April 04, 2012
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Contemporaneous tax records: Are you keeping up?
Everybody knows that tax deductions aren’t allowed without proof in the form of documentation. What records are needed to “prove it” to the IRS vary depending upon the type of deduction that you may want to claim. Some documentation cannot be collected “after the fact,” whether it takes place a few months after an expense […]
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How do I? Amend a return
Sometimes in a rush to file your income tax return, you may unintentionally overlook some income that had to be reported, or a deduction that you should or should not have taken. Now what? The solution is usually straightforward: you should file what is called an amended return. Taxable income is measured on an annual […]
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FAQ: What is a disregarded entity?
A disregarded entity refers to a business entity with one owner that is not recognized for tax purposes as an entity separate from its owner. A single-member LLC ( “SMLLC”), for example, is considered to be a disregarded entity. For federal and state tax purposes, the sole member of a SMLLC disregards the separate legal […]
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April 2012 tax compliance calendar
As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important tax reporting and filing data for individuals, businesses and other taxpayers for the month of April 2012. April 4 Employers. Semi-weekly depositors must deposit employment taxes for payroll dates March 28–30. […]
Read more- March 02, 2012
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Payroll tax holiday extended for all of 2012
On February 22, President Obama signed the Middle Class Tax Relief and Job Creation Act of 2012. The new law extends the employee-side payroll tax holiday, giving wage earners and self-employed individuals 12 months of reduced payroll taxes in 2012. 2011 payroll tax holiday Until 2011, the Old-Age, Survivors and Disability Insurance (OASDI) tax rate […]
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