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. […]
Depreciation History (recent) – is it complicated?
The Job Creation and Worker Assistance Act of 2002 (JCWA) provided an additional depreciation deduction in the placed-in-service year that is equal to 30% of the adjusted basis of the qualified property placed in service after 9/10/01. This law is reflected (for the most part) in IRS Code section 168(k). The Jobs and Growth Tax Relief Reconciliation Act […]
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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. […]
STATES with NO INDIVIDUAL INCOME TAX
Alaska Florida Nevada South Dakota Texas Washington Wyoming Tennessee and New Hampshire tax only dividend & interest income. […]
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 […]
Substitute for Returns (SFRs) – IRS files for you!
The only way for the IRS to get after NON-FILERS is to take the documents filed with them: 1099s and W2s, .e.g., and create returns WITHOUT any deductions. IRS doesn’t know about your all your deductions… so they have assume none. These returns are called “Substitute for Returns” or SFRs. If you are self-employed, of […]
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