Major Tax Deadlines for December 2011
* December 15 - Fourth estimated tax payment for 2011 is due for calendar-year corporations.<
New law signed by President Obama
On November 21, 2011, President Obama signed the "Three Percent Withholding Repeal and Job Creation Act" into law.
Tax-cutting time is running out
Want to lower your 2011 tax bill? The time for action is running out, so consider these tax-savers now.<
IRS issues guidance on cell phone use by employees
Previously, the "Small Business Jobs Act of 2010" eliminated strict substantiation requirements for business use of employer-provided cell phones.
Don't let "sunk costs" lead to poor decisions
Emotions add zest to life.
Do your annual review of beneficiary choices
Are your beneficiary designations up to date? Do you even know which accounts have beneficiaries and who you've designated? It's easy to lose track.
Protect your family from these investment scams
News of yet another investment scam is alarming enough, but when the victim is elderly, the crime seems especially offensive.
Major Tax Deadlines for November 2011
During November: It's wise to estimate your 2011 income tax liability and review your options for minimizing your 2011 taxes.
IRS expands innocent spouse relief
If you file a joint income tax return with your spouse, you are considered "jointly and severally" liable for the payment of all taxes owed.
What you should know about the sales tax deduction
The sales tax deduction is available for 2011 tax returns.
New worker classification program announced by IRS
Companies that have worker classification issues are being offered a settlement program by the IRS.
Make the right pricing decision
In business, making pricing decisions is always tough - and even more so when the economy is slow and sales are slipping.
Debt and needy children cloud financial picture for retirees
Recent research reveals that Americans are finding it hard to retire in financial comfort, thanks to too much debt and adult children needing financial assistance.<
A critical estate planning decision
An executor is the person or legal entity that you appoint in your will to settle your estate after your death.
Major Tax Deadlines for October 2011
* October 3 - Generally, the deadline for self-employeds and small businesses to establish a SIMPLE retirement plan for 2011.
Take a Break - Some Tax Facts
Some tax facts from National Taxpayer Advocate Nina Olson's annual report to Congress.<
Take advantage of expiring tax breaks
A number of tax breaks are due to expire at the end of this year.
Consider making gifts before year-end
A lifetime gifting program might trim both your estate and income taxes.
Two surveys reveal workplace information
Two recent surveys reveal some interesting things about what's important to employees and employers.<
Census Bureau statistics show income decline
The annual report from the Census Bureau shows that median household income dropped 2.3
Take advantage of the tax-free IRA charitable rollover
The "Tax Relief Act of 2010" extended the provision that allows taxpayers age 70½ or older to make charitable donations of up to $100,000 directly from their regular or Roth IRAs.
Major Tax Deadlines for September 2011
* September 15 - Due date for individuals to pay third quarter installment of 2011 estimated tax.<
Use adjusted numbers in your long-range planning
As you start to look ahead in your tax planning, here are some adjusted tax numbers you will find useful.<
Take a refresher course on saving for college the tax-smart way
With tuition costs climbing ever higher, setting aside funds for college can be a formidable task.
Small Business Alert! Hackers target small companies
If you think your business computers are safe from hacking attacks because your company is too small to appeal to hackers, think again.
IRS explains the new bonus depreciation rules
Under the "Tax Relief Act of 2010," you may be able to write off the entire cost of business property placed in service this year, thanks to 100% "bonus depreciation.&
How grandparents can help with college costs
Are you a grandparent wanting to fund your grandchild's education? You'll find several ways to do this, each with its own limitations and tax consequences.<
Major Tax Deadlines for August 2011
* August 1 - Due date for filing retirement or employee benefit plan returns (5500 series) for plans on a calendar year.<
Animal-rescue volunteers win tax deduction case
If you provide care for stray or feral animals in your home for an IRS-approved charity, you may be able to take a tax deduction for your out-of-pocket expenses.
Heed the rules for deducting charitable contributions
Sticking to the rules when making charitable contributions can save tax dollars.<
Should you "ROBS" your 401(k) to start a new business?
ROBS is an acronym for a relatively new financing arrangement known as a "rollover as business startup" being touted on the Internet and arranged by some investment firms.<
A critical business question: Should you incorporate or not?
One of the first decisions you face as a new business owner is whether or not to incorporate the business.
401(k)s are making a comeback
Savings in 401(k) plans are increasing, a welcome bit of news after the big hit plans took in the recent economic downturn.<
Financial mistakes you should avoid
We all make mistakes in managing our finances, but some mistakes are worse than others.
Major Tax Deadlines For July and August 2011
* August 1 - Due date for filing retirement or employee benefit plan returns (5500 series) for plans on a calendar year.
IRS increases mileage rates
The IRS has increased the standard mileage rates to be used for computing the deductible costs of operating a vehicle for business or for driving for medical or moving reasons.
Tax tips for your vacation home
Planning to rent out your vacation getaway? When it comes to taking advantage of the tax benefits, timing is an important factor.&
Who pays taxes?
A recent congressional study revealed that 51% of U.S
Watch out for e-mail and phone scams
IRS is warning taxpayers not to respond to e-mails and phone calls they may receive which claim to come from the IRS or another federal agency.
Consider the time value of money in making financial decisions
Suppose you're selling a piece of property worth $400,000.
Take a Break: Wedding Bells are Pricey
June is the month for weddings.
Major Tax Deadlines For June 2011
* June 15 - Second quarter 2011 individual estimated tax is due.<
Tax breaks can help when disaster strikes
Recent events here and abroad are reminders that disasters can occur at any time - often with staggering human and financial costs.
Make summertime tax-saving time
Summertime fun can be made even more enjoyable by adding tax savings.
Small companies get additional time for reporting benefits
The IRS has just announced that small companies will get an additional year before being required to report the value of employee health benefits on their employees' W-2 forms.<
Why it's important to keep an eye on your company's cash
Do you regularly monitor your company's cash accounts? You should.
Unemployment benefits: Are they taxable?
Unemployment compensation can provide a welcome buffer while you're transitioning to a new job.
New job? What to do with your 401(k) plan
Changing jobs can be a stressful event.
"Tax Freedom Day" came later this year
"Tax Freedom Day" fell on April 12 in 2011, three days later than in 2010.
Major Tax Deadlines for May 2011
v>* May 16 - Deadline for calendar-year exempt organizations to file 2010 information returns.<
IRS increases dollar threshold for tax liens
The IRS recently announced that it will moderate its use of tax liens to collect back taxes.
Nonprofit organizations may have tax obligations
If you're an officer or on the board of a community organization, you may wonder about the tax requirements that apply to your group.
New law repeals expanded 1099 reporting rules
On April 14, 2011, President Obama signed legislation - the "Comprehensive 1099 Taxpayer Protection and Replacement of Exchange Subsidy Overpayments Act of 2011" - repealing expanded reporting rules for businesses and landlords that had been created by laws passed in 2010.<
Check out disability-related tax breaks
A variety of tax breaks are available to help disabled taxpayers cope with the financial burdens of disability.
It's not too late to convert to a Roth IRA
If you procrastinated on converting your regular IRA to a Roth last year, you can still do so in 2011.
What you need to know about private mortgage insurance
If you're in the market for a home, you've probably heard of private mortgage insurance or PMI.
Major Tax Deadlines for April 2011
* April 18 - Individual income tax returns for 2010 are due.<
Get an extension if you can't file on time
April 18 is the due date for filing your 2010 tax return.
Check your withholding and estimated tax payments for 2011
If you expect a large tax refund this year, or if you've already received one, chances are you're happy.
Businesses report increased productivity
Forced to become leaner during the latest recession, American businesses are apparently doing more with fewer workers.
Make your business plan realistic and useful
Many prospective entrepreneurs regard business plans as annoying academic exercises, useful only to provide file stuffing for potential lenders or investors.
Survey paints gloomy retirement picture
Workers today express less optimism about their retirement prospects than they have in past decades.
Do a reality check before retiring
If you are approaching retirement, it's a good idea to review your finances and develop a strategy for your final working years.
Major Tax Deadlines For March 2011
v>* March 1 - Farmers and fishermen who did not make 2010 estimated tax payments must file 2010 tax returns and pay taxes in full.<
IRS changes filing deadline
This year the deadline for filing various tax returns normally due on April 15 is being changed to April 18, 2011.
A new baby can bring a lower tax bill
If you had a baby in 2010, or you're planning on having one in 2011, you are not only getting a little bundle of joy, but you're also getting a significant tax deduction.
Cash in on the new business rules
Get an early start to maximize the new tax breaks for your business.
Make your S corporation election by March 15
If you own a small business corporation that operates on the calendar-year, you have until March 15, 2011, to choose S corporation status for this year.
Early investment planning can save taxes
Capital gain rates will remain at a maximum of 15% (and a minimum of 0%) through December 31, 2012.
Are you saving enough? Here's how to get your savings program on track
With the economic downturn still fresh in the minds of most Americans, you'd think rates of saving would be climbing through the roof.
Major Tax Deadlines for February 2011
* February 15 - Deadline for brokers to provide Forms 1099-B and 1099-S to customers.<
What's Your Status?
While gathering information to complete your income tax return, you may give little thought to your filing status.
More Savings Bond Options for Your Tax Refund
Last year, you could use your tax refund to purchase U.S
Give your business a competitive edge
It's a fact.
IRS Announces Two Changes to Tax Requirements
The IRS has announced changes to federal tax deposit rules and nonprofit filing requirements.<
Time Your IRA Contributions for Maximum Growth
The tax rules give you a period of 15½ months to make contributions to an IRA for any given year.
Talk finances with your elderly parents
One day you may find yourself taking care of an elderly parent who is in declining physical or mental health.
Major Tax Deadlines For January 2011
* January 18 - Final 2010 individual estimated tax payment is due, unless 2010 tax return is filed and taxes are paid in full by January 31, 2011.<
Congress extends Bush-era tax cuts for two years
v>After weeks of wrangling over the details, both the Senate and the House passed a bill that will extend the tax rates in effect in 2010 for another two years.
Do you owe the "nanny tax"?
You might owe the "nanny tax," and if you overlook it, you could be hit with additional interest and penalties.<
New law includes business provisions
v>The "2010 Tax Relief Act" includes several provisions that will affect businesses.
Reducing business overhead: How to fight the battle of the bulge
You may not realize this, but one of the best opportunities to increase your business's bottom line can be found by reviewing its overhead.
New law sets estate tax rates and exemptions
The 2001 tax law eliminated the estate tax for 2010.
Where you hold an investment matters
You'll probably be doing a 2011 review of your investment portfolio for tax and rebalancing purposes.