We are half way through tax season. With that being said, the new year brings about many tax law changes, such as credits that have expired or tax breaks that may not be around much longer.
In this month's newsletter, we have included articles that cover some items worth noting such as charitable donations for Haitian relief efforts, the first-time homebuyer tax credit, and the First-Time Homebuyer Credit Documentation Requirements.
There is still time if you have not made your tax appointment. You don't want to wait too long. The March and April deadlines are right around the corner.
Our office can help you with all of your accounting, financial, estate and income tax needs. At CoxHollidaPrice...Your Future, Our Passion!
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It's Not All About Taxes
This February brought record snow fall for the Eastern Panhandle. Looking back one thing is clear. We all ate really good! (Read More)
It's that time of year again; time to think about gathering all of your information for tax season. As in previous years during tax season we will be having a food drive for Loaves and Fishes. We ask that you bring in non perishable items such as canned goods, boxed macaroni and cheese. We will also be collecting for the Berkeley County Humane Society. To find out the items they need click on the paw. We will be collecting items for these two organizations from January through April 15th. If you would like to participate you can drop off your items during our normal business hours. Thank you in advance for your continued support.
Deduction Tips for Contributors to Haiti Relief Effort
Haiti Contributions Deductible on 2009 Return - Congress has passed a bill (HR 4462) to permit taxpayers contributing to Haitian relief charities to elect to treat contributions made after Jan. 11, 2010, and before Mar. 1, 2010, as if the contributions had been made on Dec. 31, 2009. If the election is made, Haiti relief donations would be deductible on the 2009 return, not the 2010 return. (Read More)
Deduction Tips for Contributors to Haiti Relief Effort
Haiti Contributions Deductible on 2009 Return - Congress has passed a bill (HR 4462) to permit taxpayers contributing to Haitian relief charities to elect to treat contributions made after Jan. 11, 2010, and before Mar. 1, 2010, as if the contributions had been made on Dec. 31, 2009. If the election is made, Haiti relief donations would be deductible on the 2009 return, not the 2010 return. (Read More)
Everyone who files a federal tax return must determine which filing status applies to them. It is important that the correct filing status is chosen as it determines your standard deduction, the amount of tax you owe, and any refund that may be owed to you. (Read More)
If you (or your spouse) are at least 18 years of age and plan on taking advantage of the liberalized homebuyer tax credit, time is running out. Unless extended by Congress, this refundable tax credit will no longer be available for homes purchased after April 30, 2010 or after June 30, 2010 when a binding contract to purchase was entered into prior to May 1. (Read More)
2010 Brings Increased Deduction for Domestic Production Activities
The domestic production deduction was created to encourage manufacturing and production within the U.S., and it provides a substantial business deduction equal to 9% (up from 6% in 2009) of the lesser of: (1) the taxpayer’s net income from qualified production activities or (2) the taxable income (modified adjusted gross income for individual taxpayers) without regard to this deduction for the tax year. (Read More)
Many Business Tax Breaks Expired at the End of 2009
Although there is some talk of extension, unless Congress acts to retroactively restore them, the following business tax breaks that expired on December 31, 2009 will not be available in 2010. (Read More)
Have a Financial Interest or Signature with a Foreign Financial Account? Better Read This!
Each U.S. person who has a financial interest in or signature or other authority over any foreign financial accounts (including bank, securities, or other types of financial accounts in a foreign country), if the aggregate value of these financial accounts exceeds $10,000 at any time during the calendar year, must report that relationship to the U.S. government each calendar year. (Read More)
Have you received your W-2? These documents are essential to filling out most individual tax returns. You should receive a Form W-2, Wage and Tax Statement, from all of your employers each year. Employers have until February 1, 2010 to provide or send you a 2009 W-2 earnings statement either electronically or in paper form. (Read More)
For tax years beginning after 2009, the farming loss of a taxpayer, other than a C corporation, is limited for any tax year in which any applicable subsidies are received. (Read More)
Long-range income-tax planning for individuals has always been challenging, what with the steady stream of changes and last minute action by Congress. This year, it goes to an all-new level taking into account the sunset provisions for many current benefits – those provisions that were enacted with a specified ending date – and the President’s 2011 budget proposals. (Read More)
Spring Cleaning: Personalize and Tidy Up Your QuickBooks Desktop
One of the reasons the QuickBooks line of desktop products has been so successful is because of its clean, simple appearance and efficient navigational tools. But there’s room for improvement and personalization. (Read More)
Substantial Penalty for Late Partnership and S-Corporation Returns
Income from both partnership and S corporation returns passes through to the partners or stockholders. Therefore, filing these returns late creates hardships for the partners or stockholders to timely meet their own filing obligations. (Read More)
Claiming the First-Time or Long-Time Resident Homebuyer Tax Credit on either your 2009 or 2010 return includes some complex documentation requirements. The IRS recognizes that the settlement documents can vary from location to location, so they have provided some clarification related to these requirements. (Read More)
At CHPwe are more than an accounting firm, we're your financial advisors. We can help you with all your tax, retirement, insurance, investment and business needs. Call us today to schedule your appointment 304-263-0891.
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Pictured below Trish Bowers snowboarding.
CoxHollidaPrice Crossing the Border to VA
Our newest location in Reston, VA located at 1818 Library Street. Stop by and visit us!
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CHP Day of Caring
CoxHollidaPrice paints arena for Horses with Hearts for Day of Caring. Pictured above Sharon Reese
This February brought record snow fall for the Eastern Panhandle. Looking back one thing is clear. We all ate really good! 
Mark your calendars for Thursday, April 29th 
