OCTOBER 2009 eNEWSLETTER

In this issue:

Featured Tax Tips
           Fall Tax Planning - Save BIG for 2009
           3 Easy Ways to Make Education Afforable

QuickBooks Tips: Online Banking

Fall Tax Planning - Save BIG for 2009
There are many benefits to doing fall tax planning, but the best is what it may cost you if you don't do it. We are knowledgeable in the changes made in the tax law each year, creative enough to think outside of what is normal and realistic enough to know what is possible. We invite you to leverage our tax knowledge to your advantage. Call (215)922-2838 or email us to get your tax planning done.

3 Easy Ways to Make Education Affordable
Save for college the tax-smart way. Stashing money in a custodial account can save on taxes. But it can also get you tied up with the expensive "kiddie tax" rules and gives full control of the cash to your child when he or she turns 18 or 21. Using a state-sponsored 529 college savings plan can make earnings completely tax free and lets you keep control over the money. If one child decides not to go to college, you can switch the account to another child or take it back.
Use a Roth IRA to save for college. Sure, the "R" in IRA stands for retirement, but because you can withdraw contributions at any time tax- and penalty-free, the account can serve as a terrific tax-deferred college-savings plan. Say you and your spouse each stash $5,000 in a Roth starting the year a child is born. After 18 years, the dual Roths would hold about $375,000, assuming 8% annual growth. Up to $180,000 -- the total of the contributions -- can be withdrawn tax- and penalty-free and any part of the interest can be withdrawn penalty-free, too, to pay college bills.
Contribute to a Coverdell. Up to $2,000 a year can be contributed to a Coverdell Education Savings Account for any beneficiary. You don't get a deduction, but money you stash in a Coverdell for, say a child or grand child, grows tax-deferred and can be withdrawn tax-free to pay education bills, including elementary and high school expenses. Contributions for 2009 can be made as late as April 15, 2010, but the sooner the money is deposited the sooner earnings are sheltered from taxes.

Act now to make education affordable. Call (215)922-2838 or email us to get started.


2010 QuickBooks New Features -- Online Banking.

Save hours of data entry and reduce errors by securely downloading banking, credit card, and credit union transactions directly into QuickBooks. The new Online Banking center improvements include:
" Automatic transaction mapping to appropriate QuickBooks accounts to improve accuracy
" Mapping defaults easily customized to save time
" More than 3,000 participating financial institutions
" New wizard simplifies set-up