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St. Louis Business & Technology News
www.slfp.com/SLFPBIZp.htm "When you think Saint Louis, think Saint Louis Front Page," a weekly publication covering the news and events in the greater St. Louis area. 
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Timesaving Tips for Last-Minute Income
Tax Filers RIVERWOODS, Illinois, (PRNewswire), March 24, 2002 - You promised to start your taxes earlier this year and start enjoying your refund well before April 15. The fact is, the deadline is less than a month away, and you've yet to make your move. However, there are some last-minute steps procrastinators can take to get back on track and make good on their tax resolutions, according to CCH INCORPORATED (CCH), a leading provider of tax law information and software. 1. Get Organized The first step for those just starting their taxes is bringing order to the jumble of tax information you may have accumulated over the past year. "Many taxpayers sit down with the good intention of starting their returns only to realize they don't have all the details they need to even get past the first few steps," said Kevin Robert, president CCH Tax Compliance, developer of CompleteTax, an online tax preparation and filing service. According to Robert, in addition to your W-4 statements, you should make sure you have 1099s for all financial holdings, as well as receipts needed to accurately claim deductions. 2. Get Help Completing Your Tax Returns If you're still taking the torturous paper-and-pencil route to preparing your tax returns, you may want to seriously look for other options, considering that manually completing the 2000 tax return took the average taxpayer about 13 hours, according to IRS estimates. Using online or software-based tax preparation services are options that have become increasingly popular in the past few years and will save you time in preparing and filing your taxes. Typically, online solutions allow you to log on to a secure web site and walk you through a series of easy-to-understand questions to gather information about your tax situation. Based on this information, the software then calculates your taxes and electronically fills in the tax forms returns for you. Best of all, online software checks for potential mistakes you may have made, like omitting a Social Security number or math errors, and flags these for correction before you file. A listing of IRS online filing and tax preparation partners is available at www.irs.gov/elec_svs/partners.html 3. Use E-Filing and Direct Deposit for Faster Refunds Once your tax forms are complete, electronic filing is increasingly becoming the way to go. The IRS as well as most states and the District of Columbus accept e-filed returns, and the IRS estimates about 45 million federal returns are expected to be filed electronically this year. Among those using CCH's CompleteTax online tax prep service, more than 85 percent already have chosen to electronically file their returns.  New Economic Stimulus Package Impacts Business Taxes PHOENIX, Arizona, (PRNewswire), March 24, 2002 - If you're a business owner there's important news you should know about the tax benefits of the Economic Stimulus Package that President Bush signed into law on March 9, according to Diane Kennedy, CPA, tax strategist and author of the best-selling book "Loopholes of the Rich." "And If this is 'old news,' then I applaud you for having a strong tax advisor on your business team!" she added in a statement. According to Kennedy, these "late, retroactive tax law changes point to the need for businesses - of all sizes - to have a tax consultant or tax team to interpret the changes and to apply them to the tax returns they are filing." Or, she said, amend the 2001 tax returns that have already been filed. "The new laws have tax ramifications that affect last year, this year...and years ahead," Kennedy said. Highlights of what Kennedy calls "a real tax gift from Congress" include:
"Business and investing are team sports," teaches Kiyosaki. He adds: "And you're only as strong as the team of advisors with whom you surround yourself." That philosophy led to Kiyosaki's personal quest to find a team of business advisors and the establishment of Rich Dad's Advisors. As a Rich Dad's Advisor, Kennedy joins five other seasoned and accomplished business professionals, hand-selected by Kiyosaki to share their secrets to success. The series of Advisors business books adds a how-to dimension to the Rich Dad messages and offers tools for those who seek the road to financial independence. Kennedy is often chided that "loopholes" carries a negative - or 'tax evasive' - connotation. She's quick to clarify that a tax 'loophole' is "nothing more than a government-sponsored program to promote public policy." And she goes a step further: "The IRS wants you to be rich - and take every legitimate tax deduction for which you qualify." She believes that the government wants businesses and individuals to take advantage of all tax-saving opportunities and encourages them to surround themselves with "the strongest advisors they can find." Kennedy says: "Successful businesses contribute to a healthy economy and the new tax laws will positively impact the bottom line of many businesses -- and there's a benefit in that for all of us." Return to St. Louis Front Page 
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