Hello Everyone!
The entire staff at ROR Tax Professionals wishes you well and hopes the past year has been a good one for you. This year, we have two items that we’re excited to tell you about.
First, and most obviously, we have decided to use an electronic format for getting our newsletter to you this year. We’re hoping that we’ll save a lot of trees and tons of money by doing so. This change also means we will be able to send you more timely information by creating a quarterly newsletter instead of an annual newsletter.
Secondly, we’ve added another new face to the crew at ROR. Anna Min is our new Associate Tax Professional who will be assisting Lee R and Mike C with their tax and financial planning activities, while working toward preparing taxes on her own.
Thank you all once again for supporting our business! We look forward to seeing you again this tax season.
back to top Year-End Tax Planning Opportunities
It’s a good time to review your tax situation to determine whether you can still make adjustments to help your current situation. Take a look at some of the following issues and make an appointment with your tax preparer if one or more of these opportunities fits you:
1. Reviewing your deductions. You can accelerate some deductions by paying 2011 expenses in 2010, and you can also delay some deductions by paying 2010 expenses in 2011.
2. Capital Gains and Losses. You can sell securities that have lost value to offset gains made by others. Remember, you can show a net loss up to $3000 to offset other income in your return, but any loss over that amount will carry forward, offsetting income in future years.
3. AMT Liabilities. Timing is everything. If you’re subject to AMT, it might be a good idea to defer some income to a year when you’re less likely to be subject to AMT. If you’re not subject to AMT, it might be a good idea to accelerate certain types of income to avoid AMT problems in the future.
4. Roth IRA Conversions. If you convert an IRA to a Roth IRA in 2010, you can either report all of the resulting income on your 2010 income tax return or you can declare 50% on your 2011 return and 50% on your 2012 return. Discuss with your tax preparer whether this is a good idea for you.
5. Check Your Beneficiaries. Year-end is always a good time to make sure your money will be heading where you want it to, if something were to happen to you.
6. Charitable Giving. You still have time to reduce your 2010 taxable income by donating money or goods to your charity of choice. Many opportunities are available, ranging from a one-time gift, to a Donor-advised fund.
back to top Appointment Scheduling
New hours begin Feb. 1, 2011
8:00AM to 7:00PM Monday - Thursday
8:00AM to 5:00PM Friday & Saturday
As you know, our schedules become booked several weeks out so if you need an appointment with one of our accountants, be sure to call early. New referrals will be assigned to an appropriate preparer depending on their situation.
Because of our tight schedule during tax season, we ask for a 24-hour advance notice when canceling appointments. There will be a $25 fee for an appointment missed or canceled late.
Please be prepared to pay for your return at the time you pick it up. You can pay for mailed returns either by credit card (MasterCard, Visa, Discover, or American Express) or by mailing a check once the return is finished. Returns will not be filed until payment is received.
back to top 2010 Tax Organizers
As part of our effort to save paper, time and money, we won’t mail an organizer to you unless you call or email to request one. We will mail requested organizers as soon as our new tax software allows us to create them.
back to top General Info
If you have any questions for us, you can check out our newly re-vamped website at www.rortax.com, where you can find a tax appointment checklist, or even file your taxes electronically on your own.
You can also call us @ 612-822-7177.
back to top Last But Not Least
Thank you for your business! We are all thankful for the trust and confidence you’ve placed in us.
As always, we appreciate your help in building our business by sharing our name.
back to top |
