In the current economic environment, many smaller firms are looking for ways to cut costs. One such possible move would be to relocate from a rented office space to a home office. With today’s modern means of communications and virtual marketplace, this may be a good option for your business. The advantages include the ability for you to deduct from your business income some … [Read more...] about Is a Home Office Right for You?
Are You Missing Out on Your 2007 Tax Refund?
If you, a member of your family or a friend has a refund coming from a 2007 return that has yet to be filed, you only have until Monday (April 18) to claim your refund. The IRS reports that it has refunds totaling approximately $1.1 billion for the nearly 1.1 million people who did not file a federal income tax return for 2007. Some people may not have filed because they had … [Read more...] about Are You Missing Out on Your 2007 Tax Refund?
Plan Your Withholding & Estimates for 2011
April 18 is the due date for the first estimated tax installment for the 2011 tax year and only a couple of weeks away. You may not realize it, but taking a few minutes to plan your estimated tax payments and/or proper withholding amounts for the year can actually insulate you from underpayment penalties in 2012. Congress considers our tax system as a "pay-as-you-go" system. … [Read more...] about Plan Your Withholding & Estimates for 2011
Need Help Paying Your Taxes by the April Due Date?
The vast majority of Americans get a tax refund from the IRS each spring, but what if you are one of those who have received a tax bill? What do you do if you owe money to the IRS and can’t pay? The IRS encourages you to pay the full amount of your tax liability on time. If you get a bill for late taxes, you are expected to promptly pay the tax owed including any additional … [Read more...] about Need Help Paying Your Taxes by the April Due Date?
Can You Benefit From the Expanded Adoption Credit?
You may be able to take a tax credit in 2011 of up to $13,360 ($13,170 in 2010) for qualified expenses paid to adopt an eligible child. The Affordable Care Act increased the amount of the credit and made it refundable, which means it can increase the amount of your refund. Here are several things you to know about the expanded adoption credit. 1. For tax years 2010 and 2011, … [Read more...] about Can You Benefit From the Expanded Adoption Credit?