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Bookkeeping Basics E-Zine, Issue #005 --, Cover Letters To Impress May 04, 2009 |
Hello,Bookkeeping Basics EZineBookkeeping Basics E-Zine, Issue #005 -- Cover Letters To Impress Bookkeeping Basics E-Zine brings you valuable bookkeeping tips, income tax advice and the latest additions to one small business owner's experiences with "bookkeeping and tax preparation". If you like this e-zine, please do a friend and me a big favor and "pay it forward". If a friend did forward this to you and if you like what you read, please subscribe by visiting... In this issue... NEWS 1) I.R.S Announces Special Tax Break For New Car Purchases ARTICLES 1) Cover Letters: Your First Chance To Impress RESOURCES 1) Find a Job 2) Tax Deduction Lists 3) Free Affiliates Master Course 4) SBI! Mothers Day Special 5) Accounting Definitions 6) SiteSearch In every issue.... 1) Questions and Answers 2) Quote of the Month 3) Contact Me
1) I.R.S. Announces Special Tax Break For New Car Purchases IR-2009-30, March 30, 2009 WASHINGTON — The Internal Revenue Service announced today that taxpayers who buy a new passenger vehicle this year may be entitled to deduct state and local sales and excise taxes paid on the purchase on their 2009 tax returns next year. “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.
A compelling cover letter that follows five essential rules will convince a hiring manager to read an applicant’s resume.
1) Find a Job It looks like the economy is ready for a turnaround and less and less people are losing their jobs. There also seem to be more and more job openings showing up. Here is a great resource full of current job openings for anyone still looking for a job. 2) Tax Deduction Lists
3) Free
Affiliates Master Course
Questions and Answers Are you having difficulties with Bookkeeping? Here on the Q and A page, you can ask a question about any area of bookkeeping and income taxes. It's free and easy to do. Here is a recent posting on the Q & A Page: Category for Estimated/Federal Taxes Paid by Linda (NC) For a small business on Schedule C, when Federal and Estimated Taxes are paid during the year, what is the Expense/Category in bookkeeping? Are these payments taken as deductions on Schedule C? For Sole Proprietors (small business Schedule C), Federal and Estimated Taxes paid during the year should be categorized as an Owner's Draw (which will show on the Balance Sheet) with subcategories for Federal Payments and State Payments. Example: Owner's Draw: Federal Payments Owner's Draw: State Payments These payments are not taken as deductions on Schedule C, but should be entered and show up on the Federal and State tax forms as estimated payments made. (For Federal Form 1040, this would be line 63 "2008 estimated tax payments and amount applied from 2007 return"). Click here to ask a question or read more...
Quote Of The Month "What lies behind us and what lies ahead of us are tiny matters compared to what lies within us."
Comments? Ideas? Feedback? I'd love to hear from you. Just reply to this e-zine and tell me what you think! Or, click here to Contact Me.
See you next month! Stephanie
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