about 1 month 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 3 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 10 months ago - No comments
IRS Tax Tip, March 21, 2011 http://1.usa.gov/dLjkrk If you have a farming business, there are several tax issues to consider before filing your federal tax return. The IRS has compiled a list of 10 things that farmers may want to know. Crop Insurance Proceeds —You must include in income any crop insurance proceeds you receive [...]
about 11 months ago - No comments
IRS Tax Tip 2011-51, March 14, 2011, http://1.usa.gov/fiCYe7 Here is some information from the IRS about a special tax deduction for the self-employed. You may be able to deduct premiums paid for medical and dental insurance and qualified long-term care insurance for you, your spouse, and your dependents if you are one of the following: [...]
about 1 year ago - No comments
IRS Tax Tip 2011-21, January 31, 2011 http://bit.ly/dEOvP3 If you itemize your deductions on Form 1040, Schedule A, you may be able to deduct expenses you paid in 2010 for medical care – including dental – for yourself, your spouse, and your dependents. Here are six things the IRS wants you to know about medical [...]
about 1 year ago - 1 comment
In her article Kelly Phillips Erb discusses the following nine tax deductions you shouldn’t even think about claiming: Reimbursed job expenses Diets and health club dues Primary telephone landlines Home improvements Campaign expenses Commuting costs Charitable services Pet Care Attorney’s fees To read Ms. Erb’s article, please go to http://aol.it/fK67mc. Related posts:Most Overlooked Tax Deductions [...]
about 1 year ago - No comments
After much speculation and anticipation, Congress finally passed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the Act). The President signed it into law on December 17. The Act, in essence, is an extension of the 2001/2003 Bush-era tax cuts for two years. Also, the Act provides a payroll tax holiday [...]
about 1 year ago - No comments
IRS News Release IR-2010-119, December 3, 2010, http://bit.ly/fSi2OB WASHINGTON — The Internal Revenue Service 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 Jan. 1, 2011, the standard mileage rates for the use of a car (also vans, [...]
about 1 year ago - No comments
by W. Murray Bradford, CPA This article gives you the knowledge you need to deduct your holiday party. The deduction depends on two factors: First, whom did you invite to the party? Second, what did you do at this party? The “whom” and “what” are intertwined, so that’s the way we will discuss them in [...]
about 1 year ago - No comments
Students going back to school can utilize a variety of tax-favored ways to pay for college tuition, books, supplies, and computers. Here’s six ideas for paying for school expenses that have varying degrees of tax efficiency: 1. Take cash out of a 529 College Savings Plan. Distributions from a 529 plan are tax-free as long [...]
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