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...
Inflation adjustments may generate tax savings in 2012
The IRS recently announced that inflation is increasing many dollar
amounts in the Tax Code for 2012. For taxpayers, the
inflation adjustments may help reduce their overall tax liability
in 2012...
Year-end charitable giving can benefit your 2011 tax bottom-line
Charitable contributions traditionally peak at the end of the
year-end. While tax savings may not be your prime motivator for
making a gift to charity, your donation could help your tax
bottom-line fo...
How do I? Avoid pitfalls within a flexible spending account?
Under a flexible spending arrangement (FSA), an amount is credited
to an account that is used to reimburse an employee, generally, for
health care or dependent care expenses. The employer must
maintai...
FAQs: When can I deduct job-hunting expenses?
Job-hunting expenses are generally deductible if you are not
searching for a job in a new field. This can be useful in a tough
job market. It does not matter whether your job hunt is successful,
or wh...
2011 year-end tax planning for individuals in a changing landscape
2011 year end tax planning for individuals lacks some of the drama
of recent years but can be no less rewarding. Last year,
individual taxpayers were facing looming tax increases as the
calendar...
How Do I? Compute a “substantial equal periodic payment”
Taxpayers who wish to withdraw funds from a retirement account such
as an IRA before they reach the age of 59½, can do so
without their distributions becoming subject to the additional 10
perce...
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...
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: Are long-term insurance premiums tax deductible?
Long-term care premiums are deductible up to certain amounts as
itemized medical expense deductions. The amount is based upon your
age. Unfortunately, most taxpayers do not have enough other medical
e...
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