WASHINGTON — Nearly 160 million workers will benefit from the extension of the reduced payroll tax rate that has been in effect for 2011. The Temporary Payroll Tax Cut Continuation Act of 2011 temporarily extends the two percentage point payroll tax cut for employees, continuing the reduction of their Social Security tax withholding rate from… Read More
The IRS wants to remind all taxpayers that with the New Year fast approaching, there is still time for you to take steps that can lower your 2011 taxes. However, you usually need to take action no later than Dec. 31 in order to claim certain tax benefits. Here are six tax-saving tips for you… Read More
Don’t be too quick to answer. Many people try to file tax returns using the wrong name. This happens frequently in cases of marriage or divorce when a name has been recently changed. If you try to electronically file your return with the wrong name your return is likely to be rejected by the IRS,… Read More
Low- and moderate-income workers can take steps now to save for retirement and earn a special tax credit in 2011 and the years ahead, according to the Internal Revenue Service. The saver’s credit helps offset part of the first $2,000 workers voluntarily contribute to IRAs and to 401(k) plans and similar workplace retirement programs. Also… Read More
You may recall that we issued an alert on September 15, 2011 on the Today’s Tax Tip page regarding the proper reporting of foreign bank accounts. Unless you have a really good reason to do so, you probably will want to avoid having foreign financial assets. Failing to properly report these assets can result in… Read More
After posting our apparent scoop about the South Carolina state income tax refund prepaid Visa debit card program yesterday we received the following: Columbia, SC — The South Carolina Department of Revenue (SCDOR) today announced that taxpayers will soon be offered a new method for receiving their individual income tax refunds. For the 2012 individual… Read More
Update: A PDF file has been released with details of the South Carolina tax refund prepaid debit card program. Please click on this link for details. SCDOR_Prepaid_Debit_Card South Carolina taxpayers will have the option of receiving state tax refunds via a debit card beginning this tax season. Now you will be able to choose from… Read More
The Internal Revenue Service has issued the 2012 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2012, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 55.5 cents per… Read More
The IRS has millions of dollars in unclaimed refunds just waiting for taxpayers to give them a good home. So if you are running a little short on money for those last minute holiday gifts you might want to check their list and check it twice to see if you have been naughty or nice. … Read More
That’s right boys and girls, tax season will soon be here. And all of the tax elves are are hard at work getting ready to have the best tax season ever. But before we find out just who has been naughty and who has been nice we have a lot of work to do. And… Read More