Author's posts
Oct 21
Social Security Tax increase set for 2012
2012 Social Security Wage Base: The social security wage base will increase from $106,800 in 2011 to $110,100 in 2012. As in prior years, there is no limit to the wages subject to the Medicare tax, so all covered wages are subject to the 1.45% tax. The FICA tax rate, which is the combined social …
Jul 06
Summer Day Camp Expenses May Qualify for a Tax Credit
Summer Day Camp Expenses May Qualify for a Tax Credit Along with the lazy, hazy days of summer come some extra expenses, including summer day camp. But, the IRS has some good news for parents: those added expenses may help you qualify for a tax credit. Many parents who work or are looking for work …
Jun 24
IRS Increases Mileage Rate to 55.5 Cents per Mile for second half of 2011
IRS Increases Mileage Rate to 55.5 Cents per Mile IR-2011-69, June 23, 2011 WASHINGTON — The Internal Revenue Service today announced an increase in the optional standard mileage rates for the final six months of 2011. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business and …
Apr 12
Nine Facts on filing an Amended Return
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, …
Mar 10
Get Credit for Making Your Home Energy Efficient or Buying Energy-Efficient Products
IRS Tax Tip 2011-49 Taxpayers who made some energy efficient improvements to their home or purchased energy-efficient products last year may qualify for a tax credit this year. The IRS wants you to know about these six energy-related tax credits created or expanded by the American Recovery and Reinvestment Act of 2009. 1. Residential Energy …
Mar 01
IRS Has $1.1 Billion for People Who Have Not Filed a 2007 Income Tax Return
IRS-2011-21, Feb. 28, 2011 WASHINGTON — Refunds totaling more than $1.1 billion may be waiting for nearly 1.1 million people who did not file a federal income tax return for 2007, the Internal Revenue Service announced today. However, to collect the money, a return for 2007 must be filed with the IRS no later than …
Feb 24
Checking the Status of Your Refund
If you already filed your federal tax return and are due a refund, you have several options to check on your refund. Here are eight things the IRS wants you to know about checking the status of your refund: 1. Online Access to Refund Information Where’s My Refund? or ¿Dónde está mi reembolso? are interactive …
Feb 23
IRA converters must decide: Pay taxes now or later?
Your Money By Sandra Block, USA TODAY Ordinarily, taxpayers who convert a traditional individual retirement account to a Roth IRA must also pay up on Tax Day. In order to shelter future IRA earnings from taxes — the main reason most people convert to a Roth — you must first pay taxes on any pretax …
Feb 22
Get Credit for Your Retirement Savings Contributions
IRS Tax Tip 2011-36 You may be eligible for a tax credit if you make eligible contributions to an employer-sponsored retirement plan or to an individual retirement arrangement. Here are six things the IRS wants you to know about the Savers Credit: 1. Income Limits The Savers Credit, formally known as the Retirement Savings Contributions …
Feb 10
Ten Facts about the Child Tax Credit
Ten Facts about the Child Tax Credit The Child Tax Credit is an important tax credit that may be worth as much as $1,000 per qualifying child depending upon your income. Here are 10 important facts from the IRS about this credit and how it may benefit your family. 1. Amount – With the Child …
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