News

Spring is a great time to clean out that growing mountain of financial papers and tax documents that clutters your home and office. Here’s what you need to keep and what you can throw out without fearing the wrath of the IRS. Let’s start with your “safety zone,” the...

It’s April already. Are your taxes done? If not, here’s some last-minute tax advice for you: Don’t Procrastinate Anymore – Resist the temptation to put off your taxes until the very last minute. Our office needs time to prepare your return, and we may need to request certain documents...

April 2 Electronic filing of Forms 1098, 1099, and W-2G – File Forms 1098, 1099, or W-2G with the IRS. This due date applies only if you file electronically (not by magnetic media). Otherwise, see February 28. The due date for giving the recipient these forms will still be...

If you have a qualifying child under the age of 17, you may be able to take the Child Tax Credit. Here’s what you need to know. 1. Amount. With the Child Tax Credit, you may be able to reduce your federal income tax by up to $1,000 for...

Did you know that you may be able to deduct certain taxes on your federal income tax return? You can receive these deductions if you file Form 1040 and itemize deductions on Schedule A. Deductions decrease the amount of income subject to taxation. There are four types of deductible...

If you haven’t contributed funds to an Individual Retirement Arrangement for tax year 2011, or if you’ve put in less than the maximum allowed, you still have time to do so. You can contribute to either a traditional or Roth IRA until the April due date for filing your...

Whether you’re self-employed or an employee, if you use a car for business, you get the benefit of tax deductions. There are two choices for claiming deductions: Deduct the actual business-related costs of gas, oil, lubrication, repairs, tires, supplies, parking, tolls, drivers’ salaries, and depreciation. Use the standard mileage...

Got kids? They may have an impact on your tax situation. Here are the top 8 things to consider if you have children. Dependents: In most cases, a child can be claimed as a dependent in the year they were born. Be sure to let us know if your...

One of the biggest hurdles you’ll face in running your own business is staying on top of your numerous obligations to federal, state, and local tax agencies. Tax codes seem to be in a constant state of flux making the Internal Revenue Code barely understandable to most people. The...

March 12 Employees who work for tips – If you received $20 or more in tips during February, report them to your employer. You can use Form 4070. March 15 Employers– Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in February.Employers – Social Security,...

Review Your Savings Plan Establish or review your savings plan to begin accumulating assets for your life goals. Professional guidance will be helpful in reviewing investment alternatives. Review Your Retirement Plan Establish or review your retirement plan. Explore the availability of deferred compensation programs through your employer, such as...

If you make one resolution about improving your accounting procedures in 2012, it should be this: Make extensive use of the tools that QuickBooks offers for report modification. Comprehensive, meticulously-shaped reports that flow out of your carefully-constructed records and transactions are your reward for pounding on the keys every...