Dear Valued Client,

This month's edition includes an important article that discusses some of the automatic tax changes that could impact just about everyone if Congress does not take action.  This will help you determine which tax laws have expired or will be expiring so that you can take advantage of them before it's too late.

Please schedule a consultation with this office for 2010 fall and 2011 tax planning. This office is here to help you with all your tax needs.

Irving Tax & Financial

Tax Increases Are Coming Unless Congress Takes Action

Normally, one would think that Congress would have to take some action to increase taxes. However, it is quite the opposite for 2011. If Congress fails to take action, there will be a tax increase affecting just about everyone in every tax category. In order to skirt a Senate rule that requires 60 votes to pass a bill that increases the deficit beyond a ten-year window, Congress passed the Bush tax cuts in 2001 and 2003 with most provisions designed to sunset this year.
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Does the IRS Owe You Money?

If you have not filed a prior year tax return and are due a refund, you should consider filing the return to claim that refund. If you are missing a refund for a previously filed tax return, you should check the status of your refund and confirm your current address. (Read More)

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Tax Tips for Military Personnel

Because military personnel have obligations that can impact their tax situation, they are entitled to special tax breaks.  Here are a number of benefits that apply. (Read More)

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Tax Tips for New Business Owners

If you are planning to open a new business, there are a number of tax and accounting issues you need to be aware of.  The following are some of the more commonly encountered issues a new business owner needs to cope with. 
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What is a Charitable Organization?

Money or property that you donate to “qualified” charitable organizations can be included in your itemized deductions as a charitable contribution.  But what is a “qualified” charity?
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Go Back to School With the Educational Tools of QuickBooks

We know. When you first cracked your copy of QuickBooks, you wanted to dive in and start generating invoices. Fortunately, QuickBooks is intuitive enough that you were able to do just that. And its help system is so robust that you were able to get procedural questions answered quickly and easily. (Read More)

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Irving Tax & Financial
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www.irvingtax.com