Tax Preparation

TAX PREPARATION

Financial SafeGuards Group offers accurate and professional tax preparation. Using the latest in modern technology and software, we can help you pay the minimum legal amount in ALL TAXES (Income and/or Business). We start in late summer by advising you on necessary steps that should be taken to minimize your tax obligation. Please call us (520-584-0014) for a consulting appointment or use our Contact Form and we will contact you as soon as possible.

When you do a good deed, get a receipt, in case heaven is like the IRS.

To quote a commercial tag line, "The Rules Have Changed" (more specifically, the tax rules). President Bush's tax cuts as finalized by Congress have made things even more confusing. Each year through 2010 there are tax rules to be implemented or augmented to the existing tax codes regarding these tax cuts; when these rules are implemented or augmented, all existing tax rules change once again. Depending on Congress to responsibly implement these rules is a lot like what we here refer to as "Counting on the rain in Tucson." Keeping ahead of the tax game is our job, and you benefit by being able to have knowledgeable professionals continually working to minimize your tax obligation.

December 2011:

Tax filing season is upon us.But it is not to late to do a few things to reduce the tax bite.

Non-cash charitable donations. Tis the season so clean out the closets, donate to food bank, donate that car that you were going to restore but is sitting there for several years. For all of these items we need a receipt from the charity. Most items you have to ascertain the value yourself. Use the thrift store pricing. ( there is a link at the bottom of this page to a chart) You could always take a picture of the items to prove that you had them and to reflect condition. If you donate cash, insure that the recipient is a a 501(c) (3) organization. Not all are and you cannot deduct for ones that are not. Exceptions here are religious organizations. But you still need a receipt.

Self-Employed?

How about accelerating income from 2012 into last week of December 2011? Not normal advice but if the 2% reduction in payroll tax passes then you would save that 2% (13.3% as opposed to the normal 15.3%) Look at buying office supplies and other material that you know that you are going to need this year instead of in January, maybe reduce net income for 2011.

Expiring Tax Credits:

Sales tax as an itemitzed deduction.

Deduction for Mortgage Premium insurance.

Adoption credit, the refundable portion ends this year.

The above the line tuition and fees dedcution expires. Still have the Lifetime learning and American opportunity credits available for college.

the above the line deduction for educators out of pocket expense expires.

Some the electric vehicle tax credits are expiring.

Energy efficient appliances credit expiring.

there are a multitude of others but for personal returns these are the most used.