The IRS assesses penalties for underpayment of income tax. If you did not pay enough tax throughout the year, either through withholding or by making estimated tax payments, you may have to pay a penalty for underpayment of estimated tax. What are the requirements to avoid penalties? The required [...]
Individuals are allowed a non-refundable personal credit for improvements to their principal residence that meet certain energy efficiency standards. For 2011, the credit is equal to the sum of: 10% of amounts paid or incurred for qualified energy efficiency improvements plus Any residential energy property costs paid or incurred [...]
The 2010 Tax Relief Act provides that the bonus depreciation percentage is 50% for "qualified property" that is placed in service during 2012 (100% depreciation for qualified property placed in service during 2011). The new law extends the additional first-year depreciation provision for investment in new business equipment. Currently, [...]
The IRS has established a more stringent set of rules for deducting meals & entertainment, travel, mileage, etc. These deductions take extra effort on the part of the taxpayer, but are well worth the peace of mind knowing you have retained adequate records should you be audited. General Rule [...]
Each U.S. person who has a financial interest in or signature or other authority over foreign bank accounts, securities accounts or other financial accounts must file a Form TD F 90-22.1 (Report of Foreign Bank and Financial Accounts or FBAR) for each calendar year during any part of which [...]
We wanted to take this time to remind you that if you are required to pay personal estimated tax payments, the deadline is approaching and payments should be made by September 15, 2011. The required annual payment for most individuals is the lower of 90% of the tax shown [...]
Each year, the IRS and state agencies send out millions of notices to taxpayers for various reasons. Over the last year, there has been a significant increase in the volume of these notices due to the enhanced matching program between the federal government and the state agencies. If you [...]
Each U.S. person who has a financial interest in or signature or other authority over foreign bank accounts, securities accounts or other financial accounts must file a Form TD F 90-22.1 (Report of Foreign Bank and Financial Accounts or FBAR) for each calendar year during any part of which [...]
The IRS assesses penalties for underpayment of income tax. If you did not pay enough tax throughout the year, either through withholding or by making estimated tax payments, you may have to pay a penalty for underpayment of estimated tax. What are the requirements to avoid penalties? The required [...]
For eligible individuals, HSAs offer a tax-favorable way to set aside funds (or have their employer do so) to meet future medical needs. Here are the key tax-related elements: Contributions you make to an HSA are deductible, with limits, Contributions your employer makes aren't taxed to you, Earnings on [...]
