauce, Act Your Wage board game, and deoderant. Visit our office and we will give you a tax Christmas gift!
December 23, 2011
Free Tax Organizers!
Get them soon so you can get your taxes out of the way soon.
For those who do not know what tax organizers include read the following:
Many questions that will help you find and organize all the items you need to pay your taxes. The organizer asks questions about basic information, itemized deductions(medical expenses, charitable contributions, and more), and a great deal of yes/no questions including "Did your marital status change in 2011?"
December 22, 2011
Education-Related Credits and Deduction Phaseout
1)American Opportunity Credit - The American Opportunity credit is a modification of the Hope scholarship credit for tax years beginning after December 31, 2008, but before January 1, 2013. The credit amount is the sum of 100 percent of the first $2,000 of qualified tuition and related expenses, for a total maximum credit of $2,500 per eligible student per year. The credit is available for the first four years of a student's post-secondary education.
2)Hope Scholarship Credit - For tax years other than 2009, 2010, 2011, and 2012, the Hope scholarship credit amount per eligible student is equal to 100 percent of the first $1,000 of qualified tuition expenses and 50 percent of the second $1,000 of qualified tuition paid during the year, indexed for inflation.
3)Lifetime Learning Credit - The lifetime learning credit is equal to 20 percent of the amount of qualified tuition expenses paid on the first $10,000 of tuition, an amount which is not inflation adjusted...The phaseout of the credits begins for single taxpayers in 2011 when modified AGI reaches $51,000 and completely phases out when modified AGI reaches $61,000. For joint filers, the phaseout range is $102,000 to $122,000 in 2011.
4)Deduction for Education Expenses - This deduction will not apply to tax years beginning after 2011.
Source: 2012 U.S. Master Tax Guide, Paragraph's 1082 & 1303
2)Hope Scholarship Credit - For tax years other than 2009, 2010, 2011, and 2012, the Hope scholarship credit amount per eligible student is equal to 100 percent of the first $1,000 of qualified tuition expenses and 50 percent of the second $1,000 of qualified tuition paid during the year, indexed for inflation.
3)Lifetime Learning Credit - The lifetime learning credit is equal to 20 percent of the amount of qualified tuition expenses paid on the first $10,000 of tuition, an amount which is not inflation adjusted...The phaseout of the credits begins for single taxpayers in 2011 when modified AGI reaches $51,000 and completely phases out when modified AGI reaches $61,000. For joint filers, the phaseout range is $102,000 to $122,000 in 2011.
4)Deduction for Education Expenses - This deduction will not apply to tax years beginning after 2011.
Source: 2012 U.S. Master Tax Guide, Paragraph's 1082 & 1303
December 21, 2011
Egg Nog Milkshake
Come to the office today for a free Egg Nog Milkshake from Steak N Shake if we can do your tax return this year!!
December 20, 2011
Put you accounting coat on...
We can warm up your numbers to get them ready for the end of the year! Come on in and get warm.
December 19, 2011
Tax Questions?
2048 North U.S. 31
Right behind Steak N' Shake
Visit us, so we may help you this Christmas Season!
Right behind Steak N' Shake
Visit us, so we may help you this Christmas Season!
December 17, 2011
How can you reduce your AGI?
Tax-Free Income
Tax-Free bond interest
Tax-Free insurance proceeds
Gifts
Inheritances
Social Security(Tax-Free portion)
AGI Deductions
Loss from small business -
(Do not create a loss so you don't have to pay taxes. Run a business to make a profit)
Deductible contributions to an IRA
Contribution to pension plan of an S corporation
Alimony payments
Premature withdrawal penalty from CDs
Deductions from real estate investments
Tax-Free bond interest
Tax-Free insurance proceeds
Gifts
Inheritances
Social Security(Tax-Free portion)
AGI Deductions
Loss from small business -
(Do not create a loss so you don't have to pay taxes. Run a business to make a profit)
Deductible contributions to an IRA
Contribution to pension plan of an S corporation
Alimony payments
Premature withdrawal penalty from CDs
Deductions from real estate investments
December 16, 2011
December 15, 2011
Sign is fixed!!!
The problem was the temperature gauge was broke which affected the time. Christian and I(Max III) got up on a latter, opened the sign up and pulled out the temperature gauge. The correct time is displayed now!! Thank you Christian for letting us use your ladder and screw driver.
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