Haiti Relief Charitable Contributions Deductible on 2009 Tax Returns

Congress recently passed a law that allows taxpayers to deduct any contributions for Haiti Relief (Qualified Charitable Organizations Only) on their 2009 individual income tax returns.  If you have already filed your 2009 tax return you can amend the return to claim the charitable contribution.  If you need more information please see our website at

 

www.gurrcpa.com

 

 

 

 

 

Receive Your Refund Faster with Direct Deposit

It is tax time! Want your refund faster? Have it deposited directly into your bank account. More taxpayers are choosing direct deposit as the way to receive their federal tax refunds. More than 61 million people had their tax refunds deposited directly into their bank accounts last year. It's a secure and convenient way to get your money in your pocket faster.

• Security. The payment is secure - there is no check to get lost. Each year thousands of refund checks are returned by the US Post Office to the IRS as undeliverable mail. Direct deposit eliminates undeliverable mail and is also the best way to guard against having a tax refund stolen.

• Convenience. There's no special trip to the bank to deposit a check!

To request direct deposit, follow the instructions for 'Refund' on your tax return.

Want an even faster refund? Try e-file! Taxpayers who file electronically get their refunds in about half the time as those who file paper returns.

You can also electronically direct your refund to multiple accounts. With the new "split refund" option, taxpayers can divide their refunds among as many as three checking or savings accounts and three different U.S. financial institutions. The split refund option, using Form 8888, is also available for paper returns.

Caution: Some financial institutions do not allow a joint refund to be deposited into an individual account. Check with your bank or other financial institution to make sure your direct deposit will be accepted. Also, make sure you have the correct nine-digit routing number and your account number when selecting direct deposit.

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New -- Pay My Fee

Eric Gurr CPA LLC is pleased to offer the availability of paying your fees by credit card. In order to do this, we have joined the PayPal network, one of the leading payment services on the internet today. This service offers you the ability to pay your fee using Visa, MasterCard, Discover, or American Express, through PayPal's secure web-based system. Click on the link below to Pay Your Fee

http://www.gurrcpa.com/paymyfee.php

FYI - IRS Announces 2010 Standard Mileage Rates

Beginning on January 1, 2010, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

• 50 cents per mile for business miles driven
• 16.5 cents per mile driven for medical or moving purposes
• 14 cents per mile driven in service of charitable organizations

The new rates for business, medical and moving purposes are slightly lower than last year's. The mileage rates for 2010 reflect generally lower transportation costs compared to a year ago.

The business mileage rate was 55 cents in 2009. The medical and moving rate was 24 cents.

For more tips go to www.gurrcpa.com

Download a free tax organizer at http://www.gurrcpa.com/pdforganizer.php

Need to make an appointment http://www.gurrcpa.com/appointments.php

How to Get Paid On Time

With the current struggling economic conditions, the collection of accounts receivable is becoming more and more of a challenge each day. Strengthening your collection procedures may allow you to shorten the aging days of your accounts receivable and improve collection rates.

The following suggestions can help your business tighten up its credit and collections policies and improve its cash flow. Although some of the tips discussed here may not be suitable for every business, they can serve as general guidelines to help improve cash flow.

Define Your Policy. It's important to have a clear credit policy. Your sales force should not be able to sell to customers who are not credit-worthy, or who have become delinquent. Define and stick to concrete credit guidelines. You should also clearly delineate what leeway sales people have to vary from these guidelines in attempting to attract customers.

Tip: A system of controls for checking out a potential customer's credit should be in place, and it should be used before an order is shipped. Further, there should be clear communication between the accounting department and the sales department as to current customers who become delinquent or otherwise contravene credit policy.

Tell Customers About Your Payment and Collection Policy. Communicate your policy to customers. Invoices should contain clear written information about how much time customers have to pay, and what will happen if they exceed those limits.

Tip: Make sure invoices include a telephone number customers can call or website address customers can access with billing questions and a pre-addressed envelope.

Tip: The faster invoices are sent, the faster you will receive payment. For most businesses, it's best to send an invoice with a shipment, not afterwards in a separate mailing.

Follow Through On Your Payment and Collection Terms. If your policy is that late payers will go into collection after 60 days, then you must stick to that policy. Someone 'not a salesperson' should call all late payers and ask for payment. Accounts of those who exceed your payment deadlines should be penalized and/or sent into collection, if that is your stated policy.

Train Staff Appropriately. The person you designate to make calls to delinquent customers must be apprised of the seriousness and professionalism required for the task. Here is a suggested routine for calls to delinquent payers:

• Become familiar with the account's history and any past and present invoices.

• Call the customer and ask to speak with whoever has the authority to make the payment.

• Demand payment in plain, non-apologetic terms.

• If the customer offers payment, ask for specific dates and terms. If no payment is offered, tell the customer what the consequences will be to him.

• Take notes on the conversation.

• Make a follow-up call if no payment is received, and refer to the notes taken as to any promised payments.

For more tips go to www.gurrcpa.com

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Financial Planning Tips for January 2010

Create a Financial Plan and Monitoring System

If you haven't already done so, prepare a financial plan and a budgeting system for monitoring your income, expenses, assets and liabilities. The information you collect will enable you to start planning for retirement or other major life events. Use last year's information to establish a budget for the coming year.

Setup an Effective Filing System

If you haven't already done so, set up a filing system for storing your important documents and records.

Prepare for Taxes

Start getting ready for preparing your tax return for the preceding year. As you receive Forms W-2, 1099 and other tax documents, file them immediately. This will reduce time looking for them later.

Request a social security number for any child regardless of age who does not already have one.

Check out other tax tips and download your free Tax Organizer on our website http://www.gurrcpa.com/pdforganizer.php

Here is a link to our FREE income tax organizers to help you plan and prepare your Federal and State income taxes. Please complete the orgainzer before your appointment.

www.gurrcpa.com/pdforganizer.php

January 2010 Services for New Businesses

Eric Gurr CPA provides full-service individual and corporate federal and state income tax preparation. www.gurrcpa.com