Posts Tagged ‘tax return’
Refund Delays?
Why is it taking so long to get my Tax Refund??? Your IRS refunds are going to be delayed by an extra week this year. The culprits are the fraudulent tax returns and the modernized E-File system initiated by the IRS in 2009 Fraudulent Tax Return filing has been on the rise [Read More]
Will YOU Get Audited in 2012?
The probability of being selected by the IRS for a federal income tax audit this year is going up. Overall audit rates for 2010 were 7.4%. This meant 7 out of 100 tax returns were picked for audit. At the recommendation of the Treasury Department the IRS is updating their [Read More]
IRS Announces a Medical & Moving Mileage Rate Increase for 2011!
The Internal Revenue Service announced an increase in the optional standard mileage rates for the final six months of 2011. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business purposes. In recognition of [Read More]
IRS News: Some Taxpayers Will Have to Wait to File Their Taxes
As a result of the December 17, 2010 tax law changes, the Internal Revenue Service announced on December 23, 2010 that the upcoming tax season will start on time for most people, but taxpayers affected by three recently reinstated deductions need to wait until mid- to late [Read More]
Adoption: Good for the Heart, Soul and Tax Returns?
Recently I was talking to one of my regular clients and discovered he and his wife are in the process of adopting a child. While they are very excited new parents to be, being a tax accountant, I’m pretty excited too since this gives them a whole new credit to apply to [Read More]
Ignorance Is Not Bliss: What Tax Records Businesses Need to Keep
Last week we went over the individual tax payer’s record keeping requirements, this week I want to discuss what business owners should be holding onto and for how long. Obviously businesses have a more extensive list of record keeping requirements than individual do [Read More]
5 Ways Tax Planning Can Help the Average Joe
Many people don’t think they make enough to worry about tax planning, but what they don’t realize is no matter what your income level, tax planning can help you make adjustments that will significantly reduce your tax liability. [Read More]
Bad Debts Gone Wild: Part II, Consumer Debt
Earlier we discussed the tax implications of discharged debt and that the tax code, at face value, considers discharged bad debt (absent of any special exceptions) as taxable income. But of course, nothing is as simple as that in the world of Federal tax laws, so let’s [Read More]
1099-C & 1099-A: Bad Debts Gone Wild – Part I
The bleak economic environment over the past couple of years has resulted in a wave of credit defaults & foreclosures striking many individuals and small companies. In addition to dealing with stress and damaged credit scores, there is something even more sinister lurking [Read More]
New to Self-Employment Business Orientation: How to Avoid Tax Problems & Pave the Way to Success
Today people have more choices than ever before when it comes to making a living. Even those who keep their regular full time positions as employees are taking on side work as independent contractors and some are choosing to make the leap to full time self employment or [Read More]
