Michael Gray, CPA's Tax and Business Insight

September 3, 2010

© 2010 by Michael C. Gray

ISSN 1539-395X

A monthly report to help you prepare for your financial future, keep more of what you earn by minimizing your taxes, and build an extraordinary business!

Route to _______   _______   _______   _______   _______

(If you find this information valuable, please pass it on to a friend!)

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Kara Siemer with a Geranium.
My granddaughter, Kara Siemer, enjoying the end of summer.

Happy Labor Day.

Monday, September 6 is Labor Day, honoring the workers of America. Labor Day is also the "unofficial" beginning of the autumn season, signaling children returning to school. In San Jose, school has already been in session for several weeks, so things have changed. Enjoy the holiday, and be careful when driving to watch for kamikaze kids!

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September celebrations.

On September 16, my daughter, Holly Baker, will celebrate her 35th birthday. (Must be somebody else’s kid!) On September 25, her son and my grandson, "Panch" (Kyan) Baker will celebrate his sixth birthday. (Guess Holly really is my kid!)

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September 15 is a major due date for extended income tax returns. May we help?

September 15, 2010 is the federal extended due date for calendar year corporations, S corporations, partnerships, trusts and estates. Only about two weeks to go to timely file these returns. To make an appointment for our firm to help with your return, call Dawn Siemer at 408-918-3162 on Monday, Wednesday or Friday from 9 a.m. to 5 p.m. Pacific Time.

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Third federal estimated tax payment is due September 15.

The third federal estimated tax payment is due September 15. Some taxpayers are basing their 2010 estimated tax payments on this year’s income and deductions, and should get the information to their tax preparer right away to prepare the payment voucher.

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Where is my third quarter California estimated tax voucher?

For 2010, California has "front loaded" its estimated tax payments for individuals. 30% was due in April and 40% in June, with no payment in September and the remaining payment in January 2011. The only reason to make an estimated tax payment in September for California is as a 'catch up" payment.

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October 15 is the extended due date for individual income tax returns.

Sneaked up on you again, didn’t it? The extended due date for 2009 individual income tax returns is less than a month and a half away. Also, I am planning on being out of town the week after October 8, so if you want our help finishing your return, please send the information now. To make an appointment for us to prepare your return, call Dawn Siemer at 408-918-3162 on Monday, Wednesday or Friday from 9 a.m. to 5 p.m. Pacific Time.

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Michael Gray speaks on family partnerships.

Michael Gray, CPA will give "meeting before the meeting" presentations at the San Jose Real Estate Investor’s Association (SJREI) meetings at 6:15 p.m. on Wednesday and Thursday, October 6 and 7. His topic is, 'What the IRS doesn’t want you to know about Family Limited Partnerships and LLCs". The presentations will be at the Hyatt Place Dublin and the Biltmore Hotel in Santa Clara. The public is welcome, but there is a $25 fee for nonmembers to attend. You will be able to register at the SJREI web site, www.sjrei.net, or call 408-264-3198.

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Financial Insider Weekly broadcast schedule for July and August.

Financial Insider Weekly is broadcast in San Jose and Campbell on Wednesdays at 7:00 p.m., Pacific Time on Comcast channel 15. The show is broadcast as streaming video at the same time at www.creatvsj.org.

Here are the scheduled interviews for the rest of September and October:

September 1: Jim Beall, California Assembly representative, 'California’s State Budget Challenge"
September 8: Mark Ericson, Attorney, 'Divorce – California style – the basics"
September 15: Craig Martin, CFP, 'Investing in Turbulent Times"
September 22: Craig Martin, CFP, 'The role of the fee-only financial planner"
September 29: William Mahan, Attorney, 'Short Sales and Foreclosures – Mechanics"
October 6: William Mahan, Attorney, 'Short Sales and Foreclosures – Tax Considerations"
October 13: Bettie Baker Marshall, Attorney, 'Caring for incapacitated relatives (Elder Law)"
October 20: Richard Lambie, Professional Fiduciary, 'The Role of the Professional Fiduciary"
October 27: Mark Erickson, Attorney, 'California divorce issues"

Financial Insider Weekly is also broadcast as follows:

Past episodes of Financial Insider Weekly are posted on YouTube. One way to watch them is to go to our web site, www.financialinsiderweekly.com, and click on "Past Episodes."

Let me know any ideas that you have for topics or guests. Guests will usually have to be located in or near the Silicon Valley in California.

Hope you can watch or record the show. Please tell your friends about it!

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Michael Gray regrets he can no longer personally answer email questions. He will answer selected questions in this newsletter.

Visit our new article!

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Follow me on Twitter!

If you enjoy Twitter, please follow me at www.twitter.com/michaelgraycpa. I would especially appreciate retweets of our messages announcing episodes of Financial Insider Weekly.

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I'm also on Facebook and LinkedIn.

you can also follow me on other social media sites, Facebook and LinkedIn.

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If you have employee stock options, have you subscribed to Michael Gray, CPA's Option Alert at no charge or obligation?

To learn more, visit stockoptionadvisors.com/subscribe.shtml

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Real estate investors, have you subscribed to Michael Gray, CPA’s Real Estate Tax Letter at no charge or obligation?

For details, visit www.realestatetaxletter.com

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Check out my blog.

I have also started a blog at www.michaelgraycpa.com. Check it out!

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P.S.

My daughter and her husband, Holly and Dan Baker, have a Southern French Restaurant at 23 Ross Common, Ross, California, about 15 minutes north of the Golden Gate Bridge. The name of the restaurant is Marché Aux Fleurs and their website address is marcheauxfleursrestaurant.com. For the best meal of your life, call 415-925-9200 for a reservation and give them a try! For directions, visit our website at www.taxtrimmers.com/directions.shtml.

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IRS Circular 230 Disclosure: As required by U.S. Treasury Regulations, you are hereby advised that any written tax advice contained in this communication was not written or intended to be used (and cannot be used) by any taxpayer for the purpose of avoiding penalties that may be imposed under the U.S. Internal Revenue Code.

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P.S. My daughter and her husband, Holly and Dan Baker, have a Southern French Restaurant at 23 Ross Common, Ross, California, about 15 minutes north of the Golden Gate Bridge. The name of the restaurant is Marché Aux Fleurs and their website address is marcheauxfleursrestaurant.com. For the best meal of your life, call 415-925-9200 for a reservation and give them a try! For directions, visit our website at taxtrimmers.com/directions.shtml.


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Michael Gray, CPA
2190 Stokes St. Ste. 102
San Jose, CA 95128
(408) 918-3162
FAX: (408) 998-2766
Hours: 8am - 5pm PDT Monday - Friday

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