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Monthly Archives: February 2012

Deductions even if you don’t itemize

If you’ve given up itemizing deductions, you’re not alone. These days over half of all taxpayers find they’re better off using the standard deduction. But even if you take the standard deduction, you can also deduct some individual expenses on … Continue reading

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Use adjusted tax numbers for 2012 planning

The IRS is required by law to adjust certain tax numbers each year. Here are some of the adjusted numbers you’ll need for your 2012 tax planning. STANDARD MILEAGE RATE for business driving remains at 55.5¢ a mile. Rate for … Continue reading

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Tax Credit for Small Businesses

Health care legislation passed in 2010 included a tax credit for small businesses that provided health care coverage for their employees. Recent surveys have shown that the majority of small companies that could qualify for the credit have failed to … Continue reading

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Tax cut extension deal nears

Congress is closer to extending the 2% tax cut deal that will maintain employees social security tax rate at 4.2%. This tax break has been enacted since January 2011. If an extension doesn’t pass, the rate will go back to … Continue reading

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Basis reporting expands this year

Your broker statement for 2011 reported the basis in the stocks you acquired last year. This basis reporting requirement expands this year to include mutual fund shares and stock acquired in a dividend reinvestment plan. The cost basis for these … Continue reading

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More tax deadlines ahead

Don’t miss these deadlines if they apply to your business: February 15 – Brokers must provide 2011 Forms 1099-B and 1099-S to customers. February 28 – Send Forms 1099 with Form 1096 to the IRS. If you file these forms … Continue reading

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