Tax Alert!!!!!

- February 8, 2010

Tax season is now in full swing. Here are some items you, your family, and friends need to be aware of:

• DONATIONS TO HAITI RELIEF ARE TAX DEDUCTIBLE ON YOUR 2009 TAX RETURN

If you make a contribution before the end of February 2010, please see my blog at http://gurrcpa.blogspot.com/2010/02/donations-to-haiti-relief-are-tax.html for organizations you can donate to.

• TAXPAYERS TAKING THE FIRST TIME HOME BUYERS CREDIT (FTHBC) CANNOT FILE ELECTRONICALLY.

If you are filing for the FTHBC you will have to file a paper return and include the following additional documentation to your return: Form 5405, HUD-1 Settlement Statement, Certificate of Occupancy for newly built home. Refunds for FTHBC are taking over 16 weeks to be returned – so don’t spend the tax refund until you have it in hand!

• IF YOU HAVE A SON OR DAUGHTER IN COLLEGE WHO ARE FILING THEIR OWN TAX RETURN – PLEASE NOTE THE FOLLOWING:

If you are supporting them and they are under 24, you are required to claim them as a dependent – please be sure your son or daughter is not claiming themselves as a dependent on their own tax filing.

The new American Opportunity education credit allows you to claim a maximum credit of $2,500 for $4,000 for college expenses (tuition, books etc.). $1,000 of the credit is refundable (you get money back even if you owe no taxes). We are finding many college students who are filing their tax returns online that are not claiming this credit – if you file 1040ez you cannot claim this credit. We have amended several college students returns where they are getting $1,000 to $2,500 more back on their tax return!!

• NEW UTAH TAX CREDIT FOR STAY-AT HOME PARENTS:

Utah has a new nonrefundable credit of $100 for each child 12 months old or younger on the last day of 2009. Either the father or mother has to be staying at home taking care of the child.

• YOU CAN NOW PAY YOUR CONTRIBUTIONS TO THE LDS CHURCH ONLINE!

Yes that is right, you can now pay your LDS Contributions online through Bill Pay services and receive monthly statements from the Church. To learn more about this service, please see the following link on my website where you will find the details of how to set this up http://www.gurrcpa.com/CharitableDonations.php

• BUSINESS TAX RETURNS DUE MARCH 15, 2010

C Corp and S Corp business tax returns are due March 15, 2010. The IRS is assessing non filing and late filing penalties even if you owe no tax.

• PLEASE VISIT MY WEBSITE – DID YOU KNOW? www.gurrcpa.com

· We now have a Blogger, Twitter and Facebook account so you can receive up-to-date information which will save you $$$ and time. See www.gurrcpa.com

· You can now schedule your tax appointment online and use our interactive calendar to see what times and dates are available (updated hourly) see http://www.gurrcpa.com/appointments.php

· You can now pay your tax preparation fee or services online using a credit card or your PayPal account see http://www.gurrcpa.com/paymyfee.php

· You can download personal and/or business tax organizers from our website at http://www.gurrcpa.com/pdforganizer.php

· You can check your federal or state tax refund online to see if your return has been received and when you refund will be posted to your bank account. See http://www.gurrcpa.com/taxrefunds.php

Any many more items…