Duvall & Associates, Inc.

 

Business Advisor Newsletter

    

“MONEY – I’M ALRIGHT JACK

GET YOUR HANDS OFF MY STACK”

Pink Floyd

 

For your convenience, we are presenting a summarized sampling of tax breaks available to one and all.  If any ideas strike a personal chord, feel free to give us a buzz to explore planning opportunities.

 

Soon to follow – A briefing on Santa Obama’s tax cuts stuffed into the goodies-laden Stimulus Bill. 

 

Filing Status

Married - Consider filing separate returns

    Single with dependents – Explore Head of household

 

Dependents

    Child & dependant care credits

    Education credits, 529 plans, student interest expense

    Kids with earned income get tax savings

    Possible benefits if support household/family members

    Gifting opportunities

 

Family Businesses

    Employment of family members – Tax savings & pensions

    Medical/HSA/HRA/Flex plan/insurance options

Pensions, SEP’s, SIMPLE plans

 

Employee Business Expenses

    IRA’s – Regular & Roth - Consider Roth conversions

    Home office

    Business autos

 

New Residence

    Closing statements yield tax & interest deductions

    Job hunting & moving expenses

 

Medical Deductions

    Portion of nursing home expenses

    Home alterations for medical purposes

    Mileage

 

Charitable Contributions

    Property – Documentation

    Mileage

 

Miscellaneous Expenses

    Investment expenses

    Tax preparation

    Unreimbursed casualty expenses

 

  

Alan Duvall is a certified public accountant in Dayton.  Contact him at Alan@Duvallcpa.com.

 

301 W. First St. · Suite 200 · Dayton, OH 45402 · Telephone: (937) 228-4272 · Fax: (937) 228-7626