If you are 70.5 years of age or older and are considering making a donation to a charity, you may wish to consider the option of making the contribution from your IRA account. For 2011, you can donate up to $100,000 to your favorite charity, provided it is an eligible charitable organization, tax free from your traditional IRA, Roth IRA, or a SEP or SIMPLE IRA. To be … [Read more...] about Last Year for Tax-Free Charitable Donations from IRAs
Last-Chance Opportunity to Deduct General Sales and Use Taxes?
For 2011, taxpayers have the option of deducting the amount of state and local income tax that they paid during the year or, if they so elect, of deducting their state and local general sales and use taxes as an itemized deduction on their federal income tax return. This choice is currently scheduled to expire at the end of 2011. If a taxpayer elects to deduct the sales and … [Read more...] about Last-Chance Opportunity to Deduct General Sales and Use Taxes?
October 2011 Business Due Dates
October 17 - Electing Large Partnerships File a 2010 calendar year return (Form 1065-B). This due date applies only if you were given an additional 6-month extension. March 15 was the due date for furnishing Schedules K-1 or substitute Schedule K-1 to the partners. … [Read more...] about October 2011 Business Due Dates
October 2011 Individual Due Dates
October 11 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during September, you are required to report them to your employer on IRS Form 4070 no later than October 11. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are insufficient … [Read more...] about October 2011 Individual Due Dates
Tax Tips for Job Seekers
If you are unfortunate enough to be out work, you may be spending time attending career fairs and traveling around looking and interviewing for employment. Some of the expenses you incur attempting to secure employment may be deductible on your tax return. Here are several things you should know about deducting costs related to your job search. To qualify for a deduction, … [Read more...] about Tax Tips for Job Seekers