Archive

26Feb2011

Are You Making a Move?

If your home or business address has changed, make sure that you update this information with the IRS to ensure that you receive any refunds or correspondence from them. Since the IRS meets its notice requirements by sending notices to your last known address, it is not an excuse that you did not receive the
  • 26 Feb, 2011
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23Feb2011

If you paid someone to care for a child under age 13, or a qualifying spouse or dependent to allow you to work or look for work, you may be able to reduce your tax by claiming the Child and Dependent Care Credit on your federal income tax return. To qualify, your spouse, children over
  • 23 Feb, 2011
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20Feb2011

Important Facts about Dependents and Exemptions

Some tax rules affect every person who may have to file a federal income tax return; these rules include dependents and exemptions. Here are some important facts you need to know that are related to dependents and to claiming exemptions on your tax return. Exemptions reduce your taxable income – There are two types of
  • 20 Feb, 2011
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17Feb2011

Small Business Expenses 101

For small business owners, tax breaks often come in the form of tax deductions – which can offer a nice little instant cash savings – if you know how to navigate tax law and claim the deductions you deserve (not what you believe you are entitled to). Large tax deductions are a notorious red flag
  • 17 Feb, 2011
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14Feb2011

Are You Supporting Your Parents?

If you are helping support your parents, you may qualify to claim a tax benefit if you are providing over half of your parents’ support. But you may be having difficulty showing over half of the support for both parents, thus failing to qualify for the dependency exemptions (and for the beneficial head of household
  • 14 Feb, 2011
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11Feb2011

Do You Have to File a Tax Return?

Not all individuals are required to file tax returns. If your income is less than the sum of your standard deduction and personal exemptions, you are generally not required to file a tax return. There are, however, circumstances where you may have to file anyway based on certain types of income or special circumstances. Even
  • 11 Feb, 2011
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08Feb2011

Do Not Mix Your Business and Personal Bank Accounts!

Whether you are working on your business part-time, operating as a sole proprietor, or starting a business with a more formal structure (such as a partnership or corporation) – it’s vital that you keep your business banking separate from your personal finances. Keeping the two separate not only provides your business with credibility, it reduces
  • 8 Feb, 2011
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05Feb2011

Does Your Paycheck Seem a Little Larger?

That is the result of a new stimulus provision included in tax legislation passed late in December last year that takes the place of the Making Work Pay credit that expired at the end of 2010. This new provision reduces employees’ Social Security (OASDI) payroll tax withholding by a full 2 percentage points from 6.2
  • 5 Feb, 2011
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02Feb2011

Revising Your W-4? Seek Professional Advice.

Around the beginning of the year, employers typically ask their employees to provide new W-4s. You may have already done that. If you have updated your W-4 recently and did so without knowledge of the consequences, it may be appropriate to revisit the issue and have this office assist you in completing an appropriate W-4
  • 2 Feb, 2011
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