about 8 months ago - No comments
Are you a sole proprietor, farmer, landlord, partner or shareholder? If so, take note, because included on the 2012 Schedules, C, E and F and Forms 1065, 1120 and 1120-S are two questions regarding 1099 compliance that must be answered. The first question is “Did you make any payments in 2012 that would require you [...]
about 9 months ago - No comments
IRS Summertime Tax Tip 2012-16 If the sweltering dog days of summer aren’t incentive enough to get out of the sun for awhile, the IRS suggests another reason to head indoors: organizing your tax records. Devoting some time mid-year to putting your tax-related documents in order may not only keep you out of the sun, but it [...]
about 1 year 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 1 year 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
IRS Summertime Tax Tip 2011-07, July 20, 2011 Military personnel have some unique duties, expenses and transitions. Some special tax benefits may apply when moving to a new base, traveling to a duty station, returning from active duty and more. These tips may put military members a bit “at ease” when it comes to their [...]
about 1 year ago - No comments
IR-2011-69, June 23, 2011 WASHINGTON — The Internal Revenue Service today announced an increase in the optional standard mileage rates for the final six months of 2011. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business and other purposes. The rate will increase to 55.5 cents [...]
about 2 years ago - No comments
IRS Tax Tip 2011-62, March 29, 2011, http://1.usa.gov/ivAo9z If you give someone money or property during your life, you may be subject to the federal gift tax. Most gifts are not subject to the gift tax, but the IRS has put together the following eight tips to help you determine if your gift is taxable. [...]
about 2 years 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 2 years 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 2 years ago - 1 comment
IRS Tax Tip 2011-26, February 7, 2011 http://bit.ly/fX6pGe The Social Security benefits you received in 2010 may be taxable. You should receive a Form SSA1099 which will show the total amount of your benefits. The information provided on this statement along with the following seven facts from the IRS will help you determine whether or [...]
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