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 – Business – August’2011
August 1 - Certain Small Employers Deposit any undeposited tax if your tax liability is $2,500 or more for 2011 but less than $2,500 for the second quarter. August 1 - All Employers If you maintain an employee benefit plan, such as a pension, profit-sharing, or stock bonus plan, file Form 5500 or 5500-EZ for calendar year 2011. Normally, this form is … [Read more...] about Due Date Reminders – Business – August’2011
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
Manage the Tax on Your Social Security Benefits!
Social Security (SS) income is not taxable until a taxpayer’s AGI (without Social Security income) plus 50% of their Social Security income plus tax-exempt interest income, and plus certain other infrequently encountered additions exceeds a specific threshold. The threshold is $32,000 for married taxpayers filing jointly, zero for married taxpayers filing separately and $25,000 … [Read more...] about Manage the Tax on Your Social Security Benefits!