June 2011 - HBL CPAs

Jun
24
2011

Auto Milage Rates

The IRS has updated the optional standard mileage rates for computing the deductible costs of operating an automobile for business, medical or moving expense purposes and for determining the reimbursed amount of these expenses that is deemed substantiated. This modification results from recent increases in the price of fuel.

Effective July 1, 2011, the revised standard mileage rates are:

55.5 cents per mile for business use of an automobile

23.5 cents for use of an automobile as a medical or moving expense

The use of an automobile as a charitable contribution is fixed by statute and remains 14 cents

Let HBL be your Tucson CPA firm,

Jun
23
2011

Foreign Financial Account Reporting

As a reminder, on or before June 30, 2011, any U.S. person with a financial interest in or signature authority over foreign financial accounts generally must file Form TD F 90-22.1, “Report of Foreign Bank and Financial Accounts” (FBAR) if, at any point during the 2010 calendar year, the aggregate value of the accounts exceeds $10,000. The June 30, 2011 deadline is when the Form TD F 90-22.1 is received, not when mailed.

Let HBL be your Tucson CPA firm,

Jun
20
2011

Tax Classification of Employee vs Independent Contractor

Employee vs. Independent Contractor – Seven Tips for Business Owners

As a small business owner you may hire people as independent contractors or as employees. There are rules that will help you determine how to classify the people you hire. This will affect how much you pay in taxes, whether you need to withhold from your workers paychecks and what tax documents you need to file.

Here are seven things every business owner should know about hiring people as independent contractors versus hiring them as employees.

Jun
14
2011

If You Owe Money to the IRS

Nine Tips for Taxpayers Who Owe Money to the IRS

Did you end up owing taxes this year? The vast majority of Americans get a tax refund from the IRS each spring, but those who receive a bill may not know that the IRS has a number of ways for people to pay. Here are nine tips for taxpayers who owe money to the IRS.

1. If you get a bill this summer for late taxes,

Jun
10
2011

2nd Quarter Estimated Tax Payments Due

As a reminder 2nd quarter estimated tax voucher payments are due on Wednesday, June 15.

If you have any questions regarding these payments, please feel free to call our office.

Jun
06
2011

Starting a New Business

Six Tax Tips for New Business Owners

Are you opening a new business this summer? The IRS has many resources available for individuals that are opening a new business. Here are six tax tips the IRS wants new business owners to know.

1. First, you must decide what type of business entity you are going to establish. The type of business entity will determine which tax form you have to file.