Colanne Schwemlein, of Colanne’s Accounting and Tax Services, has been a certified as a CPA for over nineteen years. She has a passion for helping businesses navigate thought the stresses of tax season. Schwemlein recently spoke at YACC’s Leads 2 Group meeting, educating it’s members on some of the new tax laws for 2011. She specializes in small business and individual returns. The number one tax tip she shared was to keep your paperwork timely and organized, especially if you are a business owner with employees. All W2’s and 1099’s are to be finalized by the end of January and all tax returns are due to the government by April 18. On the personal side, Schwemlein said to look for changes in the Home Energy Credit, which has been extended for this year. Tax Tip: You can submit multiple times for the The Home Energy Credit as long as it is for different items. Another tax rule that has change is how deductions are handled for HRA accounts, over the counter medications are no longer eligible. On the business side, Corporations will be affected by the state tax increases, but not S-Corps. Tax Tip: Commuter miles are counted for you driving to where you earn your money. (Example: As a landscaper, money it made while on a client’s property, therefore, the miles driven between clients are commuter miles.)

For assistance in your business and/or personal tax returns, please contact Colanne Schwemlein at Cpscpa@comcast.net or at 815-786-6050.