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STRATEGIC ISSUES...ONLINE    
For week of October 3, 2005, Issue #231                                           
 
Featured Articles:
1.  The Time is Right to Begin Reviewing Your 2005 Tax Situation
2.  MI Personal Income Tax: Checkoff Revised for Children's Trust Fund
3.  Focus on Fraud: Fraud News HEADlines You May Have Missed
4.  Tech Tip Weekly: Adding a Signature in MS Outlook Express
5.  Compliance Calendar
 
 
1.  The Time is Right to Begin reviewing Your 2005 Tax Situation
 
The beginning of fall is a great time to get a head start on your 2005 taxes.  It's too early to prepare your return, but you can review earnings and deductions and organize your records.  With three months left in the year, there's still time to make adjustments for maximum tax savings.
 
Pull out a copy of last year's return and your most recent pay slip.  If you're self-employed, pull together your earnings and expenses for the year to date.  Focus on several areas.
 
-Compare this year's earnings and tax withholding with three-quarters of last year's total.  If there are big differences, you may need to adjust your withholding or estimated tax payments.
 
-Review your itemized deductions for this year and compare to 2004 numbers.  Decide whether you'll likely itemize or take the standard deduction.  If you itemize, there could still be time to take discretionary deductions.
 
-Review your 2005 contributions to 401(k) plans and IRAs.  Are you on track to make the maximum contributions you're allowed?  Pay special attention to this year's increased limits and the catch-up contributions if you're age 50 or older.
 
-Look at the performance of your investments, and estimate whether you expect large gains or losses in 2005.
 
Finally, use this opportunity to organize your 2005 tax records.  You'll have more time now than when you're scrambling to file your return in the early months of 2006.
 
For added assurance, bring your records to our office for a quick interim review.  We can advise whether you're missing any opportunities and suggest tax-saving strategies.
 
 
2.  MI Personal Income Tax: Checkoff Revised for Children's Trust Fund
 
For tax years that begin after 2004, you may designate on a Michigan personal income tax return that a contribution of $5 or more (previously, $2 or more) be credited to the Children's Trust Fund.  The contribution may be subtracted from the your refund or added to your liability.  If you have any questions regarding this contribution, please feel free to contact us.
 
 
3.  Focus on Fraud:  Fraud News HEADlines You May Have Missed
 
Two recent perfect examples why fraud really does not pay, here in the USA as well as in Italy:
 
Re Tyco case...
 
 
Italy's Enron...
 
 
 
4.  Tech Tip Weekly:  Adding a Signature in MS Outlook Express
 
You can automatically add your signature to the end of an e-mail you've created in MS Outlook Express.  A signature is a small bit of information that shows who you are to anyone reading the message.  Your signature can include your name, title, contact information, a business slogan, or cool quotation.
 
To create a signature in MS Outlook Express, just follow these steps:
 
1.  Choose Tools, Options to open the Options dialog box.  Click the Signatures tab.
2.  Click the New button to create a new signature and enter the Signatures text.
3.  Select the Add Signatures to All Outgoing Messages check box and make sure that the signature is selected as the default.
 
Select the Don't Add Signatures to Replies and Forwards check box to insert a signature manually.  If you want to add the signature only occasionally, then take this route.
 
4.  Click OK to save the signature.
 
To manually add a signature to an open e-mail message, choose Insert, Signature and select a signature from the list that appears to insert it.
 
 
4.  Compliance Calendar
 
October 7
-Employers deposit Social Security, Medicare and withheld income tax for payments October 1, 2, 3, and 4.
 
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Prangley Marks, LLP
Accountants and Consultants
"The Way We Figure, We Are The Only CPA Firm You Will Ever Need"
333 Bridge Street, NW, 11th Floor Bridgewater Place, Grand Rapids, MI  49504-5356
Phone#:  616-774-9004, Fax#:  616-774-9081