On Site Services Now Offered

Patriot now offers on site services for monthly closings including bank reconciliations, accruals, and loan and credit card reconciliations. We will provide you with profit and loss statements, balance sheets, and customized reports on your computer system.  We also specialize in cost accounting,special projects,tax filings including 1099′s, 941′s, W-2/W-3′s, corporate, partnership, and personal income taxes.

We have wide experience with Quickbooks Pro, Quickbooks Online, Quickbooks Enterprise, and high end systems such as Great Plains Dynamics with FRx reporting.

Our company policy is to meet any competitor’s price quote. We believe you should pay the most reasonable price that the market dictates.

Call Blaine at (978) 604-4253 for more information.

Our Services in A Nutshell

We provide superior economical service in the areas of bookkeeping, business and personal income tax returns, sales/use taxes, automatic tax payments, full payroll, accounting, and financial reporting of all types.

We have a broad bandwidth in that we can reconcile your accounts and provide full financial reporting including profit and loss statements, balance sheets, and cash flows. We can also provide budgeting, projections, and management reporting customized to your financial information needs that will aid you in decision making and help you increase profitability.

Our customers include retailers, software developers, health care providers, salons, staffing agencies, home remodelers, web developers, private equity managers IT outsourcers, hedge fund managers and traders, real estate brokers, SEO consultants,and, yes, even dog walkers.

Call Blaine at (978) 604-4253 or email us at patstax@gmail.com.

We provide high quality friendly services. We answer phone calls and emails on a real time basis.

We have economical standard rates that allow you to choose the services you need without being saddled with ones you don’t. Our rates average $150 per month for full services.

First Time Home Buyer Credit Amended

A new law that went into effect Nov. 6 extends the first-time homebuyer credit five months and expands the eligibility requirements for purchasers.

The Worker, Homeownership, and Business Assistance Act of 2009 extends the deadline for qualifying home purchases from Nov. 30, 2009, to April 30, 2010. Additionally, if a buyer enters into a binding contract by April 30, 2010, the buyer has until June 30, 2010, to settle on the purchase.

The maximum credit amount remains at $8,000 for a first-time homebuyer –– that is, a buyer who has not owned a primary residence during the three years up to the date of purchase.

But the new law also provides a “long-time resident” credit of up to $6,500 to others who do not qualify as “first-time homebuyers.” To qualify this way, a buyer must have owned and used the same home as a principal or primary residence for at least five consecutive years of the eight-year period ending on the date of purchase of a new home as a primary residence.

For all qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 tax returns.

A new version of Form 5405, First-Time Homebuyer Credit, will be available in the next few weeks. A taxpayer who purchases a home after Nov. 6 must use this new version of the form to claim the credit. Likewise, taxpayers claiming the credit on their 2009 returns, no matter when the house was purchased, must also use the new version of Form 5405. Taxpayers who claim the credit on their 2009 tax return will not be able to file electronically but instead will need to file a paper return.

A taxpayer who purchased a home on or before Nov. 6 and chooses to claim the credit on an original or amended 2008 return may continue to use the current version of Form 5405.

Income Limits Rise

The new law raises the income limits for people who purchase homes after Nov. 6. The full credit will be available to taxpayers with modified adjusted gross incomes (MAGI) up to $125,000, or $225,000 for joint filers. Those with MAGI between $125,000 and $145,000, or $225,000 and $245,000 for joint filers, are eligible for a reduced credit. Those with higher incomes do not qualify.

For homes purchased prior to Nov. 7, 2009, existing MAGI limits remain in place. The full credit is available to taxpayers with MAGI up to $75,000, or $150,000 for joint filers. Those with MAGI between $75,000 and $95,000, or $150,000 and $170,000 for joint filers, are eligible for a reduced credit. Those with higher incomes do not qualify.

New Requirements

Several new restrictions on purchases that occur after Nov. 6 go into effect with the new law:

• Dependents are not eligible to claim the credit.
• No credit is available if the purchase price of a home is more than $800,000.
• A purchaser must be at least 18 years of age on the date of purchase.

For Members of the Military

Members of the Armed Forces and certain federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and still qualify for the credit. An eligible taxpayer must buy or enter into a binding contract to buy a home by April 30, 2011, and settle on the purchase by June 30, 2011.

For more details on the credit, visit the First-Time Homebuyer Credit page on IRS.gov.