Grow Your Business In 2011: 5 Action Steps
Make 2011 the year your business takes off, whether you are a startup, well-established company, or working for either one, there are five key things you can implement that will ensure your growth. Educate Yourself and Your Clients It is critical that companies not only continue to educate themselves in the industry they are in, but that they are educated about their clients, and educate their clients. Moving into 2011, commit to attending at least two educational events specific to your industry, reading publications focused on your...
read moreTaxpayers who itemize have to wait until February to file
Taxpayers who itemize on their federal tax returns will have to wait until at least mid-February to file, the IRS said Thursday. The delay is necessary because the IRS needs time to program its systems to accommodate tax breaks included in a compromise tax bill President Obama signed last week. The delay means millions of taxpayers will have to wait longer to get their refunds next year. Taxpayers who will have to wait until mid- to late February to file include: • Taxpayers who claim itemized deductions on Schedule A. Itemized...
read moreCongress Resolves Many Tax Issues During Lame-Duck Session
Congress adjourned its year-end lame-duck session on Wednesday after passing legislative fixes for several pending tax issues, including the estate tax, the expiration of the 2001 and 2003 tax cuts, an alternative minimum tax (AMT) patch, and extensions of many expired provisions. However, it failed to repeal the expanded Form 1099 reporting requirements that were enacted as part of this spring’s health care reform legislation. The tax changes made during the lame-duck session were enacted as part of the Tax Relief, Unemployment...
read moreThe Most-Overlooked Tax Deductions
Every year, the IRS dutifully reports the most common blunders that taxpayers make on their returns. No doubt about it, the opportunity to make mistakes is almost unlimited, and missed deductions can be the most costly. About 46 million of us itemize on our 1040s — claiming nearly $1 trillion worth of deductions. That’s right: $1,000,000,000,000, a number rarely spoken out loud until Congress started debating economic-stimulus plans to combat the Great Recession. Another 92 million taxpayers claim about $700 billion worth...
read more2011 Withholding Tables Released
The Internal Revenue Service today released instructions to help employers implement the 2011 cut in payroll taxes, along with new income-tax withholding tables that employers will use during 2011. Millions of workers will see their take-home pay rise during 2011 because the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 provides a two percentage point payroll tax cut for employees, reducing their Social Security tax withholding rate from 6.2 percent to 4.2 percent of wages paid. This reduced Social...
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