Filed your taxes? Take all your deductions? Want a second look? Not Too Late For Tax Help! Have you filed you taxes for 2011? If not, I can help you. It is not too late. You have until August 15th to file. I am offering a 25% discount off tax preparation. This includes electronic filing…Details
I’ve been preparing taxes professionally for 40 years! If you haven’t filed your taxes yet, I am offering a 25% discount on preparation and e-filing of your taxes. I am able to take your information over the internet, mail or in person. Also, if you have back taxes that need to be filed, I would…Details
I recommend that you adequately maintain and protect you tax records after you file your taxes. You will need the information in case IRS requires documentation and/or substantiation. It is wise to keep your records for at least three years. However, if you have any questionable deductions, I would recommend you keep the records for…Details
Lower rates for long-term capital gains and dividends remain in effect for 2011 and 2012. The rate on long-term capital gains and dividends remains at zero for those taxpayers in the 15% income tax bracket and below; the rate is 15% for taxpayers in the 25% bracket and above. Most taxpayers will use new Form…Details
The alternative motor vehicle credit cannot be claimed for a vehicle bought after 2010, unless it is a new fuel cell motor vehicle.
The 2011 rates carry over from 2010, but the income brackets are higher to account for inflation. The 2011 tax rate schedule can be found on page 273 of IRS Publication 17 (Your Federal Income Tax: Tax Guide 2011 For Individuals.
The amount one can deduct for each exemption has increased from $3,650 to $3,700.
The standard deduction for certain taxpayers who do not itemize their deductions on schedule A of Form 1040 has been increased. The amount of the deduction depends on the taxpayer’s filing status. The standard deduction for most people is $5,800 for single or married filing separately, $11,600 for married filing jointly or for qualifying widow…Details
Qualified self-employed taxpayers and S corporation shareholders can use the self-employed health insurance deduction to reduce income tax liability. The taxpayer must not be eligible to participate in an employer-sponsored health plan, and the insurance plan must be set up under the taxpayer’s business. Premiums paid for health insurance for the taxpayer, spouse and dependents…Details