The Junker Credit. Here we go again. Those who purchased those gas guzzling trucks and trade them in for a better miles per gallon vehicle will receive a break, courtesy of President Obama. When will these breaks for the "do wrongs" end.
What about us "do rights"? What are we getting out of never buying a gas guzzler?
Sunday, June 21, 2009
Sunday, May 17, 2009
S Corporation vs C Corporation
Does your accountant really know the differences between the s and c corporations? Call Robert C Olivieri, Jr now at 215.550.3636 for an analysis of the type of business you should be filing under with the Internal Revenue Service.
Thursday, February 5, 2009
Popular changes for the 2008 tax filing year
Here are a few tax law changes you may want to note before filing your 2008 federal tax return:
1. Expiring Tax Breaks Renewed
The following popular tax breaks were renewed for tax-years 2008 and 2009:
Deduction for state and local sales taxes on Form 1040 Schedule A, Line 5
Educator expense deduction on Form 1040, Line 23 or Form 1040A, Line 16
Tuition and fees deduction on Form 8917
In addition, the residential energy-efficient property credit is extended through 2016. In general, solar electric, solar water heating and fuel cell property qualify for this credit. Starting in 2008, small wind energy and geothermal heat pump property also qualify.
2. Standard Deduction Increased for Most Taxpayers
The 2008 basic standard deductions all increased. They are:
$10,900 for married couples filing a joint return and qualifying widows and widowers
$5,450 for singles and married individuals filing separate returns
$8,000 for heads of household
Beginning this year, taxpayers can claim an additional standard deduction based on the state or local real-estate taxes paid in 2008. Also new for 2008, a taxpayer can increase his standard deduction by the net disaster losses suffered from a federally declared disaster.
3. Contribution Limits Rise for IRAs and Other Retirement Plans
This filing season, more people can make tax-deductible contributions to a traditional IRA. The deduction is phased out for singles and heads of household who are covered by a workplace retirement plan and have modified adjusted gross incomes between $53,000 and $63,000. For married couples filing jointly, the income phase-out range is $85,000 to $105,000.
4. Standard Mileage Rates Adjusted for 2008
The standard mileage rates for business use of a vehicle:
50.5 cents per mile from Jan. 1 to June 30, 2008
58.5 cents per mile driven during the rest of 2008
The standard mileage rates for the cost of operating a vehicle for medical reasons or a deductible move:
19 cents per mile Jan. 1 to June 30, 2008
27 cents from July 1 to Dec. 31, 2008
The standard mileage rate for using a car to provide services to charitable organizations remains at 14 cents a mile. Special rates apply to the Midwest disaster area.
5. Kiddie Tax Revised
The tax on a child's investment income previously only applied to children younger than age 18. It now applies if the child has investment income greater than $1,800 and is:
Younger than 18
18 years of age and had earned income that was equal to or less than half of his or her total support in 2008
Older than 18 and younger than 24, a student and during 2008 had earned income that was equal to or less than half of his or her total support.
Contact the accounting, tax and financial consulting firm of Robert C Olivieri, Jr. PC if you still have any other questions or are looking to have your personal, corporate, payroll or sales tax returns prepared. Take advantage of our 30 plus years of Accounting, Tax and Financial Consulting experience to reduce your IRS liabilities and show you our provocative Retirement Strategies. Our retirement suggestions are not stockbroker friendly because we are not in the business of selling stocks or mutual funds. Feel free to call Bob, almost anytime, at 215.943.3296 for any questions you may have. Is it not time you dealt with Accounting and Tax Professionals that are available at your convenience?
1. Expiring Tax Breaks Renewed
The following popular tax breaks were renewed for tax-years 2008 and 2009:
Deduction for state and local sales taxes on Form 1040 Schedule A, Line 5
Educator expense deduction on Form 1040, Line 23 or Form 1040A, Line 16
Tuition and fees deduction on Form 8917
In addition, the residential energy-efficient property credit is extended through 2016. In general, solar electric, solar water heating and fuel cell property qualify for this credit. Starting in 2008, small wind energy and geothermal heat pump property also qualify.
2. Standard Deduction Increased for Most Taxpayers
The 2008 basic standard deductions all increased. They are:
$10,900 for married couples filing a joint return and qualifying widows and widowers
$5,450 for singles and married individuals filing separate returns
$8,000 for heads of household
Beginning this year, taxpayers can claim an additional standard deduction based on the state or local real-estate taxes paid in 2008. Also new for 2008, a taxpayer can increase his standard deduction by the net disaster losses suffered from a federally declared disaster.
3. Contribution Limits Rise for IRAs and Other Retirement Plans
This filing season, more people can make tax-deductible contributions to a traditional IRA. The deduction is phased out for singles and heads of household who are covered by a workplace retirement plan and have modified adjusted gross incomes between $53,000 and $63,000. For married couples filing jointly, the income phase-out range is $85,000 to $105,000.
4. Standard Mileage Rates Adjusted for 2008
The standard mileage rates for business use of a vehicle:
50.5 cents per mile from Jan. 1 to June 30, 2008
58.5 cents per mile driven during the rest of 2008
The standard mileage rates for the cost of operating a vehicle for medical reasons or a deductible move:
19 cents per mile Jan. 1 to June 30, 2008
27 cents from July 1 to Dec. 31, 2008
The standard mileage rate for using a car to provide services to charitable organizations remains at 14 cents a mile. Special rates apply to the Midwest disaster area.
5. Kiddie Tax Revised
The tax on a child's investment income previously only applied to children younger than age 18. It now applies if the child has investment income greater than $1,800 and is:
Younger than 18
18 years of age and had earned income that was equal to or less than half of his or her total support in 2008
Older than 18 and younger than 24, a student and during 2008 had earned income that was equal to or less than half of his or her total support.
Contact the accounting, tax and financial consulting firm of Robert C Olivieri, Jr. PC if you still have any other questions or are looking to have your personal, corporate, payroll or sales tax returns prepared. Take advantage of our 30 plus years of Accounting, Tax and Financial Consulting experience to reduce your IRS liabilities and show you our provocative Retirement Strategies. Our retirement suggestions are not stockbroker friendly because we are not in the business of selling stocks or mutual funds. Feel free to call Bob, almost anytime, at 215.943.3296 for any questions you may have. Is it not time you dealt with Accounting and Tax Professionals that are available at your convenience?
Retirement and Investment Confusion and Frustration?
Contact the Retirement Consulting and Strategic Specialists at Robert C Olivieri, Jr. PC if you have any questions or are looking to have your retirement portfolio analyzed by a “non stock broker”. We are not in the business to sell you products. You need to find someone you are able to trust and we are the professionals that will guide you and your family to a fruitful retirement. Take advantage of our 30 plus years of Strategic Guidance in Retirement and Financial Planning using investments that have “Guaranteed Returns”, “No Risk” and better value for your investment and retirement dollar. Our unique retirement suggestions and strategies are not stockbroker or insurance agent friendly because, again, we are not in the business of selling stocks, mutual funds, annuities or life insurance. Feel free to call Bob, almost anytime, at 215.943.3296 for any questions you may have. Is it not time you dealt with Retirement and Investment Specialists that are able to pave your way to wealth and freedom without the sleepless night and knots in your stomach when the stock market has it moments of volatility?
Saturday, May 17, 2008
Incorporation or LLC services
Robert C Olivieri, Jr. says "there is no need for an attorney if you want to incorporate your business or set up an LLC.
Attorney's are ridiculous with their prices. Do you not love their famous phrase "I need a retainer". Most attorney's charge prices that do not include the following:
- corporate minutes
- federal identification number
- state unemployment application
- state withholding application
- advice on type of entity
- the real definition of an LLC
- setting up your books and records
Do you not leave an attorney's office still wondering what just happened and confused about what you need to do the next day?
Let OTC, Inc. set up your new business entity from soup to nuts. We will explain it all. You will not leave our offices without a plan. Our fees are all inclusive with no additional invoices.
Let the attorney's stick to law and not tax and accounting services. Hey everyone, attorney's do not know it all. After all, are they not attorneys who are running our country? How well of a job have they done over the past 40 years? Social Security? National Debt? War? Health Insurance? Poverty in our own Country? Shall I continue? Attorneys think they know it all! When will we all step up and put a stop to this insanity.
Attorney's are ridiculous with their prices. Do you not love their famous phrase "I need a retainer". Most attorney's charge prices that do not include the following:
- corporate minutes
- federal identification number
- state unemployment application
- state withholding application
- advice on type of entity
- the real definition of an LLC
- setting up your books and records
Do you not leave an attorney's office still wondering what just happened and confused about what you need to do the next day?
Let OTC, Inc. set up your new business entity from soup to nuts. We will explain it all. You will not leave our offices without a plan. Our fees are all inclusive with no additional invoices.
Let the attorney's stick to law and not tax and accounting services. Hey everyone, attorney's do not know it all. After all, are they not attorneys who are running our country? How well of a job have they done over the past 40 years? Social Security? National Debt? War? Health Insurance? Poverty in our own Country? Shall I continue? Attorneys think they know it all! When will we all step up and put a stop to this insanity.
Payroll Preparation Services
Do you have a business that uses ADP or Paychex to prepare your payroll checks, tax returns and year end W2's?
Robert C Olivieri, Jr is affiliated with a company called OTC, Inc. which specializes in payroll preparation, bill paying and new business incorporation and LLC formations. Here is why your business should switch to OTC, Inc:
- regular hours after 500pm
- standard weekend hours
- payroll bookkeeepers and accountants on staff
- no more "I'm sorrys"
- no more "the computer is down"
- no excuses for mistakes or errors
- fixed monthly pricing
- no nickle and dime charges
- at least 10% less in pricing than that of ADP and Paychex
- additional discounts if you sign up with the affiliated accounting firm
- intant telephone answering
- efficient email service
Why wait, change now! Those big gorilla companies (ADP and Paychex) really do not care about your small business, do they? They control the market only because of their advertising power.
OTC, Inc. knows payroll, tax preparation and W2's. We know how to resolve all tax notices and suggest ways to reduce your payroll and related tax costs. You want a payroll preparation company that is affiliated with an accounting firm.
Is it not time for a change?
Robert C Olivieri, Jr is affiliated with a company called OTC, Inc. which specializes in payroll preparation, bill paying and new business incorporation and LLC formations. Here is why your business should switch to OTC, Inc:
- regular hours after 500pm
- standard weekend hours
- payroll bookkeeepers and accountants on staff
- no more "I'm sorrys"
- no more "the computer is down"
- no excuses for mistakes or errors
- fixed monthly pricing
- no nickle and dime charges
- at least 10% less in pricing than that of ADP and Paychex
- additional discounts if you sign up with the affiliated accounting firm
- intant telephone answering
- efficient email service
Why wait, change now! Those big gorilla companies (ADP and Paychex) really do not care about your small business, do they? They control the market only because of their advertising power.
OTC, Inc. knows payroll, tax preparation and W2's. We know how to resolve all tax notices and suggest ways to reduce your payroll and related tax costs. You want a payroll preparation company that is affiliated with an accounting firm.
Is it not time for a change?
Real Estate Forclosure Profits!!
Do you know how to profit from this Real Estate foreclosure market? Let Robert C Olivieri, Jr show you how to profit from property owners delinquent mortgage payments, mortgage company foreclosure threats and even those who want out of their properties without it affecting their credit.
Let my 30 years of real estate investing and tax planning help you along to a fruitful retirement.
Let my 30 years of real estate investing and tax planning help you along to a fruitful retirement.
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