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You Can
Still Make a
2009 IRA Contribution
If you haven't contributed funds
to an Individual Retirement Arrangement for tax year 2009, or
if you've put in less than the maximum allowed, you still have
time to do so. You can contribute to either a traditional
or Roth IRA until the April due date for filing your tax
return for 2009, not including extensions.
Be sure to tell the IRA trustee
that the contribution is for 2009. Otherwise, the trustee may
report the contribution as being for 2009 when they get your
funds.
Generally, you can contribute
up to $5,000 of your earnings for 2009 or up to $6,000
if you are age 50 or older in 2009. You can fund a traditional
IRA, a Roth IRA (if you qualify), or both, but your total
contributions cannot be more than these amounts.... (more)
For more about IRA contributions,
click
here or go to our
Newsletter section on our web site at
www.eSullivan.net or
call me, Paul Sullivan, at 240-316-3531.
Getting
The Most From Auto
Expenses
If you use a car for business,
you have two choices for claiming deductions:
1) Deduct the actual
business-related costs of gas, oil, lubrication, repairs,
tires, supplies, parking, tolls, drivers' salaries, and
depreciation.
2) Use the standard mileage
deduction and simply multiply 55.0 cents for 2009 travel.
(2008's rate was 50.5 cents for first six months and 58.5
cents for the last six months of 2008) by the number of
business miles traveled during the year. Your actual parking
fees and tolls are separately deductible under this method.
Which
method is better?... (more)
For more auto expense information,
click
here or go to our
Newsletter section on our web site at
www.eSullivan.net or
call me, Paul Sullivan, at 240-316-3531.
Call our offices if you have any
questions about these or any other accounting related issues, at 301-657-8080.
Regards, Paul Sullivan, CPA |
