Early planning can make 2012 filing season easier
The new year brings a new tax filing season. Mid-April may seem
like a long time away in January but it is important to start
preparing now for filing your 2011 federal income tax return.
The IR...
Looking back: Top 10 federal tax developments of 2011
Looking back over 2011, the IRS, Congress and the courts made many
tax decisions impacting taxpayers of all types. Some tax
developments were taxpayer-friendly; others imposed new
requirements on taxp...
How do I...Claim a charitable contribution of property?
Claiming a charitable deduction for a cash contribution is
straightforward. The taxpayer claims the amount paid, whether by
cash, check, credit card or some other method, if the proper
records are mai...
January 2012 tax compliance calendar
As an individual or business, it is your responsibility to be aware
of and to meet your tax filing/reporting deadlines. This calendar
summarizes important tax reporting and filing data for
individuals...
Scope of information reporting continues to expand
Information reporting continues to expand as Congress seeks to
close the tax gap: the estimated $350 billion difference between
what taxpayers owe and what they pay. Despite the recent rollback
of exp...
FAQ: What is a limited liability company?
A limited liability company (LLC) is a business entity created
under state law. Every state and the District of Columbia have LLC
statutes that govern the formation and operation of LLCs....
Estimated tax: Getting it right
Estimated tax is used to pay tax on income that is not subject to
withholding or if not enough tax is being withheld from a person's
salary, pension or other income. Income not subject to withho...
IRS issues 2011 vehicle depreciation dollar limits
The IRS has issued the limitations on depreciation deductions for
owners of passenger automobiles, trucks and vans first "placed in
service" (i.e. used) during the 2011 calendar year. The IRS al...
How Do I? Make an in-plan Roth IRA rollover?
In-plan Roth IRA rollovers are a relatively new creation, and as a
result many individuals are not aware of the rules. The Small
Business Jobs Act of 2010 made it possible for participants in
40...
FAQ: What are my chances of being audited?
Often, timing is everything or so the adage goes. From medicine to
sports and cooking, timing can make all the difference in the
outcome. What about with taxes? What are your chances of being
au...
The small employer health insurance premium credit
Under the Patient Protection and Affordable Care Act (PPACA)
enacted in March 2010, small employers may be eligible to claim a
tax credit of 35 percent of qualified health insurance premium
costs p...
FAQ: What are the rules for claiming dependents?
The tax rules surrounding the dependency exemption deduction on a
federal income tax return can be complicated, with many
requirements involving who qualifies for the deduction and who
qualifies to...
How Do I? Correct a mistake on a tax return I've already filed?
Have you already mailed (on paper or electronically) your Form 1040
for the 2010 tax year but only now noticed you made an error when
preparing the return? If you need to correct a mistake on your ...
Tax law changes for 2011 impact individuals and businesses
Legislation enacted during the past few years, including the Small
Business Jobs Act of 2010 and the more recently enacted Tax Relief,
Unemployment Insurance Reauthorization, and Job Creation Act of
2...
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