September 1 - Fall 2011 and 2012 Tax Planning Contact this office to schedule a consultation appointment. September 12 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during August, you are required to report them to your employer on IRS Form 4070 no later than September 12. Your employer is required to withhold FICA … [Read more...] about September 2011 Individual Due Dates
Personal Tax
Your Broker’s 1099 Statement Will Be Different for 2011
For years, the IRS has had the ability to identify the gross sales of taxpayers from broker transactions, including security (reported on a 1099-B) and property sales (reported on 1099-S forms). However, these identified only the sales price, quantity sold (for securities), and dates of the transactions. To determine the profit or loss, you must also know the tax basis of the … [Read more...] about Your Broker’s 1099 Statement Will Be Different for 2011
Things to Know about Farm Income and Deductions
If you have a farming business, several tax issues can impact your tax situation. The following list includes some of those issues. Crop Insurance Proceeds — You must include in income any crop insurance proceeds you received as the result of crop damage. You generally include them in the year they were received. Sales Caused by Weather — If you are a cash-method farmer and … [Read more...] about Things to Know about Farm Income and Deductions
Tax Breaks for Charity Volunteers
If you volunteer your time for a charity, you may qualify for some tax breaks. Although no tax deduction is allowed for the value of services performed for a charity, there are deductions permitted for out-of-pocket costs incurred while performing the services. The normal deduction limits and substantiation rules also apply. The following are some examples: • away-from-home … [Read more...] about Tax Breaks for Charity Volunteers
Out-of-Pocket Expenses of Caring for Foster Cats Qualified for Charitable Deduction
A tax court has held that a taxpayer could claim a charitable contribution deduction for some of her foster cat expenses for Fix Our Ferals, a recognized charitable organization that specializes in the neutering of wild cats to humanely control feral cat populations. The court ruled that the taxpayer substantially complied with the recordkeeping requirements for less than $250. … [Read more...] about Out-of-Pocket Expenses of Caring for Foster Cats Qualified for Charitable Deduction