Tax Tips Newsletters // Business Advice & Tax Tips
IRS Releases 2012 Tax Numbers
Each year the IRS adjusts certain tax numbers for inflation and tax law changes. Here are some of the adjusted numbers you’ll need for your 2012 tax planning. STANDARD MILEAGE RATEfor business driving remains at 55.5¢ a mile. Rate for medical and moving mileage decreases to 23¢ a mile. Rate for charitable driving remains at ...
Payroll tax cut extended for two months
After weeks of partisan bickering, Congress finally approved a two-month extension of the payroll tax cut for American workers. President Obama signed the “Temporary Payroll Tax Cut Continuation Act” on December 23, 2011. Though both Democrats and Republicans wanted a one-year extension of the tax cut, they could not agree on how to pay for ...
Six Year-End Tips to Reduce 2011 Taxes
The IRS is reminding tax payers that there is still time for you to take steps that can lower your 2011 taxes. To claim certain benefits, we urge you to take action no later than December 31. Here are six tax-saving tips for you to consider before the calendar turns to 2012: Make ...
New law creates incentives to hire unemployed veterans
On November 21, 2011, President Obama signed the “Three Percent Withholding Repeal and Job Creation Act.” This new law repeals three percent withholding on certain payments to government contractors, and it provides tax credits to employers who hire unemployed veterans. The law creates the “Returning Heroes Tax Credit” and the “Wounded Warriors Tax Credit.” Employers ...
IRS Cracking Down
The IRS is planning a series of random audits of U.S. corporations to test their compliance. The Service will use the results from these audits to fine-tune its formulas for selecting returns for examination and to update its estimates of the tax gap. In the past few years, the IRS has done similar checks on ...
Animal Lovers Win Court Case
Related News: If you provide care for stray or feral animals in your home for an IRS-approved charity, you may be able to take a tax deduction for your out-of-pocket expenses. A recent U.S. Tax Court judge ruled that a taxpayer who fostered feral and stray cats in her home could deduct amounts she spent ...
Take a refresher course on 529 plans
Greetings! Are you planning to tap into your Section 529 college savings plan for education expenses this fall? Before you do, you may want to take a quick refresher course on the tax consequences of withdrawals. Qualified distributions of contributions and plan earnings are tax-free, as long as you use withdrawn amounts to pay qualified ...
Important tax deadlines coming up
You don’t usually think of fall as a major tax filing time, but there are several important tax deadlines coming up this September and October. Check the deadlines below to see if any apply to you or your business. September 15 – Due date for third quarter installment of 2011 individual estimated income tax. ...
Great Sources of Tax-Free Income
Here’s a quick reminder that not all income is taxable. The following 10 common sources of tax-free income may be potential opportunities for you during the 2011 tax year: Scholarships/Fellowships– As a general rule, monies received to cover tuition, books, and fees are non-taxable. Roth IRA Earnings– As long as you meet the requirements of ...
Sharing a Bad Debt Loss with the IRS
So, you’ve finally admitted to yourself that the personal loan you made to a friend will not be repaid. Or your business made a credit sale to a customer who still hasn’t paid. Is there anything you can do to help recoup either loss? Absolutely! The IRS will allow you to take a tax deduction ...
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