January 2005
NEW THIS YEAR
We now accept MasterCard, Visa & Discover.
We will continue to offer our Deferred Payment Option. With your preauthorization, and at no additional charge, we can electronically transfer your tax preparation fees from your checking or savings account after the IRS has deposited your refund. As always, there is no charge for Electronic Filing when we prepare your tax return.
Hours
Our office hours remain the same as they've been in the past:
| Monday - Thursday | 9:00 a.m. to 7:00 p.m. |
| Friday | 9:00 a.m. to 5:00 p.m. |
| Saturday | 9:00 a.m. to 3:00 p.m. |
We'll be happy to make an appointment for you as soon as you get your papers together.
Dear Fellow Taxpayer,
The holidays are behind us and it's time to begin thinking about preparing your tax return. Did you know that audits of individuals topped 1 million for the first time since 1999, a 36% jump from 2002? We have been busy learning all the new tax laws, and finding the best ways for you to save tax dollars.
The Working Families Tax Relief Act and The American Jobs Creation Act have brought a variety of changes to the tax law. We have highlighted a few of them below.
- Educators' Deduction was restored for two more years.
- Some military personnel receiving Combat Pay get larger tax credits because of two law changes.
- Taxpayers who itemize deductions will have a choice of claiming a deduction for either state and local Income Tax or Sales Tax on their 2004 & 2005 returns.
- Child Tax Credit will remain at $1000 per child until 2010.
- Standard Deduction for married taxpayers will continue to be twice the standard deduction for a single taxpayer through 2010.
- Standard Mileage Rate will increase to $0.40 ½ per mile for 2005.
- If you plan to Donate a Vehicle in 2005 your deduction will be limited to what the charity receives for the vehicle unless it is valued at $500 or less.
- Contributions to Health Savings Accounts are 100% deductible. Ask us about the requirements.
- You may be able to deduct up to $5000 in property taxes paid on your Indiana tax return.
A Reminder - Make sure you are receiving your Mortgage & Homestead Exemptions on your county property taxes. Call the Lake County Treasurer's office 219-755-3760.
Referral Club is now in it's 7th year. For those of you that refer your friends and family to us we will have our weekly $50 drawing, and $5 thank you. We appreciate your business and your referrals.
Precise Accounting & Tax Service
2824 173rd Street
Hammond, Indiana 46323