March 2011 Newsletter

Planning Your Financial Future

March is here, which means warmer weather, birds chirping, and your corporate tax returns are due this month.  If you haven’t gathered your information yet, you may want to think about an extension.

Changes Affecting Small Businesses
Recent legislation includes provisions that will affect small businesses in 2011.

Social Security Survivor’s Benefits
Social Security offers more than just a monthly benefit when you retire. It also provides an income to your surviving family members to help secure their future after you’re gone.

Charitable Giving
Today more than ever, charitable institutions stand to benefit as the first wave of the baby boomers reach the stage where they’re able to make significant charitable gifts.

I won $2,000 on a slot machine, but I’ve lost more than that over the year. Will I have to pay tax on the $2,000?
Gambling losses can generally be claimed as an itemized deduction on IRS Form 1040, Schedule A, up to the amount of gambling winnings, but not everyone itemizes deductions on Schedule A 

I gamble a lot. Should I file as a professional gambler?
In determining whether you are a professional gambler, all of the facts and circumstances relating to your gambling activity have to be taken into account. 

Refer a friend

IRS regulations require that I advise you that, unless otherwise specifically noted, any federal tax advice in this communication (including any attachments, enclosures, or other accompanying materials) was not intended or written to be used, and it cannot be used, by any taxpayer for the purposes of avoiding penalties; furthermore, this communication was not intended or written to support the promotion or marketing of any of the transactions or matters it addresses.


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