Roy Vargis CPA, CMA, CFM, CITA, EA, ACMA, CGMA

As the end of the year approaches, it’s a good time to review your potential tax deductions and develop a strategy that maximizes the benefits.  Most taxpayers may deduct the higher of two amounts from adjusted gross income when figuring their taxable income.  These amounts are either a fixed amount set by law (the “standard deduction”) or a listing of the expenses the taxpayer … [Read more...] about Is it Best to Maximize or Minimize Deductions?

Generally, taxpayers with lower incomes do not have sufficient financial resources to make retirement savings contributions, often leading to inadequate resources when it comes time to retire in the future.  Recognizing this problem, Congress added the Retirement Savings Contributions Credit (Savers Credit) to the tax code a few years back. What this means is that lower-income … [Read more...] about Bonus Credit for Retirement Savings Contributions

The year-end brings the holidays and a barrage of charitable solicitations.  It is also your last chance to make a charitable contribution and obtain a deduction for 2010. Over the past few years, the IRS has tightened the recordkeeping rules for charitable contributions.  Therefore, it might be appropriate to review the recordkeeping requirements before making your year-end … [Read more...] about Tips for Year-End Donations

Taxpayers are required to prepay their taxes for the year through withholding or estimated tax payments.  The amount that must be paid in advance is an amount equal to the lesser of 90% of the current year’s tax liability or 100% of the prior year’s tax liability.  Higher-income taxpayers, those with a 2009 AGI of $150,000 or more, are required to prepay the lesser of 90% of … [Read more...] about Increased Year-End Withholding May Avoid or Reduce Underpayment Penalties