FEBRUARY 2007

TAX
TIPS:
• E File your returns to eliminate
errors and expedite your
refunds
• Make your IRA contribution
by April 15, 2007 to be
deducted for 2006. The maximum
contribution is $4,000.
For those 50 years of age and
over, the additional catch-up is
$1,000.
• If you need to file an extension
and you owe money, you
must pay the amount owed or
face penalties. An extension
of time to file is NOT an extension
of time to pay.
• If you sold stock in 2006,
you must provide the cost
basis and the date purchased.
This is critically important for
the correct calculations of
capital gains and losses and is
often not provided by your
financial advisors.
Shimoun, Yaldo & Associates:
Providing Experience, Knowledge &
Professional Advice
It is once again time to prepare for tax
season. New legislation has been
passed and signed into law on May 17,
2006. The Tax Increase Prevention and
Reconciliation Act (TIPRA) extended
expiring tax provisions, extended reduced
capital gains and dividend rates through
2010. With all the ongoing changes in the
tax laws, hiring a professional can save
you time and money.
Shimoun, Yaldo and Associates’ formula
for success has allowed the firm to
continue its tremendous growth by hiring
young college graduates from the
Chaldean community who are seeking to
become Certified Public Accountants. Al
Yaldo and Sal Shimoun merged their
practices more than 4 1/2 years ago with
a vision to establish a firm that will continue
to grow and provide professional
accounting and tax services with the support
of these young professionals.
Together, Sal Shimoun and Al Yaldo
offer more than 36 years of professional
experience in accounting and taxation.
Their knowledge and expertise, along with
their strong supporting staff, has made
the firm become one of the largest
Chaldean-owned Certified Public
Accounting firms in the region today.
“Sal and I always meet with new clients
to discuss the best alternative choices for
newly established or acquired businesses,”
said Al Yaldo. “We believe that the initial
setup is critical in making sure that the
proper choice of entity is selected in order
to receive the best tax advantages.”
“We go through continuing education
each year to remain current on the ongoing
tax law changes in order to provide
our clients with the most up-to-date professional
tax advice,” said Sal Shimoun.
“As an example, one of the changes for
2006 is a one-time refundable credit for
the Telephone Excise Tax that was
repealed.”
Shimoun, Yaldo & Associates also
offers: accounting and compilation services,
real estate and business investment
analysis, payroll check preparation and
services, financial projections and forecasts,
personal financial statements,
assistance with processing business loan
applications; and notary public. They also
provide support in Federal and State
Audits for businesses and individuals.
Over the years the partners have
established relationships with various area
banks to help individuals and small businesses
obtain financing and other banking
services. Al Yaldo currently serves as a
director on the Bank of Michigan Board of
Directors.
In addition to their busy schedules, Sal
and Al serve on the Finance Committee
for Shenandoah Country Club. They are
active members of the Chaldean
American Chamber of Commerce and
have officially overseen that group’s elections
since inception. Sal has served on
the Associated Food and Petroleum
Dealers’ Finance Committee for the past
several years.
“We are always pleased when we
know that we have done the best job possible
for our clients by giving them the
proper tax advice,” said Al Yaldo.
“Our best source of referral comes
from our clients. We thank them for their
continued support and in making our firm
a success,” said Sal Shimoun.
P ( 2 4 8 ) 8 5 1 9 0 0
Y &
3 0 1 0 1
H 3 3 0 H
( j I
lease call -7 to make an
appointment. Shimoun, aldo Associates is
currently located at Northwestern
ighway, Suite in Farmington ills
ust north of nkster) .
• New tax regulations now
govern both CASH and NON-
CASH charitable contributions
as follows:
For CASH contributions,
regardless of the amount, you
must have either a receipt
from the organization acknowledging
the gift or a bank
record (cancelled check, debit
card receipt) showing the date
and amount of the donation.
For NON-CASH contributions,
regardless of the
amount, you must have a letter
or statement from the organization
showing the date of the
donation and that the items
you donated were in “good
used condition.” This is new
tax regulation and if you are
unable to obtain this letter with
the above statement, the
deduction may be disallowed.
ADVERTORIAL
FEBRUARY 2007 CHALDEAN NEWS 37