Re: [Avid-L2] OT: Tax Tips

Yes, you have up to April 15th to contribute to an SEP/IRA. Also,
whether you have personal deductions like mortgage interest,
charitable contributions, etc, the Selp Employment Tax (Schedule C)
will not be affected. The only way to lower the SE Tax is to deduct
BUSINESS expenses from your Schedule C form. The basic tax programs
like Tax Cut and Turbo Tax keep a running total of the tax you owe as
you are entering the data, so you can test out different SEP
contributions to see how your tax liability will change.

Steve

On Dec 15, 2009, at 9:59 AM, Pete Opotowsky wrote:

> I believe SEP and IRA contributions can be made up until the initial
> filing deadline. March 15 for corporations, Apr 15 for individuals.
>
> Pete "not an accountant but one of my partners is" Opotowsky
> POP PIctures
> Orlando
>
> Steve Hullfish wrote:
> > Put money into retirement. You can still put money into a SEP IRA.
> > Maybe set up a health savings plan, though I'm not sure the tax
> > savings on that and I've heard mixed reviews about the net value of
> > these accounts.
> >
> > The cool thing about the IRA is you just have to TELL the gubbermint
> > how much you're putting in it. You don't have to FUND the IRA until
> > March of 2010.
> >
> > And Ben Kozuch would probably love for me to mention that paying for
> > training, like FMC's Editor's Retreat, is also tax deductible! As
> are
> > the purchase of books on color correction and editing!
> >
> > (Same disclaimer as Shirley)
> >
> > On Dec 15, 2009, at 8:44 AM, guanacaa@aol.com wrote:
> >
> >
> >>
> >> ------------------------------------
> >>
> >> Search the offical complete Avid-L archives at: http://
> archives.bengrosser.com/avid/
> >>
> >> Everything you MUST know about Color Correction in one book:
> >> http://tinyurl.com/ColorCorectionforvideo Get your copy todayYahoo!
> >> Groups
> >> Links
> >>
> >> [Non-text portions of this message have been removed]
> >>
> >>
> >>
> >>
> >
> >
> >
> >
> >
> >
>
>

[Non-text portions of this message have been removed]

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