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October 2009
Issue: 23
Extended Individual Tax Return Deadline October 15th
That's right, if you still haven't filed your 2008 Individual Income Tax Return, then you must have your return filed by October 15th.  If you still need to file, then please contact us immediately so we can make arrangements to get your return filed by the deadline and avoid penalties and interest.  If you get us your tax information after October 8th, then we cannot guarantee that we can file your tax return by the deadline.  It is important that you file your return by the deadline so you don't miss out on several tax breaks that are available only if you file by the deadline.  Please contact us immediately if you still need to file your 2008 tax return.
Enjoy this months newsletter! 
Most people think they pay too much to Uncle Sam, but for some people it simply is not true.
In 2009, roughly 47% of households, or 71 million, will not owe any federal income tax, according to estimates by the nonpartisan Tax Policy Center. Some in that group will even get additional money from the government because they qualify for refundable tax breaks.
Taxpayers who buy new motor vehicles this year may be entitled to a special tax deduction for the sales or excise taxes on those purchases when they file their 2009 federal tax returns next year. This tax break is part of the American Recovery and Reinvestment Act of 2009.

Here are nine important facts the IRS wants you to know about the deduction.
In This Issue
47% of Americans Will Pay No Federal Income Tax
Nine Facts about the New Vehicle Sales and Excise Tax Deduction
Back-to-School Tax Breaks, Popular 529 Plans Expanded, and a New $2,500 College Credit Available
Upcoming Tax Deadlines
In support of the Administration's efforts to promote access to and the affordability of college education, the Internal Revenue Service today launched a new Web section highlighting various tax breaks and 529 plan changes designed to help parents and students pay for college.

Upcoming Tax Deadlines

October 15th - Extended deadline to file 2008 Individual Income Tax Returns.
October 31st - Quarterly payroll tax returns are due for employers 
Please let us know if there is anything we can do for you!!

Thomas R. Vetscher, CPA
John T. Vetscher, CPA


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