DAM-Cancer 3rd Annual Golf Classic

The DAM Cancer Golf Classic

The David Andrew “Pooh” Maddan Foundation, a nonprofit 501(c)(3) charitable organization is hosting it’s third annual golf classic on Friday, September 23, 2011 at the Presidio Golf course in San Francisco.

To date the Foundation has raised over $220,000 and provided assistance to more than 50 young adults to support them in their fight against cancer.

To learn more about the Foundation or the Golf Classic, please visit their website, http://www.dam-cancer.org/.

Roth IRA’s – Turn the Bad Market to Your Advantage

Thinking of converting your traditional IRA to a Roth IRA?

One advantage of this downturn in the market may be to convert your traditional IRA to a Roth IRA. Remember that you only pay tax on the value at the date of conversion (less your after tax contributions).

Did you already convert your traditional IRA to a Roth IRA in 2010?

If so you may still change your mind until October 17, 2011, even if you already filed your 2010 tax return. If the value of your Roth IRA has decreased since the original conversion, you should consider reversing back to a traditional IRA. After waiting 30 days, you may again convert the presumably lower value to a Roth IRA.

The rules for Roth IRA conversions and reversals are complex. Please contact your LMGW advisor before taking any action.

FUTA Surtax Expired

The .2% Federal Unemployment Tax (FUTA) surtax expired on June 30, 2011 bringing the FUTA tax rate before state unemployment credits to 6%. FUTA is paid on the first $7,000 of wages paid per year per employee. Now that the surtax has expired employers will be required to separately track FUTA taxable wages before July 1, 2011 and after June 30, 2011 since the FUTA rate is different between the two periods.

The IRS will be revising Form 940, the Employer’s Annual Federal Unemployment Tax Return. There have also been talks in Congress about making the surtax permanent but so far no legislation has been passed.

App for Tracking Tax-Deductible Donations

Ever made a donation of goods to a charity and wondered how to track and value those donated items?  Now there is an App for that.  UDoGood, available on the Apple AppStore allows you to track your donations of clothing, household items, cash, etc.  UDoGood is a simple way to document, photograph and record your charitable donations.  UDoGood also gives suggestions for determining the fair market value of your donations. At the end of the year you can email your list of donated goods to your tax preparer or to yourself. Read more

IRS Increases Standard Mileage Rate

IR News Release 2011-69 announced that the IRS has increased the mileage rate for the second half of 2011.

Effective July 1, 2011 through December 31, 2011 the mileage rate for business travel is 55.5 cents per mile. Medical and moving mileage will increase to 23.5 cents per mile. The rate for charitable mileage remains unchanged at 14 cents per mile. Read more