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Inflation Adjustments for Tax Rules in 2012 Details Written by Sidney Kess, CPA, J.D., LL.M. Tax rules change annually due to legislation, court decisions, and cost-of-living adjustments (COLAs) to key tax limits and other items. There are over three dozen COLAs made annually, based on the...

Tax Changes for 2012 and 2013 Resulting from Health Care Law DetailsWritten by Sidney Kess, CPA, J.D., LL.M. Of Counsel, Kostelanetz & Fink, LLP, New York, NY The U.S. Supreme Court declared the individual mandate in the Patient Protection and Affordable Care Act of 2010 (“Affordable Care...

Debtors’ taxes are not discharged in bankruptcy where tax return was filed late A federal appeals court held that bankrupt debtors who filed their income tax return 17 months after their income taxes were assessed were not entitled to have those taxes discharged in the bankruptcy proceeding...

Tax Increases Looming in 2013Without Congressional action before the end of the year, just about everyone, rich and poor alike, will be hit by tax increases. These increases are the result of temporary tax benefits that will expire at the end of 2012. Just about everyone will be affected in...

Morninbg all, Sorry for not answering your messages within the last 3 weeks, but I switched from standard DSL to U-Verse and have been having problems actually getting online. Please forgive me, Frank’s Tax and Business Service 120 York Rd Kings Mountain, NC 28086-3151 (704) 739-4039...

Tax Filing Deadline Rapidly ApproachingJust a reminder to those who have not yet filed their 2011 tax return that April 17, 2012 is the due date to either file your return and pay any taxes owed, or file for the automatic six-month extension and pay the tax you estimate to be due. Normally the...

Tax Tips for Truckers Truck-driving is an imperative industry to our economy. Consequently, Congress has designed numerous tax benefits designed specifically for truck drivers. Unfortunately, I noticed there is not nearly enough information available to truck drivers concerning taxes, so I...

Afternoon all, I think you all know that the Fisrt half of the 2011 tax filing season is over, there are now 6 weeks and 4 days left to file your tax Return, If you are in need of an Extension Please contact your Tax Professional by April 15th 2012 so that they can file that extension for...

Charity Purchases and AuctionsA regular form of fundraising by charitable organizations consists of sales or auctions of property or services at a price in excess of value. These are referred to as “quid pro quo” contributions or dual payments made that consist partly of a charitable gift and...

Using Direct Deposit is a Smarter Option for your Refund. Want your refund faster? Have it deposited directly into your bank account. More taxpayers are choosing direct deposit as the way to receive their federal tax refunds. More than 79 million people had their tax refunds deposited directly...

Those Gold Sales May Be TaxableIf you took advantage of the escalating gold and silver prices and made any sales of gold, silver, gems, jewelry, or the like during 2011, you are required to report the sales on your tax return. Whether or not the sales are subject to tax, and at what tax rate...

Schedule Cs in the IRS' Bull's-eyeSchedule C is the form that unincorporated sole proprietor businesses use to report their income and expenses as part of their individual tax returns. Schedule Cs have been center stage in recent IRS “tax gap” estimates. The tax gap is defined as the amount of...

IRS Releases 2012 Standard Mileage Rates The IRS has released the 2012 optional standard mileage rates that employees, self-employed individuals, and other taxpayers can use to compute deductible costs of operating automobiles (including vans, pickups and panel trucks) for business, medical...

Medical; HSA's amd MSA's Cost of non prescription Drugs are no longer a qualifying expense for Health Plan Reimbursements and Withdrawals from health savings accounts The penalty tax rate for nonqualified dirstibutions from HSA's and MSA's is 20% for 2011 Quailfied medical expenses paid with...

Hi All, Thanksgiving is just around the corner and it really is time to start getting you paperwork in order so that you can file your 2011 tax returns on time and not ask for an extension. Remember if you file for an extension and file after April 15th. and you owe tax you only save the...

For owners who are looking for drivers and you want information about them you can contact the following: [email protected] or call 1-800-331-9175 This is actually there DAC REPORT OR you can report any derogatory infromation to them about a driver you had or have ...

We appreciate all the questions that you have sent us since we have been monitoring this forum. This year we wish you all a VERY HAPPY THANKSGIVING :o;):) PLEASE DO NOT STOP ASKING QUESTIONS ON THIS SITE, i WILL ANSWER ALL. If I cannot answer a question truthfully I will definitely...

Afternoon All. This month, buy Novermber30, 2011, you must complete IRS Tax Form 2290 Highway Use Tax, This is for trucks with a GVW of 55,000 plus lbs. This includes your trailers, which the GVW is 80,000 lbs and the cost is $550.00 We can fill them and and e-file them for you, or you can...

Unmarried Couples and Home Mortgage Interest It is becoming increasingly common for couples to live together and remain unmarried, which can lead to potential tax problems when they share the expenses of a home but only one of the couple is liable for the debt on that home. Home mortgage...

It’s Time for Year-End Tax Planning We have compiled a checklist of actions based on current tax rules that may help you save tax dollars if you act before year-end. Regardless of what Congress does late this year or early next, solid tax savings can be realized by taking advantage of tax...