Make your IRA contributions earlier so that you can start earning your tax-deferred interest earlier
Take advantage of flexible spending accounts to reimburse yourself tax-free for medical expenses or dependent care expenses.
Social Security maximum wage limit remains at $106,800
Tax exempt limit for employer provided mass transit passes is $230/month.
Limits for retirement plan contributions are as follows:
Wage limit for retirement plan contribution remains at $245,000
401k/403b is $16500 (Catch up contribution for 50 and older is $5,500)
Profit Sharing/SEP is $49,000
Simple is $11,500 (Catch up contribution for 50 and older = $2,500)
Hire DFC, Inc. right away to get your financial records up to date in order to file your 2009 tax returns.
Do you have prior year returns to file?
Don’t delay; file your prior year return now! The failure to file a federal tax return can be costly — whether you end up owing more or missing out on a refund. If you owe taxes, a delay in filing may result in a failure-to-file penalty and interest charges. The longer you delay, the larger these charges grow.If you are due a refund and don’t file you could lose your refund. There is no penalty for failure to file if you are due a refund. However, you cannot obtain a refund without filing a tax return. If you wait too long to file, you may risk losing the refund altogether. The deadline for claiming refunds is generally three years after the return due date. There are several reasons taxpayers don’t file their taxes. Perhaps you didn’t know you were required to file. Maybe, you just keep putting it off or simply forgot. Whatever the reason, it’s best to file your return as soon as possible. If you need help, even with a late return, DFC, Inc. is ready to assist you.
