Sullivan & Company - Certified Public Accountants 4709 Montgomery Lane #201 - Bethesda, MD, 20814 Phone: 301-657-8080

       
 

 

Paul Sullivan, CPA

Sullivan & Company

 

Call our Testimonial Hotline & give us your feedback at:

 

800-609-9006 extension 6779


 

March 2010 Articles

Click here to review


Feature Articles

- Homeowner Records: What To Keep and How Long

- Getting The Most From Auto Expenses

- How Children Lower Your Taxes

Tax Tips

- You Can Still Make a 2009 IRA Contribution

- Itemizers Can Deduct Certain Taxes

- Estimated Tax Payments - Q&A

- Two New Tax Credits to Lower Your Tax Bill

QuickBooks Tips

- Getting QuickBooks Ready for Tax Preparation

Financial Planning Tips

- College Planning - Mortgage review

- Required Minimum Distribution

- Review Budget vs. Actuals

- Estimated Tax Payments

 

You Can Still Make a 2009 IRA Contribution

 

If you haven't contributed funds to an Individual Retirement Arrangement for tax year 2009, or if you've put in less than the maximum allowed, you still have time to do so. You can contribute to either a traditional or Roth IRA until the April due date for filing your tax return for 2009, not including extensions.

 

Be sure to tell the IRA trustee that the contribution is for 2009. Otherwise, the trustee may report the contribution as being for 2009 when they get your funds.

 

Generally, you can contribute up to $5,000 of your earnings for 2009 or up to $6,000 if you are age 50 or older in 2009. You can fund a traditional IRA, a Roth IRA (if you qualify), or both, but your total contributions cannot be more than these amounts.... (more)

For more about IRA contributions, click here or go to our Newsletter section on our web site at www.eSullivan.net or call me, Paul Sullivan, at 240-316-3531.

 


 

Getting The Most From Auto Expenses

 

If you use a car for business, you have two choices for claiming deductions:

 

1) Deduct the actual business-related costs of gas, oil, lubrication, repairs, tires, supplies, parking, tolls, drivers' salaries, and depreciation.

 

2) Use the standard mileage deduction and simply multiply 55.0 cents for 2009 travel. (2008's rate was 50.5 cents for first six months and 58.5 cents for the last six months of 2008) by the number of business miles traveled during the year. Your actual parking fees and tolls are separately deductible under this method.

 

Which method is better?... (more)


For more auto expense information, click here or go to our Newsletter section on our web site at www.eSullivan.net or call me, Paul Sullivan, at 240-316-3531.

 


 

Call our offices if you have any questions about these or any other accounting related issues, at 301-657-8080. 

 

Regards, Paul Sullivan, CPA