about 5 months ago - No comments
IR-2011-116, Dec. 9, 2011 http://1.usa.gov/ttw0ow The Internal Revenue Service today issued the 2012 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2012, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) [...]
about 7 months ago - No comments
IR-2011-104, Oct. 20, 2011, http://1.usa.gov/nPdoS7 WASHINGTON — For tax year 2012, personal exemptions and standard deductions will rise and tax brackets will widen due to inflation, the Internal Revenue Service announced today. By law, the dollar amounts for a variety of tax provisions, affecting virtually every taxpayer, must be revised each year to keep pace [...]
about 1 year ago - No comments
For every one dollar in federal income taxes owed, the IRS is only able to collect 84 cents. The missing 16 cents is called the tax gap. It’s the difference between what individuals and businesses should pay and what they actually do pay. After adjusting for late payments and enforcement actions by the IRS, the [...]
about 1 year ago - No comments
A new video on the Small Business section of the IRS Video Portal looks at how good recordkeeping can reduce stress at tax time. Check it out here: http://bit.ly/cQ2qFP Related posts:Payroll Tax Credit Records: Keep or Toss?
about 1 year ago - No comments
The IRS reminds taxpayers that interest deductions on home mortgages are limited, including limitations for home acquisition and home equity indebtedness. There is one limit for loans used to buy, build, or substantially improve a residence — called home acquisition debt. There is another limit for loans secured by a qualified residence but used for [...]
about 2 years ago - No comments
It’s coming, looming closer and closer with each passing day. The dreaded tax filing season is in full swing, and, we’ll bet, it’s already giving a number of business owners more than their fair share of headaches. As a small business, you’re already overwhelmed. You run your business, take care of your employees, manage your [...]
about 2 years ago - No comments
There are a couple new tax and financial planning issues affecting our clients for the 2009 tax season, so be aware: 1. Every disaster needs a new tax law…apparently. We, like the rest of the world, were saddened by the tragedy of the Haiti earthquake, and, like so many, were inspired to donate what we [...]
about 2 years ago - No comments
While reading a recent newspaper article, I noticed a story about a couple getting horribly lost and worse by simply following their GPS device instructions. It makes me think how easy it is to believe that our technology has all of the answers. It comes as no surprise that blindly following tax advice from a [...]
about 2 years ago - No comments
Vehicles Mileage: If you drive your personal car or truck for business and opt to deduct costs based on the IRS standard mileage rate (rather than your actual costs), note that the rate for 2010 is much lower than it had been for 2009. The 2010 rate is 50 cents per mile, down from 55 [...]
about 2 years ago - No comments
In 2009, numerous new and expanded deductions and credits came into being for a broad cross-section of taxpayers: College tax benefits for parents and students; energy credits for homeowners who are going green; and even tax breaks for home buyers and car buyers.
Following is a summary of these and other key changes taxpayers will find when they start preparing their 2009 federal income tax returns.
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