Just a reminder to those who have not yet filed their 2011 tax return that April 17, 2012 is the due date to either file your return and pay any taxes owed, or file for the automatic six-month extension and pay the tax you estimate to be due. Normally the deadline is April 15, but when a due date falls on a weekend or holiday, the due date is extended until the next business … [Read more...] about Tax Filing Deadline Rapidly Approaching
Personal Tax
March 2012 Due Date Reminders – Individual
March 1 Farmers and Fishermen File your 2011 income tax return (Form 1040) and pay any tax due. However, you have until April 17 to file if you paid your 2011 estimated tax byJanuary 17, 2012. March 12 Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during February, you are required to report them to your employer … [Read more...] about March 2012 Due Date Reminders – Individual
Charity Purchases and Auctions
A regular form of fundraising by charitable organizations consists of sales or auctions of property or services at a price in excess of value. These are referred to as “quid pro quo” contributions or dual payments made that consist partly of a charitable gift and partly of consideration for goods or services provided to the donor. Quid pro quo contributions typically … [Read more...] about Charity Purchases and Auctions
Reporting Stock Transactions Becomes More Complicated
Beginning with the 2011 tax return, reporting stock transactions has become significantly more complicated because of the new requirement for brokerage firms to track the purchase price of stocks acquired in 2011 and subsequent years and to include that information on the information-reporting document 1099-B. For several years now, the IRS has required brokerage firms to … [Read more...] about Reporting Stock Transactions Becomes More Complicated
Good News – Payroll Tax Cut Extended through 2012!
Congress gave all wage earners a short-lived 2012 reprieve by temporarily extending the 2% payroll tax cut though February of 2012. The payroll tax, frequently referred to as FICA or OASDI on your paycheck, has historically been 6.2%. This is the tax that funds the Social Security Administration. For 2011, as an economic stimulus measure, Congress temporarily reduced the rate … [Read more...] about Good News – Payroll Tax Cut Extended through 2012!