Welcome to our Monthly News page. Here you will find some business tips, tax news and just some helpful thoughts. You'll want to check back each month for new information. Burn that Mortgage! Get tips for paying down debt and retire debt free. See the February issue of www.NelsonCountyLife.com. (P.S...we have a contest going on!) New Year's Resolutions! January is a great time to organize your records. Review our recommendations on retaining and managing your financial records in the January issue of www.NelsonCountyLife.com. Or, click here for our Record Retention Guide. New IRS crackdown on 1099 filing compliance: For 2011, every business return requires you to confirm that all necessary Forms 1099 have been filed by your business. If you are self-employed filing Schedule C or manage multiple rental properties for which you are filing Schedule E - you must file Forms 1099. Call us for assistance and further details. Considering a Change? If your 2010 tax filing was not satisfactory this year, we'd love to talk to you. Call us to arrange a free consultation to discuss your tax questions. Business related travel: Meals, lodging and travel costs for business related travel are deductible. Even if your employer provides reimbursement, most employers do not reimburse the full allowable amount under IRS regulations. The difference can be claimed as an itemized deduction. Amended 1099s and Forms K-1 from certain investments can put a wrinkle in the annual income tax filing process. If you are receiving these, it is likely because you have investments in real estate investment trusts (REITs), master limited partnerships or commodity trusts. While these may be wise investment vehicles, the complex and late reporting does complicate your personal income tax reporting. We recommend that you review these items with your investment adviser. One possibility is to consider placing these assets in your tax deferred accounts where no reporting is required.

Simply click on the category below to view related articles:   Financial Planning   (2 articles) These articles can help you make informed business decisions while you focus on the financial health of your company. Included are topics such as using a reverse mortgage to generate cash flow, annuity payout options, and buy/sell agreements.   Personal Tax   (4 articles) Select these articles when you need to make decisions regarding your personal taxes and how they affect your life. Included are topics such as charitable contributions, home equity loans, and the Alternative Minimum Tax.   Business Tax   (3 articles) Stay informed about all tax laws that affect your business. Included are topics such as health reimbursement arrangements, incentives for purchasing business equipment, and providing tax-free fringe benefits to employees.   Other Topics   (1 articles) These articles can help you make the most of your business and personal life. Included are topics such as how to lower small business expenses, retaining key employees, and selecting a guardian for your minor children.