We have compiled a checklist of actions based on current tax rules that may help you save tax dollars if you act before year-end. Regardless of what Congress does late this year or early next, solid tax savings can be realized by taking advantage of tax breaks that are on the books for 2011. For individuals, these include: the option to deduct state and local sales and use … [Read more...] about Year-End Tax-Planning Moves for Businesses & Business Owners
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November 2011 Business Due Dates
November 10 - Social Security, Medicare and Withheld Income Tax File Form 941 for the third quarter of 2011. This due date applies only if you deposited the tax for the quarter in full and on time. November 15 - Social Security, Medicare and Withheld Income Tax If the monthly deposit rule applies, deposit the tax for payments in October. November 15 - … [Read more...] about November 2011 Business Due Dates
Don’t Miss Out on the Domestic Production Deduction
Originally enacted to help offset the repeal of a tax break for U.S. exporters, this provision of the tax code provides a deduction for many U.S. businesses that’s allowed for both regular tax and alternative minimum tax (AMT) purposes. And, despite the deduction’s history, it’s fully available to taxpayers who don’t export. For 2010 and later years, the deduction equals 9% … [Read more...] about Don’t Miss Out on the Domestic Production Deduction
Last-Chance Opportunity to Deduct General Sales and Use Taxes?
For 2011, taxpayers have the option of deducting the amount of state and local income tax that they paid during the year or, if they so elect, of deducting their state and local general sales and use taxes as an itemized deduction on their federal income tax return. This choice is currently scheduled to expire at the end of 2011. If a taxpayer elects to deduct the sales and … [Read more...] about Last-Chance Opportunity to Deduct General Sales and Use Taxes?
October 2011 Business Due Dates
October 17 - Electing Large Partnerships File a 2010 calendar year return (Form 1065-B). This due date applies only if you were given an additional 6-month extension. March 15 was the due date for furnishing Schedules K-1 or substitute Schedule K-1 to the partners. … [Read more...] about October 2011 Business Due Dates