2010 Almost Over!

Where does the time go?! Another tax season is going to be upon us soon. This year will be a good year for most. It is the one that is coming after this one that is going to be creating some problems for us all! Every thing this year will be like last year as far as the tax cuts go for everyone. They expire on 12/31/2010 at midnight. There will be noticeable changes for 2011, in particular, the child tax credit will be reduced to half, and there will be across the board tax increases on the tax tables. Everyone's taxes could go up to over 50%. Self employment taxes will increase to 33-35%. It is going to be a nightmare in 2011! The best offense is an even better defense. It is time to prepare the playbook and get ready.

There are several changes coming at the close of this tax season. Depending on what happens when congress gets back to Washington after the elections, America could be faced with a huge tax hike, the largest in the history of America. This means that everyone out there has a tax problem. Allow us to make your taxes less taxing!

So what can we do about it?

• First you may want to look at ways to be able to SAVE on TAXES. With the new changes, we will have to research the tax breaks if there are going to be any. We are not sure as of yet right now ANYTHING can Happen!
• Second option is to consider a home based business.
• Third option, make changes on W4's to have more taken out of your pay. Helps softens the blow.
• Looking at sole proprietor there are ways to really save on IRA funded through the business. Plus take added deductions for expenses to help reduce your income.
• The last thing that you want to do is wait for the last minute on preparing for your taxes in 2010 & 2011. It is  best to try and get a grip on what is happening so you can be prepared for April 15, 2011 as that is when they will be DUE.
• Come in mid year and see if adjustments are going to be needed on your W4, it is better be prepared than to be hit.
• PATASKALA is now RITA. If you are not withholding as of yet, you will have 6 months to worry about 2010. Make the adjustments now and be ready for 2011! Make sure that it is withheld, otherwise this means PAYING at the end of the year.

 

 

 

TAXNOW!,LLC

350 S Main Street
Pataskala, OH 43062