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Wurster Armstrong & Williamson P.C.
AWW Consulting Group, LLC
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432-682-6258
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AWW Consulting Group L.L.C.
200 N. Loraine, Ste. 900
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Midland, Texas 79702

mott@aww-consulting.com

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Grow Your Money Articles: This area contains tips and suggestions for dealing with the life changing events that you may encounter. All too often we overlook critically important tasks associated with life altering events such as marriage, divorce, the birth of a child etc. These days, it really does pay to be prepared for anything.

How Long Should I Keep My Records
Your life is too full of �stuff.� Sometimes, accumulated paper can swamp all your storage capacity. Yet, the IRS threatens you with civil and criminal penalties if you don�t keep adequate records. And, they don�t give you any guidance about how long you need to keep your �stuff.� So, here�s a table, which is our best general advice to you about storing personal, and business records.

Tax Changes for 2002
The 2002 year is going to be a pivotal one for taxpayers. Many of the key changes made by the 2001 Act, as well as changes made by earlier tax laws (such as the Consolidated Appropriations Act of 2001), go into effect for the first time in 2002

Big New Depreciation Breaks
Business and professional clients have new depreciation deductions due to the recently enacted Job Creation and Worker Assistance Act of 2002. In an effort to stimulate the economy, Congress gave taxpayers an extra 30% first-year depreciation write-off for most new capital assets (other than buildings) acquired after Sept. 10, 2001, and before Sept. 11, 2004, and placed in service before 2005 (before 2006, for certain property with longer production periods).

There They Go Again
The Internal Revenue Service, which holds taxpayers strictly liable for accurate tax returns, is working to account for more than 2,300 computers that have gone missing over the past three years.

Avoid These Red Flags to Avoid an Audit
There's an almost endless array of deductions, omissions and missteps that can raise the Internal Revenue Service's official eyebrows. Leave off your Social Security number or that of your spouse or a dependent and you will be contacted by the agency, a potentially heart-stopping experience. Report a dollar amount that does not gibe with a W-2 or 1099, and your return will get kicked out of the pile for further scrutiny

Easier Way to Pay Taxes

The IRS has opened a new Web site where individuals and companies can make payments of all federal taxes. Now individuals and businesses can pay taxes online.

What a Tax Shelter
An extraordinary thing happened this year. Congress passed full federal income tax exemption for 529 plans. This means that, beginning in 2002, your beneficiary will no longer have to report income when withdrawals are used for qualifying college costs. President Bush is expected to sign the bill into law this week or next

The IRS Continues to Amaze Us
A sampling of Internal Revenue Service employees found that they used about half their online time at...

Slow Down, You're Taking Too Much Out of Your IRA
You must begin taking minimum annual distributions from your IRAs, 401(k)s, and other individual accounts...

New Tax Law Passed-It's Retroactive to 2001
There's a new law on the books carrying a number of important tax changes. The "Job Creation and Worker Assistance Act of 2002," signed into law by the President on March 9, mostly benefits businesses and investors

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Your Resource for Success and Security 432-682-6258