Schantzen & Schantzen, CPA's
Mark Schantzen, CPA
Robert Schantzen, CPA
Julie Wendland, CPA

Clocktower Plaza
720 Century Avenue SW
Suite 103
Hutchinson, MN 55350

phone:  320-587-6269
fax:        320-234-7333

January 1, 2008

Greetings to clients and friends!

It is time to begin preparing for the 2007 income tax filing season. Start by collecting and keeping track of your income and deduction documentation. Use our worksheets - they are designed to help you gather the proper information.  Check the upper right corner of your income tax organizer for an appointment.  If one is not listed for you, please call the office to set up your appointment.

The IRS clearly considers it the responsibility of the taxpayer to file a timely and accurate tax return. Random audits are continuing with notices on 2007 and 2008 returns.  The Service will select 13,000 returns a year.  Its examiners will look for unreported income and overstated deductions or tax credits, focusing on portions of returns.  Few exams will be line-by-line audits.  Schedules C and F are the Service’s main targets.

Here is a list of some important changes in 2007 that apply to many clients:

• Income limits up for student loan interest deduction
• Income limits up for Hope and Lifetime learning credits
• Adoption benefits increased
• Increase in deductible limit for Long-Term Care premiums
• Mortgage insurance premiums
• All cash contributions require substantiation

If you should have any questions or concerns before your appointment, please call the office.  We look forward to meeting with you once again.
 

Sincerely,
SCHANTZEN & SCHANTZEN
Certified Public Accountants

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©2008 Schantzen & Schantzen
Last updated May 14, 2008