Your Appointment Checklist

• If you are a returning client, please bring in you CD, so we can update it for this year.
• As always bring in ALL your property tax statements from cities, villages or townships.  Bring in those paid in 2009 and unpaid but levied in 2009.
• ALL W2s and 1099s, interest statements form banks or credit unions.
• Social Security statements if you receive Social Security
• Total amount paid for out of state purchases, including Internet sales, if tax was not paid
• Mortgage Interest, 2^nd home interest, home equity interest
• License plate fees
• Health insurance premiums paid in 2009
• Amount of Cash contributions
• STATEMENTS of Non-Cash contributions
• Amount paid for child care and to whom
• College tuition paid in 2009, 1098T
• Purchase AND selling dates for stock sales
• Social Security cards for new dependents
• Unemployment or Jury duty income
• Jan through December BUSINESS mileage
• Medical Mileage
• Contribution (volunteer) mileage
• Unemployment statements
• W-2 G for gambling winnings, and any gambling losses
• 1099Rs for pensions, IRAs, Roth IRAs
• Investment Statements-1099B, DIV, Average COST BASIS

      

Newspapers, industry websites and television pundits have been buzzing for the last few months about the future of healthcare. Will it be government sponsored, will the market set prices, or will it look like a combination of the two? At this point, we do not know. The Congress and the President will be discussing the details all summer, but we believe the market for the Health Savings Account has never been better.

The Internal Revenue Service recently released the 2010 Health Savings Account contribution and High-Deductible Health Plan levels.The catch-up contribution, available to account holders over age 55, will remain at $1,000.

About FlexHSA

FlexHSA combines a bank deposit account and a standard Pershing retail brokerage account in one. This integrated structure allows for the automatic movement of the funds from the bank account to brokerage account (and back again), adding flexibility and simplicity to the process. Other advantages of the FlexHSA solution include:

• Investments in the FlexHSA account are on the Pershing Platform – its “business as usual” for you to manage the assets
• You are compensated for the advice and management of your clients’ healthcare dollars in the brokerage account
• Your clients can monitor and track their accounts through Personal Cash Manager, a secure web-based account management tool
• Banking activity and value of HSA investments are combined on one FlexHSA statement available 24/7

To learn more about FlexHSA, please call 866-472-0892.

      

The credit applies to improvements such as adding insulation, energy efficient exterior windows and energy-efficient heating and air conditioning systems.

A similar credit was available for 2007, but was not available in 2008. Homeowners should be aware that the standards in the new law are higher than the standards for the credit that was available in 2007 for products that qualify as “energy efficient” for purposes of this tax credit. The IRS has issued guidance that will allow manufacturers to certify that their products meet these new standards.

Until the guidance is released, homeowners generally may continue to rely on manufacturers’ certifications that were provided under the old guidance. For exterior windows and skylights, homeowners may continue to rely on Energy Star labels in determining whether property purchased before June 1, 2009, qualifies for the credit. Manufacturers should not continue to provide certifications for property that fails to meet the new standards.

Residential Energy Efficient Property Credit (Section 1122): This nonrefundable energy tax credit will help individual taxpayers pay for qualified residential alternative energy equipment, such as solar hot water heaters, geothermal heat pumps and wind turbines. The new law removes some of the previously imposed maximum amounts and allows for a credit equal to 30 percent of the cost of qualified property. See Notice 09-41.

      

For home purchased in 2009, the credit does not have to be paid back unless the home ceases to be the taxpayer’s main residence within a three-year period following the purchase.

First-time homebuyers who purchase a home in 2009 can claim the credit on either a 2008 tax return, due April 15, 2009, or a 2009 tax return, due April 15, 2010. The credit may not be claimed before the closing date. But, if the closing occurs after April 15, 2009, a taxpayer can still claim it on a 2008 tax return by requesting an extension of time to file or by filing an amended return. News release 2009-27 has more information on these options.

      

“For those thinking about buying a new car this year, this deduction may give them a little more drive to make their purchase this year,” said IRS Commissioner Doug Shulman. “This deduction enables taxpayers to buy now and get cash back later on their tax returns.”

The deduction is limited to the state and local sales and excise taxes paid on up to $49,500 of the purchase price of a qualified new car, light truck, motor home or motorcycle.

The amount of the deduction is phased out for taxpayers whose modified adjusted gross income is between $125,000 and $135,000 for individual filers and between $250,000 and $260,000 for joint filers.

IRS also alerted taxpayers that the vehicle must be purchased after Feb. 16, 2009, and before Jan. 1, 2010, to qualify for the deduction.

The special deduction is available regardless of whether a taxpayer itemizes deductions on their return. The IRS reminded taxpayers the deduction may not be taken on 2008 tax returns.