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We are pleased to announce the addition of two qualified personnel to our staff at Bluff Country Financial Services. Patrick and Nancy Marie Forsyth and their daughter Emma have purchased a home in Houston and plan to join the business this January. For the past 12 years they have resided in Texas and have now decided to return to Minnesota. Patrick and Nancy Marie have obtained securities licenses and are looking forward to meeting each and every one of you and working with you.
Contrary to rumors being circulated, Nancy Kay Forsyth, the current owner is not retiring for several more years, but plans to work with Patrick and Nancy Marie so that in the future when she does retire, they will be ready to continue the business. Patty Peppers, our front-desk person, has left her post for other employment. You will be greeted this year by Dawn Henk. Dawn grew up in Looney Valley, and recently moved back from St. Paul to Houston to raise her family.
As always, our staff has been attending update classes. We have fewer tax law changes for 2007. Lots of changes are “proposed;” very few actually passed presently. Congress is currently working on extending a provision to allow certain popular tax credits such as the child tax credit ($1,000 for each child under age 17) to apply against the alternative minimum tax (AMT). Depending on the decision made, it could delay the filing season. We’ll keep you updated on our website at: www.bluffcountryfinanacialservices.com.
New required reporting for non-profits. If you are affiliated with or know of a nonprofit organization that is not currently required to file taxes, please be informed that even though they do not need to file, they need to report annually to the IRS. Failure to report can result in their losing their tax exempt status.
Charitable contributions require a receipt regardless of the amount. This may be a bank record, letter or other written communication indicating the name of the donee organization, date of contribution and the amount.
If you plan to deduct your cell phone usage as a business deduction, it is imperative that you keep a log—similar to mileage logs for vehicles.
If you have any questions regarding your 2007 taxes, or changes for the 2008 tax year, please just give us a call or come on in! As the new year begins our office will be busy filing, filling out forms, meeting with lots of people and providing the services we know you need. If it works out better for your schedule, why not simply drop off your 2007 tax information at the office – we will be happy to gather your information and give you a call if we have any questions.
From our growing family to your homes, we wish you a year filled with peace and memories.
Best Regards,
The Staff of Bluff Country Financial Services
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