Author Archives: Justin Earley

Delayed Tax Returns May Now Be Filed For 2010

The IRS has announced that it started processing on February 14 the 2010 tax returns of certain taxpayers who had previously been advised to delay filing, namely those filing Schedule A or claiming above-the-line deductions for state and local sales … Continue reading

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Deadline To Implement New Payroll Changes Is Close

Under the 2010 Tax Relief Act employees will pay only 4.2% Social Security tax on wages up to $106,800 (which is the limit on taxable wages for Social Security tax purposes).  The employer tax rate for Social Security remains unchanged … Continue reading

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IRS Will Begin Processing Returns Impacted by 2010 Tax Changes on February 14, 2011

The delay in filing the 2010 Form 1040 for many individuals previously mentioned by the IRS will be over on February 14, 2011. The delay impacts filers who will itemize on Schedule A or claim above-the-line deductions for higher education … Continue reading

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New 990-N Postcard Threshold Filing Requirements

Most tax-exempt entities who were just above the threshold of being able to file the 990-N postcard in prior years will now have that luxury. For tax years beginning on or after January 1, 2010, most tax-exempt entities with less … Continue reading

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Making the Switch to EFTPS

Beginning in 2011, taxpayers will no longer be able to make tax deposits (e.g. employment tax, excise tax, corporate income tax) using Form 8109, the Federal Tax deposit Coupon. These deposits must be made using the EFTPS (Electronic Federal Tax … Continue reading

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IRS Releases 2011 Standard Mileage Rates

The IRS recently released the 2011 standard mileage rates below: -51 cents per mile for business miles driven -19 cents per mile driven for medical or moving purposes -14 cents per mile driven in service of charitable organizations -EAE

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2010 Taxpayers Get An Extra Three Days To File

The deadline for 2010 tax returns is April 18, 2011 due to a government holiday.  Emancipation Day is a legal holiday in the District of Columbia and falls on April 15, 2011, therefore taxpayers have until April 18, 2011 to … Continue reading

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Idea of the Week #6

If you are considering converting to a Roth IRA before the end of the year call us today and let us help you by preparing a detailed report to assist in your decision making.  Remember conversions done before the end … Continue reading

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Deduct Medical Premiums for SE Tax

Individuals who are self-employed may deduct their health insurance premiums in the calculation of self employment income on 2010 tax returns. Self-employment income is taxed at 15.3% so this will be a major benefit to self-employed individuals. -EAE

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CIRCULAR 230 DISCLAIMER: ADVICE, ARTICLES AND COMMENTARY INCLUDED HEREIN DO NOT CONSTITUTE AN OPINION AND ARE NOT INTENDED OR WRITTEN TO BE USED, AND THEY CANNOT BE USED, BY ANY TAXPAYER FOR THE PURPOSE OF AVOIDING PENALTIES THAT MAY BE IMPOSED ON THE TAXPAYER.