2011 - Page 2 of 4

Jul
13
2011

Medical and Dental Expense Tax Deductions

If you itemize your deductions on Form 1040, Schedule A, you may be able to deduct expenses you pay in 2011 for medical care – including dental – for yourself, your spouse, and your dependents. Here are six things the IRS wants you to know about medical and dental expenses and other benefits.

1. You may deduct only the amount by which your total medical care expenses for the year exceed 7.5 percent of your adjusted gross income.

Jul
06
2011

Federal Unemployment Surtax Expires

Temporary 0.2 Percent FUTA Surtax Expires

The 0.2-percent federal unemployment tax act (FUTA) surtax expired after June 30, 2011 (TAXDAY, 2011/06/06, M.2). At this time, it is unclear if Congress will extend the surtax, as it has routinely done in past years.

Prior to July 1, 2011, FUTA was made up of the permanent 6.0-percent rate and the 0.2-percent surtax. Additionally, employers may be eligible for a credit against FUTA tax for amounts paid into state unemployment funds.

Jul
01
2011

Tax Deductible Charitable Contributions

Ten Tips for Taxpayers Making Charitable Donations

Are you planning on making a donation to a charity this year? If so, you may be able to take a deduction for it on your 2011 tax return.

Here are the top 10 things the IRS wants every taxpayer to know before deducting charitable donations.

1. Charitable contributions must be made to qualified organizations to be deductible. You can ask any organization whether it is a qualified organization and most will be able to tell you.

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.

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.