January 1 - Earned Income Credit If you are an employer and have employees who were receiving advanced Earned Income Credit payments in 2010, stop making those payments – they are no longer allowed. January 18 - Employer’s Monthly Deposit Due If you are an employer and the monthly deposit rules apply, January 18 is the due date for you to make your deposit of Social … [Read more...] about Due Date Reminders – Business January 2011
Due Date Reminders – Individual January 2011
January 2011 January 3 - Time to Call For Your Tax Appointment January is the beginning of tax season. If you have not made an appointment to have your taxes prepared, we encourage you do so before the calendar becomes too crowded. January 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during December, you are … [Read more...] about Due Date Reminders – Individual January 2011
Congress Extends Tax Breaks – the details
Congress, in an eleventh-hour compromise agreement worked out with the Obama Administration and the GOP Leadership, has extended many of the Bush era tax reductions. The following is an overview of the more frequently encountered tax changes that will have an effect on just about every taxpayer. INDIVIDUAL PROVISIONS Individual Tax Rates – Under the Bush era tax cuts, the … [Read more...] about Congress Extends Tax Breaks – the details
Did Congress Save You From the AMT in 2010?
Alternative Minimum Tax (AMT) – For several years, Congress has failed to permanently resolve the nagging issue of the AMT, and instead, each year has applied a one-year patch without which an estimated 28 million taxpayers would be hit with this punitive tax. This year, Congress took the AMT issue to the brink, but in the eleventh hour decided to patch it again, this time for … [Read more...] about Did Congress Save You From the AMT in 2010?
Federal Estate Tax Retroactively Reinstated
The Bush era tax cuts slowly phased out the federal estate tax and abolished it altogether for decedents dying in 2010, and replaced it with a rather complicated modified carryover basis regime. Just about everyone assumed Congress would reinstate the estate tax for 2010. As the year wore on, opinions began to change to where just about everyone predicted Congress would not … [Read more...] about Federal Estate Tax Retroactively Reinstated