Things have been very busy lately here at Legg & Watne. If you’ve visited the site much in the last several months, you’ll have noticed that there has been very little activity on this website. We intend to correct this moving into 2012 and beyond. We would like this website to be a useful reference for all of our clients, potential clients, and anyone else interested in tax and accounting issues. Please stay tuned for regular updates and more as the season develops. Let’s see what is new:
We’ve moved our office. Don’t worry, it isn’t much of a move; we relocated from the back of the same old building to the front. We’ve maintained the same address (we even managed to keep the same suite number), and we’re still up on the second floor. Only now, we’re to the right of the elevator as opposed to the left.
The new location is quite nice. It features a dedicated kicthen/break area that should serve to increase our availability throughout the lunch hour, as well as grant us more options for treats and goodies to make available to our clients throughout the season. In addition, we have excellent window coverage along the front of the building, providing excellent light and a much more pleasant atmosphere. The new location also features a nice conference area, as well as an improved reception/pick-up area. We are very excited to share the new space with you.
Lastly, our location at the front of the building has allowed us to install some great new signage. We should now be much easier for prospective clients and new appointments to find!
Again, our address hasn’t changed, just our physical location within the building.
Legg & Watne, CPAs
2204 Riverside Dr STE 220
Mount Vernon, WA 98273
Tax Season Is Here Again
We have recently mailed out all of our tax organizer packets to assist you in gathering the information for your 2011 income tax returns. You should receive the packets within the first week of 2012. If you haven’t received your packet by then, please give us a call to make sure we have your most current address. You can reach us at: (360) 424-1752
Standard Hours throughout Tax Season (January – April 2012)
Monday – Friday: 9AM – 6PM. We are available later in the evening upon request
Saturday: Varies, but appointments are always welcome.
We are taking appointments now, so please give us a call once you have gathered your tax information. We look forward to working with you soon.
New clients and walk-ins are welcome.
New Tax Changes for 2011 Returns
The arena of income tax legislation is always a hot one, but as we draw near to another presidential election season, it becomes even more difficult to stay on top of relevant issues. Tax law can change rapidly right up until the end of the year, and on rare occasion they may even be retroactively adjusted several months into the filing season. Nevertheless, we do have at least some indication of the changes that may be in effect for this year. Here are some highlights:
- Many hotly debated items are expected to remain unchanged through the 2011 filing season, including: Bracketed tax rates, capital gain rates, gift allowances, AMT limits and deductions, Section 179 write-offs, and more.
- 2011 will likely be the last year for the sales tax deduction. Therefore, if you’re on the fence about any last-minute big purchases, it might be a good idea to buy them now and take advantage of the sales tax write-off while we still can.
- Other credits and deductions slated to expire after this tax year include: Energy-efficient home credits, qualified educator expense deductions, mortgage insurance premium deductions, certain adoption credits, and some above-the-line education expenses.
- Itemized Deduction phaseouts for taxpayers with high AGI are expected to once again be effective for 2011 returns.
- Milage rates for all categories in 2011 are split. Read the IRS article right here.
- Some hot IRS audit issues this year include: Employee/Subcontractor classifications for businesses, self-employed businesses (Schedule C) that show no/low income, large milage deductions, S-Corporation officer salary issues, and more. Remember to keep good records, maintain log books, separate business transactions from your personal finances, and to consult your accountant, attorney, broker, or other professional before making any major changes to your business, investment portfolio, or income stream.
There is also a lot of talk about upcoming Form 1099 reporting requirements for businesses and rental property managers. This issue is currently a hot subject of debate in the political arena, and as such, we do not know exactly what the new reporting requirements will be. In order to ensure that you are as prepared as possible, we recommend building up a small collection of W-9 forms (available for download from the IRS website right here) and have them filled out by all of your non-corporate service providers, such as landscapers, construction contractors, and childcare providers. It is VERY LIKELY that the increased 1099 reporting requirements will be defeated, but it never hurts to plan ahead.
That’s enough food for thought at the moment. Stay tuned to regular news and updates on this website moving forward. We appreciate your time, and would love to hear any suggestions you have for desired web content or specific tax issues. Please let us know what you think! You can reach us via the contact tab on this page, or email us directly at: firstname.lastname@example.org
We look forward to working with you soon!