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Tax

Everyone knows there are only 2 things you can count on in life. Your business handles the first one – let R&A help with the second one. Taxes are a complex facet of any business and the funeral industry has its own nuances. Because we focus in the funeral industry and understand the taxes that affect it. 

Business: R&A places a premium on accurate & timely tax planning and preparation. Knowing the industry allows us to give you this service and all the advantages available.

Individual: Business taxes and personal taxes go hand in hand. We take the time to understand you and make sure you understand the relationship between you and your company so you can make it work for you.

Estate & Trust: Estate & Trust denote death and distribution, but R&A focuses on the planning side as well. We work with the client to learn their goals so we can help them obtain them. We also keep our clients abreast of changes in estate & trust laws and all the tax implications that follow.

Planning: One of the biggest concerns is determining what next year will bring. We plan with our clients so the next year is not a surprise and choices are made based on good, sound advice.

 

What's New?  2010 Tax Updates

Due date of return. File Form 1040 by April 18, 2011. The due date is April 18, instead of April 15, because of the Emancipation Day holiday in the District of Columbia—even if you do not live in the District of Columbia.

 

Limits on personal exemptions and overall itemized deductions ended. For 2010, you will no longer lose part of your deduction for personal exemptions and itemized deductions, regardless of the amount of your adjusted gross income (AGI).

 

Self-employed health insurance deduction. Effective March 30, 2010, if you were self-employed and paid for health insurance, you may be able to include in your deduction on line 29 any premiums you paid to cover your child who was under age 27 at the end of 2010, even if the child was not your dependent. For 2010, the line 29 deduction is also allowed on Schedule SE. 

 

Roth IRAs and designated Roth accounts. Half of any income that results from a rollover or conversion to a Roth IRA from another retirement plan in 2010 is included in income in 2011, and the other half in 2012, unless you elect to include all of it in 2010. The same rule applies to a rollover after September 27, 2010, to a designated Roth account in the same plan. See Form 8606. You now can make a qualified rollover contribution to a Roth IRA regardless of the amount of your modified AGI.

 

Expired tax benefits. The following tax benefits have expired and are not available for 2010. 

  • Increased standard deduction for real estate taxes or a net disaster loss from a disaster occurring after 2009. 
  • Itemized deduction or increased standard deduction for state or local sales or excise taxes on the purchase of a new motor vehicle (unless you bought the vehicle in 2009 after February 16 and paid the tax in 2010).
  • The exclusion from income of up to $2,400 in unemployment compensation. All unemployment compensation you received in 2010 generally is taxable.
  • Extra $3,000 IRA deduction for employees of bankrupt companies

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