PREPARING FOR YOUR 2009 INCOME TAXES

Do you itemize on your tax return? Do you know if you can itemize? If you are unsure, gather your receipt totals and take them to your tax preparer just in case. Types of itemized deductions that you can use may include (but are not limited to):

~ Medical receipts paid in 2009 – including vision, dentist, chiropractic, hospital, etc.
~ Mileage to and from medical appointments
~ Medical insurance paid, but not included in a payroll deduction
~ Property taxes paid in 2009
~ Advalorem taxes paid on vehicle tags
~ Any state income taxes paid – will be listed on W2(s) or any estimated state taxes paid
~ Mortgage interest paid
~ Mortgage insurance premiums paid
~ Charitable contributions – canceled checks or receipts – cash is no longer accepted
~ Receipt for items given as charitable contribution
~ Any profession that requires a 24 hour shift or over the road truck drivers have extra deductions

Even if you can not itemize your deductions, there is a tax credit available for a portion of your property taxes that you paid in 2009.

TAX CREDITS that may be available to you on your 2009 tax return include (but are not limited to):

~ Purchase of a home
~ Purchase of a new car
~ Purchase of energy efficient appliances or windows

BUSINESS receipts – Types of expenses that you can use, regardless of whether you are a corporation or self employed, may include (but are not limited to):

~ Anything purchased for business use
~ Receipts for meals eaten while conducting business
~ Mileage log vs. actual vehicle receipts (gas, maintenance, insurance, etc.)
~ Office supplies – printing, supplies, books, pens, paper, business cards, etc.
~ Postage
~ Equipment purchases – vehicles, trailers, heavy equipment, computers, etc.
~ Uniforms (blue jeans and dress clothes do not count) – clothing with company logo
~ Cell phones
~ Materials used on a job
~ Contract Labor you paid
~ Interest paid on business loans
~ Rent / utilities paid for an office outside of the home
~ Inventory purchases for 2009
~ Amount of inventory at end of year (what you paid for it)

Home offices expenses may or may not be allowed – please see your tax preparer for more information.

Please feel free to contact this office for more information. We at Hughes Accounting wish you a Prosperous 2010 and have a Happy Tax Season!!

The Tri-State Business Women

will be hosting their 4th Annual Business Expo on Saturday, May 15, 2010, at North Georgia Technical College in Blairsville. This Expo gives local businesses an opportunity to set up booths, greet the public, and spread the word about what their businesses have to offer the community.

Five Reasons to be an Exhibitor at the Business Expo:

1) There will be over 100 booths with representatives from businesses all over the area.
2) It’s free to the public, and the average attendance is over 1,000 people
3) The Expo is heavily advertised in newspapers, by radio, on the web, and with flyers

5) It’s very inexpensive, and a great way to market your business to people who may not know everything you have to offer

For further information, please visit our website at:

www.tri-statebusinesswomen.com

or call Cathy Wheeler at 706-897-2072