Quickbooks Training Classes
There is still room available in the QuickBooks Training Class offered by McGowen Hurst Clark & Smith, P.C., on Thursday, January 14, 2010 from 4pm - 8pm at Small Business Technology Services, 1906 Ingersoll Avenue, Suite 12, Des Moines. This class is geared for beginner to intermediate users. It is a hands-on class with each participant having access to a computer. The cost is $100 with all materials provided and dinner is included. Please call today 515-276-9889 to register. The instructor will be QuickBooks Proadvisor, Tara Raymond
MHC&S Launches Social Media Initiative
Connect to our page on Facebook to stay on top of the latest news coming from our firm. Go to our website at www.mhcscpa.com and click on the Facebook icon.
New IRS Regulation Regarding Health Insurance Premiums for S-Corps
Regulations require S-Corporation shareholders (2% or more) to include health insurance premiums on their W-2. These premiums can be expensed by the corporation only if the premiums are paid by the corporation and included as taxable wages in the owner's W-2.
The owner is then allowed to deduct this same amount in a manner that directly reduces the taxable wage income.Call MHC&S today to discuss this important IRS regulation.
Standard Mileage Rate
IRS recently announced that the standard mileage rate for 2010 will be 50 cents per mile.
Housing Credit Extended
Legislation was recently passed to extend the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. It also authorized a tax credit of up to $6,500 for qualified repeat home buyers. Extensions are set to expire on April 30, 2010.
Energy Tax Credit
A tax credit for 30% of the cost of qualifying home improvements, up to a maximum credit of $1,500, is available for improvements made in 2009 and 2010. The credit applies to energy-efficient improvements such as insulation and exterior windows, as well as heating and air conditioning systems. You will need to complete your purchase before Dec. 31 to qualify for the credit in 2009. For information on year-end tax planning click here
Remember, it is never too late or too early to do tax planning, which could help you minimize your tax liability. Give us a call today to schedule a year-end tax planning meeting (515-288-3279 - West Des Moines office / 515-462-1882 - Winterset office). Thank you.
Tax Deadline
In order to receive a deduction on your 2009 individual tax return, pay your fourth quarter estimated tax payment by December 31, 2009, otherwise, it is due January 15, 2010.
Holiday Greetings
