Gabrielle M. Luoma, CPA, PLLC

Please join us for our 2012 open house on Saturday, January 14th from 11am to 2pm at our office to kick off this tax season!  Our office is located in Northwest Tucson, on the Northwest corner of Ina and Mona Lisa right by the Foothills Mall.  Our address is 7225 N. Mona Lisa Road, Suite 210.  For more information about how to get to our office, do not hesitate to call!

Refreshments will be provided as well as a chance to win a giftcard to the Cheesecake Factory or 4 tickets to the Casino Del Sol All Star Game on January 16th!

If you are not already a client, this is the perfect opportunity to come meet Gabby and her staff and pick up a 2011 income tax organizer to help organize your information and make the tax season as pain and stress free as possible.  If you are not familiar with Gabrielle M. Luoma, CPA, PLLC please check out the “About Us” page and see why hundreds of people a year are switching their businesses and individual accounting, tax, and consulting needs over to to Gabby and her team.

Here are a few ideas, advice and tax tips that should help with the year end close and the starting the beginning of 2012.

Although, I am a CPA and taxes are my forte, I truly believe in taking the business in as a whole picture. From my own experience there are 100 ideas to help you run your business. I hope that I can share a few that will help you jump start your future.

Happy New Year!

• The educator’s exclusion of $250 is finished by December 31st 2011. No extensions are in place for this one!
• I just recently heard a colleague say in reference to a QuickBooks file as a “Quick Mess”. That’s what you get when you setup QuickBooks wrong.
• No matter what software you use make sure you understand how it works. Bad input is always bad output and never a good planning tool!
• Get organized! That’s my best advice for good tax planning, good business planning and for your overall success.
• Taxes…. If you are a high W2 wage earner you need to max out your company 401k. This is the first step to reducing your taxes!
• Read E myth. Best book I have read on our split personalities as business owners! You will relate I promise!
• So many tools are available to be used these days… With technology and an app for everything there is bound to be one or two that will make your life easier! Find a few financial Apps this year that will help with your finances!
• Find a business coach that will keep you on track with your goals and aspirations. Next be teachable and willing or it’s no fun for either of you!
• Tax deduction vs. good idea? Make sure the business decision is both financially a good tax deduction and wise business decision.
• Treat your business like a business not a piggy bank! Set budgets and goals you can stick to and you will measurable financial success!
• Make a new year’s resolution to get your paperwork done sooner! This will equal less stress for you and your family!
• Only $25 is allowable for deduction on client gifts!
• Only 50% of meals and entertainment are deductible.  Report 100% to your tax preparer. Our software does the rest.
• If you are on QuickBooks, reconcile all your accounts! This is the only way to insure that you got all your business income and expenses booked!
• Make sure your calendar clearly states what you did this year. It will be used to substantiate your business receipts!
• Start tallying up your mileage log now! It’s one of those last minute things that slow down the whole process in your tax preparation.
• Count inventory on Dec 31! Keep your list handy for tax preparer and IRS should you be audited!

With the Arizona Working Poor Tax Credit you can receive up to a $200 tax credit for making a simple charitable contribution to one of the 2011 approved organizations!!

How much is the credit for?

Starting in 2006 and continuing in the years following, the maximum credit for charitable contributions made to organizations that help the working poor is $400 for married couples.  If you are a married and you file your tax return separately from your spouse, each of you may claim half of the credit that would have been permitted on a joint return.  The maximum credit allowed for single taxpayers is $200.

Who can claim this credit?

The Arizona Working Poor Tax Credit may only be claimed by individuals, which includes married couples.  However, corporations may not claim this credit and partnerships are not allowed to claim this credit through its partners.  In order to receive this credit you must claim the itemized deduction on you Arizona return for the year that the charitable contribution was made.

How do I claim the credit?

If you qualify for the credit, you must report the name of the organization that you contributed as well as the dollar amount of the contribution to the Arizona Department of Revenue on Form 321.  Obviously, after you complete the form, you must include it when you file your tax return.  If you are filing your own return, you can find Form 321 by following the link.  If you are not planning on preparing your own taxes we will be more than happy to be of assistance, our certified team of tax professionals ensure timely and accurate filing of your return.

Please not that you may not claim the charitable contribution as part of the Working Poor Tax Credit and a Arizona deduction.  Additionally, you may only claim this tax credit if the contribution was made to a approved charitable organization which can be found below.

If you have questions concerning your taxes or would like us to prepare your taxes for your 2011 return, don’t hesitate to give us a call.

Space is limited.
Reserve your Webinar seat now at:
https://www3.gotomeeting.com/register/248908958
Every business owner knows that you need to have a presence online, but what do you do, where do you go, and how do you pull it altogether?
We will cover these questions and give you the top three strategies to help you succeed online.

Title:
The Top 3 Must Have Strategies to Help Your Business Succeed Online
Date:
Wednesday, September 28, 2011
Time:
4:00 PM – 5:00 PM PDT

After registering you will receive a confirmation email containing information about joining the Webinar.

System Requirements
PC-based attendees
Required: Windows® 7, Vista, XP or 2003 Server
Macintosh®-based attendees
Required: Mac OS® X 10.5 or newer