TAX RETURNS: Tax season is upon us once more, and tax organizers were e-mailed or snail-mailed to all clients who had their returns completed with our firm in 2008. Please make certain to schedule your tax preparation meeting with your Malvin, Riggins & Company professional as soon as possible.

Please remember, that all individual and entity income tax returns must be electronically filed by our firm, unless there is a strict exception.

We thank you so much for your continued support throughout the years, and as always, we look forward to working with you for many years to come.

Section 1031 Like-Kind Exchange Information: Our firm has now teamed up with Southeastern Title Exchange to provide intermediary services with several real estate professionals in the area. Therefore, you can take care of your like-exchange needs quickly and efficiently, and your Malvin, Riggins & Company tax professional will have all information necessary to ensure proper tax planning throughout the year on your behalf. Note that Southeastern Title Exchange is owned by the partners of our firm, but our rates are competitive in the area and your full satisfaction is always guaranteed!!!

Tax Planning with Roth IRAs: Did you know that in 2010, the Modified Adjusted Gross Income restrictions are lifted? Therefore, you may convert SIMPLE IRAs (opened more than 2 years ago), SEP IRAs and Traditional IRA accounts in 2010, without consideration of your income for the year. This is a tremendous tax planning opportunity! We are recommending to maximize contributions to your SIMPLE, SEP and Traditional IRA accounts, even if your Traditional contributions are non-deductible, to afford you the opportunity to convert in 2010. Of course, every client's situation is unique. So, please make sure to address your particular circumstances with your Malvin, Riggins & Company professional.

Haiti Contributions Deductible in 2009:

The Senate unanimously passed legislation Thursday that will allow taxpayers to deduct cash donations to Haiti earthquake relief on their 2009 tax returns instead of having to wait to file the claims next year.

Leaders of the House Ways and Means Committee from both parties introduced a bill Tuesday that makes contributions made between January 12 and February 28 count toward an individual's or family's 2009 taxes. The House unanimously approved the measure Wednesday.

The legislation also allows contributions made through text messages to be deducted if cell phone bills are provided as proof of donation.

Ways and Means Committee chairman Charles Rangel, D-N.Y., said in a statement that the committee "developed this legislation to make it easier, and encourage people, to donate to the relief efforts in Haiti."

Leaders from the Senate Finance Committee introduced an identical version of the bill Wednesday afternoon. The Senate passed the bill late Thursday.

"Last week, Haiti and the world was reminded Mother Nature knows no deadlines," said Finance Committee Max Baucus, D-Mont., in a prepared statement.

Similar legislation was passed in 2005 to boost contributions in the aftermath of the Indian Ocean tsunami that occurred in late 2004.

Haiti donations exceed $220 million Typically, charitable contributions count toward the year in which they are made. The current measure means taxpayers don't have to wait until next year to claim the benefit on their 2010 tax returns.

Factoring in the deduction: The Haiti relief contribution will count as an itemized charitable deduction. Itemized deductions are typically taken when an individual exceeds the standard deduction.

For 2009, the standard deduction for those 65 and under is $11,400 if married filing jointly or a qualifying widow, $8,350 if filing as a head of household, $5,700 if single and $5,700 if married filing separately.

If your adjusted gross income for 2009 tops $166,800 or $83,400 if married and filing separately, your charitable contribution is subject to the reduction of itemized contributions, usually 1%.

For cash contributions, the deducted ceiling is typically 50% of adjusted gross income, although in 2005, Congress passed legislation allowing 100% of income.

TECHNICAL DIFFICULTIES???: Having problems with your operating system? Network seem to be crashing on a continuous basis? Do you need to upgrade or expand your existing network? We can help - our computer and networking specialist is available by appointment only. Contact our office today for help.

QUICKBOOKS PROFESSIONAL SERVICES: More and more individuals and small businesses are utilizing QuickBooks for general bookkeeping, bank account reconciliations, payroll processing and much more. While this easy-to-use software can provide you the flexibility you need, it is very easy to get caught in a web of confusion with any of these processes. Our QuickBooks specialists are here to help. Call today to set up an appointment - we'll even come to you!!!

CURRENT EVENTS AT MALVIN, RIGGINS & COMPANY

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* You can access our Tax Planning Guide on-line at anytime through our "Links" page. If you would like a hard copy of this guide, please e-mail us at CPAs@MalvinRiggins.com. Please telephone any of our qualified professionals before implementing any ideas presented herein. While our guide is intended to provide significant benefit to all taxpayers, every individual and business has unique circumstances that we must consider.

Please enjoy visiting our web site and all that it has to offer. Then give us a call....we're always here to assist you.