In the last few years, numerous tax law changes have been introduced that affect individuals and businesses. There are changes in tax rates, additional credits and deductions. Many tax benefits have also been extended, and phase-in (phase-out) limits are continually changing, making it difficult for the average person to fully utilize all the rules to minimize their taxes.
Some of the major changes include health savings accounts; tax provisions to help military; child/eduction related tax breaks and new tax breaks for IRA owners to give to charity. In addition, additional requirements for charitable deductions of clothing and money were put in place in 2006. Changes for businesses include revisions in depreciation rules and start up expenses.
CPAs can also assist in planning, investment/financial planning and overall business planning. In addition, individuals can also benefit from education planning.
In the past years, several hundred phone calls have been received. The interstate toll free telephone number is 1-888-9SD-CPAS (1-888-973-2727).
The South Dakota CPA Society is a membership organization of almost 800 certified public accountants, most of whom live and work in South Dakota. They are employed in all areas. CPA firms, business, government and education. SDCPAS offers a variety of programs and services for members and non-members. For more information about the organization or Ask A CPA please contact: Laura Coome, executive director at P.O. Box 1798, Sioux Falls, SD 57101-1798, 605-334-3848 or at www.sdcpa.org.