IRS

2011 Business and Corporate Tax Rates with Small Business Jobs Act Tax Changes

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With the passing of the Bush-era tax cuts and small business jobs act tax provisions, a number of tax laws will come into effect this year. Here is a summary of the key tax changes and how your business and personal income taxes could be affected. 2011 Tax Rates The 2011 corporate tax rates are [...]

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Rental Property Tax Changes (Form 1099) and Foriegn Bank Accounts and Assets Disclosure Requirements

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Two new tax changes were implemented in recent legislation that may affect a number of tax payers filing 2010 returns in 2011. One affects landlords who now need to disclose all payments made above $600. The other affects people with certain assets outside the US, who now have to formally disclose foreign holdings (like bank [...]

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2011 Tax Brackets – Updated IRS Federal Income Tax Tables and Income Thresholds

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The IRS has released its 2011 Tax Rates and Income thresholds following approval of the Bush-Era Tax Cuts. The latest 2011 IRS federal tax table is shown below with the following key tax changes: – Personal exemptions and standard deductions will rise and tax brackets will widen due to inflation adjustments related to provisions that [...]

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Understanding Your W2 Employer-Employee Reporting Form For 2010 Taxes Filed in 2011

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The IRS has just released the 2011 W2 Form which employers use to report employee wages, bonuses and other benefits received during the year; along with taxes (federal, state, medicare and social) that were withheld. It also shows voluntary pre and post tax contributions made to your 401K and company health programs. W2 Changes in 2011 [...]

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How Your Financial Life Will Change After Marriage – 7 Important Money Matters to Consider

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So you’re getting married? Congratulations! Decisions about churches, colors, the bridal party, and which family/friends to invite often become choices that take center stage but there are other, less glamorous considerations that have a much longer lasting impact. Those considerations involve financial matters. While the most common subject of marital conflict is money, premarital counseling [...]

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Updates: Claiming Home Buyer Credit Extension, Small Business Loans and Tax Breaks Plus $250 SSI Payment

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I wanted to provide a few updates on some of the more popular topics on this site given recent developments. You can click on the topic header to get more details. Home Buyer Tax Credit Extension (again) and Claiming It : One of the most popular topics on this site, the many articles I have [...]

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2011 Tax Brackets, Rates and Federal Taxable Income Thresholds. Standard Deduction and Exemption Increase

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President Obama and Congress have approved a two year extension to all the Bush-era tax cuts. This means that the 2011 Federal IRS tax rates will be the same as 2010 rates, shown in the table below. However tax bracket ranges and standard deduction levels have increased slightly. A rise in tax rates would have cut the [...]

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IRS Audit Triggers and Red Flags for Tax Returns Including How to Avoid Getting Audited

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Marketwatch brings us an interesting article on the chances and factors of an IRS audit. Most tax payers, including myself, share the same dread of getting audited by the IRS, but in reality the chances of facing an IRS audit aren’t all that high. In fiscal year 2008, the IRS audited 1% of the more [...]

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2010 HIRE Act – Small Business Health Care Tax Credit, Payroll Tax Incentive and Business Credit For Employers Hiring and Retaining Unemployed Workers

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[Updated with New IRS provisions] The IRS has released more details on tax-saving opportunities included in recently enacted HIRE act federal legislation (see details in previous update below). A variety of business tax deductions and credits were created, extended and expanded by the American Recovery and Reinvestment Act of 2009 (ARRA), this year’s Hiring Incentives [...]

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2012 Earned Income (EITC) and Child Tax Credit – Qualification and Income Limits

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[2012 update] The IRS has officially released 2012 tax details and here are the changes to the Earned Income and Child Tax Credits: – The 2012 Child Tax Credit (CTC) will remain at $3,000, thanks to provisions in the bush-era tax cuts extension. This extension will ensure an ongoing tax cut to 10.5 million lower [...]

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