Phone: 845-566-0391
Email: info@petromccrum.com
1662 Route 300, Suite 126, Newburgh, NY 12550
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Tips of the Month - January, 2007
Tax Tip:
Three tax deductions that expired have been extended at least thru 2006:
Tuition Deduction; the above -the -line tax deduction for qualified higher education expenses (amount to be released)
Sales Tax Deduction; the taxpayer can elect to take an itemized deduction for sales tax in lieu of the deduction allowed for state and local income tax
Deduction for Educator Expenses; elementary and secondary school teachers can deduct $250.00 for expenses incurred for books, supplies, and other classroom equipment.
Because the deductions had expired they do not appear on the current 2006 1040 form.
QuickBooks Tip:
Confirm that all of your company information is correct in QuickBooks before printing any year end forms (W-2’s and 1099’s).
Go to Company
Company InformationVerify that your company name, address and tax ID number is correct.
Go to Payroll List
Verify that any State items reflect your correct company tax ID number.
