Anthony Sykes & Company

This Tax season has been like none before. I have a few suggestions on how to make thing go a little smoother for you when filing your 2009 Tax Return. First of all, be very careful of what you put on you returns this year because every State and Federal Goverment needs money therefore audit are up. Refunds may be smaller and you may possibly owe because withholdings have been reduced. However, on a lighter note there are new credits this year that may help you out. There is a work opportunity credit. A credit for buying a New vehicle. The new credit for first time homebuyers. Also, if your going Green there are several credits you can take advantage of such as energy and Solar credit and credits for purchasing any Hybrid vehicle, just to name a few. There has also been an increase in Earned Income Credit. I understand that 2009 was a struggling year for many Americans I hope my information can help some of you out. I will be speaking at several Seminars at the Los Angeles Fair...

We will be holding a seminar entitled "Are You Ready For The Audit". It will be held on February 10,2010 from 5:30-7:00 at Los Angeles Trade Tech College. Price will be $25 must R.S.V.P by February 8, 2010. Should you have any questions you may contact me at (800)921-0829 or go to my webite www.sykesaccounting.com

Retirement Savings Planner - Will I have enough to meet my retirement income goals? This financial calculator estimates how much your retirement savings may be worth at your retirement age and the potential retirement income you might expect from it (based on current planning). -Anthony Sykes 800-921-0829

How to qualify for a tax bargain if you are in the market for a new car or other vehicle, Uncle Sam might have a deal that interests you: Under the new economic stimulus law enacted earlier this year, you may be able to write off a sizable portion of the sales and excise taxes you pay as part of the purchase. However, there are several "twists and turns" to this new deduction, so make sure that you understand all the rules. http://ping.fm/OGUBL

To meet the needs of all our clients throughout the Los Angeles area, we also have individualized services for small businesses.

At Anthony Sykes and Co. Accounting, a Los Angeles firm, we provide a wide variety of accounting, tax, and financial management services.

It has been a busy week. At the Tax Forum I learned that IRS will be hiring 4000 to 6000 new Revenue Agents, Office Auditors and Revenue Officers this year and another 2000 next year. They probably will look at small corporations, partnerships and Limited Liability Corporations. In the past, these entities did not get audited very often. I think the IRS will look at the tax basis the partners have in these entities. A simple definition of basis is how much money you have at risk. Also, I attended a session on Examination Audit Tools. In this session they covered what IRS maybe looking for in an audit. I attended a session on ethics. They covered different situations where a tax preparer can have their license suspended or revoked. I attended a session on S-corporations and learned more about how to do more tax planning with them. I spent some in the IRS e-services room an learned about the online newsletters and tax updates and creating a power of attorney online. Also I lear...