ClearView Wealth Management and Centaurus Financial, Inc. do not provide
tax advice. ClearView’s CPA firm is Bashey, Hutchinson & Walter of
Bellevue, WA. With their permission, the following information from their
September 2009 newsletter is reprinted below for your consideration.
Partnerships and Trusts: The IRS changed the filing deadline to
September 15th of each year. It is very important to not wait until the last
minute to meet with your CPA and provide the required information to prepare
Estimated Tax Payments: The third of four estimated tax payments is due
September 15th. If you make estimated tax payments, be sure to get yours in the
mail. If you have not completed your 2008 returns, you may not have vouchers.
Contact your CPA to obtain a voucher for this filing.
First-Time home Buyer Credit: There is still time left to take advantage
of the credit (up to $8,000) for first time home buyers. This benefit expires
November 30th of this year. There are rules to qualify, so please contact your
CPA to learn more about this once-in-a-lifetime offer from Uncle Sam.
Foreign Bank Accounts: The U.S. government requires all taxpayers to
report on all foreign bank accounts by filing form 90.22-1. There is now a
process where you can file information by September 23, 2009 and avoid criminal
prosecution and much higher penalties. Contact your CPA for more specific
information on this important requirement. It has been reported that the IRS
will soon be focusing on this matter to identify tax payers who have failed to
pay taxes on interest earned from these accounts.
Estate Planning: The current estate tax law will expire in 2010. It is
possible that this potential loss in revenue will be unacceptable to Congress
and that H.R. 436 will be enacted which will basically leave the taxable level
and tax rates as they are ($3,500,000 and 45%). This means that the federal
estate tax rate for those estates in excess of $3,500,000 will be taxed at 45%
for all assets over $3,500,000 within the taxable estate. Most states also have
estate tax and the limits and rates vary from state to state. Depending on the
state, it is possible to pay a combined tax rate of 60% or more, and it is also
possible that tax rates could be increased beyond these levels in the coming
ClearView can assist you in this area with various estate and tax planning
strategies to reduce your estate below the taxable limit. Please contact us for
a consultation to learn how to avoid leaving a sizable portion of your estate to
Neither the named Representative nor Broker/Dealer gives tax or
legal advice. All information is believed to be from reliable sources; however,
we make no representation as to its completeness or accuracy.