Why do you care? Well for starters, people with a better credit rating enjoy significantly lower interest rates that can add up to thousands of dollars less in interest payments over the term of the loan. For example, a fixed 30-year mortgage payment varies with respect to credit score and the interest rates corresponding to the credit score. Having a score that is two … [Read more...] about Is Your Credit Rating Correct?
Read This Before Tossing Old Tax Records
Now that your taxes have been completed for 2010, you are probably wondering what old records can be discarded. If you are like most taxpayers, you have records from years ago that you are afraid to throw away. It would be helpful to understand why the records needed to be kept in the first place. Generally, we keep “tax” records for two basic reasons: (1) in case the IRS or … [Read more...] about Read This Before Tossing Old Tax Records
What Are the Chances of Being Audited?
Each year, the IRS releases a publication entitled the “Data Book.” The 2010 version of the book was released in early March, which provides statistical data on its fiscal year (FY) 2010 audit activities. The book provides valuable information that include how many tax returns the IRS examines (audits), how they examine them, and what categories of returns IRS is focusing its … [Read more...] about What Are the Chances of Being Audited?
Due Date Reminders – Business – May 2011
May 2 - Social Security, Medicare and Withheld Income Tax File Form 941 for the first quarter of 2011. Deposit or pay any undeposited tax under the accuracy of deposit rules. If your tax liability is less than $2,500, you can pay it in full with a timely filed return. If you deposited the tax for the quarter in full and on time, you have until May 10 to file the return. May 2 … [Read more...] about Due Date Reminders – Business – May 2011
Due Date Reminders – Individual – May 2011
May 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during April, you are required to report them to your employer on IRS Form 4070 no later than May 10. 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 to cover the … [Read more...] about Due Date Reminders – Individual – May 2011