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Online Tax Notebook

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For your convenience, we offer an online version of our Tax Organizer. Please call our office and we will gladly provide a User ID and a Password. If you already have a User ID and Password, please click the TaxNotebook logo above to access your online Tax Organizer.
ˇWelcome, Bienvenidos!
Strickler & Prieto LLP is a leading accounting and consulting firm based in El Paso, Texas.Our client solutions approach has fueled the Firm's rapid growth into one of the most important professional service organizations on the U.S./Mexico border. Our solutions approach, combined with a commitment to technical knowledge, client satisfaction, and continued personal growth in a dynamic environment has assisted us to attract and retain some of the most highly educated, experienced and sophisticated accounting professionals in the Southwestern United States. We serve a wide range of clients, including developing and middle market clients, governmental and not-for-profit entities, as well as established Fortune 500 multinational corporations. Our client base includes business enterprises headquartered in Europe, Asia and Latin America. Through our unique strategic alliances, we may assist clients with professional services in several countries around the globe.
 
How Will the Economic Stimulus Package Affect You?
ImageOn February 17, President Obama signed into law the “American Recovery and Reinvestment Act of 2009 ” (the 2009 Economic Stimulus Act). This new legislation was passed to aid our ailing economy and includes a wide variety of tax provisions, many of which will affect both individuals and small businesses. Included below are highlights of the more prominent provisions.
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Non-Itemizers Get a Real Property Tax Deduction
ImageNew for 2008 and 2009, taxpayers who do not itemize can add to their standard deduction the cost of their real property taxes, not to exceed $500 ($1,000 for joint filing taxpayers).

Those who stand to benefit from this provision are taxpayers who pay property taxes but whose itemized deductions are less than the standard deduction. This most frequently will include retired taxpayers who have paid off their home loans and do not have any mortgage interest to deduct. Note that to the extent any real estate taxes are related to business property, such as a home office, and deducted elsewhere on the tax return, they cannot be included in the added standard deduction.

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Business Changes for 2009
ImageOver the past several months, Congress has been enacting legislation to stabilize the economy. At the urging of the incoming administration, Congress is working on yet another stimulus plan. As they make temporary changes to the tax code and extend expiring provisions, and with the phase-in phase-out provisions of earlier legislation, it becomes more difficult to keep track of what does and does not apply for the 2009 year.
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Helpful Free Recession Links
ImageWith a Global Recession upon our doorsteps, we need to secure our own finances that will make our lives and our family's as straight forward as possible.  If you have credit debt you should really work to reduce debt quickly so you have the confidence to reach your goals and live your life.

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Did You Know?

Husband and Wife Joint Ventures
Beginning in 2007, a married couple that owns a joint business venture in which they both participate can elect to file two self-employed business schedules (Schedule C or Schedule F) on their personal income tax return, dividing the income and expenses instead of filing a partnership return. However, the IRS has made it clear that this special provision does not apply to state law entities, such as general or limited partnerships or limited liability companies. If you are interested in pursuing this option for 2008 and currently have employees, are also required to file other types of tax returns, or simply have questions about this option, please give this office a call.
 

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