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Monthly Spotlight – Dr. Suzanne Yoder

by Bantonelli on March 10, 2010

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In the spotlight this month we have Suzanne Yoder, Doctor Of Audiology, and owner of the HearWell Center

HearWell Center provides a high standard of care to all patients with, or at high risk to, hearing and vestibular disorders, in a respectful, friendly and professional environment.

The Center is located at 2400 Ardmore Blvd., Suite 401, in Forest Hills (412-271-3002). Visit their website www.hearwellcenter.com

  • 3 Favorite Foods - Thai Fresh Rolls, Sushi, Hot pretzels
  • Top 3 Movies - The Incredibles, Lord of the Rings, Fiddler on the Roof
  • 3 Pet Peeves - Stigma behind hearing aids that prevents acceptance, Pushy sales techniques, Lack of public awareness on hearing care issues and the level of education behind an audiology degree
  • Pick 1: Blue, Yellow, Red or Green - Blue
  • Night Owl or Early Bird - Night Owl
  • Best Vacation - Childhood trips to Wildwood, NJ
  • Dream Vacation - European tour with my husband (by backpack?)
  • Scariest thing you’ve ever done - Downhill Skiing
  • Favorite season - Fall
  • Email, Texting, or Phone Calls - Email
  • Favorite Halloween costume you’ve worn - Belly Dancer
  • Favorite job task - Helping my patients hear better for life and reconnect with the world
  • Leasst favorite job task - Billing and collecting from insurance companies

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2009 Economic Recovery Payment Verification

by Bantonelli on March 10, 2010

A one-time payment of $250 was made in 2009 to recipients receiving benefits from the Social Security Administration, disabled veterans receiving benefits from the U.S. Department of Veterans Affairs, and Railroad Retirement beneficiaries.

Taxpayers who need verification about receipt of the 2009 economic recovery payment should personally contact their respective agency for confirmation, not the IRS, before completing and filing their 2009 tax return in 2010.

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If you are in the market for a new home, you may still be able to claim the First-Time Homebuyer Credit. Congress passed The Worker, Home-ownership and Business Assistance Act Of 2009, extending the First-Time Homebuyer Credit and expanding who qualifies.

Here are the top 10 things the IRS wants you to know about the expanded credit and the qualifications you must meet in order to qualify for it:


  1. You must buy – or enter into a binding contract to buy a principal residence – on or before April 30, 2010.


  2. If you enter into a binding contract by April 30, 2010 you must close on the home on or before June 30, 2010.

  3. For qualifying purchases in 2010, you will have the option of claiming the credit on either your 2009 or 2010 return.

  4. A long-time resident of the same home can now qualify for a reduced credit. You can qualify for the credit if you’ve lived in the same principal residence for any five-consecutive year period during the eight-year period that ended on the date the new home is purchased and the settlement date is after November 6, 2009.

  5. The maximum credit for long-time residents is $6,500. However, married individuals filing separately are limited to $3,250.

  6. People with higher incomes can now qualify for the credit. The new law raises the income limits for homes purchased after November 6, 2009. The full credit is available to taxpayers with modified adjusted gross incomes up to $125,000, or $225,000 for joint filers.

  7. The IRS has issued a December 2009 revision of Form 5405 to claim this credit. The December 2009 form must be used for homes purchased after November 6, 2009 – whether the credit is claimed for 2008 or for 2009 – and for all home purchases that are claimed on 2009 returns.

  8. No credit is available if the purchase price of the home exceeds $800,000.

  9. The purchaser must be at least 18 years old on the date of purchase. For a married couple, only one spouse must meet this age requirement.

  10. A dependent is not eligible to claim the credit.


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Barter Transactions

March 10, 2010

In today’s economy, small-business owners sometimes look to the oldest form of commerce — the exchange of goods and services, or bartering. The Internal Revenue Service wants to remind small-business owners that bartering transactions generally have associated tax reporting, accounting and record-keeping responsibilities.
Bartering is the trading of one product or service for another. Usually [...]

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Title Matters: Who Owns the Car?

March 10, 2010

If your company is paying for a car, make sure you title it in the company’s name. If the company writes the check yet you put the title in your own name, the IRS is almost surely going to deny the business a depreciation deduction. (This doesn’t apply to sole proprietors; you and your business [...]

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Haiti Relief Donations

March 10, 2010

People who give to charities providing earthquake relief in Haiti have the option of deducting these contributions on either their 2009 or 2010 returns, but not both. Taxpayers who itemize deductions on their 2009 return qualify for this special tax relief provision, enacted Jan. 22. Only cash contributions made to these charities after Jan. 11, [...]

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Working with Padgett is a Great Experience

March 4, 2010

I had a conversation with Beth Moyer today and she is awesome.  She is efficient, professional, and easy to talk to and I really enjoyed getting to know her.  I appreciate everything Padgett does for me and all of the people that I have come in contact with and my experience with Beth today is just one [...]

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Team Member Spotlight – Jim Merante

February 15, 2010
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In our free monthly newsletter’s continuing feature, “Team Spotlight”, we learn a little bit about the members of the Padgett team. Be sure to keep an eye out for it each month!
In the spotlight this month we have someone you are probably familiar with, Jim Merante, Owner & President.

3 Favorite Foods – Lasagna [...]

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2009 Tax Law Changes Provide Saving Opportunities for Nearly Everyone – Part 1: Tuition, Residential, Vehicles

February 15, 2010

In 2009, numerous new and expanded deductions and credits came into being for a broad cross-section of taxpayers. The following is a summary of these, and other key changes, that may apply to your 2009 federal income tax return.
American Opportunity Credit Helps Pay for First Four Years of College. More parents and students can use [...]

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2009 Tax Law Changes Provide Saving Opportunities for Nearly Everyone – Part 2: Income & Other

February 15, 2010

In 2009, numerous new and expanded deductions and credits came into being for a broad cross-section of taxpayers. The following is a summary of these, and other key changes, that may apply to your 2009 federal income tax return.
Tax Credits Increased for Low and Moderate Income Workers. The Earned Income Tax Credit (EITC) is now [...]

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Postponed – Thursday’s Padgett Monthly Accounting Envelope Pickup (New date Tuesday 2/16)

February 10, 2010

Tomorrow’s (Thursday 2/11) Monthly Accounting Envelope Pickup has been changed to Tuesday 2/16.   (There is a lot of snow out there!)

Your new pick-up date will be Tuesday, 2/16/10.

We have several clients who have called us with requests to change the pickup date due to late financial statements (bank, vendor, payroll, credit card, etc…)  In [...]

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Tremendous Help

January 17, 2010

I am so happy we were introduced to each other — you have been a tremendous help in really showing me the side of business I was never really keen on.  You have made my financial situation much clearer to me, as well as the direction in which I need to, and want to, take [...]

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Surprisingly Interesting Seminar

January 17, 2010

Dear Jim,
Thanks for inviting me to such a helpful and surprisingly interesting semiar.  You put on a great show and I will be excited to use the spreadsheet!
Andrea M,
Yarnsuperhero, LLC

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Team Member Spotlight – Heather Cipriani

January 7, 2010
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In our free monthly newsletter’s continuing feature, “Team Spotlight”, we learn a little bit about the members of the Padgett team. Be sure to keep an eye out for it each month!
In the spotlight this month we have Heather Cipriani, Payroll Administrator

3 Favorite Foods – Steak, Cookies, Coffee Ice Cream
Top 3 Movies [...]

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1st Quarter 2010 Due Dates

January 3, 2010

January 15:

Individuals: Fourth quarter 2009 estimated tax payments due.

February 1:

Employers: Give your employees their copies of Form W-2 for 2009. File Form 941 for 4th quarter 2009, or annual Form 944. File Form 940 for 2009.
Businesses: Distribute Form 1099 to recipients for 2009.

February 15:

Employees: Submit a [...]

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