IRS JUST ANNOUNCED THE NEW BUSINESS MILEAGE RATE - 55.5 CENTS PER MILE FOR THE FIRST HALF 2011. THEIR GOAL SEEMS TO OFFSET THE HIGH COST OF FUEL.
FOR MORE INFORMATION, CALL KASH @ (925) 963 4891 OR VISIT www.yajnikandmehta.com
Monday, June 27, 2011
Monday, June 13, 2011
IRS: eFILE STATISTICS...
HIGHLIGHT eFILE DATA FOR INDIVIDUAL TAX PAYERS:
1. OVER 1 BILLION RETURNS eFILED SINCE 1986.
2. OVER 100 MILLION RETURNS WERE eFILED BEFORE APRIL 18, 2011.
FOR MORE INFO. CALL KASH YAJNIK @ (925) 963 4891, OR VISIT www.yajnikandmehta.com
1. OVER 1 BILLION RETURNS eFILED SINCE 1986.
2. OVER 100 MILLION RETURNS WERE eFILED BEFORE APRIL 18, 2011.
FOR MORE INFO. CALL KASH YAJNIK @ (925) 963 4891, OR VISIT www.yajnikandmehta.com
Monday, June 6, 2011
MOST OVERLOOKED FEDERAL TAX DEDUCTIONS...
LIST OVERLOOKED DEDUCTIONS BELOW:
1. STATE TAX REFUNDS ARE NOT BE TAXABLE TO THOSE WHO OWE AMT (ALTERNATE MINIMUM TAX) AS LONG AS REFUND IS LESS THAN THE STATE TAX DISALLOWED UNDER AMT.
2. CHARITABLE DONATIONS:
o DONORS MAY NOT DEDUCT TIME OR LABOR BUT MILEAGE OR UNIFORMS ARE DEDUCTIBLE.
o DON'T FORGET CHARITABLE PAYROLL DEDUCTIONS - NOT LISTED ON THE W2 FORM OR NO LETTER SENT TO SHOW THEM.
3. HEALTH INSURANCE PREMIUMS - FOR 2010 SELF-EMPLOYED INCOME IS REDUCED BY THE HEALTH PREMIUM WHEN SE TAX IS CALCULATED.
4. MEDICAL EXPENSES - IF OVER 7.5% OF AGI, DON'T FAIL TO DEDUCT THE EXCESS.
5. MOVING EXPENSES: TAX PAYERS WHO HAVE MOVED MORE THAN 50 MILES FOR WORK MAY QUALIFY TO DEDUCT MOVING EXPENSES - FORM 3903.
6. DOMESTIC PRODUCER DEDUCTION (DPD) 9% - FOR OIL RELATED QUALIFIED ACTIVITIES AND INCOME, USE FORM 8903, IF APPLICABLE.
CALL KASH @ YMA (925) 963 4891 OR VISIT www.yajnikandmehta.com FOR MORE INFO.
1. STATE TAX REFUNDS ARE NOT BE TAXABLE TO THOSE WHO OWE AMT (ALTERNATE MINIMUM TAX) AS LONG AS REFUND IS LESS THAN THE STATE TAX DISALLOWED UNDER AMT.
2. CHARITABLE DONATIONS:
o DONORS MAY NOT DEDUCT TIME OR LABOR BUT MILEAGE OR UNIFORMS ARE DEDUCTIBLE.
o DON'T FORGET CHARITABLE PAYROLL DEDUCTIONS - NOT LISTED ON THE W2 FORM OR NO LETTER SENT TO SHOW THEM.
3. HEALTH INSURANCE PREMIUMS - FOR 2010 SELF-EMPLOYED INCOME IS REDUCED BY THE HEALTH PREMIUM WHEN SE TAX IS CALCULATED.
4. MEDICAL EXPENSES - IF OVER 7.5% OF AGI, DON'T FAIL TO DEDUCT THE EXCESS.
5. MOVING EXPENSES: TAX PAYERS WHO HAVE MOVED MORE THAN 50 MILES FOR WORK MAY QUALIFY TO DEDUCT MOVING EXPENSES - FORM 3903.
6. DOMESTIC PRODUCER DEDUCTION (DPD) 9% - FOR OIL RELATED QUALIFIED ACTIVITIES AND INCOME, USE FORM 8903, IF APPLICABLE.
CALL KASH @ YMA (925) 963 4891 OR VISIT www.yajnikandmehta.com FOR MORE INFO.
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