When a tax return is not filed, the IRS assesses a tax liability based upon a Substitute For Return (SFR). These SFRs are based simply on the reported income on W-2s, 1009s, etc. without any regard to possible deductions or cost basis issues.

When the U.S. Senate adjourned for 2009, they left in limbo the future of more than 50 individual and business tax breaks which expired at the end of 2009. Most notably, the expiration of the estate tax laws was not addressed.

If you own your own business, it is imperative that you have a solid bookkeeping/accounting system in place. Not only will you need these records to complete your tax return, but you need the information available to you to make management decisions throughout the year.

Organizing your financial records is a great way to make tax preparation less taxing, and ensures you don’t miss any potential deductions.

We are going to take a break from tax planning this week. Instead, thefamily of Bradstreet & Company would like to wish you and your family themost joyous holiday season and best wishes for 2010.

Before Santa comes to visit, here is a year-end tax savings tip to consider:tn_santaGo through your house and garage and see what items you have not used in the last two years and donate them to charity. You can clean out space for all the new toys that are coming and receive a tax deduction for it!