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I am an Enrolled Agent with the IRS,
Authorized IRS e-file Provider, and I have been preparing
Individual &
Business Tax Returns for 15 yrs.
This webpage is designed to provide information for taxpayers:
Refund Cycle Chart, IRS e-pay Electronic Payments,
Tax
Calendar for Small Businesses and Self-Employed,
Tax Tips &
Tax Changes.
My Rates are fully disclosed in advance of tax preparation, and are
priced per Form, Schedule & Worksheet with a 10%
New Client Discount! |
| 1.
Start gathering your records. Round up any
documents or forms you'll need when filing your taxes:
receipts,canceled checks and other documents that support
income or deductions you're claiming on your return. |
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| 2. Be
on the lookout. W-2s and 1099s will be coming
soon; you'll need these to file your tax return. |
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| 3.
Try IRS e-file. After 21 years, IRS e-file
has become the safe, easy, and most common way to file a tax
return. Last year, 70 percent of taxpayers - 99
million people - used IRS e-file. |
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| 4.
Consider Direct Deposit. If you elect to have
your refund directly deposited into your bank account,
you'll receive it faster than waiting for a paper check. |
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5.
Check out IRS Publication 17, Your Federal Income
Tax on the IRS website. It's a comprehensive
collection of information for taxpayers highlighting
everything you'll need to know when filing your return.
6. What if You Cannot File on Time?
You can use Form 4868, Application for Automatic
Extension of Time to File U.S. Individual Income Tax Return,
to obtain an antomatic 6-month extension of time to file
your tax return.
7. Refund on a Late Filed Return.
If you were due a refund but you did not file a return, you
generally must file your return within 3 years from the date
the return was due (including extensions) to get that
refund. |
| Tax
Changes for 2011 |
| 1.
Bigger paychecks for most.
One-year reduction in the payroll tax that funds
social security. FICA will drop from 6.2% to
4.2% for most workers. Since the tax applies
to up to $106,800 in 2011, the tax cut is worth as
much as $2,136 for a worker or $4,272 for a working
couple. |
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| 2.
Social Security and Medicare taxes.
The maximum amount of wages subject to the Social
Security tax for 2011 is $106,800. There is no
limit on the amount of wages subject to the Medicare
tax. |
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| 3.
Personal Exemption amount. The
amount you can deduct for each exemption has
increased. It was $3,650 for 2010. It is
$3,700 for 2011. |
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| 4.
Standard Deduction increased. The
standard deduction for some taxpayers who do not
itemize their deductions on Schedule A is higher for
2011 than it was for 2010. The amount has
increased to $5,800 if Single or Married filing
Separately ($11,600 if Married filing Jointly or
Qualifying Widow(er) with dependent child; $8,500 if
Head of Household). |
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5.
Standard Mileage Rates. The 2011
rate for business use of your car is 51 cents a mile
for miles driven before July 1, 2011, and 55 1/2
cents a mile for miles driven after June 30, 2011.
The 2011 rate for use of your car to get medical care
is 19 cents a mile for miles driven before July 1,
2011, and 23 1/2 cents a mile for miles driven after
June 30, 2011.
The 2011 rate for use of your car to move is 19 cents a
mile for miles driven before July 1, 2011, and 23
1/2 cents a mile for miles driven after June 30,
2011. |
6. Claim your
American Opportunity. The American
Opportunity Tax Credit was a centerpiece of the 2009
stimulus bill. The new education tax break
expanded the existing Hope Credit, providing a
credit of up to $2,500 of the cost of qualified
tuition and related expenses, and up to $1,000 of
the credit could come back to the taxpayer as a
refund.
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| 7.
Making Work Pay Credit. The making
work pay credit has expired. You cannot claim
it on your 2011 return. Schedule M is no
longer in use. |
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| 8.
Reporting Capital Gains and Losses on new
Form 8949. In most cases, you must report
your capital gains and losses on new Form 8949.
Then report certain totals from that form on
Schedule D. |
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| 9.
Nonbusiness Energy Property Credit.
The credit is figured differently than it was for
2010. The credit now has a lifetime limit of
$500, of which only $200 can be for windows. |
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| 10.
Roth IRAs. If you converted or
rolled over an amount to a Roth IRA in 2010 and did
not elect to report the taxable amount on your 2010
return, you generall must report half of it on your
2011 return and the rest on your 2012 return. |
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| 11.
Due date of return. File Form
1040, 1040A, or 1040EZ by April 17, 2012. The due date is April
17, instead of April 15, because April 15 is a
Sunday and April 16 is the Emancipation holiday in
the District of Columbia. |
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