Now that tax season is upon us, so are the e-mail scammers pretending to be the IRS. Most of these scams fraudulently use the IRS name, logo, and/or website header as a lure to make the communication appear more authentic and enticing. They lead you to believe you had a refund of some sort coming and request personal information. The goal of these scams¾known as phishing¾is to … [Read more...] about Don’t be Scammed by Tax Season Cyber Criminals
Indian CPA
Are You Required to File 1099s?
If you use independent contractors to perform services for your business and you pay them $600 or more for the year, you are required to issue them a Form 1099 after the end of the year to avoid facing the loss of the deduction for their labor and expenses and to avoid a monetary penalty. The 1099s for 2011 must be provided to the independent contractor no later thanJanuary 31, … [Read more...] about Are You Required to File 1099s?
2012 Standard Mileage Rates Announced
The Internal Revenue Service has issued the 2012 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. Beginning onJanuary 1, 2012, the standard mileage rates for the use of a car (also vans, pickups, or panel trucks) will be: 55.5 cents per mile for business miles … [Read more...] about 2012 Standard Mileage Rates Announced
Tax Benefits for Disabled Taxpayers
Taxpayers with disabilities and parents of children with disabilities may qualify for a number of IRS tax credits and benefits. Listed below are several benefits which are available if you or someone else listed on your federal tax return is disabled. Child or Dependent Care Credit - Taxpayers who pay someone to care for their disabled dependent or spouse, regardless of the … [Read more...] about Tax Benefits for Disabled Taxpayers
Business Benefits Abound This Year
There are an abundant number of provisions that provide tax relief to small businesses this year. Just so that you don’t overlook any of these benefits, or in case your business would like to position itself to take advantage of some before the close of the year, here is a brief rundown on many of the business benefits that are available for 2011. Some of these provisions are … [Read more...] about Business Benefits Abound This Year