Presentation Transcript

1. TaxesProtecting Your Money

2. Agenda Introduction to Duckett Financial Services Do I Really Have to Pay Taxes? The Best Ways to Protect Your Money The New Tax Laws and How They Effect You The Right Tax Preparer Q & A
3. Intro to Duckett Financial Services Founded by Brandon Duckett in 1997 Services Accounting, Bookkeeping, Tax Preparation and Financial Education Clients Bad Boy WorldWide Event Productions Companies Marketing Companies Real Estate Brokerages Small Businesses and Individuals
4. Do I Really Have to Pay Taxes? Short Answer – Yes! Long Answer Personal Income Tax produces 5 times as much revenue as the corporate income tax and goes to the following categories:
5. The Best Ways to Protect Your Money Find a Tax Shelter Understand the ins and outs of that Tax Shelter Hire a professional to minimize your tax liability
6. The New Tax Laws NEW—Payroll tax relief: There is now a 2 percentage point reduction in an employee’s share of the Social Security portion of the FICA tax, from 6.2% to 4.2%, in 2011. So, if you make $80,000 a year, you could take home an additional $1,600 a year in 2011. Extended—2001 and 2003 income tax cuts: The new tax law provides a two-year extension of the 2001 and 2003 Bush-era income tax cuts (through 2012), regardless of a person’s income level. This means there will be no change in the income tax rates for the next two. You will not see an increase in taxes for 2010-1012 Extended—Capital gains tax: The top rate on long-term capital gains will remain at 15% for the next two years. Extended—Qualified dividends tax: The top rate for qualified dividends—those on certain stocks held longer than 60 days—will remain at 15% for the next two years. NEW—Business Expensing: The new law provides for 100% expensing of qualified capital investments in 2011 and 50% expensing in 2012.
7. The Right Preparer Tips for Finding the Right Preparer Investigate their service fees Avoid percentage based fees Make sure the preparer is accessible Your preparer should be available year round to answer questions Make sure the preparer signs the form AND includes PTIN A PTIN # must be used (by law) to sign returns Find a preparer that is experienced in your situation Not all preparers have dealt with every tax problem
8. The Right Preparer Questions to Ask a Tax Preparer How long have you been in the tax business? What tax issues do you specialize in? Do you have the knowledge and experience to handle my tax situation? What are your fees? Do you outsource any of your work? Do you perform the work personally? If not, what is the review process? Who signs the returns? How long, approximately, will it take to finish my taxes? What's your privacy policy? Will you share my tax information with any third-parties? Do you believe I'm paying too much, too little, or just the right amount of tax?
9. Questions?