01/31/2015 People fear and dread the Internal Revenue Service. Legends (and some are true) abound about what the IRS can do to you – including impounding your money and your stuff and throwing you in jail. Yes, the IRS has a lot of power to make your life miserable, but in my nearly 30 years… Continue Reading
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Category Archives: Tax Dollars
A FEW NEW FORMS FOR 2011
1/15/2012 Do you file your own tax return without the aid and assistance and crying shoulder of a tax professional? Brave soul. I agree with you– it should not be difficult for Americans to file their own returns. Well, no one is listening apparently. Here are three new forms for you to tackle this year… Continue Reading
COUNTDOWN 2011: JUST THE FACTS – MILEAGE, BENEFIT PLANS AND MORE
12/19/2011 STANDARD DEDUCTIONS: 2011 $11,600 2012 $11,900 PERSONAL EXEMPTIONS: 2011 $3,700 2012 $3,800 AUTO STANDARD MILEAGE ALLOWANCES Business 2011 .51 changing to .555 after 6/30/2011 2012 .555 Charitable 2011 .14 2012 .14 Moving/Medical 2011 .19 changing to .235 after 6/30/2011 2012 .23 (down a tad – this is correct) IRA CONTRIBUTION… Continue Reading
COUNTDOWN 2011: DEATH AND TAXES – A FEW CRITICAL CONSIDERATIONS NOW FOR DEATHS THAT OCCURRED IN 2010
12/16/2011 First, a disclaimer – we are not *experts* in estate tax and defer to those who are. We dabble in it simply because death affects our clients and we know just enough to direct them to the proper expert. That said, the years 2010 and 2011 created paradigm shifts – everything you thought you… Continue Reading
COUNTDOWN 2011: 100% BONUS DEPRECIATION EXPIRES – REPLACED BY 50% FOR 2012
12/15/2011 Some tax bills just defy spiffy acronyms. The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (Pub.L. 111-312, 124 Stat. 3296, H.R. 4853) is one of them. TRUIRJCA — nope, that does not roll off the tongue, like say EGTRRA (pronounced EggTra) and JGTRRA (JeggTra). If you think you’ve never heard… Continue Reading
2011 TAX COUNTDOWN: TAX BREAKS THAT EXPIRE ON DECEMBER 31 2011
12/12/2011 It is said that tax law changes on average 23 times a day…at least it SEEMS like it does. Congress passes major legislation, the IRS issues rulings and tweaks what Congress has done, and the courts try to figure it all out. Day in and day out. Excluding Saturdays and Sundays. And a couple… Continue Reading