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As a CPA, you know that building relationships with existing clients and reaching out to potential new clients is critical to your success. Inform and impress your clients—trouble free—with the AICPA’s “CPA Client Year-End Tax Planning Review.” This 14-page, attractive, and easy to read PDF download is chock full of the valuable tax planning information that your clients need at this time of year. The tax planning review is written for lay people, with plenty of examples and clear explanations of complex tax laws.
Some of the subjects you’ll find in this year-end client letter include:
And if you want to provide your clients with this high quality, relevant information all year long, subscribe to the monthly CPA Client Bulletin or the quarterly CPA Client Tax Letter
Note: This product is an electronic download file that will be accessible immediately after completing your purchase. Access to this file – from the My Download page – expires 90 days from purchase date.
Please note this product purchase is non-refundable. For more information about this product or service concerns, please contact the AICPA Service Center at service@aicpa.org or call 888-777-7077.
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MAXIMIZE YOUR DEDUCTIONS — TAKE THEM IN 2008 OR 2009?
Even after we know the results of the November elections, we won’t know what tax legislation the new Congress will pass or whether the new president will sign it into law. Regardless of election outcomes, however, astute tax planning now can pay off when you file your 2008 tax return. Winning tactics include:
Make your January mortgage payment.
You probably can pick up an extra month’s worth of mortgage interest deductions for 2008 by paying your January obligation in December. Mail the check as early as possible to ensure that your mortgage lender includes the payment on Form 1098 for 2008. If the payment is included on this form, you won’t have a discrepancy to explain to the IRS.
Pay your outstanding property taxes.
Again, you might gain extra deductions by paying your property tax bill in December, even if the taxes aren’t due until early next year.
Cautions to consider: First, this strategy will work only if you normally send your property tax payments directly to the tax collector. If you generally include your property tax outlays with your mortgage payments, paying early won’t make the taxes deductible for 2008 because of the turnover delay. Second, paying property taxes (as well as state and local income taxes) in December will be useless if you’re subject to the alternative minimum tax (AMT) this year, so check first with our office.
Crunch your numbers for Schedule A.
For example, go over this year’s miscellaneous itemized deductions, which include outlays such as tax preparation, unreimbursed employee business expenses, and investment expenses. If these miscellaneous items top 2% of your adjusted gross income
(AGI), the excess is deductible.
Example: You expect your AGI for 2008 to be about $100,000. If you’ve already spent at least $2,000 (2% of $100,000) on miscellaneous deductions, you’ve exceeded the floor amount. You can make payments on all the investment publications, investment software,
etc. that you use and deduct them in full. On the other hand, suppose you have only $700 in miscellaneous expenses this year, far below the 2% threshold. Wait until January to write your checks. Perhaps they’ll help you get a deduction in 2009.
Copyright © American Institute of Certified Public Accountants, Inc. All Rights Reserved
October 2008
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