WOW! So many small businesses have come together to create an upcoming successful complimentary wine and dessert event! For those of you who have RSVP’ed, I thank you!
Kava House Cafe in Swisher
Thursday Nov. 3rd. 5:30 – 7:30pm
Do not forget to register upon arrival for your chance at a giveaway basket filled with small business goodies – here’s a hint,
Lia Sophia got in on this giveaway basket
AND
Woofables is in on this giveaway basket!
Everyone wins! See you soon!
Lots of change in the air!
The leaves are green, yellow, orange, and a beautiful red and the sun sets so early!
The last five weeks have been busy preparing for the upcoming tax season. The change in process, pricing, and staff details are being leaked as I finalize them. So rest assure, change is in the air.
1. Online booking of tax appointments will be available online beginning November 1st. This date could be pushed back due to IT issues but let’s hope for the best. If you did not provide an email address during the 2010 tax return preparation process, you will receive a pre-scheduled tax appointment in January via mail. So if you have and email address and didn’t provide it and want to do online booking, please send me your email address at info@bmp-cpa.com
2. Returning clients will receive their tax organizers in January via mail. This will also include the paperwork for you to complete prior to your tax appointment and a pre-scheduled tax appointment if your email was not provided during 2010 tax return preparation. There will be a fee for incomplete tax organizers.
1. Cindy Tryon of Tryon Financial Group has taken a load off of my to-do list the past couple seasons. We hope to release her of this role this season so she can attend to the growing needs of Tryon Financial Group. I will take on the communication between you and I and all the paperwork shuffling. To make this a smooth transition year, I ask you to be prepared, on time, and ready to work together.
The pricing for last couple years has been insanely below my competitors. This price will increase but stay at about 50- 60% of that of local tax service providers (including national chains and local CPA firms). If you would like a price quote based off of last year’s tax return please feel free to contact me at info@bmp-cpa.com
Lots of exciting news today!
Born and raised in Iowa has taught me so many things! One is to appreciate the gems found in the small Iowa towns. Two is to treat people as though they are a gem!
So I invite you to join me for wine and dessert at Kava House & Cafe in Swisher on November 3rd 5:30 – 7:30pm. I call it a client appreciation event but I highly recommend sharing this Iowa gem with a friend, family member, co-worker, friend or neighbor. Bring them with you!
I’m extending this invite to you and your guests under one condition – you accept a laid back meet and greet open house formatted event. No sales pitches, no formal presentations, and you must sign up for the FREE gift baskets to be given away that night!
RSVP to info@bmp-cpa.com by October 27th!
Tax questions, concerns, and suggestions can be discussed at NO cost! Typical tax consulting fees are $120 per hour so take advantage of this time to learn something new! Ask and you shall receive.
Got financial questions? Bring them with you! Mike Tryon of Tryon Enterprises will be roaming around ready to guide you towards a protected nest egg you deserve!
Sick of the same old, same old hair day in and day out? Ask Tara of Studio 5 Salon how to take what you have and add some life to it! She’s on hand to provide her quick solutions to our everyday hair hassles!
SO MUCH FUN AHEAD! Looking forward to seeing you!
WASHINGTON – A tentative thumbs-up.
That was the assessment Thursday night from economists, who offered mainly positive reviews of President Barack Obama’s $447 billion plan to stimulate job creation.Some predicted it would put hundreds of thousands of people back to work next year, mainly because a Social Security tax cut for workers would be deepened and extended to small businesses.
“Payroll tax cuts are very powerful,” said Allen Sinai, chief economist of Decision Economics. “They provide a boost to direct income and, in turn, spending, which is important to growth.”
The White House is hoping that an extension of this year’s payroll tax cut is popular enough with voters to help win broader support for President Barack Obama’s $300 billion jobs program.
Congressional Republicans are already throwing cold water on the idea of wrapping a broader program around it.
“If (the payroll tax cut) is standing alone, I think that might have some success,” said Sen. Orrin Hatch, R-Utah. “If it’s lumped in with a whole bunch of big spending programs that builds Washington at the expense of the rest of the economy he’s not going to have much support from me or any other Republicans.
To read more visit http://www.msnbc.msn.com/id/44440892/ns/business-eye_on_the_economy/t/payroll-tax-cut-likely-hub-obamas-jobs-plan/?GT1=43001
Upcoming Event: Complimentary wine and appetizers just for you!
Bring your financial and taxation questions with you and lets’s chat over complimentary wine and appetizers. Do not leave your spouse and best friend at home bring them with you!
Date: Aug 25th 2011
Time: 5:30pm to 7:30pm
Place: Vineria Wine Shop
264 Blairsferry Rd
Cedar Rapids, IA 52402
RSVP to info@bmp-cpa.com by Aug. 19th
The business mileage rate increases by 4.5 cents, rising from 51 cents-per-mile to 55.5 cents-per-mile for all business miles driven during the second half of 2011. The medical/moving mileage rate also increases by 4.5 cents-per-mile for the final six months of 2011 but the charitable mileage rate, set by Congress, remains unchanged. Miles must be presented on a miles log by date or split your miles into two subsets: prior to July 1 & after July 1.
In late June, the Iowa legislature passed SF 533- an appropriation bill with important tax provisions for Iowa returns:
1. Expands the earned income credit for Iowa
2. Includes retroactive coupling (with the federal provision) for the 2008 tax year for the tuition and fees deduction, educator expense deduction and casualty losses associated with certain disasters.
*The retroactive nature requires amended returns for 2008. No interest will be paid on any refunds related to these amended returns.
3. Includes retroactive coupling (with the federal provision) for the 2010 tax year for tuition and fees deduction, educator expense deduction and Section 179 expensing.
Source: ISU Center for Agricultural Law and Taxation website on July 28, 2011
Administration’s Proposals
At the center of President Obama’s long-range plan to trim the deficit is an extension of the Bush-era tax cuts for lower and middle income taxpayers after 2012, but not taxpayers now in the top two rate brackets. Taxes would increase for higher income individuals (individuals with incomes above $200,000 and families with incomes above $250,000). Elimination of oil and gas tax preferences, a permanent research tax credit and an extension of the 2011 payroll tax cut.
Gang of Six Tax Proposals
Reduce the budget deficit by $3.7 trillion over 10 years through a combination of spending cuts and revenue raisers.
Individual Tax Rates
The Gang of Six would replace the current individual marginal income tax rate schedule with three new tax brackets, ranging from: 8-12 percent; 14-22 percent; and 23-29 percent. The alternative minimum tax (AMT) would be repealed as well.
Tax Expenditures
The Gang of Six would reduce yet unspecified number deductions and credits. Possible tax expenditures up for reform include the home mortgage interest deduction, the deduction for charitable contributions and the deduction for certain medical expenses.
Corporate Tax
The Gang of Six would establish a single, lower corporate tax rate between 23 percent and 29 percent and eliminate many yet-to-be specified business deductions and credits.
House Republican Study Committee (RSC)
The Cut, Cap and Balance Act, ultimately rejected by the Senate, did not include any tax increases.
Tax Reform
The Cut, Cap and Balance Act suggeted lower rates while broadening the tax base. The RSC to date has not offered any further specifics on how it would lower rates and broaden the tax base. The RSC has previously indicated its opposition to any scaling back of the Bush-era tax cuts.
For more information click here for source.
It’s Tax time. You DREAD IT and I love it. Let me simplify your complex income tax returns.
Bmp CPA is owned and operated by Brooke M. Pettengill. Brooke has her B.B.A in accounting from the University of Iowa’s Tippie College of Business and is a Certified Public Accountant in the state of Iowa with has six years of individual and corporate income tax experience.
There is great benefit in working with Brooke directly. You do not get pushed from accountant to accountant and you do business with a professional whom is very knowledgeable in federal and state tax law. Brooke takes great pride in her work and takes the hassle out of doing individual income tax preparation at a reasonable cost and in a timely manner.
Contact Brooke at info@bmp-cpa.com immediately for 2010 tax planning and to begin the 2010 income tax return process!
Services Offered:
• 2009 Individual Income Tax Return Preparation: Federal and State
• Amendment of Prior Year Federal and State Individual Income Tax Returns
• 2009 End of Year Tax Planning
• 2010 Tax Planning
• Tax Education
• Electronic Filing Available
Check back regularly for tax tips, knowledge, and issues you’ll face in the future! Use the comment section below to ask tax questions. I will answer all basic tax questions but to get into details on a certain situation we have to do some tax planning. Contact me to schedule!
