New Tax Forms are on the way – are you ready?
Starting in 2012, that changes. All business payments or purchases that exceed $600 in a calendar year will need to be accompanied by a 1099 filing. That means obtaining the taxpayer ID number of the individual or corporation you’re making the payment to — even if it’s a giant retailer like Staples or Best Buy — at the time of the transaction, or else facing IRS penalties.
How To Use Financial Statements
Becoming comfortable with financial statements and learning how to use them to successfully analyze and navigate your company is essential to your success.
Bates Tax and Accounting is offering a beginners coourse on understanding financial statements. We hope that this course will help you analyze financial statements and serve as a valuable reference guide over time.
Please send us an e-mail or contact us via the contact form to sign up for one of the dates below.
All Courses will be held in the conference room at Old National Bank at 400 N Hurstbourne Pkwy. Classes are limited to eight participants, so sign up quickly. We will be scheduling another course in July if you are unable to attend either of these.
Wednesday June 9, 2010 from 2pm to 4pm
Thursday June 10, 2010 from 9am to 11am
Family Limited Partnerships
Over the past five years, the Family Limited Partnership (FLP) has risen from obscurity, as a little known tax loophole, into the preeminent vehicle for asset protection and estate planning. A recent article in Forbes extolling the benefits of the FLP—headlined “Cut Your Estate Taxes in Half”—claimed that individuals were successfully using this technique to discount the value of their estate by up to 90 percent.
We would be available to discuss the features of the Family Limited Partnership which provide remarkable advantages and planning opportunities. By itself, or in combination with other techniques, the FLP can be used to create a powerful strategy for asset protection and for realizing estate tax and income tax benefits. We will start with the background on this technique and then look at ways that it can benefit you or your family.
2009 Tax Organizer
2009 TAX DEDUCTION FINDER & PROBLEM SOLVER |
Our Tax Organizer is designed to help you maximize your deductions and minimize your problems in preparing and filing your tax returnThe organizer is revised annually to be compatible with the ever-changing tax laws. The organizer currently posted below is primarily for the 2009 tax year, although it can be used for other years. The 2010 version will be loaded sometime after October 15, 2010.
The 2009 organizer is provided in three configurations to assist you in collecting relevant tax information needed to properly prepare your tax return. Access any of the three versions by double clicking on the underlined part version description. The organizers can be downloaded to your computer where you can fill and save the information until you have completed collecting all of your information. After you have completed it, please forward the organizer (printed or digitally) to our office for immediate service. If you have an office appointment, you can print it out and bring it with you to the meeting. A word of caution: you can fill the organizers online and print them out. However, if you close the file, your data will not be saved unless the form is saved to your computer.
Once the completed organizer has been received, you will be contacted by phone, fax or e-mail with any questions, comments, or suggestions. If you e-mail our office advising us that you have sent your tax materials, we will notify you of their receipt.
Basic Organizer – This organizer is suitable for clients that are not itemizing their deductions and DO NOT have rental property or self-employment expenses.
Basic Organizer plus Business & Rentals – This organizer is suitable for clients that are not itemizing their deductions and DO have rental property or self-employment expenses.
Full Organizer – This organizer includes the information included in the basic organizer, plus entries for itemized deductions, rental properties and self-employment expenses.
Business Organizer – Use this organizer for partnerships and incorporated business entities.
Prior Year Individual Organizer – If you are filing your 2008 return late, please contact us for an organizer. It is not form fillable like the 2009 version, but it can be printed out and the entries entered manually. Once it is completed, the organizer can be mailed or brought to this office.
Shared Accounting
Shared Accounting
You make money by focusing on the core elements of your business – not by doing payroll, paying bills and filling out government paperwork. We can implement an accounting system in your business designed to keep your focus where it belongs – on its core elements!
We call this arrangement ’shared accounting’ – you decide what you want to do and we take over the rest. Some business prefer to retain their invoicing and making deposits.
Small businesses struggling to keep their doors open find themselves spending valuable time and resources just to make sure they follow the rules and pay their taxes ontime.
Conatact Form
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