Don’t file YOUR taxes too early…

This year the IRS changed the dues dates of it’s 1099’s.  The do not have to be mailed until February 17, 2009.  In the past they were always due January 31.  There is nothing worse then calling your phoenix tax guy and asking them, “I just got this form in the mail, does it change my taxes?” and we have to file an amended return.  Good for the CPA, because they get to charge you for an amended return, but bad for the taxpayer, because now they have to wait for any more refunds.  Plus amended return have a higher audit risk. 

It’s always better to do it right the first time. So show some patience and make sure you get ALL your documents.  We will see you soon.

Just talking with my money guy….

I was just talking with my money guy.  (He manages my money and dozens of my clients as well.)  He reminded me of a new tax law that was passed on December 23, 2008. 

The new law deals with RMD’s – otherwise known as Required Minimum Distributions.  RMD’s happen on retirement accounts or inherited retirement accounts.  As the name indicates, the IRS FORCES you to take a certain amount per year.  Well, not so for 2009!  That was the tax law change Santa brought us.  So, you do not have to take any RMD’s (required minimum distributions) for 2009.

What is so unique about this is that a tax accountant (and a CPA) is actually talking to a financial planner about multiple clients!  While this sounds like business 101, believe me when I it’s NOT!!!  As a matter of fact, I can recall the conversations I’ve had with other financial planners on 1 hand – and I called them!

It’s tax season, so now is the time to look for that proactive accountant.  Hopefully, you’ll check us out at http://lowyyourtaxes.com.