Larry G. Rittberg, EA, better known as "Larry the Tax Guy," is a Milwaukee based accountant and tax specialist. Located just minutes northwest of downtown Milwaukee in beautiful Germantown, Tax & Financial Services has been preparing taxes for families and small businesses for over 21 years. Larry is also enrolled to practice before the Internal Revenue Service.

Welcome to 2010, we hope your holidays were happy and healthy. Events in life do not always go as planned. Sometimes we do not make the plans we should. We encourage our clients to evaluate their personal situations at least annually, and plan for the different paths that the future holds for us. One major part of this planning is tax. Taxes affect many aspects in our life, work, school, home, family status, and many others. You have trusted us with your tax preparation and planning needs. This year we have expanded our offices to serve our growing practice more efficiently. We are in the same building but we are now in Suite 105.

This year a "Making Work Pay Credit" reduced the taxes taken from your paychecks or pensions. The withholding tables were adjusted down and back during the year. This should have resulted in a $400 credit for individuals or $800 credit for married couples. A new schedule M must be completed with each tax return to ensure you received the full credit. This may be a problem for those with multiple jobs, pensions, and other sources of income. There are situations where your refund may be much less than you expected, or some may owe when filing taxes.

Tax stimulus packages are complex. Let us help you get all the benefits you may not be aware of. Some tax law changes affect education, retirement, energy, as well as home and vehicle purchases. If you purchased a vehicle in 2009 there may be a deduction or credit for the sales tax. Remember to bring the sales contract.

The first time homebuyer credit has been extended to include those who may currently own a home. This amount is $6500 and has different qualifications and restrictions. For the new credit you must have a binding contract by April 30, 2010 and close by June 30, 2010.

Tax rates are scheduled to go up after December 31, 2010. This is the time to discuss ROTH-IRA's and truly understand their benefit. January 1, 2010 also created an opportunity for taxpayers with adjusted incomes greater than $100,000 to convert traditional IRA's to ROTH's. Wisconsin is the only state that did not adopt the federal rules.

For thos making under $100,000 this may be a perfect time to take advantage of these rates while they are on sale. The tax on the converted IRA's will not have to be paid until 2012 and 2013. The factors and decisions are complex. If you have outstanding IRA's or pensions from former employers we can discuss the advantages and opportunities.

A note of caution for those who have had gambling winnings in 2009. The IRS is not allowing the netting of gambling losses over a year's winnings. Losses are only allowed against winnings of the same day.

Recently, we have had situations where clients' children are anxious to receive their refunds. They prepare their own taxes and often claim themselves, even though they are your dependent. This creates a problem when the parents file their returns. To avoid these situations, we are offering to prepare your children's simple returns for a nominal fee. They can drop off or mail their information when they are ready to file. They do not need to wait for you to schedule an appointment or file your return. Education credits are confusing and you dn't want to miss the opportunity. The Midwestern disaster credit for education credits have been extended for 2010. You did not have to be affected by flooding to qualify for the credit, which is double the normal credit. The school must be in a qualified area, even if you are taking correspondence courses.

Some of your family and friends may be thinking about using online preparation or off the shelf tax packages. I can assure you that the reasonable difference in the cost of using a tax professional will be returned greater to you.

We are accepting new clients and greatly appreciate the generous referrals of your family and friends. Referrals allow us to keep our fees down. We have extended our referral program again this year. You will receive $10.00 off the preparation of your tax return for each paid referral. The person you referred will also receive a 10% discount off the preparation of their return.

My services are not limited to tax preparation. Enrolled Agent status allows me to represent you before the IRS or the Department of Revenue. Letters or audits from these agencies may be confusing and cause a lot of stress. I resolve these matters for my clients. I provide many financial needs for your family or your small business. Employer benfits are sometimes hard to understand. I can help explain your benefit packages and make sure your coverage is complete. During these difficult economic times, employers may be reducing or elminiating your benfits. I offer life, health and disability insurance to supplement or complete your benefits. These services are also available for the self-employed and small business owners.

Our services are available year round and we encourage you to contact us for any tax and financial matter.

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