thomstaxtalk.blogspot.com
Thom's Tax Talk: Health Insurance and Our S Corporation
http://thomstaxtalk.blogspot.com/2010/12/health-insurance-and-our-s-corporation.html
A compendium of tax tidbits and information. Sunday, December 12, 2010. Health Insurance and Our S Corporation. IRS regulations require that you report the company paid portion of health insurance as compensation for anyone who owns more than 2% of the company stock. This is the case for more than 99% of owners of S Corporations. Massachusetts also follows this rule. If it does not have any impact, why do it? Reason one: The IRS requires it. Why challenge them? February 24, 2011 at 4:05 AM. The blog will...
thomstaxtalk.blogspot.com
Thom's Tax Talk: Take Your Business Electronic
http://thomstaxtalk.blogspot.com/2010/09/take-your-business-electronic.html
A compendium of tax tidbits and information. Tuesday, September 21, 2010. Take Your Business Electronic. For years the Commonwealth of Massachusetts has required businesses to pay their taxes electronically. The Department of Revenue has a web site designed to accomplish this. And the web site is actually fairly easy to use. Here is the website:. Https:/ wfb.dor.state.ma.us/webfile/business/Public/Webforms/Login/Login.aspx. The QUEST system is not as user friendly as other government sites. The IRS is ge...
thomstaxtalk.blogspot.com
Thom's Tax Talk: Where’s My Refund?
http://thomstaxtalk.blogspot.com/2010/09/wheres-my-refund.html
A compendium of tax tidbits and information. Saturday, September 25, 2010. Where’s My Refund? Right about now I get a lot of calls from clients who have not received their federal refunds. There is an easy way to find out where it is. First, go to this link. Https:/ sa2.www4.irs.gov/irfof/lang/en/irfofgetstatus.jsp. You will need to enter the following information. Your Social Security Number (or Individual Taxpayer Identification Number). The exact whole dollar amount of your refund. I plan on blogging ...
thomstaxtalk.blogspot.com
Thom's Tax Talk: December 2009
http://thomstaxtalk.blogspot.com/2009_12_01_archive.html
A compendium of tax tidbits and information. Wednesday, December 23, 2009. Year End Tax Planning. However, ” take the money and run” is a valid alternative. In this case you worry about tomorrow tomorrow. You delay as much income as possible to next year and accelerate as many of your deductions as you can to this year. This way, you pay the least taxes possible. Step One: Analyze your situation. Will you be paying taxes this year? If so what is your tax bracket? 183; Weigh your options if you are thinki...
thomstaxtalk.blogspot.com
Thom's Tax Talk: IRS Scams
http://thomstaxtalk.blogspot.com/2010/10/irs-scams.html
A compendium of tax tidbits and information. Tuesday, October 12, 2010. My spam filter intercepted three emails allegedly from the IRS telling me that a payment to them had been rejected because of a problem with my employer identification number. I also have been receiving calls and emails from my clients on the same topic. Subscribe to: Post Comments (Atom). I have been a CPA for over 30 years and have extensive experience with personal and business taxes. View my complete profile. Useful (I Hope) Links.
thomstaxtalk.blogspot.com
Thom's Tax Talk: The IRS Wishes You a Happy Valentines Day
http://thomstaxtalk.blogspot.com/2011/02/irs-wishes-you-happy-valentines-day.html
A compendium of tax tidbits and information. Monday, February 14, 2011. The IRS Wishes You a Happy Valentines Day. In December of 2009, Congress passed an extension of the Bush tax cuts. A number of the provisions impacted your 2010 tax return. It was mainly on Schedule A, itemized deductions, and education credits. Since the Act passed Congress so late in the year, the IRS needed time to integrate the changes into the tax processing system. They are now finished with that integration. Legal Warning: The...
thomstaxtalk.blogspot.com
Thom's Tax Talk: February 2011
http://thomstaxtalk.blogspot.com/2011_02_01_archive.html
A compendium of tax tidbits and information. Monday, February 14, 2011. The IRS Wishes You a Happy Valentines Day. In December of 2009, Congress passed an extension of the Bush tax cuts. A number of the provisions impacted your 2010 tax return. It was mainly on Schedule A, itemized deductions, and education credits. Since the Act passed Congress so late in the year, the IRS needed time to integrate the changes into the tax processing system. They are now finished with that integration. Legal Warning: The...
thomstaxtalk.blogspot.com
Thom's Tax Talk: December 2010
http://thomstaxtalk.blogspot.com/2010_12_01_archive.html
A compendium of tax tidbits and information. Monday, December 27, 2010. You may not have caught the news that the rate used to calculate Social Security withholding taxes from your employees has been reduced for 2011. It goes back up on January 1, 2012. The rate is now 4.2% rather than 6.2%. So, in effect, your employees are getting a raise and you are not paying for it. The Medicare tax rate has not changed. Friday, December 17, 2010. IRS Requirement to pay your business taxes electronically. Up to now,...
thomstaxtalk.blogspot.com
Thom's Tax Talk
http://thomstaxtalk.blogspot.com/2010/12/you-may-not-have-caught-news-that-rate.html
A compendium of tax tidbits and information. Monday, December 27, 2010. You may not have caught the news that the rate used to calculate Social Security withholding taxes from your employees has been reduced for 2011. It goes back up on January 1, 2012. The rate is now 4.2% rather than 6.2%. So, in effect, your employees are getting a raise and you are not paying for it. The Medicare tax rate has not changed. Subscribe to: Post Comments (Atom). View my complete profile. Enter your email address:. The blo...
thomstaxtalk.blogspot.com
Thom's Tax Talk: November 2009
http://thomstaxtalk.blogspot.com/2009_11_01_archive.html
A compendium of tax tidbits and information. Monday, November 30, 2009. Self Employment Blog #4. Throw your receipts under the seat of your car, in the basket on your counter top, or in a box under your bed. Do not. Take a big box of receipts to your CPA to prepare your return. Be organized. You need to know how you are doing as the year progresses, but you can also save yourself a lot of money in tax preparation fees when you come prepared. A one person sole proprietorship or LLC can generally keep good...
