WHAT IRS TIPS FOR TAX PAYERS WITH FOREIGN INCOME ?

SEE THE TIPS ON OVERSEAS INCOME FROM IRS:
1. FOR US CITIZENS RESIDING OVERSEAS, THEIR TAX RETURNS ARE DUE 6/15/2012.
2. US CITIZENS AND RESIDENT ALIENS MUST REPORT WORLD WIDE INCOME PER FEDERAL TAX LAWS.
3. FOR FOREIGN BANKS ACCOUNT HOLDERS & TAX PAYERS WITH FINANCIAL ASSETS, FILE FORM TD F 90-22.1 WITH TREASURY DEPT. BY 6/30/2012.
4. FOREIGN EARNED INCOME EXCLUSION IS $92,900 FOR OVERSEAS WAGE EARNERS.
5. FOREIGN TAX CREDIT OR DEDUCTION OF FOREIGN TAXES IS AVAILABLE. 
6. FOR AGI LESS THAN $57,000, TAX PAYERS CAN USE " FREE eFILE " PROGRAM.
FOR Q & A CALL KASH (925) 963 4891

WHEN CAN HEALTH INSURANCE FOR SELF EMPLOYED BE A TAX BREAK ?

ACCORDING TO IRS - SELF EMPLOYED PEOPLE PAYING FOR MEDICAL, DENTAL, OR LONG TERM CARE INSURANCE CAN GET SPECIAL TAX DEDUCTION FOR INSURANCE PAID FOR YOU, YOUR SPOUSE, & DEPENDENTS.  TO QUALIFY ONE OF THE FOLLOWING CONDITIONS MUST BE MET:
1. NET INCOME FROM SCHEDULE C, C-EZ, OR SCHEDULE- F.
2. PARTNER'S SHARE OF SCHEDULE K1 INCOME  - BOX 14, CODE A
3. S-CORP SHARE HOLDER OWING MORE THAN 2% STOCK - W2 WAGE STATEMENT
FOR MORE Q&A CALL KASH @ (925) 963 4891

DID YOUR CORPORATION FILE 2012 TAX RETURN ?

THE DEAD LINE FOR C-CORP. OR S-CORP. TO FILE 2012 TAX RETURN IS 3/15/2012.
IF YOU CAN'T FILE THE RETURN IN TIME., YOU MIGHT FILE A SIX MONTH EXTENTION.
AS ALWAYS, EXTENSION TO FILE IS NOT EXTENSION TO PAY.
FILE FORM 7004 BY THE MARCH DEAD LINE.
CALL KASH @(925) 963 4891 FOR TAX Q & A.

HOW TO CLAIM SLICE OF 1B$ IRS REFUND PIE?

IRS ANNOUNCED IT HAS 1 BILLION DOLLARS FOR PEOPLE WHO HAVE NOT FILED 2008 TAX RETURN - 122,500 MILLION DOLLARS FOR CALIFORNIANS WITH AVERAGE REFUND $595.
TO COLLECT THE MONEY A TAX RETURN MUST BE FILED NO LATER THAN APRIL 17, 2012 SHOWING THE REFUND AMOUNT CLAIMED. IF THE RETURNS ARE NOT FILED TIMELY, IRS GETS 1 B$ RICHER.

MAKE APPOINTMENT TO FILE YOUR 2008 TAX  RETURN WITH KASH @ (925) 963 4891

2012 DIRTY DOZEN TAX SCAMS - IRS

TAXPAYERS, SCAMS ALERT:
1. IDENTITY THEFT
2. PHISHING - LURING EMAILS TO STEAL YOUR PERSONAL & FINANCIAL INFO.
3. RETURN PREPARER FRAUD - QUESTIONABLE / UNAUTHORIZED PREPARERS.
4. HIDING INCOME OFFSHORE.
5. FREE IRS OR SOCIAL SECURITY MONEY ADS IN CHURCHES & COMMUNITIES.
6. FALSE / INFLATED INCOME & EXPENSES FOR LARGER REFUNDS.
7. FALSE FORM 1099 REFUND CLAIMS - CREATE FALSE 1099 DOCS FOR LARGER REFUND
8. FRIVOLOUS ARGUMENTS TO AVOID OR EVADE LAWFUL TAXES.
9. FALSELY CLAIMING ZERO WAGES TO ILLEGALLY LOWER TAXES.
10. ABUSE OF CHARITABLE DEDUCTIONS & ORGANIZATIONS.
11. DISGUISED CORPORATE OWNERSHIP - UNDER REPORT INCOME TO LOWER TAXES.
12. MISUSE OF TRUSTS - SHIFT INCOME & DEDUCT EXPENSES TO LOWER  TAXES.

IS BARTER INCOME TAXABLE ?

SMALL BUSINESS OWNERS SOMETIMES BARTER PRODUCTS AND SERVICES THEY NEED. THE FAIR MARKET VALUE OF PRODUCT OR SERVICES THEY RECEIVE IS TAXABLE INCOME ACCORDING TO IRS.
1. ORGANIZED BARTER EXCHANGES IS REQUIRED TO ISSUE 1099-B FOR PROCEEDS  FROM BARTER TRANSACTIONS TO THEIR MEMBERS.
2. BARTER OR TRADE DOLLARS ARE IDENTICAL TO REAL DOLLARS FOR TAX REPORTING PURPOSES.
3. FAIR MARKET VALUE OF BARTER PRODUCTS OR SERVICES IS REPORTED ON TAX RETURN.
4. INCOME FROM BARTERING IS TAXABLE IN THE YEAR IT IS PERFORMED. IT MAY RESULT IN BUSINESS INCOME, TAX LIABILITIES, AND CAPITAL GAINS OR LOSSES.

CALL KASH @ (925) 963 4891 ON TAX Q & A.

TAX TIP 2 - MISSING W2 FORM ?

FOLLOW THESE STEPS IF YOU HAVE NOT RECEIVED W-2 FORM - WAGES & INCOME STATEMENT BEFORE JAN 31 2012:
1. CONTACT YOUR EMPLOYER SO THAT IT CAN BE RESENT IF LOST IN MAIL.
2. REQUEST DUPLICATE W-2 OR CREATE W2-S SUBSTITUTE FORM FROM LAST PAY STUB..
3.  IF IT IS INCORRECT REQUEST CORRECTED - W2-C FORM.
4.  AFTER FEB 14, 2012 REQUEST A COPY FROM IRS.
5. FILE YOUR TAX RETURN BY APRIL 17, 2012 WITH BEST AVAILABLE INFORMATION.
6. AMEND RETURN LATER IF REQUIRED.
FOR Q & A CALL KASH @ 925 963 4891.