Comments on: 2009 Year End Tax Moves

By: Mr. Alarcon

Mr. Alarcon — Tue, 03 Nov 2009 00:28:15 +0000

I like the different retirement plans that you listed for the self-employed. Very early on I have thought about contributing towards a retirement plan, but got sidetracked and now I’m not sure if this is a wise idea with the current economic state.

By: Robert D Flach

Robert D Flach — Mon, 02 Nov 2009 16:32:43 +0000

Ryan-

I, and my fellow “non-initialed” tax professionals, thank you!

TWTP

By: Ryan

Ryan — Mon, 02 Nov 2009 14:09:49 +0000

Steve, I’ve read about the possibility of an extension, but I still haven’t seen the final word. I’ll be on the lookout though.

By: Ryan

Ryan — Mon, 02 Nov 2009 14:09:02 +0000

Thanks, Robert. I corrected the article to reflect that wording.

By: Robert D Flach

Robert D Flach — Mon, 02 Nov 2009 12:25:09 +0000

Ryan-

Good post and good advice.

However you do make an error that many financial writers do when writing about taxes. You say, “You may also consider meeting with a CPA for more advanced tax planning” when you should say, “You should consider meeting with a tax professional for more advanced tax planning”.

Just because a person has the initials “CPA” after his/her name does not necessarily mean that he/she knows his arse from a hole in the ground when it comes to preparing 1040s.

In my 38 tax seasons I have found more errors made by CPAs than by individuals who prepare their own taxes.

The only initials that mean anything when it comes to taxes are “EA” for “Enrolled Agent”.

TWTP

By: steve

steve — Mon, 02 Nov 2009 05:20:30 +0000

There was a news story just the other day that stated the first time home buyers credit has been extended until this summer but no verification yet.

By: Financial Samurai

Financial Samurai — Mon, 02 Nov 2009 05:04:38 +0000

Sounds good P. I’ll definitely be talking to a tax pro this season. Thnx!

By: Ryan

Ryan — Mon, 02 Nov 2009 04:59:19 +0000

Yes, I incorporated, but you can still write off business expenses for a sole proprietorship. From what I understand, you should be able to write off any associated expenses so long as you are trying to make a profit with your business.

And yes, you should separate your personal and business expenses. It makes it easier to track profits, losses, and expenses, and can help prove your business is a separate entity from your person.

* Note, I am not a tax professional, so please seek the advice of a pro for any specific tax issues.