Monthly Archives: May 2012

Tax questions after you file your tax return

Once you have filed your 2011 tax return, you may still have a few tax questions. The IRS provides these answers to commonly asked questions. * How can I check the status of my refund? You can go online to … Continue reading

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IRS gives employers three tips on payroll obligations

If your business uses a third-party service provider to handle payroll tax duties, the IRS has three tips for you. 1. Remember that you, the employer, are ultimately the responsible party for the deposit and payment of federal tax liabilities. … Continue reading

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IRS announces business vehicle deduction limits for 2012

The IRS has published depreciation limits for business vehicles first placed in service this year. Because 50% bonus depreciation is allowed only for new vehicles, these limits are different for new and used vehicles. * For new business cars, the … Continue reading

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What to do if you missed the April tax filing deadline

If you missed the April 17 tax filing deadline for your 2011 return, the IRS has some advice for you. First, don’t panic. But do file your return as soon as possible. If you owe money on the return, the … Continue reading

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Don’t forget the paperwork

If spring cleaning has left you with items that you want to donate to charity, remember that donations of used clothing and household items must generally meet certain requirements to be tax-deductible. First, such items must be in “good used … Continue reading

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IRS alerts taxpayers to scams involving college tax credit

The IRS has issued a tax scam warning connected with the American Opportunity Tax Credit. Promoters of the scheme target senior citizens, low-income individuals, and members of church congregations. The con artists say they can get a tax refund or … Continue reading

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Understand the time value of money

When making financial decisions, do you consider the time value of money? If you have a basic understanding of time-value concepts, you’ll be able to make better choices in many business and personal financial situations. * Here’s an example. Say … Continue reading

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