The 2012 federal mileage rates for the use of a car (also vans, pickups or panel trucks) will be: $0.555 per mile driven for business purposes $0.23 per mile driven for medical or moving purposes $0.14 per mile driven in service of charitable organizations […]
Category: Sub S Corporations
How Often Does Tax Law Change….
There were approximately 4,430 changes to the tax code from 2001 through 2010, an average of more than one a day, including an estimated 579 changes in 2010 alone. […]
Ballgames – can you deduct?
Now that the NBA fiasco is settled, can you deduct the cost of tickets? The answer is YES either as (1) business entertainment or (2) a business gift. If you attend the game with the business client, the cost of the tickets can be deducted only as business entertainment. To qualify, the entertainment must be “directly related to” […]
IRS 2009 Statistics
IRS statistics now available for 2009 tax returns. The highest earning 1% of all U.S. individual taxpayers paid 36.7% of all federal income taxes. The highest earning 5% paid 58.7%. The bottom 50% paid only 2.25% of total federal income tax. […]
W2 Healthcare Reporting 2011 & 2012
The Patient Protection and Affordable Care Act requires employer provided health care costs to be reported on Form W-2 starting with the 2012 tax year. This will affect employers who filed 250 or more W-2s for the 2011 tax year. […]
What is an Enrolled Agent (EA)?
Background: “Enrolled” means EAs are licensed by the federal government, while “Agent” allows appearance in place of the taxpayer before the Internal Revenue Service (IRS). Only EAs, attorneys and CPAs may represent taxpayers before the IRS. The EA profession started in 1884 when, after questionable claims had been presented for Civil War losses, Congress acted to regulate […]
What is Income?
IRC § 61 states all income from whatever source derived is taxable, unless specifically excluded by another Code section. IRC stands for Internal Revenue Code. If you ever tried to read it, you’ll know why they call it code! § is the symbol for Code section. […]
2011 Mileage Rates
Purpose Rates 1/1 through 6/30/11 Rates 7/1 through 12/31/11 Business 51 55.5 Medical/Moving 19 23.5 Charitable 14 14 […]
Florida Consumser Alert
We have had a scrolling notice on our main website www.USATaxHelp.com for well over a year about this issue. Here is the latest posting on the State of Florida website…….. CONSUMER ALERT! Arvitas, LLC is a private company sending e-mails to businesses in Florida offering to file annual reports. ARVITAS IS NOT AN AGENT OR REPRESENTATIVE FOR […]
FUTA Rate Revision
Congress has announced that the 0.2% FUTA surcharge will not be extended before June 30, 2011. Employers have been required to pay a flat rate of 6.2% on the first $7,000.00 of each employee’s annual wages for FUTA. The 6.2% FUTA rate included a temporary 0.2% surcharge that was first added in the 1970’s. The FUTA rate […]