Go Green, Ride Your Bike to Work and Get a Pretax Deduction for it!

March 12, 2009

Employees can now deduct $20/mo. pretax for bike commuting (your payroll taxes). The benefit: Must be actively elected by the employee. Cannot be received in the same month as a transit, vanpool or parking benefits -e.g., Sally cannot bike one day and drive or take the bus another. Is only for those who “regularly use [...]

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Recording Checks Made Out to Cash

March 9, 2009

Anyone can cash checks made out to cash, and IRS agents look for them in audits.  To protect your firm: Organize all cash register slips, gas slips and invoices that the check will be payment for. Run an adding machine tape for the total amount. Staple the tape, slips and invoices together. Enter check no., [...]

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Five Important Tax Credits

March 4, 2009

Check it out! You might be eligible for a tax credit. A tax credit is a dollar-for-dollar reduction of taxes owed. Some credits are even refundable. That means you might receive a refund rather than owe any taxes. Here are five popular credits you should consider before filing your 2008 Federal Income Tax Return: 1. [...]

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What to Do If You Are Missing a W-2

February 24, 2009

Did you get your W-2? These documents are essential to filling out most individual tax returns. You should receive a Form W-2, Wage and Tax Statement, from each of your employers each year. Employers have until February 2, 2009 to provide or send you a 2008 W-2 earnings statement either electronically or in paper form. [...]

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Free Tax Help Available Nationwide

January 30, 2009

Nearly 12,000 free tax preparation sites will be open nationwide this year as the Internal Revenue Service continues to expand its partnerships with nonprofit and community organizations performing vital tax preparation services for low-income and elderly taxpayers. The IRS Volunteer Income Tax Assistance (VITA) Program offers free tax help to people who earn less than [...]

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Top Ten Tax Time Tips

January 29, 2009

1. Gather your records…now! It’s never too early to start getting together any documents or forms you’ll need when filing your taxes: receipts, canceled checks, and other documents that support an item of income or a deduction you’re taking on your return. Also, be on the lookout for W-2s and 1099s, coming soon from your [...]

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Issuing Lost W-2′s

January 27, 2009

When issuing a duplicate W-2: Type “REISSUED STATEMENT” in the upper right-hand corner on all W-2 copies. It is acceptable to use a copy of the employer’s copy. Sending W-2s to former employees. Photocopy the envelope in a way that shows the recipient’s address, and write on the duplicate copy the date you mailed it. [...]

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The Five Filing Status Possibilities

January 14, 2009

Everyone who files a federal tax return must determine which filing status applies to them. It’s important you choose your correct filing status as it determines your standard deduction, the amount of tax you owe and ultimately, any refund owed to you. There are two things to consider when determining your filing status: First, your [...]

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Top Five Facts about Dependents and Exemptions

January 5, 2009

1. Dependents may be required to file their own tax return. Even though you are a dependent on someone else’s tax return, you may still have to file your own tax return. Whether or not you must file a return depends on several factors, including: the amount of your unearned, earned or gross income, your [...]

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What Tax Records to Keep

December 31, 2008

You probably already keep records in your daily routine. This includes keeping receipts for purchases and recording information in your checkbook. Keeping these and other records will help you avoid headaches at tax time. Good recordkeeping will help you remember the various transactions you made during the year, which in turn may make filing your [...]

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