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Free eNewsletter & Special Promotions
Volume 6, Issue 12, December 2008
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A Note from Ron Dezelan, Managing Partner
of Kemper CPA Group LLP
Hello everyone! During this holiday season, we think about the things we are thankful for, and all of us here at Kemper CPA Group are very thankful for our wonderful clients. It is because of you that we are here to celebrate our 50th anniversary.
Throughout those fifty years, we have certainly grown in size and added a number of services to help meet your needs. We have always focused on the success of our clients. As some of us have grown gray with the firm, some of our best memories come from just talking with you, or helping you solve a problem that may have seemed overwhelming. Yes, these are tough times, but we’ve been through them before, and we’ll continue to be here for you in the future.
Our goal is to be the accountants, consultants and technicians that you always turn to because you know that we can help. All of us at Kemper CPA Group want to wish all of you a very Merry Christmas and a prosperous New Year.
Best Wishes!!!
As part of tax legislation approved in Indiana last spring, eligible senior citizens may apply for a new property tax credit that will limit the amount their property tax bill may increase over the previous year.
Seniors who are eligible must own a home and be at least 65 years old on or before December 31, 2008; in addition, they must have a gross adjusted income of less than $40,000 for those filing jointly, or $30,000 if they file single. Their homestead’s gross assessed value cannot exceed $160,000.
Those who qualify will need to apply for the credit at their county auditor office.
This credit will prevent the property tax bill for those eligible from increasing more than two percent from the previous year’s bill. The new legislation already has caps in place that will hold tax bills to 1.5% of a home’s assessed value in 2009; this credit is in addition to those caps, so it is a significant benefit to seniors.
If you have questions about your income or property taxes, the friendly professionals at your local Kemper CPA Group LLP office are here to help you. Contact us today!
The IRS has recently released the 2009 Tax Calendar for Small Businesses and Self-Employed. See below for a summary of upcoming dates, or click here to view the calendar on the IRS website.
January 1, 2009
Earned income credit: Advance payments of the earned income credit should be stopped for all employees who did not file a 2009 Form W-5.
January 15, 2009
Estimated tax payments: For individuals who did not have income taxes withheld from their income and those who did not have enough income tax withheld, make an estimated tax payment. January 15, 2009 is the final installment date for 2008 estimated tax payments.
Payroll taxes: If the monthly deposit rule applies, deposit payroll taxes for December 2008.
February 2, 2009
Give Forms 1098, 1099, and W-2G to recipients for certain payments made during 2008, and ensure that employees who worked for you throughout the year receive form W-2.
Federal unemployment tax: Deposit federal unemployment tax owed through December if it is $500 or less. File 2008 Form 940, Form 941, Form 943, or Form 944 if you did not deposit all taxes when they were due.
Certain small employers: File Form 720 for the fourth quarter of 2008. File form 730, and pay the tax on wagers accepted during December 2008. File Form 2290, and pay the tax on vehicles first used in December 2008.
February 10, 2009
File forms 940, 941, 943, 944 and/or 945 if you deposited all required payments on time.
February 15, 2009
File a new 2009 Form W-4 if you claimed exemption from withholding in 2008.
February 16, 2009
Begin withholding on employees who claimed exemption from withholding in 2008 but did not file a new Form W-4 to continue withholding exemption in 2009.
In addition to providing a handy reference for tax due dates and filing deadlines, the calendar also contains valuable information about:
Choosing a business structure
Choosing an accounting method
Retirement plans available to small businesses
Maintaining good records
Budgeting for taxes
Preventing identity theft
And more!
The certified public accountants and consultants at Kemper CPA Group LLP are available to answer any questions you may have about your reporting responsibilities, and we can assist you in filing the correct forms. Contact an office near you today!
The optional standard mileage rates for 2009 have been released by the IRS. The standard mileage rates are used to calculate the deductible costs of operating a vehicle for business, charitable, medical, or moving purposes.
Effective January 1, 2009, the standard mileage rates are as follows:
55 cents per mile for business mileage, down from the 58.5 cents per mile allowed for the second half of 2008 when gas prices were much higher
24 cents per mile driven for medical or moving purposes, also down from the 27 cents per mile allowed for the second half of 2008
14 cents per mile driven in service of a charitable organization, unchanged from 2008
The business standard mileage rate cannot be used in conjunction with any depreciation method under the Modified Accelerated Cost Recovery System (MACRS) or after claiming a Section 179 deduction for the vehicle. The rate also does not apply to vehicles used for hire, or for more than four vehicles used simultaneously.
If you have any questions about deducting the standard mileage rate, contact your trusted accounting professional today!
The January/February 2009 issue of the “Loose Change” Newsletter includes the following articles:
| • | Time for a Talk? |
| • | Would You Believe… |
| • | Don’t Show Me the Money! |
| • | The Mortgage Decision |
| • | Different Needs, Different Accounts |
| • | Retirement – Are You Ready? |
| • | “Style” Makes a Difference |
| • | Over the Limit |
| • | Rules to Give By |
| • | A [Q]TIP for You |
| • | Renting Out Your Home – A Good Option? |
| • | Taking a Guess |
| • | Finesse Your Finances After a Divorce |
| • | A Taxing Tradition |
| • | You Wouldn’t Wear a Swimsuit on the Slopes |
| • | Finding Financial Aid |
| • | Making Tax Time Easier |
| • | The Housing Assistance Tax Act and You |
| • | Quiz Yourself |
Contact Kemper Capital Management LLC for all of your investing needs.
Securities offered through Securities America, Inc., Member FINRA/SIPC. Insurance products offered through KCPAG Insurance Services LLC. Advisory services offered through KCPAG Financial Advisors LLC. Kemper Capital Management LLC is the holding company for KCPAG Insurance Services LLC and KCPAG Financial Advisors LLC. Kemper Capital Management and its subsidiaries are not affiliated with Securities America.
As the economic climate continues to get worse, people are getting increasingly desperate. Add in the holiday season, and the frenzy intensifies. Especially during times like this, the Internet is a popular resource for criminals, and they are getting more brazen in their attempts to trick individuals into providing sensitive personal information, which the cyber crooks then use for their own financial gain.
Use extra caution during this period of economic downturn as you:
Respond to job postings – Ads for certain sales- or financial-based positions may be attempts to recruit additional cyber-criminals. Utilize legitimate job search sites like Monster or CareerBuilder to reduce the risk of falling for this scam.
Do your holiday shopping – Steer clear of internet deals that seem “too good to be true,” and shop online only with trusted retailers to avoid having your credit card information stolen.
Heed investment advice – Advice or offers that promise to help you “get rich quick” are potentially misleading. Watch out for Ponzi schemes, illegitimate stock newsletters, unscrupulous stock brokers, and securities sold by unlicensed individuals.
As always, be sure to keep your computer secure and your anti-spyware software up to date to better protect yourself. Beware of email messages that come from unknown sources, and go directly to a company’s website instead of following a link imbedded into a message if you doubt the message’s authenticity.
The technology professionals at Kemper Technology Consulting wish you a safe and happy holiday season! We look forward to serving you in the coming year.
Kemper Technology Consulting
Robinson, IL
618-546-5633
www.kempertc.com
Evansville, IN • Indianapolis, IN • Paducah, KY • Effingham, IL
Please be advised that, based upon current Internal Revenue Service (IRS) rules and standards, the advice herein is not intended to be used, nor can it be used, as the sole basis for decisions. Additional issues may exist that could affect the treatment of the individual transactions, and this narrative does not provide a conclusion with respect to all such issues.
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302 E. Walnut Street, P.O. Box 233, Robinson, IL 62454
