Corporation/Partnership Extended Tax Return Deadline Is 09/15
Corporations who extended the filing of their annual 1120 or 1120S tax return from March 15th, and Partnerships who extended the filing of their annual 1065 from April 15th, must file their returns no later than September 15th. Now is the time to gather your accounting data and call Accounting Consortium at 678-696-0tax (0829).
read moreDid you Take an Early Distribution from Your Retirement Plan?
Some taxpayers may have needed to take an early distribution from their retirement plan last year. The IRS wants individuals who took an early distribution to know that there can be a tax impact to tapping your retirement fund. Here are ten facts about early distributions. Payments you receive from your Individual Retirement Arrangement before you reach age 59 ½ are generally considered early or premature distributions. Early distributions are usually subject to an additional 10 percent tax. Early distributions must also be reported...
read moreTen Facts for Mortgage Debt Forgiveness
If your mortgage debt is partly or entirely forgiven during tax years 2007 through 2012, you may be able to claim special tax relief and exclude the debt forgiven from your income. Here are 10 facts the IRS wants you to know about Mortgage Debt Forgiveness. Normally, debt forgiveness results in taxable income. However, under the Mortgage Forgiveness Debt Relief Act of 2007, you may be able to exclude up to $2 million of debt forgiven on your principal residence. The limit is $1 million for a married person filing a separate return. You...
read moreSeven Tips About Rental Income and Expenses
Do you rent property to others? If so, you’ll want to read the following seven tips from the IRS about rental income and expenses. You generally must include in your gross income all amounts you receive as rent. Rental income is any payment you receive for the use of or occupation of property. Expenses of renting property can be deducted from your gross rental income. You generally deduct your rental expenses in the year you pay them. Publication 527, Residential Rental Property, includes information on the expenses you can deduct...
read moreNew Vehicle Sales Tax Deduction….Some Confusion
The IRS did not extend the benefit of the sales tax deduction for vehicles purchased in 2010. Individuals who purchased vehicles in 2009 had the benefit of deducting the sales tax they paid for the vehicle, in addition to the withholding tax paid for state withholding taxes. For 2010, the IRS only allows the sales tax deduction for the purchase of vehicles in 2010 only if the vehicle was purchased in 2009 and the sales tax paid in 2010. Or, if the taxpayer prefers, using the 2010 sales tax deduction on the schedule A instead of the 2010 state...
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