Oklahoma Society
of Accountants
News & Information
Check here for news and events regarding the OSA.
News & Info - Oklahoma Society of Accountants
NEWS:
August 30th: Proposed Changes to the OSA By-Laws Now Available!
At the 2010 state convention, the OSA voted on and approved changes to both it's Constitution and By-Laws. Use this link to download the changes in Adobe PDF format.
May 17th is OSA Day at the State Legislature
Monday, May 17th, is OSA Day at the State Legislature. We will be meeting at 10 AM to talk with and thank all the State Legislators for their service this year. Contact the OSA for more information.
UPCOMING SEMINARS:
The OSA has just released the preliminary seminar & meeting schedule for 2010! Go to our calendar page for dates and locations, and be sure to check back for more updates.
December 17th: New Press Release and Public Service Announcements.
The OSA has distributed Public Service Announcements to 160 radio stations across Oklahoma to bring new and timely tax information to listeners. We have also sent a press release to 38 different newspapers containing valuable information on potential tax savings you might not be aware of.
Tax Savings for the Common Man.
It has been a difficult year for many people - lost jobs and a tight economy affect almost everyone. But the year is not over - in this year of federal stimulus programs there may be money on the table for the average taxpayer. According to members of the Oklahoma Society of Accountants (OSA), there are things a taxpayer can do in December to reduce an upcoming tax bill and possibly put some cash back in his or her pocket. Here are tax moves you could be making now:
- The First Time Home Buyer credit got a lot of press this year. As of November 6th, the benefit was extended. The bill now stretches to April 30 for signing a contract and to June 30 for closing the deal. It also covers more than the first time buyer under a separate credit - if you have owned and lived in the same home for five of the last eight years you probably qualify. As with all things tax related, there are limits to the government’s generosity both for income and the new home price - a prompt talk with a tax professional is probably in order.
- One deal getting a lot less press is a tax break for buying a new car. A taxpayer can deduct the state and local sales and excise taxes paid on a new car, SUV, light truck, motor home or motorcycle. "Cash for Clunkers is gone", says Jim Nolen, president of OSA "but this is a pretty good break. Often tax deductions only benefit those who already itemize on their tax return, which leaves the taxpayers who don’t itemize out of luck. This deduction is different - it lets the rest of the taxpayers in on the benefits. If you were thinking of buying a car, it might make sense to move that purchase up a few months. In terms of the savings, ‘it's now or never’."
- For those who lost a job there is some tax relief. Although unemployment benefits are taxable, every person who receives unemployment benefits during 2009 is eligible to exclude the first 2,400 dollars of these benefits when they file their tax return, making those dollars tax free.
"There are a host of tax breaks out there for various categories of taxpayer," added Sandra Hall, OSA Vice President. "Small business owners should consider buying equipment such as computers and printers to take advantage of deductions and a onetime bonus depreciation, home owners could make the January mortgage payment in December to deduct on the 2009 return, medical bills could be paid in before the year is out to get the 2009 deduction, and there are more." "We urge people to get with their tax professional and review taxes before it’s too late," continues Hall, "Too often, I can’t do anything for people who come to me in February, and many of the moves must be made before year end to take advantage of the breaks. In a difficult economic climate it can pay to take advantage of these opportunities to put some money back into the pocket of the consumer."
About the OSA: The Oklahoma Society of Accountants was founded in 1944 to provide support and services to independent accounting and tax practitioners in the State of Oklahoma. Dedicated to the concept of Right to Practice and to the promotion of professionalism in their field , OSA membership consists of CPAs, Public Accountants, Enrolled Agents and private accounting and tax practitioners.
