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New Form 1099-K
Published on 2012-01-23 10:56:00
Business Accept Credit Card Payments?To our Clients and Friends:If your company has a business relationship with a “payment settlement entity” (e.g., an issuer of credit or debit cards; PayPal), you may soon be receiving something new in the mail: Federal Form 1099-K. Any payment settlement entity that processes over 200 transactions on your behalf in a calendar year that aggregates to over $20,000, must issue this form to you by January 31 of the following year. Thus, forms for 2011 must be [..] > read more
Important Facts about Dependents and Exemptions
Published on 2012-01-11 10:04:00
Six Important Facts about Dependents and ExemptionsEven though each individual tax return is different, some tax rules affect every person who may have to file a federal income tax return. These rules include dependents and exemptions. The IRS has six important facts about dependents and exemptions that will help you file your 2011 tax return.1. Exemptions reduce your taxable income. There are two types of exemptions: personal exemptions and exemptions for dependents. For each exemption you can [..] > read more
Tax Updates for 2011-2012
Published on 2012-01-04 11:27:00
The most significant event affecting 2011 returns was the signing on Dec. 17. 2010, of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (Tax Relief Act), P.L. 111-312, which extended the ordinary income tax rates introduced by the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA), P.L. 107-16, and the capital gain tax rates introduced by the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA), P.L. 108-27. The Tax Relief Act also ex [..] > read more
Charitable Giving Tips
Published on 2011-08-22 08:27:00
If you make a donation to a charity this year, you may be able to take adeduction for it on your 2011 tax return. Here are the top nine things the IRSwants every taxpayer to know before deducting charitable donations.Make sure the organization qualifies Charitable contributions must be made to qualifiedorganizations to be deductible. You can ask any organization whether it isa qualified organization or check IRS Publication 78, Cumulative List ofOrganizations. It is available online at the IRS. [..] > read more
Back-to-School Tips for Students and Parents Paying College Expenses
Published on 2011-08-16 13:24:00
Back-to-School Tips for Students and Parents Paying College Expenses Whether you’re a recent graduate going to college for the first time or a returning student, it will soon be time to get to campus – and payment deadlines for tuition and other fees are not far behind. The Internal Revenue Service reminds students or parents paying such expenses to keep receipts and to be aware of some tax benefits that can help offset college costs.Typically, these benefits apply to you, your spouse or a d [..] > read more
Make Sure Your Tax Preparer Signs Your Tax Return - He or She May Be a Ghost
Published on 2011-07-18 18:34:00
As part of its new oversight program of the nation’s tax return preparation industry, the Internal Revenue Service today announced it will send letters to approximately 100,000 tax return preparers who prepared returns in 2011 but failed to follow new requirements.In 2010, the IRS launched an initiative to increase its oversight of the tax return preparation industry and regulate the conduct of tax return preparers. All paid tax return preparers must obtain a Preparer Tax Identification Number [..] > read more
NYS Fair Play Act - NYS is Targeting Construction Firms
Published on 2011-06-28 16:35:00
The NYS Construction Industry Fair Play Act takes effect on October 26, 2010; However, NYS is currently tightening up the enforcement of this Act. The Law/Act creates a new standard for determining whether a worker is an employee or indepe > read more
Protect Your Tax Data This Hurricane Season
Published on 2011-06-02 10:24:00
Prepare for Huricane Season and Safeguard your Records The 2011 hurricane season starts today, and the Internal Revenue Service encourages individuals and businesses to safeguard themselves against natural disasters by taking a few simple steps.Creat > read more
Ten Things to Know About the Child and Dependent Care Credit
Published on 2011-03-12 09:22:00
If you paid someone to care for your child, spouse, or dependent last year, you may be able to claim the Child and Dependent Care Credit on your federal income tax return. Below are 10 things the IRS wants you to know about claiming a credit for chil > read more
Ten Important Facts About Capital Gains and Losses
Published on 2011-02-21 10:26:00
Ten Important Facts About Capital Gains and Losses Did you know that almost everything you own and use for personal or investment purposes is a capital asset? Capital assets include a home, household furnishings and stocks and bonds held in a persona > read more
Missing a W-2. We've Got You Covered
Published on 2011-02-10 08:47:00
If You Are Missing a W-2 Here Is What You Should DoBefore you file your 2010 tax return, you should make sure you have all the needed documents including all your Forms W-2. You should receive a Form W-2, Wage and Tax Statement, from each of your emp > read more
Medical and Dental Expenses
Published on 2011-02-01 08:15:00
Medical and Dental ExpensesHere are six things you should know about medical and dental expenses and other benefits.1. You may deduct only the amount by which your total medical care expenses for the year exceed 7.5 percent of your adjusted gross inc > read more
Ten Hot Tax Tips for Parents
Published on 2011-01-27 12:39:00
Ten Tax Benefits for Parents Did you know that your children may help you qualify for some tax benefits? Here are 10 tax benefits the IRS wants parents to consider when filing their tax returns this year. 1. Dependents In most cases, a child can be c > read more
Payroll Tax Cuts - Higher Net Pay for Most Individuals
Published on 2010-12-22 10:37:00
The Internal Revenue Service today released instructions to help employers implement the 2011 cut in payroll taxes, along with new income-tax withholding tables that employers will use during 2011.Millions of workers will see their take-home pay rise > read more
2011 Standard Mileage Rate
Published on 2010-12-06 17:41:00
2011 Standard Mileage Rates The Internal Revenue Service today issued the 2011 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on > read more
Non-Business Energy Property Credit
Published on 2010-11-11 11:54:00
Nonbusiness Energy Property CreditThis credit equals 30 percent of what a homeowner spends on eligible energy-saving improvements, up to a maximum tax credit of $1,500 for the combined 2009 and 2010 tax years. The cost of certain high-efficiency heat > read more
Lawmakers Are Promising to Fix the Alternative Minimum Tax (AMT)
Published on 2010-11-10 09:20:00
Lawmakers Are Promising to Fix the Alternative Minimum Tax (AMT).As a Certified Public Accountant, I have heard this before so to say that I am skeptical would be an understatement. According to the most recent from Congress, they are saying th > read more
Paying Estimated Taxes - Form 1040ES for 2010
Published on 2010-10-26 20:33:00
My office is often asked this question, "Why do I have to pay estimated taxes?"As a general rule, you must pay taxes if both of the following apply to your situation.1. You expect to owe at least $1,000 in tax for 2010and2. You e > read more
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Published on 2010-10-05 14:16:00
Additional Child Tax Credit
Published on 2010-10-05 13:25:00
ARRA and the Additional Child Tax Credit Under the American Recovery and Reinvestment Act (ARRA), more families will be eligible for the additional child tax credit because of a change to the way the credit is figured.Taxpayers who cannot take full a > read more
Former Jackson Hewitt Manager Pleads Guilty to Tax Fraud
Published on 2010-08-18 08:01:00
Be careful when you choose a tax preparer. Choose a CPA.Former Jackson Hewitt Manager Pleads Guilty to Tax Fraud > read more