After 2012, the limitation on deductible medical expenses increases for most taxpayers from the current 7.5% of AGI to 10% (it remains at 7.5% for taxpayers age 65 and over through 2016). So if you need some dental work, laser eye surgery, or other elective but deductible medical procedures, you might consider doing so sooner than later to take advantage of the current lower … [Read more...] about Medical Checklist
Tax Benefits for Disabled Taxpayers
Taxpayers with disabilities and parents of children with disabilities may qualify for a number of IRS tax credits and benefits. Listed below are several benefits which are available if you or someone else listed on your federal tax return is disabled. Child or Dependent Care Credit - Taxpayers who pay someone to care for their disabled dependent or spouse, regardless of the … [Read more...] about Tax Benefits for Disabled Taxpayers
Tax Breaks for the Self-Employed and Small Business Owners
The following is a compilation of a number of tax breaks available to self-employed individuals and/or small business owners. Some can be implemented before year’s end, providing benefits for your 2011 return, while others will provide planning opportunities for 2012. Little or No Profit This Year — The farm and nonfarm optional methods for computing net earnings from … [Read more...] about Tax Breaks for the Self-Employed and Small Business Owners
Maximize Your Charitable Deductions
As the end of the year approaches, there are still things you can do to increase and properly document your charitable contributions for 2011. Here is a brief rundown: Non-cash contributions– If you have used clothing or household goods that are in good or better condition that you don’t use any longer, contribute them to a charity thrift shop before the end of the year. … [Read more...] about Maximize Your Charitable Deductions
December 2011 Business Due Dates
December 15 - Social Security, Medicare and Withheld Income Tax If the monthly deposit rule applies, deposit the tax for payments in November. December 15 - Nonpayroll Withholding If the monthly deposit rule applies, deposit the tax for payments in November. December 15 - Corporations The fourth installment of estimated tax for 2011 calendar year corporations is … [Read more...] about December 2011 Business Due Dates