Social security taxes and benefits to increase in 2002
You may soon be paying more in social security taxes.

Audit numbers don't tell the full story
For about six years now, the number of IRS audits has been declining.

Act at year-end to cut your 2001 tax bill
The end of the year still presents opportunities to cut your company's tax bill.

Interest rates drop again
Some recent moves by the federal government could affect your investing and financial planning strategies.<

Do you need long-term care insurance?
What would you do if you were faced with an additional yearly expense of $50,000 or more for nursing home care? Could you afford it? This is the question facing our steadily aging population.

November

Major Tax Deadlines
Note: Businesses are required to make federal tax deposits on dates determined by various factors that differ from business to business.

Expect new tax legislation before year-end
Congress is expected to pass some kind of economic stimulus legislation soon.

There's still time for year-end tax planning
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As we enter the gift-giving season, here's a present you can give yourself: a lower tax bill.

September 11 attacks prompt IRS to relax depreciation rules
Normally, companies can claim a half-year's worth of depreciation in the year they place equipment in service.

If you're starting a business, steer clear of these problems
Starting your own business may be a dream that you've had for years, or it may be a relatively new idea.

Don't get caught in the "deemed sale" trap
A change in the capital gains rules this year gave birth to a new tax scheme involving the "deemed sale" of your home.

Simplify your financial life
Are you frustrated by the amount of time you spend managing your financial affairs and by how complicated your finances have become? Maybe you need to simplify.

October

A message from our firm
Dear Clients and Friends,
It is difficult to find the words to describe how one feels about the senseless attacks on America.

Major Tax Deadlines
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IRS offers tax relief to terrorist victims
The IRS has extended certain tax filing and payment deadlines for taxpayers directly affected by the September 11 terrorist attacks.

Presidentially declared disaster areas receive special tax breaks
Following the September 11 terrorist attacks, President Bush declared five New York counties and Arlington County, Virginia (where the Pentagon is located) federal disaster areas.

How much life insurance do you need?
Good financial planning requires a periodic review of your life insurance.

September

Major Tax Deadlines
class="BR">For September 2001

• September 17 - Due date for individuals to pay third quarter installment of 2001 estimated tax.<
  

  Wealthy taxpayers pay the largest share of nation's taxes
  Many people believe the rich are escaping their fair share of taxes.
  

  Congress expands education IRAs and gives them a new name
  Education IRAs were recently renamed "Coverdell education savings accounts," which may be a more suitable title.
  

  Check the facts before you hire
  An increase in "resume fudging" may be the result of recent layoffs and the slowing economy.
  

  New IRA rules present new opportunities, but use caution
  Earlier this year, the IRS announced new rules that give individuals the opportunity to leave IRA funds invested longer, potentially stretching out the benefits of tax-deferred earnings over several generations.<
  

  Are there gaps in your insurance coverage?
  If you own a home or an automobile, chances are you have an insurance policy to cover you against the risk of loss.
  

  August

  Major Tax Deadlines
  class="BR">For August 2001

  • August 15 - Due date for filing 2000 individual income tax returns that received an automatic extension of the April filing deadline.
    

    Tax rebate is confusing and expensive
    Congress recently approved $116 million in supplemental funding for the postage, paper, and other costs related to mailing the IRS notices and tax rebate checks authorized by the 2001 tax law.<
    

    What you should know about IRS audits
    If you're like most people, an IRS audit is one of your worst nightmares.
    

    Who should own your business real estate?
    If your business is incorporated, it is often a good idea to personally own the real estate used by your corporation.<
    

    Check out tax-advantaged investments
    Tax-advantaged investments can help diversify your portfolio and reduce your taxes.
    

    Treasury offers new T-bill
    On July 31, the U.S
    

    Retirement plans must be amended by year-end
    By the end of their 2001 plan year, businesses must amend their qualified retirement plans to comply with various tax law changes that have taken place since 1994.
    

    June

    Major Tax Deadlines
    >

  • June 15 - Second quarter 2001 individual estimated tax is due.<
    

    Congress passes $1.35 trillion tax cut
    On June 7, 2001, President Bush signed The Economic Growth and Tax Relief Reconciliation Act of 2001 which is the largest tax cut in two decades.
    

    A Look at Tax Planning Basics
    With a new tax law that spans the next decade, it's a good idea to review some tax planning basics.
    

    Breakeven analysis is an important business tool
    Breakeven analysis can mean the difference between making money in your business or going broke.
    

    Consolidating college loans may save you money
    The government is offering reduced interest rates to borrowers who consolidate their federal education loans by September 30, 2001.
    

    Wedding Time May Also Be Prenuptial Time
    Today, with half of all marriages ending in divorce and remarriage the rule rather than the exception, prenuptial agreements are being used by an increasing number of couples.
    

    May

    Major Tax Deadlines
    For March 2001

    • May 15 - Deadline for calendar-year exempt organizations to file 2000 information returns.<
      

      Did you make these common mistakes?
      Many taxpayers pay more tax than necessary because they claim the standard deduction instead of itemizing their deductions.
      

      Don't tax it, "swap" it
      Instead of selling your commercial or investment property, consider swapping it for another piece of property.
      

      Will your business survive?
      A business without a succession plan might be a business without a future.
      

      Make the most of falling interest rates
      The latest drop in interest rates could affect you in several ways.
      

      March

      Major Tax Deadlines
      For March 2001

      • March 1 - Farmers and fishermen who did not make 2000 estimated tax payments must file 2000 tax returns and pay taxes in full.<
        

        IRS audit rate drops again
        According to the IRS, you are less likely to be audited now than five years ago.
        

        Spring cleaning: What records to keep and what records to toss
        Deciding which records to keep and for how long can be a confusing process.
        

        Saving for college: Have you looked at this new option?
        There are many ways to save for college, but one thing is certain: it is never too early to start.
        

        Is your investment house in order?
        The world didn't end in the year 2000, but investors lost about $3 trillion in the U.S
        

        February

        Major Tax Deadlines
        For February 2001

        • February 28 - Payers must file information returns (such as 1099s) with the IRS.
          

          IRS simplifies the retirement distribution rules
          Life just became easier for millions of Americans with retirement accounts.
          

          Look for credits to lower your tax bill
          A wide variety of tax credits are available to individuals and businesses.
          

          What does a business need - cash flow or net profit?
          If you started a business last year and it now has more cash than you put into it, is it profitable?

          According to the way accountants measure things, you have a profit for a given period if you add up your sales, subtract your expenses, and end up with a positive number.
          

          Check the silver lining in the stock market's decline
          There may be an opportunity in the recent stock market decline for some IRA owners.&
          

          Financial planning is as critical for women as it is for men
          When it comes to financial planning and investing, some advice is applicable without regard to gender: start early, contribute to your 401(k) or IRA, control your expenditures, and make investing a habit.
          

          January

          Major Tax Deadlines
          >

        • January 16 - Final 2000 individual estimated tax payment is due, unless 2000 tax return is filed and taxes are paid in full by January 31, 2001.<
          

          Congress Passes Tax Revision
          Before adjourning for 2000, Congress passed legislation providing $31.5
          

          Use these new rates for your 2001 tax planning
          Many tax numbers are adjusted each year, usually for inflation or as a result of tax law revision.<
          

          Estate planning: Will Congress make it unnecessary?
          Lately there's been a lot of talk in Washington about repealing the federal estate and gift tax.
          

          Make some financial resolutions for a new year & a new century
          Without a plan, without goals, how can any of us know where we're going financially? The start of a new century is a good time to set your priorities and resolve to do a better job of managing your money.&