May 2011 - HBL CPAs

May
30
2011

Tax on Student Summer Jobs

Six Tips for Students with a Summer Job

School’s out and many students now have a summer job. Some students may not realize they have to pay taxes on their summer income. Here are the six things the IRS wants everyone to know about income earned while working a summer job.

1. All employees fill out a W-4, Employee’s Withholding Allowance Certificate, when starting a new job. This form is used by employers to determine the amount of tax that will be withheld from your paycheck.

May
23
2011

Amended Tax Returns

Nine Facts on filing an Amended Return

An amended tax return generally allows you to file again to correct your filing status, your income or to add deductions or credits you may have missed.

Here are nine points the IRS wants you to know about amending your federal income tax return.

1. Use Form 1040X, Amended U.S. Individual Income Tax Return, to file an amended income tax return.

May
16
2011

Tax Records

Tips for Managing Your Tax Records

After you file your taxes, you will have many records that may help document items on your tax return. You will need these documents should the IRS select your return for examination. Here are five tips from the IRS about keeping good records.

1. Normally, tax records should be kept for three years.

2. Some documents –such as records relating to a home purchase or sale,

May
12
2011

Quickbooks Reminders

As a reminder, if you use QuickBooks 2008 or an earlier version and haven’t upgraded yet, Intuit may not be supporting your version any longer. HBL can pass along Pro Advisor discounts to our interested clients. Please call your HBL contact if you would like more information about upgrading or this discount.

May
09
2011

IRS Tax Notice

Eight Things to Know If You Receive an IRS Notice

Each year, the Internal Revenue Service sends millions of letters and notices to taxpayers for a variety of reasons. Here are eight things to know about IRS notices – just in case one shows up in your mailbox.

1. Don’t panic. Many of these letters can be dealt with simply and painlessly.

2. There are a number of reasons why the IRS might send you a notice.

May
02
2011

Gifts

Eight Tips from the IRS to Help you Determine if your Gift is Taxable

If you give someone money or property during your life, you may be subject to the federal gift tax. Most gifts are not subject to the gift tax, but the IRS has put together the following eight tips to help you determine if your gift is taxable.

1. Most gifts are not subject to the gift tax.

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