Archive for May, 2011

Cost Segregation

WHAT IS COST SEGREGATION? Cost Segregation is a strategic tax savings tool that allows companies and individuals, who have constructed, purchased, expanded, or remodeled any kind of real estate to increase cash flow by accelerating depreciation deductions and deferring federal and state income taxes.In general, it is easy to identify furniture, fixtures, and equipment (FF&E) […]

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Don’t Fall Prey to the 2011 Dirty Dozen Tax Scams

IR-2011-39, April 7, 2011 WASHINGTON –– Hiding income in offshore accounts, identity theft, return preparer fraud, and filing false or misleading tax forms top the annual list of “dirty dozen” tax scams in 2011, the Internal Revenue Service announced today. “The Dirty Dozen represents the worst of the worst tax scams,” IRS Commissioner Doug Shulman […]

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SE Health Insurance Deduction and Medicare B

From: TaxHelp@hal1.ausc.irs.gov Sent: Friday, February 04, 2011 12:31 PM  To: Tim Hilger Subject: IRS Email Tax Law Assistance NOTE: Thank you for your inquiry. Our response to your tax law question appears below. I hope this information has been helpful. If you have a follow‐up question or another general tax law question, please return to […]

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President Obama request $ 13.3 billion to fund IRS in FY 2012

President Obama request $ 13.3 billion to fund IRS in FY 2012 [Fact Sheet 2011-9, February 2011]:  The Obama administration in its fiscal year 2112 budget proposal requested $13.3 billion for IRS. This is a $1.1 billion increase from the FY 2010 budget. The funding request “reflects a continued commitment to balance taxpayer service with […]

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2011 Pending Tax Changes in Three Great Waves

In just four months, on January 1, 2011, the largest tax hikes in the history of America will take effect. They will hit families and small businesses in three great waves. On January 1, 2011, here’s what happens… (read it to the end, so you see all three waves)…       First Wave: Expiration of 2001 and […]

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What to do if you don’t receive your W-2

IRS recommends steps to take if Form W-2 is not received [IRS Tax Tip 2011-28]:  IRS has reminded taxpayers about the steps they should take if they have not received their Form W-2, Wage and Tax Statement. Employers had until Jan. 31 to send employees a 2010 Form W-2 earnings statement. The agency suggested four specific […]

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3.8-Percent Medicare Contribution Tax Generates Confusion, Misinformation and Questions

Congress passed a number of revenue-raisers to fund health care reform and one revenue provision has recently generated confusion, misinformation and questions. After 2012, a new Medicare contribution tax will apply to qualified unearned income of higher income taxpayers. Tax Changes  The Health Care and Education Reconciliation Act (HCERA) (P.L. 111-152), through Code Sec. 1411, […]

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LLC’s – Partnerships – Corporations

California — Corporate & Personal Income Tax — Estimated tax payments online. The Franchise Tax Board (FTB) has announced that corporations, limited liability companies (LLCs), and partnerships can view their estimated tax payments online by using MyFTB Account for Businesses. Businesses must register with the FTB to access their account—to register they must select a […]

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Don’t be Scammed by Fake IRS Communications

IRS TAX TIP 2011-38 The IRS receives thousands of reports each year from taxpayers who receive suspicious emails, phone calls, faxes or notices claiming to be from the Internal Revenue Service. Many of these scams fraudulently use the Internal Revenue Service name or logo as a lure to make the communication more authentic and enticing. […]

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HOW DO I ADJUST MY WITHHOLDING – FROM MY PAY CHECK?

Publication 919 How Do I Adjust My Tax Withholding? updated:  There is now a 2011 version of Publication 919, How Do I Adjust My Tax Withholding?, on the IRS website located at http://www.irs.gov/pub/irs-pdf/p919.pdf. Employees use this publication to help them determine if their federal income tax withholding is sufficient, and, if necessary, to prepare a […]

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