Check out this article on bankrate.com about tax tips for this year. It’s never too early to start planning ahead!

We are still in the process of mailing out informational letters and tax appointment reminders to our clients! Please note the change in email addresses.

Tax appointments are filling up! These tips will help you be better prepared for your meeting and will help us complete your taxes in a more timely manner!

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Our friend Audrey Ranstead with Alaska Pet Gear, Inc. is creating a series of YouTube videos for her Baked Alaska project, a cooking show all about Alaska. Take a look!

Our very own Kelly Ward will be teaching a class on Tax Filing basics at UAF on February 1st as part of their Financial Sense Day. All classes are free and open to the public! Check out this flyer for more information.

Even with the tax deadline extended remember that turnaround is faster in the beginning of the year, the sooner we can get started the better! Bring us your documents at your earliest convenience!

http://finance.yahoo.com/news/irs-extends-tax-filing-deadline-202800795.html

As the year is coming to an end it is time to start thinking about preparing to have your taxes done. If you want to get your 2011 taxes in early and get your refund quickly, if one is due, there are some steps that you can take.

1. Get started: Until you actually start your return, you’ll never finish it. And that’s probably going to slow down your refund.

2. Collect the information: This may include but is not limited to the following;
• W-2s
• Bank and broker statements
• 1099 forms for any interest, dividends and stock sales
• 1098 from mortgage company
• Additional information will be necessary for business owners or those with rental income
• Also, this information may vary depending on the individual

3. Categorize both the Income and Deductions: For many clients we provide much of this service for you at a cost. However, whether we do it or you do it yourself, you’re going to need to have totals for the income and deduction categories the IRS provides.

4. Examine the numbers: Sometimes, the raw numbers you are going to be wrong. It is important to review the numbers provided by outside sources to ensure their accuracy. For example:
• On the income side
o You need to report all interest and dividends received, even if you don’t receive a Form 1099. Plus,
o The number shown by your broker on Form 1099-B last year was only the sale price. You’re not taxed on 100% of that number. You reduce it, on Schedule D of your return, by your cost, including broker’s fees. You’re taxed only on the net profit (knowing your cost is important).
• On the deduction side
o Some expenses paid at the end of 2011 may not be represented on statements from outside institutions.
For example if you pay your Jan. 1, 2012, mortgage payment on Dec. 31, 2011. The interest you pay won’t be reflected on the Form 1098 sent by your mortgage company. That’s because it won’t get the check or the online payment until 2012.

5. Give us a call: We are very quickly filling up our schedules so it is important to make sure that your appointment is set: (907) 474-4576; We can’t wait to hear from you.

Article geared more towards small business owners and some ideas to help in end of year tax planning.

http://www.entrepreneur.com/article/222535

May the spirit of Christmas bring you peace,
The gladness of Christmas give you hope,
The warmth of Christmas grant you love.

Once again some end of year thoughts. This video explains some tax savings ideas in a very straight forward and easy to understand way.