Category Archives: Individuals

2013 will bring some big changes for investors, and none of them for the better.  Taxpayers affected by these upcoming changes may wish to consider taking actions in 2012 to mitigate the impact of these changes.  The following are the … Continue reading →

Now that you’ve completed your taxes for 2011, you are probably wondering what old records can be discarded. If you are like most taxpayers, you have records from years ago that you are afraid to throw away. To determine how … Continue reading →

May 10 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during April, you are required to report them to your employer on IRS Form 4070 no later … Continue reading →

From time to time issues related to taxes arise that are interesting, informative or humorous that is not directly related to the preparation of a tax return but are related issues associated with federal taxation. Passports Could Be Revoked for … Continue reading →

The distinction has significant implications for both the employer and the employee. Employers like to treat individuals as independent contractors because they avoid having to match the employees’ payroll tax, pay benefits, pay unemployment insurance, etc. This results in a … Continue reading →

The vast majority of Americans get a tax refund from the IRS each spring, but what if you are one of those who end up owing? The IRS encourages you to pay the full amount of your tax liability on … Continue reading →

Our tax system is a “pay-as-you-go” system, and if your pre-paid amount is not enough, you become liable for non-deductible interest penalties. To facilitate that concept, the government has provided several means of assisting taxpayers in meeting the “pay-as-you-go” requirement. … Continue reading →

The IRS has new penalty relief for the unemployed and certain self-employed individuals on failure-to-pay penalties, which are one of the biggest factors a financially distressed taxpayer faces on a tax bill. To assist those most in need, a six-month … Continue reading →

Just a reminder to those who have not yet filed their 2011 tax return that April 17, 2012 is the due date to either file your return and pay any taxes owed, or file for the automatic six-month extension and … Continue reading →

April 2 – Last Day to Withdraw Required Minimum Distribution  Last day to withdraw 2011’s required minimum distribution from Traditional or SEP IRAs for taxpayers who turned 70½ in 2011. Failing to make a timely withdrawal may result in a … Continue reading →