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What's New |
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A Call to Action !
Art has answered it and challenges us all to work together and become part of the solution. Read about his recent activities in the Valley Breeze here.
It's Official !
Effective May 1, 2010, Arthur is now the President of the Rhode Island Society of CPA's.
Flood Related Damage ?
If you have suffered flood-related damage, you may be able to deduct a casualty loss on your 2009 Federal Income tax return as well as qualify for assistance from FEMA. Please contact the office if you would like to discuss your particular situation or FEMA relative to qualifying for assistance. In addition, here is an article written by Arthur Lambi, Jr., CPA, MST that was featured in the Valley Breeze.
Congress Passes Health Care Reform (with a "Tax Bite")
After nearly a year of debate, town hall meetings, polls, and votes, Congress has passed comprehensive health care reform legislation. The Patient Protection and Affordable Care Act encourages all individuals to be covered under a health care plan providing at least minimum essential coverage and is designed to effectuate other fundamental reforms to the US health care system. But, what you may not know is that it also includes over $400 billion in revenue raisers and new taxes on employers and individuals. The new law:
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Imposes a 40-percent surtax on high-end employer-sponsored health plans.
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Increases the Medicare tax to 2.35 percent for couples with adjusted gross incomes (AGI) over $250,000 a year and individuals with AGI over $200,000.
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Imposes new fees on certain health-related industries.
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Increases the threshold for the deduction of eligible unreimbursed medical expenses from 7.5% to 10% of AGI starting in 2013.
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And more!
Haiti Relief Donations qualify for Immediate Tax Relief !
People who give to charities providing earthquake relief in Haiti can claim these donations on the tax return they are completing this season, according to the Internal Revenue Service.
Click here for more specifc details as noted on the Internal Revenue Website.
If you would like to discuss your particular situation in more detail, please give the office a call at (401) 334-1700.
To Convert or Not to Convert ?
That is the question....... in 2010. The IRS will release its stranglehold on taxpayer's ability to convert traditional IRA's to ROTH IRA's.
Click here to utilize our ROTH conversion calculator to illustrate various scenarios that may impact your decision.
If you would like to discuss your particular situation in more detail, please give the office a call at (401) 334-1700.
IRS Audits !
Random audits by the IRS of S Corporations have borne fruit! They are uncovering several areas of broad noncompliance that are targeted for future scrutiny: Travel costs, meals and entertainment, car and truck expenses, expensing of tools and supplies and taking profits as dividends (in order to avoid paying payroll taxes).
Track Your Refund !!!!
If you want to track your tax refund, you can follow this link to track the status of your refund with the tax authorities.
Additionally, here is a link to IRS Form W-4 if you would like to adjust your income tax withholding.
Please be certain to call upon us if your personal financial or tax situation has changed. Our financial expertise can be helpful in many different ways, not just income tax planning. Thank you! - Art
What's Your Share of the Nation's Tax Bill?
You may not feel rich earning $35,000 a year, but you’re in the top half of taxpayers. $65,000? You’re in the top 25 percent.
Click here for a link to the full article at Kiplinger.com
Planning for College ?
We can help! Our friends Louisa and Gayle are experts in helping parents and their children select majors, colleges, and the proper way to apply for and obtain financial aid and other means of financing the cost of college education.
Please contact us or visit their website.
We can help you invest your money !
Although we still continue to utilize the services of several other outstanding Investment Advisors, we have the investment services of Jonathan H. Harris, CLU, ChFC, available in our office.
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