2009 TAX SAVING OPPORTUNITIES
AND 2010 TAX OUTLOOK
Richard Finafrock, CPA, CHAE – Clothier & Head, PS
February 3, 2010
Circular 230 Disclosure
Any tax advice in this communication is not intended
to be a "covered opinion" as described under IRS
Circular 230. It is therefore not intended to be used,
and cannot be used, by a client or any other person
or entity for the purpose of avoiding penalties that
may be imposed on a taxpayer.
2009 isn’t over yet!
Various tax filing due dates
State & Local
Department of Revenue Excise Tax return
January 25th, or February 1 for quarterly filers
Department of Labor & Industries, and
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it
epar men o mp oymen ecur y
February 1st
Various city business taxes
Generally February 1st
Personal Property Affidavits - County
April 30th
2009 isn’t over yet!
Various tax filing due dates
Federal
Payroll Tax Forms 941 and 940
Forms W-2
Forms 1099
- All due February 1st
Form 8027, Tip Reporting – March 1st (31st if electronically)
Federal income tax returns
Corporations, LLC’s taxed as Corporations – March 15th
Partnerships, LLC’s taxed as Partnerships, and Individuals
- April 15th
Get ready to file your income tax return
Business information
Insure that your financial statements are up-to-date as of year
end
Assets:
C h b l
il d
h b l
h
b
b k
as
a ance reconc e to t e a ance s own y your an
Credit card receivables adjusted to actual
Any “house accounts” or advances to employees adjusted to
actual
Inventory balances adjusted to actual
Have all equipment purchases or facility improvements been
capitalized, and not expensed?
Has depreciation been recorded?
All prepaid items properly accounted for?
Get ready to file your income tax return
Business information
Liabilities:
Bank loan or Line of Credit balance adjusted to actual
Vendor payables Payroll tax payables Outstanding Gift
,
,
Certificates, all adjusted to actual
Have all other existing liabilities been recorded?
Income and Expenses:
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