Taxpayers accustomed to receiving a tax refund every year should be aware of the fact that there are two tax changes for 2011 that could impact their tax liability, possibly making the refunds anticipated next spring lower or even resulting in tax due for taxpayers who normally have small refunds. For 2011, Congress did away with the Making Work Pay tax credit, which was a … [Read more...] about Next Year’s Tax Refund May Be Lower
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Getting Older With No Retirement Savings in Sight?
One of the earliest lessons in life is that actions have consequences, and approaching retirement age without a substantial nest egg is one of those consequences. But if you are in this situation, you are not alone, as millions of other Americans are faced with the same need to save enough to retire comfortably. Our priorities shift throughout our lives. Early in the life … [Read more...] about Getting Older With No Retirement Savings in Sight?
Don’t Be a Victim of a Scam or ID Theft
The Internal Revenue Service is encouraging taxpayers to guard against being misled by unscrupulous individuals trying to persuade them to file false claims for tax credits or rebates. The IRS has noted an increase in tax return-related scams, frequently involving unsuspecting taxpayers who normally do not have a filing requirement in the first place. These taxpayers are led … [Read more...] about Don’t Be a Victim of a Scam or ID Theft
Due Date Reminders – Individual – August’2011
August 1 - Self-Employed Individuals with Pension Plans If you have a pension or profit-sharing plan, this is the final due date for filing Form 5500 or 5500-EZ for calendar year 2009. August 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during July, you are required to report them to your … [Read more...] about Due Date Reminders – Individual – August’2011
Standard Mileage Rates Boosted July 1
The IRS recently announced that it is revising the optional standard mileage rates for computing the deductible costs of operating an automobile for business, medical, or moving expense purposes and for determining the reimbursed amount of these expenses that is deemed substantiated. This modification results from recent increases in the price of fuel. These increased … [Read more...] about Standard Mileage Rates Boosted July 1