Kenney & MacDonald, Inc. Welcomes You
Kenney & MacDonald, Inc. has been in business for over 25 years. Situated in Sharon Center we are easily accesible to both Providence and Boston area clients. Kenney & MacDonald offers a wide range of accounting and taxation services, including tax preparation for individuals and corporations, non-profit tax returns, estate tax returns, as well as bookkeeping, payroll, and other tax planning services. We offer carefully researched, relevant advice to meet your financial and accounting needs.
Our philosophy: Quality, experience, commitment and the clients' trust form the foundation of our success.
To Our Valued Clients:
We hope this letter finds you in good health and relieved that the political bombardments have ceased as we wait and see whether our vaunted leaders fail to reach an impasse and continue driving us over the fiscal cliff or come to a resolve that both parties can live with. Currently, the Bush tax cuts are set to expire come December 31st and if that happens, we are all looking at increased tax rates for 2013 and beyond. The bone of contention here is Obama’s insistence on raising rates for the upper incomes and extending the Bush tax cuts for all others. The republicans want the Bush cuts extended for all including people in the upper income brackets. Taxpayers in the upper income brackets should consider accelerating income into 2012 and hold expenses if possible until 2013, especially if self-employed. Tax planning as to whether you should consider the triggering of long-term capital gains this year and if converting your IRA’s into ROTH IRA’s, do it in 2012. People in the upper income levels also must consider the imposition of the Medicare surtax on earnings and the Medicare tax on unearned income e.g. cap gains, dividends, interest, and related income set to commence January 1st.
We are here to answer any of your tax and financial questions and we urge you to contact us before year end to review your particular situation and implement steps to maximize the existing tax rates. It is not too late to consider your options and to plan accordingly.
As the New Year approaches we would like to thank you for your continued patronage and to remind you that it is our goal to prepare your tax returns in a timely, efficient and professional manner. With this in mind we would encourage many of you to simply drop off, fax, email or snail mail your documents to us with no appointment necessary. We will acknowledge receipt of the documents and will call you if we believe anything is missing. The sooner we receive your paperwork the quicker we can process your returns. There are only so many hours in a day and as the tax season progresses, the appointment openings start to dwindle. However, any one of our tax professionals is fully qualified to meet with you and discuss your issues face to face.
We look forward to seeing you in the coming weeks. Our annual Tax Questionnaire will be sent out the first week in January to guide you as you gather your necessary tax records. Best wishes for a happy and wonderful holiday season.
Kenney & MacDonald, Inc.
Your state estimated payments may be deductible as a federal itemized deduction in the year paid. State payments are due Jan. 15th 2013, and are deductible on your 2012 federal tax return if paid on or before DECEMBER 31, 2012.
"The avoidance of taxes is the only intellectual pursuit that still carries any reward."
-John Maynard Keynes