Feb
08
Share From Roth conversions to changes in reporting capital gains and losses, there were a number of tax changes in 2011. Whether you already know about them or simply need a reminder, here’s a look at 10 changes in 2011 that might benefit you, the taxpayer, this tax season. 1. April 17 Tax Deadline: Two [ Read More ]
Feb
08
Share Consumers should protect themselves against online identity theft and other scams that increase during–and after–the filing season. Such scams may appropriate the name, logo, or other appurtenances of the IRS or U.S. Department of the Treasury to mislead taxpayers into believing the communication is legitimate. The Internal Revenue Service receives thousands of reports each [ Read More ]
Feb
07
Share Most people don’t appreciate the full importance of a will, especially if they think their estate is too small to justify the time and expense of preparing one. And even people who recognize the need for a will often don’t have one, perhaps due to procrastination or a disinclination to broach this sensitive subject [ Read More ]
Feb
07
Share Even though each individual tax return is different, some tax rules affect every person who may have to file a federal income tax return. These rules include dependents and exemptions. The IRS has six important facts about dependents and exemptions that will help you file your 2011 tax return. 1. Exemptions reduce your taxable [ Read More ]
Feb
06
Share Many people find preparing their tax return to be stressful and frustrating. But it doesn’t have to be! Here are 7 tips for how to do your taxes without pulling out your hair: Gather your records in advance. Make sure you have all the records you need, including W-2s and 1099s. Don’t forget to [ Read More ]
Feb
06
Share You should receive a Form W-2, Wage and Tax Statement, from each of your employers for use in preparing your federal tax return. Employers must furnish this record of 2011 earnings and withheld taxes no later than January 31, 2012 (if mailed, allow a few days for delivery). If you do not receive your [ Read More ]
Feb
03
Share If you make one resolution about improving your accounting procedures in 2012, it should be this: Make extensive use of the tools that QuickBooks offers for report modification. Comprehensive, meticulously-shaped reports that flow out of your carefully-constructed records and transactions are your reward for pounding on the keys every day, conscientiously recording income and [ Read More ]
Feb
02
Share Review Your Savings Plan Establish or review your savings plan to begin accumulating assets for your life goals. Professional guidance will be helpful in reviewing investment alternatives. Review Your Retirement Plan Establish or review your retirement plan. Explore the availability of deferred compensation programs through your employer, such as 401(k) and 403(b) plans. Begin [ Read More ]
Feb
01
Share February 10 Employers – Federal unemployment tax. File Form 940 for 2011. This due date applies only if you deposited the tax for the year in full and on time. Employers – Social Security, Medicare, and withheld income tax. File Form 941 for the fourth quarter of 2011. This [ Read More ]