Page 18 – North Central News, March 2011
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TAKING CARE OF BUSINESS MONEY MATTERS
Trim your 2010 tax bill By Harvey Amwake, C.P.A.
Even though 2010 is history, you may still be able to trim your 2010 tax bill. Be sure you don’t overlook the following actions and deductions that could save you money. • Maximize your 2010 IRA contribution. You have until April 18, 2011, to make deductible 2010 contributions. The maximum 2010 contribution is $5,000 ($6,000 if you were 50 or older last year). • If you changed jobs in 2010, make sure you didn’t have excess social security taxes withheld. Claim credit for the excess on your Form 1040 if you paid over $6,622. • Look into itemizing deductions if you usually take the standard deduction. Search for allowable deductions that you might have overlooked, such as the restored 2010 deduction for state and local sales taxes in lieu of deducting state and local income taxes. • Medical deductions are allowable to the extent they exceed 7.5 percent of adjusted gross income (AGI). Don’t forget items such as eyeglasses and hearing aids. You can deduct mileage for 2010 medical appointments at 16.5 cents a mile, plus parking and toll fees. • Don’t overlook tax preparation fees, safe deposit costs, and certain investment advice. They all qualify as miscellaneous deductions, subject to a 2 percent of AGI limit. • Up to $2,500 of student loan interest is deductible whether you itemize or not. • The deduction of up to $4,000 for qualified tuition and school expenses is available for 2010. Qualifying amounts for you, your spouse, and dependents may be deductible. Income limits apply. • If you’re a teacher or teacher’s aide, you can deduct up to $250 for classroom supplies that you purchased with your own money. This article is for general information only and does not constitute financial advice. If you have any questions about financial matters, consult a professional tax adviser. Harvey Amwake, CPA, is
a tax and small business consultant with Arthur Spoon & Company, Ltd., at 1130 E. Missouri Ave., Suite 820. He can be reached at 602-2646500 or by e-mail at Harvey@ArthurSpoon.com.
Business Briefs Lieb joins new team at HomeSmart North Central real estate professional Bobby Lieb announced last month he will join the new luxury home team at HomeSmart, one of the fastest-growing real estate companies in Arizona. “I have enjoyed being part of Realty Executives for 17 years but I felt it would be exciting to work with HomeSmart in establishing a new luxury home division called HomeSmart Elite,” Lieb explains. “This is a new position that was created for me by Matt Widdows, who is the founder of HomeSmart and lives near the North Central area.” HomeSmart is opening its new Elite office at 5225 N. Central Ave., which is where Lieb will be based out of—closer to home than his former office at Tatum and Shea boulevards. “I look forward to helping HomeSmart bring some more name agents over to our company and establishing HomeSmart as the No. 1 selling company not only in North Central but all over the Valley,” Lieb says. He anticipates adding 15 to 20 of the topselling Central Phoenix real estate agents to the HomeSmart Elite staff in the next month. “The North Central area will continue to be my primary focus as his has been for the past 17 years,” Lieb says. “I have sold more than 750 homes in North Central and that is why I wanted to open a high-profile office on Central Avenue, to serve the North Central area even better.” Lieb can be reached via cell phone at 602-376-1341.
Local photographer honored by association Phoenix portrait photographer Allen Patrou was recognized by the Arizona Professional Photographers Association with five awards at the organization’s state convention last month in Phoenix. Patrou took first place in the Open Portrait Division and the Open Commercial Division and was awarded Top Ten Photographer of the Year.