Tag Archives: clients

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 Proposed Bush Era Tax Cut Extensions Update

The senate has overwhelmingly passed the bill to extend the Bush era tax cuts. The house HAS NOT but it continues to appear they are likely to pass it—-but not without significant added earmarks. A vote is still expected this … Continue reading

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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

Posted in Asset Protection, Converting to a Roth IRA, Future Planning, Idea of the Week, Roth IRA | Tagged , , , , , , , , | Leave a comment

Proposed Extension of Bush Era Tax Cuts

As reported by the Wall Street Journal in this morning’s paper below is a brief synopsis of the proposed tax cuts in the tax bill currently being decided on by Congress: All taxpayers (1)  Two-year extension of current tax rates … 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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Idea of the Week #4

Substantiation of certain business expenses is a requirement in order to have proof if ever requested by the IRS. Many independent contractors lose valuable expenses (travel for example) because they do not have the proper documentation to support the expense … Continue reading

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Idea of the Week #5

Please be aware of emails from EFTPS! There have been many emails sent out appearing to be from EFTPS.gov regarding online tax payments. In reality these emails contain viruses that can harm you computer and compromise sensitive information such as … Continue reading

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Where Are Your Assets?

Does your spouse know where your assets are should something happen to you (and it might not be upon your death)? It is important your spouse be aware of all of your income sources and where your assets and liabilities … Continue reading

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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.