WINTER 2010 
MAINLINE
PARTNERS NEWSLETTER #1
As we reflect
back on 2009, it has been a year of continued progress for Mainline
Partners Inc, culminating with the expansion of our firm. We are pleased
to announce the hiring of (2) new employees who will help grow our Accounting
division as well as provide assistance in the ever growing field of
IRS/State representation. Additionally we have entered the social networking
sphere as a means to increase access to our services and provide optimal
resources to new and current clients. We look ahead to the coming year
with a steadfast resolve to maintain our momentum and affect even greater
success for our company, our clients, and our community. Look for upcoming
details on our Mainline Mentoring Program in the future (commencing summer 2010).
BROADENING
OUR SERVICES
With a primary
focus on Tax Return Preparation (Corporate & Personal), Accounting,
and Financial Planning, Mainline Partners is now pleased to be able
to provide extensive services in the areas of:
IRS Audit
Representation State Audit Representation
We can help
resolve tax liens, levies and judgments while negotiating settlements
on your behalf through installments, offer in compromise, and amnesty
programs.
In an effort
to keep up with the growing trend of online social networking, Mainline
Partners Inc has developed profiles on several social networking sites,
to interact with current and prospective clients and share media content
and other valuable information year-round. Become acclimated to current
changes affecting you and your business in the areas of Tax Law, Real
Estate, and Insurance etc. You can become
our fan on Facebook or follow
us on Twitter,
where we keep you up to date with the latest tax information, company
news and other interesting facts.
We are also
in the final stages of developing our blog website. Articles will cover
a variety of financial news topics, and visitors will be able to post
opinions and exchange information and resources.
- Residential Energy
Efficient Property Credit
- First time Homebuyers
Credit–(Extended through July 1, 2010, must be in contract by
May 1st , 2010)
- Unemployment
Benefits-No tax on the first $2400.00 of benefits
- EIC Now Available for (3) or More Qualifying Children
- New Vehicle Purchase
Credit – (*applies to Automobiles, Motorcycles, Light Trucks,
Motor Homes purchased after 2/17/09 but before 1/1/2010. Full Sales
Tax Deduction Available for Purchases of Over $49,500.00)
- Pay To Work Credit- ($400 credit available for single filers with Adjusted Gross Income
of less than $75,000, $800 credit for joint filers with AGI of less
than $150,000). *a phase out of the credit applies for those making
above the qualifying AGI amounts.
- Retiree/Disabled
Credit to qualified individuals of $250
- Small Business may now elect to expense a certain amount of qualified fixed asset additions
vs. depreciating the asset over a time period. *$250,000.00 Maximum
- Worthless Securities
Deduction (*Don’t forget to write off “Worthless” stock, and
bonds which you may have taken a loss on in 2008, 09. Find out from
us if your securities qualify for the deduction, e.g. Lehman Brothers.)
- Same Sex Marriage/Civil
Union- There are several states that recognize civil unions and/or
marriages of same sex couples and allow for a State filing of a Joint
return (In certain cases the filing of a joint return lowers the
tax liability of the couple overall). The states are CA, MA, CT, DC,
HI, ME, NJ, VT, and NH.
- MCTMT (Metropolitan
Commuter Transportation Mobility Tax) on certain employers and self
employed individuals (SCH C filers, LLC’s, LLP’s).
- PAID (Penalty and Interest Discount) Program commences Jan 15, 2010. This program enables debtors
with tax bills to WAIVE a percentage of accrued penalties and
interest. *(program expires 3/15/2010)
- Military Spouses
Residency Relief Act
- Property Tax
Deduction Credit- Income earners of 250k or more do not qualify
- Military Spouses
Residency Relief Act
- Personal Exemption
changes to allow for a subtraction of income from US obligations from
the Federal AGI (Adjusted Gross Income). *for
income earners over 100k
- You may now check
the status of your PA property tax/rent rebate claim online
These are just some of the
changes made for 2009/2010. There are a host of others for both individuals
and businesses. Make sure to contact us directly to see which ones apply
to you either by phone, Facebook, email, or post your question on our
website: www.mainlinepartners.com.
