Welcome to my clients and colleagues. I will be posting articles of tax news and current interest, answers to FATQs (Frequently-Asked Tax Questions), and links to useful public sites. Please contact me by phone or email if you have any questions.
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Please check out this web site sponsored by the American Institute of CPAs - it's called "360 Degrees of Financial Literacy", designed to be a basic financial planning resource for our clients - a good starting point! http://www.360financialliteracy.org/
News:
Enhanced 1099-MISC reporting has been cancelled! Some of it anyway - the good news being that landlords do NOT need to worry about issuing 1099s to their contractors and other service providers in 2011, and I think that the onerous 1099 reporting that was to start in 2012 is also gone. Third party payers like eBay and PayPal will be issuing 1099s starting, I believe, in 2011.
The IRS does NOT communicate with taxpayers via email. If you get email purporting to be from the IRS, it's a scam.
If you reimburse business mileage through your business, the 2011 rate was 51 cents through June 30, and 55.5 cents from July 1 through December 31.
The rate in 2012 will continue at 55.5 cents.
- Guidelines for Records Retention
(12/31/2011) - 2011 Donations Worksheet
Fill-in Excel worksheet with the current Salvation Army donation values for non-monetary donations of used clothing and household items. Self-totaling. (12/12/2011) - Deducting Used Clothing & Household Goods
(02/02/2011) - IMPORTANT! Charitable Donations Update
(01/01/2011) - Charitable Donations Acknowledgement Rules
(01/01/2011) - The 2009/2010 Energy Credit - extended
(12/16/2010) - The Sales Tax Deduction - extended
(12/16/2010) - The Roth-IRA Question
(12/31/2009) - SIPC Insurance for Investment Accounts
(09/17/2008) - Finally - A Discussion About Vehicles - including SUVs
(06/06/2007) - Explaining Estimated Tax Payments
(06/01/2007) - Financial Aid for College
(06/26/2006) - The New Domestic Production Activities Deduction
(11/21/2005) - Deducting Qualified Medical Expenses
(01/01/2004) - Health Savings Accounts (HSA)
(01/01/2004) - Keeping Track of the Cost Basis in Your Home
(01/01/2004) - The S Corporation Issue
(01/01/2004) - My Office
(10/28/2003) - IRS - W-4 withholding online calculator
www.irs.gov (01/01/2003) - IRS - 1040 Central for Individuals
www.irs.gov (01/01/2003) - IRS - Small Business & Self-Employed One-Stop Resource
www.irs.gov (01/01/2003)