Congress extends payroll tax cut
In an anticipated move, Congress has approved an extension of the 2% Social Security payroll tax cut through 2012. The provision was set to expire at the end of February, but now wage earners and self-employed households will see this tax saving throughout the year. So what should you do with the estimated average $1,000 tax savings per household in 2012?
Wouldn't it be nice to have a source of nontaxable income? You may be more fortunate than you realize. Listed here are a number of income items that the IRS does not tax.
Common items that are often forgotten
Wondering why your tax return is not finished? Often the delay can come from one or two items that were overlooked and are needed to complete your tax return. Here are some of the most common:
It is tax time again, and we often ask our clients to send us a copy of their QuickBooks file. Some don't know how to accomplish this. As a QuickBooks Pro Advisor, we thought we might share some steps to help.
There are 2 ways to effectlively transfer the QuickBooks (QB) data
- Mail a back up *.qbb file if your tax preparer needs to view and modify your entries.
- Mail a Portable File *.qbm file for the smallest file size results - better for emailing.
Here are the steps for each method - some version may vary slightly... if you have questions, don't hesitate to call us:
The IRS recently announced that it will no longer send you a reminder to repay your First-Time Homebuyer Credit. However there is now an on-line tool to keep you up to date on the status of your repayment.