BUSINESS AND PROFESSIONAL

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"J.L. Galang" prepares both individual and business tax returns. We can help you plan for your tax commitments, maintain tax records, and prepare all applicable federal, state, and other tax forms and schedules. "J.L. Galang�s" experienced preparers can explain the tax consequences of specific individual and business decisions so that you pay the smallest allowable amount of tax.

Our clients come from a wide cross-section of businesses and the professions. They depend on "J.L. Galang" to claim every allowable deduction and credit in order to minimize their tax liabilities. They feel secure in their knowledge that "J.L. Galang"-prepared returns are correct, their accuracy guaranteed.

The following checklist contains items of special concern to business people. If you have questions, now is a good time to contact your nearest "J.L. Galang" office for additional information about your particular tax situation.

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CHECK ALL THAT APPLY:

• Business interest and expenses
• Business use of the home
• Depreciation
• Itemized deductions
• Business meal and entertainment expenses
• Travel expenses
• Estimated tax
• Tax treatment of fringe benefits
• Stock and other securities
• Investment interest and expenses
• IRA and Keogh deductions
• Moving expenses
• Distributions from retirement plans
• Self-employment tax
• Gains/losses from sales of property
• Business credits
• Employment tax requirements
• Estimated tax

KEEP ACCURATE RECORDS

Keep accurate records of your income and expenses, especially in areas where items apply to both business and personal situations. For example, if you use your personal automobile also for business purposes, you should record your total annual mileage as well as the number of miles driven for business purposes with dates and locations.

When you get into the habit of regular record keeping, you will spend less time and effort maintaining those records. And, you will find that adequate records made in a timely manner help ensure that you pay the lowest possible tax. A variety of free tax record books is available at your local "J.L. Galang" office.

IF YOU THINK YOU�VE OVERLOOKED SOMETHING

If you discover that you missed some valuable deductions or that you made a mistake on a prior year�s return, you may be able to file an amended return. Generally, an amended return may be filed within three years from the date you filed the original return. Talk to your "J.L. Galang" tax return preparer if you have any questions about your prior years� returns.

REMEMBER, many people overpay their tax without knowing it. That�s like giving money away. With the ever-changing tax laws, it�s more important than ever to consult with your "J.L. Galang" tax return preparer. We�re here to help you save your tax dollars.

TAX RECORD CHECKLIST INCOME

• All W-2s
• Other employee compensation
• Interest and dividends
• Rents and royalties
• Sales of stock, personal residence, and other property
• Alimony
• Pensions and annuities
• Unemployment compensation
• Social Security and Railroad Retirement benefits
• Business and farm income
• Partnership and trust income
• State and local income tax refunds
• Gambling and lottery winnings
• Scholarships and fellowships
• Other miscellaneous income

DEDUCTIONS AND CREDITS

• Tax return preparation fees
• Medical expenses
• Home mortgage interest
• Investment interest and expenses
• Charitable contributions, both cash and property
• Out-of-pocket expenses for volunteer services
• Union and professional dues
• Child and disabled- dependent care expenses
• Job-seeking expenses
• IRA and Keogh plan contributions
• Expenses for business use of car
• Business travel and entertainment expenses
• Alimony paid
• Moving expenses
• Real and personal property taxes
• Casualty and theft losses
• Qualified educational expenses
• Vocational and job-related expenses
• Forfeited interest
• State and local income tax payments
• Business credits

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