Prior to adjourning for the Holidays a spending package was signed into law by President Obama. Key among these provisions are two changes that will impact a number of Americans:
| 1. | Temporary extension of the employee payroll tax break. The employee portion of Social Security will remain at 4.2% versus the normal 6.2% for two months through February 29th, 2012. |
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Dec
23
If you were married, divorced, or changed your name for any reason during the past year, do not forget to file to change your name prior to preparing your 2011 tax return. The IRS automatically conducts a name match on the first few letters of your last name. If the name on your tax return does not match the name on file at the Social Security Administration for your social security number, here's what could happen;
14464 Hits
Dec
12
2012 Standard Mileage Rates (IR-2011-116, Notice 2012-1)(Dec. 12, 2011)
The IRS has released the 2012 optional standard mileage rates that employees, self-employed individuals, and other taxpayers can use to compute deductible costs of operating automobiles (including vans, pickups and panel trucks) for business, medical, moving and charitable purposes. The 2012 standard mileage rate remains at 55.5 cents per mile for business uses, is reduced to 23 cents per mile for medical and moving uses, and remains at 14 cents per mile for charitable uses. For purposes of computing the allowance under an FAVR plan, the standard automobile cost may not exceed $28,200 ($29,300 for trucks and vans). The updated rates are effective for deductible transportation expenses paid or incurred on or after January 1, 2012, and for mileage allowances or reimbursements paid to, or transportation expenses paid or incurred by, an employee or a charitable volunteer on or after January 1, 2012.
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Dec
09
Action you can take before time runs out
Here are a five last-minute tax saving ideas. But act soon, the tax year is quickly nearing an end.
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Dec
02
What you need to think about now
Currently ordinary dividends are taxed at a maximum rate of 15%. The tax provision that set this lower rate is NOT a permanent part of the tax code. As such, unless Congress acts, starting in 2013 Dividends will once again be taxed as ordinary income, or as much as 39.6%. So what should you think about throughout 2012?
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