December 31, 2012, will be a very important date in the lives of taxpayers, because that is the date that many tax-saving provisions are set to expire. (more…)
Posts Tagged ‘irs’
Title: Filing Date Description: File Form 720 for 2nd Q File Form 730 and pay the tax on wagers accepted during June. File Form 2290 and pay the tax for vehicles first used during June. Employers: File 2011 Form 5500 or 5500-EZ. Deposit FUTA owned through June if more than $500 File Form 941 2nd Q Date: 20112-07-31
The e-mail from your bank gets your attention right away. It says you need to log into your account in the next 48 hours to continue your online privileges. Something about a system upgrade. You wonder, is it legitimate? How can you know for sure? (more…)
Did pulling your records together to complete your 2011 tax return reveal shortcomings in your system? Here are nine tips that can improve your recordkeeping and help minimize your taxes. (more…)
In 1995, 114,000 IRS employees processed 205 million tax returns. This year, 91,000 employees will process 236 million returns.
According to the Tax Foundation, April 17, 2012, was not only the day 2011 tax returns were due, it also was Tax Freedom Day for 2012. That means Americans worked 107 days, from January 1 to April 17 to earn enough money to pay their federal, state, and local taxes for 2012. (more…)
The IRS has published depreciation limits for business vehicles first placed in service this year. Because 50% bonus depreciation is allowed only for new vehicles, these limits are different for new and used vehicles. (more…)
If you need more time to file your 2011 income tax return, you can get an extension - and no explanation is necessary.
You may have a very good reason for wanting more time to file your 2011 individual income tax return. For instance, you might want to hold off funding a retirement plan such as a Keogh or SEP until you can save more money. Perhaps you’re waiting for a tax form from a trust, a partnership, or an S Corporation. Or maybe you’ve just been busy.
It doesn’t matter. Whatever the cause or motivation, you can usually put off filing for up to six months beyond April 17. That means you could have until October 15, 2012, to finalize your return - assuming you follow the rules.
Here’s what you need to do:
- Estimate your total tax liability for 2011, subtract what you’ve already paid in withholding or estimated payments and remit most or all of the balance, and
File an extension request form (generally Form 4868 for an individual return) by April 17.
You can file the extension request form electronically, by phone, or by mailing it to the IRS. If you owe taxes, you can pay with an electronic funds transfer, your credit card, or a check.
Requesting an extension for your personal return also gives you additional time to file a gift tax return for 2011. The gift tax return extension is automatically included. You don’t even have to check a box. But if you owe gift tax (or generation skipping transfer tax), or are requesting an extension only for a gift tax return, you’ll need to use Form 8892.
One more quirk: If you live and work outside the United States, you may qualify for an automatic two-month extension of time to file without having to send in a form.
If you have special circumstances such as military service, or think you might have difficulty paying the tax due with your extension, please contact us. We can help you work through the rules.
The IRS plans to conduct random audits of 2,500 returns from 2010 filed by corporations with less than $250,000 in assets. The results will be used to update the IRS formulas for selecting returns for audit. (more…)
If you went through a foreclosure or had home mortgage debt forgiven last year, you might have income to report on your federal tax return — and you might see forms that are new to you. (more…)