- Limited Window of Opportunity
- Last December, Congress extended a number of the Bush era tax breaks, but only for a limited amount of time. And it is probably a safe bet to say that most won’t get extended further considering the size of the national debt. Although numerous breaks were extended, only a certain few provide you with an opportunity to take actions that can reduce your tax bite. But if you want to take advantage of those tax breaks you need to act this year or next. The following is a list of those extended tax breaks and what will happen when they expire.
- Surprised By the Kiddie Tax? There Are Ways To Avoid It!
- Were you caught by surprise when you found out that your almost adult child was subject to the Kiddie Tax? You are not alone. Kiddie tax rules generally apply to children through the age of 18 and full-time students under the age of 24.
- Rejoice - Congress Overturns Enhanced 1099 Reporting Requirements
- In earlier newsletters, we had notified you of two new 1099 reporting requirements for businesses and rentals.
- New 2011 Reporting Requirement for Landlords
- If you use unincorporated independent contractors to perform services for your rental and you pay them $600 or more for the year, you are required to issue them a Form 1099 after the end of the year.
- What Happens with Taxes if the Federal Government Shuts Down?
- A Federal shutdown will delay tax refunds for taxpayers who file their returns on paper rather than electronically. The IRS states that electronically filed returns have their refunds processed automatically. The April 18 tax deadline is still in effect for filing 2010 returns. So do not delay if you have not yet filed your tax return. Filing late with a tax due will incur both late filing and late payment penalties.
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