by mariettacp | Feb 21, 2013 | Accounting News, Money Tips, Tax Planning, Tax Preparation, Tax Tips
A number of tax breaks that had expired at the end of 2011 or were to expire at the end of 2012 were extended by the recently passed law, the “American Taxpayer Relief Act of 2012.” Keep these deductions and credits in mind as you gather the paperwork for...
by mariettacp | Apr 15, 2011 | Money Tips, Tax Planning, Tax Tips
Many tax breaks for individuals that expired at the end of 2009 will be retroactively reinstated and extended through 2011, including: the $250 above-the-line deduction for certain expenses of elementary and secondary school teachers; the election to take an itemized...
by mariettacp | Apr 13, 2011 | Money Tips, Tax Planning, Tax Tips
The Tax Relief Act created a payroll cut for 2011. Under current law employees pay a 6.2% Social Security tax on all wages earned up to $106,800 (in 2011) and self-employed individuals pay a 12.4% Social Security self-employment taxes of on all their self-employment...
by mariettacp | Apr 8, 2011 | Money Tips, Tax Planning, Tax Tips
The Tax Relief Act of 2010 extended many individual and business tax breaks through 2011. The list of energy related provisions that will be extended through 2011 include: the $1.00 per gallon production tax credit for biodiesel, as well as the small agri-biodiesel...
by mariettacp | Apr 1, 2011 | Money Tips, Tax Planning, Tax Tips
Another change to the tax code enacted by the 2010 Tax Relief Act provides exemption portability. Under the new rules, any exemption that remains unused by a spouse who dies after Dec. 31, 2010 and before Jan. 1, 2013 is available for use by the surviving spouse in...