E-CPA - March, 2004

BROUGHT TO YOU BY Paul E. Forsythe III CPA

INSIDE THIS ISSUE:

1. Paul E. Forsythe III Update

2. Important Dates - Mark Your Calendar

3. Tax Scams and Misconceptions to Avoid  

4. Tax Preparation May Be More Difficult This Year

5. Answers About E-Filing

6. Tax Deductions for Those Who Don't Itemize

7. Business Meals and Entertainment Expenses: What You Can and Can't Deduct

8. Deducting Business Car Expenses



For additional information about a news item, click on the link provided (or copy &
paste the URL into your web browser). For more news items and updates, visit
http://www.njscpa.org.



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1. Paul E. Forsythe III CPA UPDATE

We are pleased to announce the start of our firm website and this monthly newsletter.  
Please go to www.forsythe-cpa.com and check it out.  All individual returns are
currently being filed through the "E-file" system.  The advantage is that you know that
your return is filed and any refund can be directly deposited into your checking or
savings account.  The IRS says that "E-filed" refund returns receive their refunds in
approximately 10 days.  Our experience agrees with the IRS.



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2. IMPORTANT DATES - MARK YOUR CALENDAR

March 15, 2004     Corporate returns are due
April 15, 2004        Individual returns are due
                             Gift tax returns are due
                             Individual 1st estimates are due
                             Fiduciary returns are due
                             Partnership and LLC's taxed as partnerships are due
                             NJ Corporation returns are due
                             Corporation 1st estimates are due
                             Monthly corporate withholding taxes are due



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3. TAX SCAMS AND MISCONCEPTIONS TO AVOID

As April 15 approaches, criminals working tax scams appear in force, while rumors
and misconceptions about taxes also start to proliferate. If you hear about a way to
reduce your taxes or a "little-known secret" about the tax system, research the claim
carefully. Do not allow yourself to be fooled by an outrageous promise, or you may
end up in trouble with the Internal Revenue Service.
http://www.njscpa.org/story.cfm?m=t&SID=9968&PID=1108&sec=media&Hex=b759
90&Color=pink



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4. TAX PREPARATION MAY BE MORE DIFFICULT THIS YEAR


Revisions in the tax code may provide taxpayers with additional deductions this year,
but the rules reducing the tax rate for stock dividends, for example, are complex.
http://www.njscpa.org/story.cfm?m=t&SID=9934&PID=1108&sec=media&Hex=b759
90&Color=pink




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5. ANSWERS ABOUT E-FILING

Are you ready to join the more than 50 million Americans who are expected to file
their taxes electronically this year? IRS E-file is an accurate, fast and safe alternative
to filing a paper tax return. Here are answers to some common questions about e-file.
http://www.njscpa.org/story_mm.cfm?SID=9964&PID=1071&sec=finances&Hex=b75
990&Color=pink



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6. TAX DEDUCTIONS FOR THOSE WHO DON'T ITEMIZE

There's good news for taxpayers who don't itemize: You may still qualify for
above-the-line deductions that can reduce your tax bill. Above-the-line tax deductions
get their name because they are taken above the line for your adjusted gross income
on the first page of your tax return.
http://www.njscpa.org/story_mm.cfm?SID=9965&PID=1071&sec=finances&Hex=b75
990&Color=pink



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7. BUSINESS MEALS AND ENTERTAINMENT EXPENSES: WHAT YOU CAN AND
CAN'T DEDUCT

Taking current and prospective clients and customers out to dinner, the theater or a
baseball game can make good business sense and provide you with a valuable tax
deduction. There are two separate tests you must meet to deduct 50 percent of the
cost of business meals and entertainment expenses.  
http://www.njscpa.org/story_mm.cfm?SID=9962&PID=1071&sec=finances&Hex=b75
990&Color=pink



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8. DEDUCTING BUSINESS CAR EXPENSES

Operating a car for business can be expensive so it's important to take advantage of
the available tax breaks. Here's what you need to know about deducting costs related
to the business use of your car.
http://www.njscpa.org/story_mm.cfm?SID=9963&PID=1071&sec=finances&Hex=b75
990&Color=pink



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