When was the last time you checked your beneficiary designations for your retirement accounts that were established years ago?  Beneficiaries are the individuals or entities (such as a charity) that you name to receive these assets upon your death.  You may find that your designated beneficiary is not who or what you think it should be, especially if you have divorced, remarried or had children since your retirement plan account was established. more…

This is a big issue with the IRS and closely held C corporations right now.  The focus is whether or not the owners-employees, as well as family members, are reducing their profits through large salaries and bonuses. more…

The statute of limitations limits the time during which an action can be brought by the IRS for an audit and the time for IRS tax collection activities.  Generally, there is a 3-year period for the IRS to give you a refund, three years to audit your tax return, and ten years to collect any tax due. more…

According to the Tax Foundation, Tax Freedom Day this year is April 12, 2011.  This is the day you stop working for the government and start working for yourself. This includes federal, state and local taxes. Unfortunately this is three days more than it was last year.

According to the Tax Foundation, "Americans will pay more in taxes in 2011 than they will spend on groceries, clothing and shelter." That's amazing.   more…

It’s that time of year again….time to file your income tax return.

What if you can’t get it done or don’t have all of your material to prepare it?

File for an extension.

To file an extension, complete Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return.  This must be completed and filed by the due date, April 18, 2011. The extension is granted automatically if it is filed completely and on time.  The extension is for six months and allows for the returns to filed up until October 17, 2011. more…