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You should receive a Form W-2, Wage and Tax Statement, from each of your employers for use in preparing your federal tax return. Employers must furnish this record of 2011 earnings and withheld taxes no later than January 31, 2012 (if mailed, allow a few days for delivery). If...

Even though each individual tax return is different, some tax rules affect every person who may have to file a federal income tax return. These rules include dependents and exemptions. The IRS has six important facts about dependents and exemptions that will help you file your 2011 tax return....

Many people find preparing their tax return to be stressful and frustrating. But it doesn’t have to be! Here are 7 tips for how to do your taxes without pulling out your hair: Gather your records in advance. Make sure you have all the records you need, including W-2s...

From Roth conversions to changes in reporting capital gains and losses, there were a number of tax changes in 2011. Whether you already know about them or simply need a reminder, here’s a look at 10 changes in 2011 that might benefit you, the taxpayer, this tax season. 1....

Consumers should protect themselves against online identity theft and other scams that increase during–and after–the filing season. Such scams may appropriate the name, logo, or other appurtenances of the IRS or U.S. Department of the Treasury to mislead taxpayers into believing the communication is legitimate. The Internal Revenue Service...

February 10 Employers – Federal unemployment tax. File Form 940 for 2011. This due date applies only if you deposited the tax for the year in full and on time.Employers – Social Security, Medicare, and withheld income tax. File Form 941 for the fourth quarter of 2011. This due date applies...

  January 10 Employees – who work for tips. If you received $20 or more in tips during December, report them to your employer. You can use Form 4070, Employee’s Report of Tips to Employer. January 17 Employers – Social Security, Medicare, and withheld income tax. If the monthly deposit rule...

Whether a dependent has to file a return generally depends on the amount of the dependent’s earned and unearned income and whether the dependent is married, is age 65 or older, or is blind. Note: A dependent may have to file a return even if his or her income is...

The New Year has arrived, which means . . . it’s tax time! This year, do you want your refund faster? Have it deposited directly into your bank account. More taxpayers are choosing direct deposit as the way to receive their federal tax refunds. More than 78.4 million people...

Beginning January 1, 2012, the standard mileage rates for the use of a car (also vans, pickups, or panel trucks) became: 55.5 cents per mile for business miles driven 23 cents per mile driven for medical or moving purposes 14 cents per mile driven in service of charitable organizations...

In 2012, personal exemptions and standard deductions will rise and tax brackets will widen due to inflation. By law, the dollar amounts for a variety of tax provisions, affecting virtually every taxpayer, must be revised each year to keep pace with inflation. New dollar amounts affecting 2012 returns, filed...

With the current economic conditions, the collection of accounts receivables is becoming more and more of a challenge. Strengthening your collection procedures may allow you to improve collection rates and shorten the aging days of your accounts receivables. The following suggestions will help your business improve its cash flow...