There is available a “Making Work Pay Credit” for qualifying residents in San Diego, Mira Mesa, Scripps Ranch, Rancho Penasquitos, 4S Ranch, Rancho Bernardo, Poway and Sabre Springs if they were working in 2009 and 2010.  To see if you qualify, please call Steve Pearson, Certified Public Accountant at (858) 695-1040.

A qualifying relative is a person who is not a qualifying child of anyone else in San Diego, Mira Mesa, Scripps Ranch, Rancho Penasquitos, 4S Ranch, Rancho Bernardo, Poway and Sabre Springs and who meets three test.  If you need assistance in determining if your relative qualifies to claim as a dependent, please call Steve Pearson, Certified Public Accountant at (858)695-1040.

If you have legal fees for the production of income, they may be tax deductible in San Diego, Mira Mesa, Scripps Ranch, Rancho Penasquitos, 4S Ranch, Rancho Bernardo, Poway, and Sabre Springs.  If you need assistance in determining what is deductible, please call Steve Pearson Certified Public Accountant at (858)695-1040.

Your charitable noncash contributions of clothing, furniture and other miscellaneous items in good condition may be deductible on your income tax returns for residents of San Diego, Mira Mesa, Scripps Ranch, Rancho Penasquitos, 4S Ranch, Rancho Bernardo, Poway, and Sabre Springs.  Please call Steve Pearson, Certified Public Accountant at (858)695-1040 to ensure you have the proper record keeping requirements.

Yes, gambling losees are deductible to the extent of your winnings for residents in San Diego, Mira Mesa, Scripps Ranch, Rancho Penasquitos, 4S Ranch, Rancho Bernardo, Poway and Sabre Springs.   Adequate records must be kept to support winnings and losses.  A log or diary should be maintained noting date, location wager amount, type of gambling and winnings and losses.  If you need assistance in determining your tax losses, please call Steve Pearson, Certified Public Accountant at (858) 695-1040.

It is possible to take distributions from your IRA without penalties if you are under 59 1/2 under certain conditions if you live in San Diego, Mira Mesa, Scripps Ranch, Rancho Penasquitos, 4S Ranch, Rancho Bernardo, Poway and Sabre Springs.  To find out if you qualify, please call Steve Pearson, Certified Public Accountant at (858) 695-1040.

The “Small Business Stimulus Act” (SBSA) passed this year allows IRC section 179 expensing and bonus depreciation so a business can, if qualified deduct $40,000 on a purchase of a $50,000 large SUV in San Diego, Mira Mesa, Scripps Ranch, Rancho Penasquitos, 4S Ranch, Rancho Bernardo, Poway and Sabre Springs.  Please call Steve Pearson, Certified Public Accountant at (858) 695-1040 to see if you qualify.

If you have residential rental losses with active participation, you may be able to deduct $25,000 of losses each year for owners of rental property in San Diego, Mira Mesa, Scripps Ranch, Rancho Penasquitos, 4S Ranch, Rancho Bernardo, Poway and Sabre Springs.  If you need assistance to determine your allowable loss, please contact Steve Pearson, Certified Public Accountant at (858) 695-1040.

The recently passed “Small Business Stimulus Act” (SBSA) increases the IRC section 195 startup expenses deduction from $5,000 to $10,000 for small busnesses in San Diego, Mira Mesa, Scripps Ranch, Rancho Penasquitos, 4S Ranch, Rancho Bernardo, Poway and Sabre Springs.  Please call Steve Pearson, Certified Public Accountant at (858) 695-1040 to see if your startup expenses qualify.

Tax credits are available for purchases of “Qualified Hybrid Motor Vehicles” and “Advance Lean-Burn Technology Motor Vehicles” for residents in San Diego, Mira Mesa, Scripps Ranch, Rancho Penasquitos, 4S Ranch, Rancho Bernardo, Poway and Sabre Springs.  If you need assistance in determining if your vehicle qualifies, please call Steve Pearson, Certified Public Accountant at (858) 695-1040.