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Posts from October, 2011

  • Record Keeping Reminder It’s already October and before long it will be tax season. Below are some tips to help you have your records in order for this year’s taxes and beyond. 1. In most cases, the IRS does not require you to keep records in any special manner. Generally, you should keep any and ... Continue Reading
  • Small Business FAQs Question: If I, a sole proprietor, pay personal expenses out of my business bank account, should I count the money used as part of my income? Can I write these expenses off? Answer: You would include the money used to pay personal expenses in your business income when it was ... Continue Reading
  • Tip: Summer Day Camp Expenses May Qualify for a Tax Credit Along with the lazy, hazy days of summer come some extra expenses, including summer day camp. But, the IRS has some good news for parents: those added expenses may help you qualify for a tax credit. Many parents who work or are looking for work must arrange for care of their ... Continue Reading
  • Tip: Financially Distressed Taxpayers If you are facing financial difficulties and struggling to meet your tax obligations, the IRS can help. As the tax filing season begins, in addition to new credits, deductions and exclusions, the IRS is taking steps to help people who owe back taxes. Here are some areas ... Continue Reading
  • Upcoming Tax Deadlines Monday, October 31, 2011 Employers – Social security, Medicare, and withheld income tax. File Form 941 for the third quarter of 2011. Deposit or pay any undeposited tax under the accuracy of deposit rules. If your tax liability is less than $2,500, you can pay it in full ... Continue Reading