LIST TAX PAYMENT OPTIONS:
1. BY MAKING FULL TAX PAYMENT, TAX PAYERS AVOID PENALTIES & INTEREST. IF POSSIBLE TAKE A LOAN AND MAKE A FULL PAYMENT.
2. BRIEF ADDITIONAL TIME CAN BE REQUESTED THROUGH ON LINE AGREEMENT APPLICATION OR by CALLING (800) 829 1040.
3. CREDIT CARD PAYMENTS: PAY YOUR TAX BILL WITH CREDIT
4. ELECTRONICS FUNDS TRANSFER USING ELECTRONIC FEDERAL TAX PAYMENT SYSTEM (EFTPS) or GO TO eftps.gov
5. INSTALLMENT AGREEMENTS - MUST FILE ALL RETURNS AND BE CURRENT WITH TAX PAYMENTS.
6. ON LINE PAYMENT AGREEMENT - IF YOU LESS THAN 25,000$ OR LESS IN TAXES, PENALTIES, AND INTEREST.
7. SPECIAL FORMS ARE REQUIRED IF TOTAL TAX LIABILITY IS GREATER THAN 25,000$.
TIP: INCREASE YOUR TAX WITHOLDING OR PAY ESTIMATED TAXES TO REDUCE YOUR FUTURE TAX LIABILITY.
CALL KASH @ (925) 963 4891 or VISIT www.yajnikandmehta.com FOR MORE DETAILS...
Monday, August 8, 2011
Monday, August 1, 2011
2 YEAR LIMIT - NOT FOR MANY INNOCENT SPOUSE REQUESTS...
IRS ANNOUNCED THAT IT WILL HELP MANY INNOCENT SPOUSE CASES BY ELIMINATING TWO YEAR TIME LIMIT IN EQUITABLE RELIEF PROVISION.
INNOCENT SPOUSE RELIEF PROGRAM HELPS A SPOUSE WHO SIGNED A JOINT RETURN IS RELIEVED OF A PART OF JOINT TAX LIABILITY ON ONE OF THE THREE GROUNDS DESCRIBED BELOW:
1. TRADITIONAL INNOCENT SPOUSE RELIEF
2. SEPARATE LIABILITY ELECTION
3. EQUITABLE RELIEF
CALL KASH YAJNIK @ YAJNIK & MEHTA ASSOCIATES (925) 963 4891 OR VISIT www.yajnikandmehta.com FOR MORE DETAILS.
INNOCENT SPOUSE RELIEF PROGRAM HELPS A SPOUSE WHO SIGNED A JOINT RETURN IS RELIEVED OF A PART OF JOINT TAX LIABILITY ON ONE OF THE THREE GROUNDS DESCRIBED BELOW:
1. TRADITIONAL INNOCENT SPOUSE RELIEF
2. SEPARATE LIABILITY ELECTION
3. EQUITABLE RELIEF
CALL KASH YAJNIK @ YAJNIK & MEHTA ASSOCIATES (925) 963 4891 OR VISIT www.yajnikandmehta.com FOR MORE DETAILS.
Monday, July 25, 2011
WHAT 5 TAX SCAMS TO AVOID 2011 SUMMER ??
5 TAX SCAMS TO AVOID THIS SUMMER LISTED BY IRS ARE:
1. HIDING INCOME IN OVERSEAS BANKS.
2. PHISHING - SCAM PERPETRATORS USE eMAILS TO CON UNSUSPECTING TAX PAYERS TO REVEAL PERSONAL AND FINANCIAL INFORMATION.
3. TAX RETURN PREPARER FRAUD i.e. DISHONEST TAX PREPARERS.
4. FILING FALSE OR MISLEADING FORMS.
5. FRIVOLOUS ARGUMENTS TO AVOID TAX PAYMENTS.
FOR MORE INFO. CALL KASH @ (925) 963 4891 or VISIT www.yajnikandmehta.com
1. HIDING INCOME IN OVERSEAS BANKS.
2. PHISHING - SCAM PERPETRATORS USE eMAILS TO CON UNSUSPECTING TAX PAYERS TO REVEAL PERSONAL AND FINANCIAL INFORMATION.
3. TAX RETURN PREPARER FRAUD i.e. DISHONEST TAX PREPARERS.
4. FILING FALSE OR MISLEADING FORMS.
5. FRIVOLOUS ARGUMENTS TO AVOID TAX PAYMENTS.
FOR MORE INFO. CALL KASH @ (925) 963 4891 or VISIT www.yajnikandmehta.com
Monday, July 18, 2011
WHAT ARE NEW "PTIN" RULES FROM IRS ?
IRS ISSUED NEW RULES IN 2011 TO REGULATE CONDUCT OF ALL PAID TAX RETURN PREPARERS.
1. ALL PAID PREPARERS MUST OBTAIN "PTIN" ( PREPARER TAX IDENTIFICATION NUMBER) FROM IRS.
2. TAX RETURN PREPARERS MUST SIGN NAMES, AND INCLUDE THEIR PTINS ON THE RETURNS AND REFUND CLAIMS THEY PREPARE FOR COMPENSATION,
3. STARTING JULY 7, 2011 IRS IS SENDING OUT LETTERS TO ABOUT 100K TAX RETURN PREPARERS ACROSS THE COUNTRY WHO VIOLATED THE NEW RULES.
4. THERE ARE ABOUT 712K TAX RETURN PREPARERS ACROSS THE COUNTRY.
5. MAKE SURE YOUR TAX RETURN PREPARER SIGNS THE RETURN AND THERE IS A "PTIN" ON THE TAX RETURN.
CALL KASH AT YAJNIK & MEHTA ASSOCIATES (925) 963 4891 OR VISIT www.yajnikandmehta.com
1. ALL PAID PREPARERS MUST OBTAIN "PTIN" ( PREPARER TAX IDENTIFICATION NUMBER) FROM IRS.
2. TAX RETURN PREPARERS MUST SIGN NAMES, AND INCLUDE THEIR PTINS ON THE RETURNS AND REFUND CLAIMS THEY PREPARE FOR COMPENSATION,
3. STARTING JULY 7, 2011 IRS IS SENDING OUT LETTERS TO ABOUT 100K TAX RETURN PREPARERS ACROSS THE COUNTRY WHO VIOLATED THE NEW RULES.
4. THERE ARE ABOUT 712K TAX RETURN PREPARERS ACROSS THE COUNTRY.
5. MAKE SURE YOUR TAX RETURN PREPARER SIGNS THE RETURN AND THERE IS A "PTIN" ON THE TAX RETURN.
CALL KASH AT YAJNIK & MEHTA ASSOCIATES (925) 963 4891 OR VISIT www.yajnikandmehta.com
Monday, June 27, 2011
IRS: NEW 2011 BUS. MILEAGE RATE...
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
FOR MORE INFORMATION, CALL KASH @ (925) 963 4891 OR VISIT www.yajnikandmehta.com
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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