Taxpayers who claim itemized deductions will be able to file their federal tax returns starting Feb. 14, the IRS said Thursday. While the tax-filing season began on Jan. 4, the IRS announced last year that taxpayers who itemize — which… Read More
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Where To Keep Your Important Financial Records
We all have financial records, whether they’re pay stubs, tax returns, or receipts that we’re using for tax write-offs. Although many of us are now using personal finance software, there still isn’t a one-stop solution to track all your finances…. Read More
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How Long to Keep Tax Records
You can toss some supporting documents, but you’ll need to hang onto others for years. This is a great time of the year to get rid of outdated files and to organize your records in preparation for filing your tax… Read More
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Good News for Millions of Workers in 2011 – 2% decrease in Social Security withholding taxes
Now that 2011 is here, there is a good news for millions of workers in the United States — more money in their paychecks. Thanks to the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, there has… Read More
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IRS Audit Red Flags: The Dirty Dozen
Here are twelve hot spots on your return that can raise the chances of scrutiny by the IRS. Ever wonder why some tax returns are audited by the IRS while most are ignored? Well, there’s a whole host of reasons… Read More
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Taxpayers who itemize have to wait until February to file
IRS Kicks off 2011 Tax Season with certain Taypayers unable to start filing until mid-to-late February summary- Taxpayers who itemize on their federal tax returns will have to wait until at least mid-February to file, the IRS said Thursday. The… Read More
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Rental Property Owners must issue 1099’s for certain 2011 expenses
Update – President Signs Repeal of Expanded 1099 Requirements Part of the recently passed Health Care Act contains a provision which will require rental property owners to start issuing 1099 forms for certain goods and services claimed as rental expenses. Starting… Read More
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IRS 2011 Mileage Rates
The IRS just released the 2011 mileage rates to be used by employees, self-employed individuals and other taxpayers to compute deductible costs of operating an automobile (including vans, pickups and panel trucks) for business, medical, moving and charitable purposes. View… Read More