GIVING THE GIFT OF CASH

Individuals can give any number of people up to $13,000 each in 2009 without gift tax consequences. So if you want to help a family member who has lost their job, or is struggling financially, one way to do so would be to give them cash. Any amount under $13,000 is considered tax free income to the person who receives it.

If you are looking for ways to lower your tax liability, and you already itemize your deductions, consider making a donation to your favorite charity (or charities) donations to 501c3 designated charities can be deducted on your schedule A and will dollar for dollar reduce your taxable income.

Make your donation before December 31st and be sure to get a letter of acknowledgment that included the amount you donated and the non-profits federal identification number.

DONATING A CAR?

Donating a car to a registered non-profit is a generous thing to do, but the tax benefits may not be what you are hoping for.

In the past, taxpayers could donate an old car and claim the fair market value of the car as a charitable deduction, but unfortunately, too many people inflated the fair market value and the IRS got wise to the abuse and changed the rules.

Now, taxpayers can only deduct the value that the non-profit receives from the car. Here's an example of what I mean:

Bob gives his car to a non-profit after-school program. They decide to use the car as a raffle prize and sell tickets for $25 a piece. They sell 25 tickets for a total of $625. Bob is allowed to deduct $625 on his schedule A under charitable contributions. Is Bob happy about this? No, because Bob's car was listed in the Kelley Blue Book as being valued at $4,000. Bob just got jipped, for being a good guy! Not cool!

There are exceptions though. Let's say that Bob donates his car to a non-profit that assists victims of domestic violence. The organization decides to give the car to a woman staying in their shelter who has left an abusive spouse and needs a car to support her children. If this is the case, the non-profit can write a letter explaining how the car was used and why it was given away or sold below fair market value.

Another, and perhaps, better option, is to sell the car yourself, and then donate the proceeds to your favorite charity, that way you can deduct the full amount as a cash donation. As the former Program Director at a tiny little non-profit, I can tell you cash donations are always greatly appreciated.

As with anything, make sure you keep good records, the organization is required to send you a letter acknowledging your gift and providing you with their IRS identification number.

For questions on how donations can help reduce your taxable income, just drop me an email!

Jen Solis
jen@commonsensetaxprep.com
COMMON SENSE TAX PREP

The IRS causes 7 MILLION kids to disappear?

"One spring evening at midnight in 1987: seven million American children suddenly disappeared. The worst kidnapping wave in history? Hardly. It was the night of April 15, and the Internal Revenue Service had just changed a rule. Instead of merely listing the name of each dependent child, tax filers were now required to provide a Social Security Number. Suddenly, seven million children-children who had existed only as phantom exemptions on the previous year's 1040 forms-vanished, representing about one in ten of all dependent children in the United States." - Steven D. Levitt & Stephen J. Dubner, Freakonomics

Common Sense Tax Preparation believes in doing taxes correctly, minimizing liability, maximizing refunds... the right way, no short cuts or risky, audit causing cheats. Please check out our website and consider us for your tax preparation needs!

Best wishes to you all this holiday season!
Jen Solis
Common Sense Tax Preparation

TIS THE SEASON (for shady tax preparers to pop up everywhere)

Looking on the bright side, at least you could get a super cheap hair-cut while getting your taxes done, then you can take your refund next door to exchange it for some lottery tickets? PLEASE, beware of shady tax preparation services! I've seen first hand the chaos they can create.

Anyone can prepare a tax return and anyone can charge you money to do it. This is a major problem with our tax system. People get ripped off, confused and taken advantage of. Plus, a lot of these places pop up in really sketchy parts of town that you would not want to be caught dead in, let a lone be caught with all of your vital, financial and personal data!

I live in California, where the state requires tax preparers to complete a 60 hour course and pass a test to prove they know what they are doing. That's a nice extra step, but I was stunned with a number of things when I went through the process last fall....

Many of the "schools" sanctioned by the state to offer the educational programs were unsavory to say the least. Basically, anyone can pay the fee for the course, get the certificate, then pay the fee to the state and bam! they are a tax preparer! Considering how complex and how important tax returns are, this was troubling to me on many levels.

I am a student of accounting. I plan to be a CPA. I have over 8 years of experience actually preparing returns. I have been trained by the IRS, I have managed IRS sponsored programs (VITA and LITC). I am by nature an honest, trustworthy person. I like to do things well. I like to do things right.

More then anything, I want you to find a tax preparer that you can trust completely. If that's me, that's wonderful, and I am going to work really hard to earn your trust. I would like to be your tax preparer for years to come, and I want you to want to tell your friends about my excellent service and reasonable prices.

Thanks for reading.

Jen Solis
Common Sense Tax Preparation

http://www.federalhousingtaxcredit.com/faq1.php

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COMMON SENSE TAX PREP PRICE SHEET

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FINDING A TRUSTWORTHY TAX PREPARER

Its not easy to find a good tax preparer. Believe me I know. In my 8 years of experience preparing taxes I have meet hundreds of people who have been taken advantage of, mislead and confused by shady tax preparers. I know more then I'd like to about the nefarious world of fraudulent tax preparation. This knowledge was a catalyst for starting a Low Income Tax Payer Clinic in Jackson Wyoming and now for starting this business: COMMON SENSE TAX PREPARATION.

In most states there is no regulation on who can prepare tax returns and fraud is rampant. You may notice lots of banner type signs popping up in formerly vacant strip malls. Or you may even see a new Big Box Store type preparer in a cubicle at your local department store.

Some of these preparers are qualified, but a lot of them aren't. These guys frequently disappear right after tax day, never to be seen again, and guess what? They have your most personal information in their possession! Its scary.

The big guys have more security, but they also often have quickly trained employees, unfamiliar with the intricacies of tax preparation and mostly interested in getting you in and out quickly. These preparers probably have little interest in whether or not you are getting as many deductions and credits as you qualify for.

And then there is the "INSTANT REFUND" these preparers take advantage of people who want their money NOW! (and who doesn't want that?) by charging insanely large fees so that you can have your refund instantly. DON'T BE FOOLED!!! This is what is called a "Refund Anticipation Loan." Its not a refund, its a loan on your expected refund and you pay dearly for it.

COMMON SENSE TAX PREPARATION is an alternative. I believe in honest, professional tax preparation at very reasonable prices. I charge a fair price and I offer excellent service. I have years of experience preparing taxes and I am licensed by the State of California and insured.

And while I don't do "Refund Anticipation Loans", because I think they are abhorrently wrong, I do offer IRS authorized E-Filing services. This means you will get your refund... YOUR ENTIRE REFUND, as quickly as the IRS can process it. No gimmicks, no tricks, just COMMON SENSE!

Review My Return Program

Review My Tax Return

Were last year's taxes done right? Let me check for you!

If you, or someone else prepared your 2008 return and you aren't sure it was done correctly, or aren't sure if you received the maximum refund, Common Sense Tax Preparation has just the thing for you. For NO EXTRA COST, we will review your prior year returns looking for errors or areas that might have been missed. Common Sense Tax Preparation will ensure that all eligible credits and deductions have been claimed.

If we find any omissions you can elect for us to prepare an amended 1040X form for a fee of $25.

In my 8 years of tax preparation of I have seen plenty of tax payers who missed out on refunds, or who paid too much because of errors on their forms. Even the big named preparers make mistakes.

It would be my pleasure to review your previous tax returns to make sure they are accurate and that they get you the refund you deserve! That's COMMON SENSE!

OPERATION: THANK YOU!- A little bit about our effort to support the troops

My new tax business, COMMON SENSE TAX PREPARATION, is pleased to offer free income tax return preparation to our troops.

I have been doing taxes for more then 8 years, much of that time running a VOLUNTEER INCOME TAX ASSISTANCE (VITA) site in Jackson, WY. VITA is an IRS sponsored program that offers free return prep for soldiers, low income individuals and families, the elderly and ESL speakers. I have literally prepared thousands of returns. During that time, I learned a lot about the unique tax needs of our men and women in the armed services.

Now that I am operating my own tax prep business, I still want to give something back and I can't think of better way to do it then to offer FREE TAX PREPARATION FOR OUR BRAVE MEN AND WOMEN IN UNIFORM.

My services can be utilized entirely online, over the phone or through the mail. I am fast, efficient and experienced. My business uses top of the line Professional Tax Prep software from Intuit (Makers of QuickBooks). I am licensed by the State of California, insured and I am an authorized IRS E-Filing agent.

If you, or someone you know is serving in our armed forces, please let them know about our website or ask them to email me at jen@commonsensetaxprep.com.

If you are a family member of an active duty soldier, I am happy to extend a 10% discount to you if you allow me to prepare your taxes.

If you'd like to help me in my effort the very best thing you can do is to have me prepare your taxes, or help spread the word about my services. I am a full time student, wife and mother who is paying her way through school, earning a degree in accounting. This business is making my education possible and your business will also enable me to keep offering the free service to our troops. PLEASE TELL YOUR FRIENDS AND FAMILY ABOUT OUR WEBSITE!

COMMON SENSE TAX PREPARATION

THANK YOU so much for taking the time to read this! And THANK YOU for helping Common Sense Tax Preparation say THANK YOU to our heroes in uniform!

Jen Solis

COMMON SENSE TAX PREPARATION

jen@commonsensetaxprep.com

14380 Main St

Suite 102 152

Hesperia, CA 92345

760-488-2558