Uncategorized

7 easy steps to an early tax refund

If you want to get your 2011 taxes in early and get your refund quickly, here are Schnepper’s Seven Strategies to getting those dollars in your pockets ASAP. Here’s what you have to do:

1. Get started

The first step is the hardest. Stop thinking about it and get moving. Until you actually start your return, you’ll never finish it. And that’s probably going to slow down your refund.

If you don’t have all your numbers, just put your name and address on the form. It will get you in the mindset to move forward.

Your first step is to break the inertia. As my father used to say, a trip of a thousand miles begins with a traffic jam. Break that jam and get moving.

2. Accumulate the data

Click here for full article.

2011 Tax Organizers are sent!

Most returning clients should have received their 2011 tax organizer in the mail over the weekend. The rest of you will receive it within the next couple days.

Question that has already came in is ‘What are real estate taxes?’ The answer – they are the IRS definition of property taxes.

Save $15 when you complete your tax organizer! Seminar will be held complimentary for all returning clients.
Wednesday January 25th at 4pm and 6pm at Hiawatha Library
Friday January 27th at 6:15pm at North Liberty Recreation Center

Only need to attend one and RSVP to info@bmp-cpa.com by January 16th. If seminars do not have high expected number of attendees, seminar will be cancelled.

Don’t forget – online booking available at www.bmp-cpa.com/schedule

Cannot wait to see all of you soon!

Brooke Pettengill, CPA

Motivation – An Inside Look.

The most common question I get is not tax related; it’s ‘How do you survive tax season?’
The deeper question is ‘What drives me to accomplish the long hours, hundreds of clients, and limiting the fun activities of life?’
It’s pretty easy – it’s Miss Madi. My 17 month old Aussie mix. She’s the reason why I I can come into the office 15 minutes before first appointment and I leave the office 10 minutes after my last tax client. I’m anxious to see her and she’s hungry.

Why do I tell you this – to answer your questions.

 

Want to claim Social Security benefits early? Better not.

For those of you who received the January newsletter and tried to access this article without success, please use this option. – Brooke

The U.S. economy has made modest gains recently. Consumer confidence rose during the fall, and the stock market has stabilized. Meanwhile, employment appears poised to pick up, and even the housing market is showing glimmers of a turnaround. Click here for full article.

Charitable Contributions – Substantiation and Disclosure Requirements

There are record-keeping and substantiation rules imposed on donors of charitable contributions and disclosure rules imposed on charities that receive certain quid pro quo contributions.

– a donor must have a bank record or written communication from a charity for any monetary contribution before the donor can claim a charitiable contribution on his/her federal income tax return

-a donor is responsible for obtaining a written acknowledgment from a charity for any single contribution of $250 or more before the donor can claim a charitable contribution on his/her federal income tax return

-a charitable organization is required to provide a written disclosure to a donor who receives goods or services in exchange for a single payment in excess of $75.

If you itemized your deductions (file federal schedule A of Form 1040), charitable contributions may reduce your tax liability. Contributions to qualified organizations must be made by December 31, 2010.

Charitable giving is trickling back up as the economy heals, but it could take years to return to pre-recession levels, non-profit leaders say.

By C. Todd Sherman, for USA TODAY

Eight Days of Hope volunteers construct a home on Nov. 4 on the site of one destroyed by a tornado in the town of Smithville, Miss. Charitable giving could take years to return to pre-recession levels, non-profit leaders say.

Giving totaled $291 billion in 2010, according to the 2011 annual report by the Center on Philanthropy at Indiana University. That’s up 3.8% from 2009 and follows two consecutive years of declines.

This year shows little change. Charity Navigator, a Glen Rock, N.J., organization that evaluates non-profits, anticipates donations will be flat during the holiday season. About 35% of non-profit contributions come from state, federal and local government grants and contracts, and those gifts are declining, CEO Ken Berger says. Only 15% is from individuals. Click here for full article.

Iowa Wine and Kava House Dessert!

Lots of exciting news today!

Born and raised in Iowa has taught me so many things! One is to appreciate the gems found in the small Iowa towns. Two is to treat people as though they are a gem!

So I invite you to join me for wine and dessert at Kava House & Cafe in Swisher on November 3rd 5:30 – 7:30pm. I call it a client appreciation event but I highly recommend sharing this Iowa gem with a friend, family member, co-worker, friend or neighbor. Bring them with you!

I’m extending this invite to you and your guests under one condition – you accept a laid back meet and greet open house formatted event. No sales pitches, no formal presentations, and you must sign up for the FREE gift baskets to be given away that night!

RSVP to info@bmp-cpa.com by October 27th!

Tax questions, concerns, and suggestions can be discussed at NO cost! Typical tax consulting fees are $120 per hour so take advantage of this time to learn something new! Ask and you shall receive.

Got financial questions? Bring them with you! Mike Tryon of Tryon Enterprises will be roaming around ready to guide you towards a protected nest egg you deserve!

Sick of the same old, same old hair day in and day out? Ask Tara of Studio 5 Salon how to take what you have and add some life to it! She’s on hand to provide her quick solutions to our everyday hair hassles!

SO MUCH FUN AHEAD! Looking forward to seeing you!

 

Many economists say Obama jobs plan will help

WASHINGTON – A tentative thumbs-up.

Some predicted it would put hundreds of thousands of people back to work next year, mainly because a Social Security tax cut for workers would be deepened and extended to small businesses.

• MORE: Obama pitches his plan

“Payroll tax cuts are very powerful,” said Allen Sinai, chief economist of Decision Economics. “They provide a boost to direct income and, in turn, spending, which is important to growth.”

Click here for the rest of this article.

How does Tax Code fit into President Obama’s Speech?

The White House is hoping that an extension of this year’s payroll tax cut is popular enough with voters to help win broader support for President Barack Obama’s $300 billion jobs program.

Congressional Republicans are already throwing cold water on the idea of wrapping a broader program around it.

“If (the payroll tax cut) is standing alone, I think that might have some success,” said Sen. Orrin Hatch, R-Utah. “If it’s lumped in with a whole bunch of big spending programs that builds Washington at the expense of the rest of the economy he’s not going to have much support from me or any other Republicans.

To read more visit http://www.msnbc.msn.com/id/44440892/ns/business-eye_on_the_economy/t/payroll-tax-cut-likely-hub-obamas-jobs-plan/?GT1=43001

It’s Tax time. You DREAD IT and I love it. Let me simplify your complex income tax returns.

Bmp CPA is owned and operated by Brooke M. Pettengill. Brooke has her B.B.A in accounting from the University of Iowa’s Tippie College of Business and is a Certified Public Accountant in the state of Iowa with has six years of individual and corporate income tax experience.

 There is great benefit in working with Brooke directly. You do not get pushed from accountant to accountant and you do business with a professional whom is very knowledgeable in federal and state tax law. Brooke takes great pride in her work and takes the hassle out of doing individual income tax preparation at a reasonable cost and in a timely manner.

 Contact Brooke at info@bmp-cpa.com  immediately for 2010 tax planning and to begin the 2010 income tax return process!

Services Offered:
• 2009 Individual Income Tax Return Preparation: Federal and State
• Amendment of Prior Year Federal and State Individual Income Tax Returns
• 2009 End of Year Tax Planning
• 2010 Tax Planning
• Tax Education
• Electronic Filing Available

Check back regularly for tax tips, knowledge, and issues you’ll face in the future! Use the comment section below to ask tax questions. I will answer all basic tax questions but to get into details on a certain situation we have to do some tax planning. Contact me to schedule!