Roy Vargis CPA, CMA, CFM, CITA, EA, ACMA, CGMA

Our tax system is a “pay-as-you-go” system, and if your pre-paid amount is not enough, you become liable for non-deductible interest penalties. To facilitate that concept, the government has provided several means of assisting taxpayers in meeting the “pay-as-you-go” requirement. The primary among these include: Payroll withholding for employees; Pension withholding for … [Read more...] about Individual Estimated Tax Payments for 2012 Start Soon

The IRS has new penalty relief for the unemployed and certain self-employed individuals on failure-to-pay penalties, which are one of the biggest factors a financially distressed taxpayer faces on a tax bill. To assist those most in need, a six-month grace period on failure-to-pay penalties will be made available to certain wage earners and self-employed individuals. The … [Read more...] about Penalty Relief for Financially Distressed Taxpayers

Just a reminder to those who have not yet filed their 2011 tax return that April 17, 2012 is the due date to either file your return and pay any taxes owed, or file for the automatic six-month extension and pay the tax you estimate to be due.  Normally the deadline is April 15, but when a due date falls on a weekend or holiday, the due date is extended until the next business … [Read more...] about Tax Filing Deadline Rapidly Approaching

March 1     Farmers and Fishermen File your 2011 income tax return (Form 1040) and pay any tax due. However, you have until April 17 to file if you paid your 2011 estimated tax byJanuary 17, 2012.  March 12   Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during February, you are required to report them to your employer … [Read more...] about March 2012 Due Date Reminders – Individual