This topic may not be at the top of your list as tax season approaches, but it’s too important not to think about it. This is a great opportunity as you meet with clients to provide some long-term planning advice that is also tax-related.
Want to improve your operating efficiency for this coming tax season? Here are two great tips you can easily implement in your practice:
The IRS recently released the 2012 mileage rates. The business rate remained unchanged, and the medical/moving and charity rates were reduced by 0.5 cents. The rates are as follows:
Well, Congress finally got into the giving spirit of the holidays and passed a bill that President Obama signed last week to temporarily extend the FICA tax holiday for the first two months of 2012. The Social Security rate will remain at 4.2% through the end of February for employees only. The tax rate for [...]
Make sure you renew your PTIN by 12/31/11 for the 2012 tax season. The renewal is a fast and easy 10-minute process online. Use the following link to access the IRS PTIN site: http://www.irs.gov/taxpros/article/0,,id=210909,00.html?portlet=104
Signed into law by President Obama on 11/21/11 This bill repealed the 3% federal withholding requirement for taxpayers who receive payments of $10,000 or more from federal, state, or local contractors that was to take effect in 2013.
1099-Ks The reporting requirement for 2011 tax returns has been repealed. The forms will still be issued to taxpayers, but the IRS has inserted a new line that says to enter $0 on Line 1a of Schedule C as well as the applicable business forms
There are two big mistakes people make when retiring before their full retirement age: they do not take medical costs or coverage into account and they do not consider the lifetime benefit reduction they are locking in for the rest of their lives.
Read more: http://www.foxbusiness.com/personal-finance/2011/06/17/most-common-social-security-retirement-mistakes/#ixzz1PXVTIQ9Z
Illinois Governor Pat Quinn today signed into law the Internet sales tax, or “Amazon” tax. Like other states before Illinois, many sizable businesses have dreaded such a move ever taking place. In fact, two prominent Illinois Internet businesses previously made threats to leave the state if the law were enacted.
Form 1040: New mileage rates Capital gains – tax rates remain at 2010 levels Dividends tax continues at capital gains rates
