2009
franchise tax calendar
tax tip #1
Credit crunch…if you’re
trying to get a loan do
so now
• Your credit score affects the
loan amount and terms
lenders will offer
• Build your credit score to
qualify for better loan rates:
- Pay debts on time
- Make more than the
minimum payment
- Keep an emergency card
- Face your debt
W-2s and 1099s are due to
employees this month,
must be postmarked by
January 31
Get new W-4s and I-9s
REFERENCE BACK PAGES FOR TAX DEFINITIONS AND OTHER TIPS.
JANUARY
C O N TA C T H O R N E T O L L F R E E AT
Nashville, TN 866.281.3950 • Tucson, AZ 800.549.6417
Mobile, AL 866.283.6150 • Lucedale, MS 866.297.9007
SUNDAY MONDAY TUESDAY WEDNESDAY THURSDAY FRIDAY SATURDAY
STATES ARE COLOR
CODED TO PROVIDE 27 28 29 30 1 2 3
YOU WITH SALES
TAX DUE DATES.
ALABAMA
ALASKA
ARIZONA New Year’s Day
ARKANSAS
CALIFORNIA
HORNE Offices Closed
COLORADO
CONNECTICUT
DELAWARE
4 5 6 7 8 9 10
FLORIDA
GEORGIA
HAWAII
IDAHO
ILLINOIS
INDIANA
IOWA
KANSAS
KENTUCKY
LOUISIANA
MAINE
11 12 13 14 15 sales tax due 16 17
MARYLAND
MASSACHUSETTS
MICHIGAN
MINNESOTA
MISSISSIPPI
MISSOURI Tip Reporting for Quarterly Estimated
MONTANA December ‘08 Due
N. CAROLINA
Tax Payment Due
N. DAKOTA
NEVADA
NEW HAMPSHIRE
18 19 20 sales tax due 21 22 23 24
NEW JERSEY
NEW MEXICO
NEW YORK
NEBRASKA
OHIO
OKLAHOMA
OREGON
PENNSYLVANIA
RHODE ISLAND
S. CAROLINA
S. DAKOTA
25 26 sales tax due 27 28 29 30 31
TENNESSEE sales tax due
TEXAS
UTAH
VERMONT
VIRGINIA
W. VIRGINIA
WASHINGTON
WISCONSIN
WYOMING
tax tip #2
Send your corporate tax
information to HORNE by end
of month to file tax returns
on time
Large food or beverage
establishments need to
complete form 8027 for tipped
employees — all must apply:
• Food or beverage is
provided for consumption
on the premises
• Tipping is a
customary practice
• 10 or more employees,
who work 80+ hours
in a pay period during the
preceding calendar year
W-2s and 1099s are due to
the IRS on February 28
REFERENCE BACK PAGES FOR TAX DEFINITIONS AND OTHER TIPS.
FEBRUARY
C O N TA C T H O R N E T O L L F R E E AT
Nashville, TN 866.281.3950 • Tucson, AZ 800.549.6417
Mobile, AL 866.283.6150 • Lucedale, MS 866.297.9007
SUNDAY MONDAY TUESDAY WEDNESDAY THURSDAY FRIDAY SATURDAY
STATES ARE COLOR
CODED TO PROVIDE 1 2 sales tax due 3 4 5 6 7
YOU WITH SALES
TAX DUE DATES.
ALABAMA
ALASKA
ARIZONA Quarterly Payroll
ARKANSAS Tax Reports Due
CALIFORNIA
COLORADO
CONNECTICUT
DELAWARE
8 9 10 11 12 13 14
FLORIDA
GEORGIA
HAWAII
IDAHO
ILLINOIS
INDIANA Tip Reporting for
IOWA
KANSAS
January Due
KENTUCKY
LOUISIANA
MAINE
15 16 sales tax due 17 18 19 20 sales tax due 21
MARYLAND
MASSACHUSETTS
MICHIGAN Secure a New
MINNESOTA W-4 Form From
MISSISSIPPI Employees Claiming
MISSOURI
MONTANA “Exempt” During
N. CAROLINA 2009
N. DAKOTA
NEVADA
NEW HAMPSHIRE
22 23 24 sales tax due 25 sales tax due 26 27 sales tax due 28
NEW JERSEY
NEW MEXICO
NEW YORK
NEBRASKA
OHIO
OKLAHOMA
OREGON
PENNSYLVANIA
RHODE ISLAND
S. CAROLINA
S. DAKOTA
1 2 3 4 5 6 7
TENNESSEE
TEXAS
UTAH
VERMONT
VIRGINIA
W. VIRGINIA
WASHINGTON
WISCONSIN
WYOMING
tax tip #3
Corporate tax returns
are due March 15
Perform quarterly-end
inventory and planning
Send your individual tax
information to HORNE by end
of month to file tax returns
on time
REFERENCE BACK PAGES FOR TAX DEFINITIONS AND OTHER TIPS.
MARCH
C O N TA C T H O R N E T O L L F R E E AT
Nashville, TN 866.281.3950 • Tucson, AZ 800.549.6417
Mobile, AL 866.283.6150 • Lucedale, MS 866.297.9007
SUNDAY MONDAY TUESDAY WEDNESDAY THURSDAY FRIDAY SATURDAY
STATES ARE COLOR
CODED TO PROVIDE 1 2 sales tax due 3 4 5 6 7
YOU WITH SALES
TAX DUE DATES.
ALABAMA
ALASKA
ARIZONA W-2s and 1099s
ARKANSAS Due to IRS
CALIFORNIA
COLORADO
CONNECTICUT
DELAWARE
8 9 10 11 12 13 14
FLORIDA
GEORGIA
HAWAII
IDAHO
ILLINOIS
INDIANA
IOWA
Tip Reporting for
KANSAS February Due
KENTUCKY
LOUISIANA
MAINE
15 16 sales tax due 17 18 19 20 sales tax due 21
MARYLAND
MASSACHUSETTS
MICHIGAN
MINNESOTA Corporate Income
MISSISSIPPI Tax Returns Due
MISSOURI (1120)
MONTANA
N. CAROLINA S-Corp’s File 1120-S
N. DAKOTA
NEVADA
NEW HAMPSHIRE
22 23 24 sales tax due 25 sales tax due 26 27 28
NEW JERSEY
NEW MEXICO
NEW YORK
NEBRASKA
OHIO
OKLAHOMA
OREGON
PENNSYLVANIA
RHODE ISLAND
S. CAROLINA
S. DAKOTA
29 30 31 sales tax due 1 2 3 4
TENNESSEE
TEXAS
UTAH
VERMONT
VIRGINIA
W. VIRGINIA
WASHINGTON
WISCONSIN
WYOMING
tax tip #4
Individual, LLC and
partnership tax returns are
due April 15
• E-file your return
(information in back of calendar)
• Pay taxes through the
Electric Federal Tax
Payment System (EFTPS)
(information in back of calendar)
Avoid common mistakes:
• Review your entire return
• Provide correct mailing
address if mailing a
paper return
Filing an extension does
not grant you an extension
on payment
REFERENCE BACK PAGES FOR TAX DEFINITIONS AND OTHER TIPS.
APRIL
C O N TA C T H O R N E T O L L F R E E AT
Nashville, TN 866.281.3950 • Tucson, AZ 800.549.6417
Mobile, AL 866.283.6150 • Lucedale, MS 866.297.9007
SUNDAY MONDAY TUESDAY WEDNESDAY THURSDAY FRIDAY SATURDAY
STATES ARE COLOR
CODED TO PROVIDE 29 30 31 1 2 3 4
YOU WITH SALES
TAX DUE DATES.
ALABAMA
ALASKA
ARIZONA
ARKANSAS
CALIFORNIA
COLORADO
CONNECTICUT
DELAWARE
5 6 7 8 9 10 11
FLORIDA
GEORGIA
HAWAII
IDAHO
ILLINOIS
INDIANA Tip Reporting for
IOWA March Due
KANSAS
KENTUCKY
LOUISIANA
MAINE
12 13 14 15 sales tax due 16 17 18
MARYLAND Quarterly Estimated
MASSACHUSETTS
MICHIGAN
Tax Payment Due
MINNESOTA Income Tax Returns
MISSISSIPPI Due for Most Individuals
MISSOURI
MONTANA
& Partnerships
N. CAROLINA (excluding corporations)
N. DAKOTA
NEVADA
NEW HAMPSHIRE
19 20 sales tax due 21 22 23 24 sales tax due 25
NEW JERSEY
NEW MEXICO
NEW YORK
NEBRASKA
OHIO
OKLAHOMA
OREGON
PENNSYLVANIA
RHODE ISLAND
S. CAROLINA
S. DAKOTA
26 27 sales tax due 28 29 30 sales tax due 1 2
TENNESSEE
TEXAS
UTAH
VERMONT
VIRGINIA
W. VIRGINIA
WASHINGTON Quarterly Payroll Tax
WISCONSIN Reports Due
WYOMING
tax tip #5
Contribute to an IRA to lower
your taxable income
Real Property Tax Deduction:
Non-itemizers may claim
an additional standard
deduction for state and local
real property taxes paid —
maximum deduction is $500
REFERENCE BACK PAGES FOR TAX DEFINITIONS AND OTHER TIPS.
MAY
C O N TA C T H O R N E T O L L F R E E AT
Nashville, TN 866.281.3950 • Tucson, AZ 800.549.6417
Mobile, AL 866.283.6150 • Lucedale, MS 866.297.9007
SUNDAY MONDAY TUESDAY WEDNESDAY THURSDAY FRIDAY SATURDAY
STATES ARE COLOR
CODED TO PROVIDE 27 28 29 30 31 1 2
YOU WITH SALES
TAX DUE DATES.
ALABAMA
ALASKA
ARIZONA
ARKANSAS
CALIFORNIA
COLORADO
CONNECTICUT
DELAWARE
3 4 5 6 7 8 9
FLORIDA
GEORGIA
HAWAII
IDAHO
ILLINOIS
INDIANA
IOWA
KANSAS
KENTUCKY
LOUISIANA
MAINE
10 11 12 13 14 15 sales tax due 16
MARYLAND
MASSACHUSETTS
MICHIGAN
MINNESOTA
MISSISSIPPI
MISSOURI Tip Reporting for
MONTANA
N. CAROLINA
April Due
N. DAKOTA
NEVADA
NEW HAMPSHIRE
17 18 19 20 sales tax due 21 22 23
NEW JERSEY
NEW MEXICO
NEW YORK
NEBRASKA
OHIO
OKLAHOMA
OREGON
PENNSYLVANIA
RHODE ISLAND
S. CAROLINA
S. DAKOTA
24 25 sales tax due 26 27 28 29 30
TENNESSEE sales tax due
TEXAS
UTAH
VERMONT
VIRGINIA
W. VIRGINIA
WASHINGTON Memorial Day
WISCONSIN
WYOMING
31 HORNE Offices Closed
tax tip #6
Evaluate your loan interest
rates against the market
Obtain pricing proposals on
insurance (i.e. workers’
comp, health)
Contact your CPA for review
and planning for the rest of
the year
REFERENCE BACK PAGES FOR TAX DEFINITIONS AND OTHER TIPS.
JUNE
C O N TA C T H O R N E T O L L F R E E AT
Nashville, TN 866.281.3950 • Tucson, AZ 800.549.6417
Mobile, AL 866.283.6150 • Lucedale, MS 866.297.9007
SUNDAY MONDAY TUESDAY WEDNESDAY THURSDAY FRIDAY SATURDAY
STATES ARE COLOR
CODED TO PROVIDE 31 1 sales tax due 2 3 4 5 6
YOU WITH SALES
TAX DUE DATES.
ALABAMA
ALASKA
ARIZONA
ARKANSAS
CALIFORNIA
COLORADO
CONNECTICUT
DELAWARE
7 8 9 10 11 12 13
FLORIDA
GEORGIA
HAWAII
IDAHO
ILLINOIS
INDIANA Tip Reporting for
IOWA
KANSAS
May Due
KENTUCKY
LOUISIANA
MAINE
14 15 sales tax due 16 17 18 19 20
MARYLAND
MASSACHUSETTS
MICHIGAN Quarterly Estimated
MINNESOTA Tax Payment Due
MISSISSIPPI
MISSOURI File Form 1040 for
MONTANA Individuals Working
N. CAROLINA Outside the US
N. DAKOTA
NEVADA
NEW HAMPSHIRE
21 22 sales tax due 23 24 sales tax due 25 sales tax due 26 27
NEW JERSEY
NEW MEXICO
NEW YORK
NEBRASKA
OHIO
OKLAHOMA
OREGON
PENNSYLVANIA
RHODE ISLAND
S. CAROLINA
S. DAKOTA
28 29 30 sales tax due 1 2 3 4
TENNESSEE
TEXAS
UTAH
VERMONT
VIRGINIA
W. VIRGINIA
WASHINGTON
WISCONSIN
WYOMING
tax tip #7
Commonly missed deductions
and credits:
• Earned Income Credit,
Child Tax Credit, medical
expenses, moving expenses
• Education tax benefits
including: Hope Credit,
Life-Time Learning Credit,
Tuition and Fees Deduction,
Student Loan Interest
Deduction
You can file an amended
return to claim missed
deductions and credits
within three years
REFERENCE BACK PAGES FOR TAX DEFINITIONS AND OTHER TIPS.
JULY
C O N TA C T H O R N E T O L L F R E E AT
Nashville, TN 866.281.3950 • Tucson, AZ 800.549.6417
Mobile, AL 866.283.6150 • Lucedale, MS 866.297.9007
SUNDAY MONDAY TUESDAY WEDNESDAY THURSDAY FRIDAY SATURDAY
STATES ARE COLOR
CODED TO PROVIDE 28 29 30 1 2 3 4
YOU WITH SALES
TAX DUE DATES.
ALABAMA
ALASKA
ARIZONA
ARKANSAS HORNE Offices Closed Independence Day
CALIFORNIA
COLORADO
CONNECTICUT
DELAWARE
5 6 7 8 9 10 11
FLORIDA
GEORGIA
HAWAII
IDAHO
ILLINOIS
INDIANA Tip Reporting for
IOWA
KANSAS
June Due
KENTUCKY
LOUISIANA
MAINE
12 13 14 15 sales tax due 16 17 18
MARYLAND
MASSACHUSETTS
MICHIGAN
MINNESOTA
MISSISSIPPI
MISSOURI
MONTANA
N. CAROLINA
N. DAKOTA
NEVADA
NEW HAMPSHIRE
19 20 sales tax due 21 22 23 24 sales tax due 25
NEW JERSEY
NEW MEXICO
NEW YORK
NEBRASKA
OHIO
OKLAHOMA
OREGON
PENNSYLVANIA
RHODE ISLAND
S. CAROLINA
S. DAKOTA
26 27 sales tax due 28 29 30 31 sales tax due 1
TENNESSEE
TEXAS
UTAH
VERMONT
VIRGINIA
W. VIRGINIA
WASHINGTON Quarterly Payroll
WISCONSIN Tax Reports Due
WYOMING
tax tip #8
Review your budgeting for
the remainder of 2009 and
start planning your budget
for 2010
REFERENCE BACK PAGES FOR TAX DEFINITIONS AND OTHER TIPS.
AUGUST
C O N TA C T H O R N E T O L L F R E E AT
Nashville, TN 866.281.3950 • Tucson, AZ 800.549.6417
Mobile, AL 866.283.6150 • Lucedale, MS 866.297.9007
SUNDAY MONDAY TUESDAY WEDNESDAY THURSDAY FRIDAY SATURDAY
STATES ARE COLOR
CODED TO PROVIDE 26 27 28 29 30 31 1
YOU WITH SALES
TAX DUE DATES.
ALABAMA
ALASKA
ARIZONA
ARKANSAS
CALIFORNIA
COLORADO
CONNECTICUT
DELAWARE
2 3 4 5 6 7 8
FLORIDA
GEORGIA
HAWAII
IDAHO
ILLINOIS
INDIANA
IOWA
KANSAS
KENTUCKY
LOUISIANA
MAINE
9 10 11 12 13 14 15
MARYLAND
MASSACHUSETTS
MICHIGAN
MINNESOTA
MISSISSIPPI
MISSOURI
MONTANA
Tip Reporting for
N. CAROLINA July Due
N. DAKOTA
NEVADA
NEW HAMPSHIRE
16 17 sales tax due 18 19 20 sales tax due 21 22
NEW JERSEY
NEW MEXICO
NEW YORK
NEBRASKA
OHIO
OKLAHOMA
OREGON
PENNSYLVANIA
RHODE ISLAND
S. CAROLINA
S. DAKOTA
23 24 sales tax due 25 sales tax due 26 27 28 29
TENNESSEE
TEXAS
UTAH
VERMONT
VIRGINIA
W. VIRGINIA
WASHINGTON
WISCONSIN
WYOMING
30 sales tax due 31
tax tip #9
New tax law for all entities —
extended tax returns are
due September 15 other
than individuals
Think of ways to increase
volume through the “Back to
School Slump”
• Consider back to school
special
• Talk to schools for catering
opportunities
REFERENCE BACK PAGES FOR TAX DEFINITIONS AND OTHER TIPS.
SEPTEMBER
C O N TA C T H O R N E T O L L F R E E AT
Nashville, TN 866.281.3950 • Tucson, AZ 800.549.6417
Mobile, AL 866.283.6150 • Lucedale, MS 866.297.9007
SUNDAY MONDAY TUESDAY WEDNESDAY THURSDAY FRIDAY SATURDAY
STATES ARE COLOR
CODED TO PROVIDE 30 31 1 2 3 4 5
YOU WITH SALES
TAX DUE DATES.
ALABAMA
ALASKA
ARIZONA
ARKANSAS
CALIFORNIA
COLORADO
CONNECTICUT
DELAWARE
6 7 8 9 10 11 12
FLORIDA
GEORGIA
HAWAII
IDAHO
ILLINOIS
INDIANA Tip Reporting for
IOWA Labor Day
KANSAS HORNE Offices Closed August Due
KENTUCKY
LOUISIANA
MAINE
13 14 15 sales tax due 16 17 18 19
MARYLAND
MASSACHUSETTS Extended Income Tax
MICHIGAN Returns Due for All
MINNESOTA Entities (except individuals)
MISSISSIPPI
MISSOURI
MONTANA Quarterly Estimated
N. CAROLINA Tax Payment Due
N. DAKOTA
NEVADA
NEW HAMPSHIRE
20 21 sales tax due 22 23 24 sales tax due 25 sales tax due 26
NEW JERSEY
NEW MEXICO
NEW YORK
NEBRASKA
OHIO
OKLAHOMA
OREGON
PENNSYLVANIA
RHODE ISLAND
S. CAROLINA
S. DAKOTA
27 28 29 30 sales tax due 1 2 3
TENNESSEE
TEXAS
UTAH
VERMONT
VIRGINIA
W. VIRGINIA
WASHINGTON
WISCONSIN
WYOMING
tax tip #10
Extended individual tax
returns are due October 15
Begin tax planning
Ask your HORNE advisor
about performing a cost
segregation study for
your stores
REFERENCE BACK PAGES FOR TAX DEFINITIONS AND OTHER TIPS.
OCTOBER
C O N TA C T H O R N E T O L L F R E E AT
Nashville, TN 866.281.3950 • Tucson, AZ 800.549.6417
Mobile, AL 866.283.6150 • Lucedale, MS 866.297.9007
SUNDAY MONDAY TUESDAY WEDNESDAY THURSDAY FRIDAY SATURDAY
STATES ARE COLOR
CODED TO PROVIDE 27 28 29 30 1 2 3
YOU WITH SALES
TAX DUE DATES.
ALABAMA
ALASKA
ARIZONA
ARKANSAS
CALIFORNIA
COLORADO
CONNECTICUT
DELAWARE
4 5 6 7 8 9 10
FLORIDA
GEORGIA
HAWAII
IDAHO
ILLINOIS
INDIANA
IOWA
KANSAS
KENTUCKY
LOUISIANA
MAINE
11 12 13 14 15 sales tax due 16 17
MARYLAND
MASSACHUSETTS
MICHIGAN
MINNESOTA
MISSISSIPPI Extended Income
MISSOURI Tip Reporting for Tax Returns Due
MONTANA
N. CAROLINA
September Due for Individuals
N. DAKOTA
NEVADA
NEW HAMPSHIRE
18 19 20 sales tax due 21 22 23 24
NEW JERSEY
NEW MEXICO
NEW YORK
NEBRASKA
OHIO
OKLAHOMA
OREGON
PENNSYLVANIA
RHODE ISLAND
S. CAROLINA
S. DAKOTA
25 26 sales tax due 27 28 29 30 31
TENNESSEE sales tax due
TEXAS
UTAH
VERMONT
VIRGINIA
W. VIRGINIA
WASHINGTON
WISCONSIN
WYOMING
tax tip #11
Year end tax tips:
• Defer income
• Explore last-minute
deductions
• Beware of the
Alternative Minimum Tax
• Make repairs to lower
income for taxes
REFERENCE BACK PAGES FOR TAX DEFINITIONS AND OTHER TIPS.
NOVEMBER
C O N TA C T H O R N E T O L L F R E E AT
Nashville, TN 866.281.3950 • Tucson, AZ 800.549.6417
Mobile, AL 866.283.6150 • Lucedale, MS 866.297.9007
SUNDAY MONDAY TUESDAY WEDNESDAY THURSDAY FRIDAY SATURDAY
STATES ARE COLOR
CODED TO PROVIDE 1 2 sales tax due 3 4 5 6 7
YOU WITH SALES
TAX DUE DATES.
ALABAMA
ALASKA
ARIZONA Quarterly Payroll
ARKANSAS Tax Reports Due
CALIFORNIA
COLORADO
CONNECTICUT
DELAWARE
8 9 10 11 12 13 14
FLORIDA
GEORGIA
HAWAII
IDAHO
ILLINOIS
INDIANA
IOWA
Tip Reporting for
KANSAS October Due
KENTUCKY
LOUISIANA
MAINE
15 16 sales tax due 17 18 19 20 sales tax due 21
MARYLAND
MASSACHUSETTS
MICHIGAN
MINNESOTA
MISSISSIPPI
MISSOURI
MONTANA
N. CAROLINA
N. DAKOTA
NEVADA
NEW HAMPSHIRE
22 23 24 sales tax due 25 sales tax due 26 27 28
NEW JERSEY
NEW MEXICO
NEW YORK
NEBRASKA
OHIO
OKLAHOMA
OREGON Thanksgiving
PENNSYLVANIA HORNE Offices Closed HORNE Offices Closed
RHODE ISLAND
S. CAROLINA
S. DAKOTA
29 30 sales tax due 1 2 3 4 5
TENNESSEE
TEXAS
UTAH
VERMONT
VIRGINIA
W. VIRGINIA
WASHINGTON
WISCONSIN
WYOMING
tax tip #12
Ask your HORNE
advisor about:
• Doing a bond swap
• Kiddie tax tango
Check on your Flexible
Spending Accounts
Perform year-end inventory
and purchase needed
equipment
REFERENCE BACK PAGES FOR TAX DEFINITIONS AND OTHER TIPS.
DECEMBER
C O N TA C T H O R N E T O L L F R E E AT
Nashville, TN 866.281.3950 • Tucson, AZ 800.549.6417
Mobile, AL 866.283.6150 • Lucedale, MS 866.297.9007
SUNDAY MONDAY TUESDAY WEDNESDAY THURSDAY FRIDAY SATURDAY
STATES ARE COLOR
CODED TO PROVIDE 29 30 1 2 3 4 5
YOU WITH SALES
TAX DUE DATES.
ALABAMA
ALASKA
ARIZONA
ARKANSAS
CALIFORNIA
COLORADO
CONNECTICUT
DELAWARE
6 7 8 9 10 11 12
FLORIDA
GEORGIA
HAWAII
IDAHO
ILLINOIS
INDIANA Tip Reporting for
IOWA
KANSAS
November Due
KENTUCKY
LOUISIANA
MAINE
13 14 15 sales tax due 16 17 18 19
MARYLAND
MASSACHUSETTS
MICHIGAN
MINNESOTA
MISSISSIPPI
MISSOURI
MONTANA
N. CAROLINA
N. DAKOTA
NEVADA
NEW HAMPSHIRE
20 21 sales tax due 22 23 24 sales tax due 25 sales tax due 26
NEW JERSEY
NEW MEXICO
NEW YORK
NEBRASKA
OHIO
OKLAHOMA
OREGON Christmas Eve Christmas Day
PENNSYLVANIA HORNE Offices Closed HORNE Offices Closed
RHODE ISLAND
S. CAROLINA
S. DAKOTA
27 28 29 30 31 sales tax due 1 2
TENNESSEE
TEXAS
UTAH
VERMONT
VIRGINIA
W. VIRGINIA
WASHINGTON
WISCONSIN
WYOMING
TAX TIPS
• If you are an S-Corp shareholder take a reasonable compensation • Tax law changes for 2009
- Estate Tax Exemption – the $2 million federal estate tax
• First-time Homebuyer Credit – Taxpayers who purchased a principal exemption rises to $3.5 million
residence after April 8, 2008 and before June 30, 2009 may claim a
refundable credit for 10% of the purchase price — max credit $7,500 • Tax law changes for 2010
- Estate Tax repealed – federal estate tax is eliminated for
• Depreciation – The maximum Section 179 deduction for tax years
estates of individuals dying in 2010
starting in 2008 has been increased to $250,000
- Roth IRA Conversions – individuals with more than $100,000
• Estimated tax payments of modified adjusted gross income are free to switch an IRA to
- If you received income where taxes were not withheld a Roth IRA
you’re generally required to pay estimated taxes
- Use Form 1040-ES • Tax law changes for 2011
- If you underpay your estimated taxes, you may be - Estate Tax Revived – individuals dying after 2010, the federal estate
subject to a penalty tax returns with $1 million exemption and a 50% maximum rate
- Increase in Capital Gains and Dividend Tax Rates
• Payment required when filing an extension . Long-term capital gains tax rate goes up to 20%
. Dividend income is taxed as ordinary income at taxpayer’s
• Missed deductions & credits highest marginal tax rate
- Commonly overlooked deductions and credits are Earned Income - Tax rate reductions for long-term capital gains
Credit, Child Tax Credit, medical expenses, moving expenses, etc
and dividends expire this year
- Education tax benefits including; Hope Credit, Life-Time Learning
- Decreased Section 179 Expenses Deduction – maximum
Credit, Tuition and Fees Deduction, Student Loan Interest
Deduction, etc deduction drops to $25,000
- Able to file an amended return to claim missed deductions and - Mortgage Insurance Premiums – the special itemized deduction
credits within three years for mortgage insurance premiums paid on mortgages taken out
after 2006 expires after 2010
• Look out for taxpayer scams
- Be wary of phony e-mails that ask for personal information • E-file Returns – Method of transmitting your tax return directly to the
- Using a frivolous argument to avoid paying taxes could IRS electronically
subject you to a $5,000 penalty - Accuracy
- Misuse of tax-exempt organizations is considered tax fraud - Timeliness
- Quicker refunds
• Cash Gifts – Able to give up to $13,000 to any number of individuals - Easy payment options
without having to file a gift tax return
• Electronic Federal Tax Payment System – Allows taxpayers
• Self-employment strategies
- Keep every business related receipt to use as a write off (individuals and businesses) to pay taxes online or by phone,
- Maximizing your non-capital losses can result in major tax savings schedule payments in advance and reduce penalties
- Talk to a professional
JANUARY 2010
STATES ARE COLOR CODED TO PROVIDE YOU WITH SALES TAX DUE DATES, SEE PREVIOUS MONTHS
HORNE OFFICE LOCATIONS
SU M T W TH F SA NASHVILLE TENNESSEE
27 28 29 30 31 1 2 624 Grassmere Park Drive, Suite 4
Nashville, TN 37211
Voice: 615.312.9060 I Fax: 615.832.2545
New Year’s Day
HORNE Offices
Toll Free: 866.281.3950
Closed
3 4 5 6 7 8 9 TUCSON ARIZONA
5055 E. Broadway, Suite A-200, Tucson, AZ 85711
Voice: 520.751.2729 I Fax: 520.751.2732
Toll Free: 800.549.6417
10 11 12 13 14 15 16
sales tax MOBILE ALABAMA
due
851 E. I-65 Service Rd. South, Suite 800, Mobile, AL 36606
Tip Quarterly
Reporting
for Dec.
Estimated Voice: 251.476.1578 I Fax: 251.476.1678
Tax Payment
‘09 Due Due
Toll Free: 866.283.6150
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sales tax
due LUCEDALE MISSISSIPPI
11259 Old 63 South, Lucedale, MS 39452
Voice: 601.947.4278 I Fax: 601.947.3759
Toll Free: 866.297.9007
24 25 26 27 28 29 30
sales tax
due
sales tax
due
TOLL FREE FAX, ALL
31
LOCATIONS: 866.843.0801
www.hornefranchise.com
888.myHORNE
HFN1182.5