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The federal income tax returns are normally due on April 15th. This year, the 15th falls on a Sunday, so the due date should be Monday the 15th. However, Monday the 16th is Emancipation Day so the due date is Tuesday 17th. Some people aren't prepared to file. Others may be waiting for Form K-1's from their investments. Either way, if the return is not filed on … Continue reading »
Do you file a Schedule C, Profit or Loss From Business or Schedule E, Supplemental Income or Loss (From Real Estate or Partnerships)? If so, you will notice there are 2 simple questions that have been added to these forms. They are:
“Did you make any payments that would require you to file Form(s) 1099?”
“If “Yes,” did you or will you file … Continue reading »
Congress recently passed and the President signed the Temporary Payroll Tax Cut Continuation Act of 2011. This act temporarily extends the two percentage point payroll tax cut for employees by continuing the reduction of their Social Security tax withholding rate from 6.2 percent to 4.2 percent of wages paid through February 29, 2012.
Here are 4 ways to Help Your CPA and Reduce Your Taxes:
1) Have a Year End Planning Meeting with Your CPA
This meeting can be in person or over the phone, it really doesn't matter. The only thing that matters is that it happens. Most individual income taxpayers are on the cash basis. This means, with some limited exceptions, for a taxpayer to take advantage of … Continue reading »
Recently in baseball, a Yankee fan caught Derek Jeter’s 3,000th hit ball and now he may have to pay the Internal Revenue Service (“IRS”) tax money on the few gifts the Yankees gave him. These items included tickets, signed bats, baseballs, and three signed jerseys. The tax bill may be as high as $13,000!