Personal Tax

That is the result of a new stimulus provision included in tax legislation passed late in December last year that takes the place of the Making Work Pay credit that expired at the end of 2010. This new provision reduces employees’ Social Security (OASDI) payroll tax withholding by a full 2 percentage points from 6.2 percent to 4.2 percent of wages paid. The reduction applies … [Read more...] about Does Your Paycheck Seem a Little Larger?

Are You Ready? If you’re like most taxpayers, you find yourself with an ominous stack of “homework” around TAX TIME! Unfortunately, the job of pulling together the records for your tax appointment is never easy, but the effort usually pays off when it comes to the extra tax you save! When you arrive at your appointment fully prepared, you’ll have more time to: Consider every … [Read more...] about It’s Tax Time!

Now that the New Year is here, you can begin taking your required minimum distribution (RMD) for 2011. The following is an overview of the rules regarding these mandated distributions for older taxpayers. The IRS does not allow IRA owners to keep funds in a Traditional IRA indefinitely. Eventually, assets must be distributed and taxes paid. If there are no distributions, or if … [Read more...] about 2011 Required Minimum IRA Distributions

The IRS has identified taxpayers who fail to file income tax returns and effectively stop paying income tax as a serious threat to tax administration and the American economy.  The IRS's role in combating the area of nonfiling is that of outreach, education, and enforcement of the tax laws. However, it is understood that there are those who will not respond to outreach efforts … [Read more...] about Are You Behind on Filing Your Tax Returns?

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