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



Financial Services by Sullivan & Company introduces:

Kathy Grow EA/IAR

Kathy is a representative of Archer Investment Corporation, a Registered Investment Advisory (RIA) firm. With over fifteen year’s experience, she is here to assist our clients with structuring their investment selections using asset allocation, and with the set up and management of all types of retirement plans. She works with individuals, businesses and trusts. She is our company liaison to Archer Investment Corporation.


In addition to her financial experience, she has extensive experience in the preparation of tax returns for corporations, partnerships, individuals, trusts & estates. She is an enrolled agent, EA, through the Internal Revenue Service; and has represented clients in IRS audits and in collection matters. She also prepares financial statements and business accounting.


Kathy is a member of The National Association of Enrolled Agents and The Maryland Society of Accountants.



Paul Sullivan, CPA

Sullivan & Company


Call our Testimonial Hotline & give us your feedback at:


800-609-9006 extension 6072

Here's an Example:



Other Articles

Click here to review

Feature Articles

- 10 Changes for 2011 That Benefit Most Taxpayers
- How to Avoid Identity Theft During Tax Season
- Five Hidden Reasons You Need a Will

Tax Tips

- Dependents and Exemptions: 6 Important Facts
- 7 Tips for Preparing Your Taxes Without the Stress
- Missing Your Form W-2?

Financial Tips

- Review Your Savings Plan
- Review Your Retirement Plan
- Review January's Budget vs. Actuals
- Collect Your Tax Information





10 Changes From 2011 That Benefited Most Taxpayers


From Roth conversions to changes in reporting capital gains and losses, there were a number of tax changes in 2011. Whether you already know about them or simply need a reminder, here's a look at 10 changes in 2011 that might benefit you, the taxpayer, this tax season.

1. April 17 Tax Deadline: Two Extra Days to File and Pay

Taxpayers across the nation will have until Tuesday, April 17, 2012, to file their 2011 income tax returns and pay any taxes due. Taxpayers have extra time because April 15 falls on Sunday, and Emancipation Day, a holiday in the District of Columbia, is observed the following day on Monday, April 16. By law, filing deadlines that fall on D.C. holidays are extended to the next day that is not a Saturday, Sunday, or holiday.

The April 17 deadline applies to any return or payment normally due on April 15. It also applies to the deadline for requesting a tax-filing extension and for making 2011 IRA contributions. Taxpayers requesting an extension will have until Oct. 15 to file their 2011 tax returns.

2. Tax Credits Extended

Legislation, enacted in December 2010, extended several popular tax benefits, including the American opportunity credit for parents and students, the enhanced child tax credit and the expanded Earned Income Tax Credit.

3. Limited Non-business Energy Property Credit Still Available

This credit generally equals 10 percent (down from 30 percent the past two years) of what a homeowner spends on eligible energy-saving improvements, up to a maximum tax credit of $500 (down from the $1,500 combined limit that applied for 2009 and 2010). In addition, the energy standards are increased for most property; windows, exterior doors and skylights, for example, must meet Energy Star Program requirements.

Because of the way the credit is figured, in many cases, it may only be helpful to people who make energy-saving home improvements for the first time in 2011. That's because homeowners must first subtract any non-business energy property credits claimed on their 2006, 2007, 2009 or 2010 returns before claiming this credit for 2011.

The cost of certain high-efficiency heating and air conditioning systems, water heaters and stoves that burn biomass all qualify, along with labor costs for installing these items. In addition, the cost of energy-efficient windows and skylights, energy-efficient doors, qualifying insulation and certain roofs also qualify for the credit, though the cost of installing these items do not.


4. Repayment of First-Time Homebuyer Credit

Taxpayers who claimed the first-time homebuyer credit for a home bought in 2008 must generally make the second of 15 annual repayment installments on their 2011 return.

Separately, a repayment requirement also applies where a taxpayer purchased a home and claimed the credit on a prior year return and then sold it or stopped using it as a main home in 2011.

Though the credit has expired for most home buyers, certain members of the armed forces and some other taxpayers who bought a home early in 2011 may still qualify for the credit on their 2011 return.

5. New Way to Report Capital Gains and Losses

In most cases, taxpayers now use new Form 8949 to report capital gain and loss transactions. Schedule D, the form traditionally used to show these individual transactions, is now used as a summary sheet, reporting amounts for total sales price, basis and other adjustments for all individual transactions, and for figuring the tax. For securities both bought and sold in 2011, the Form 1099-B, issued by the broker, normally shows the taxpayer's basis.

Note that this is only a PARTIAL LIST (5 of the first 10) and you can click here to read the rest of the article.  Please contact us if you need help understanding which tax changes will help you and your family or business situation. We are always available to assist you.



As always you can call our offices if you have any questions about these or any other accounting, tax, financial planning or insurance related issues, at 301-657-8080. 


Regards, Paul Sullivan, CPA

President, Sullivan & Company





Sullivan & Company, CPAs | 4709 Montgomery Lane | Bethesda, Md. 20814 | email: | Like Us on Facebook

Direct: 240-316-3531 | Main no.: 301-657-8080 Ext 102 | Fax: 301-657-9055