Author - SFS Tax & Accounting

2012 Standard Mileage Rates

It’s Taxing Times and Tax Resolution Times 2012 Standard Mileage Rates 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 mile for business miles driven 23 cents per mile driven for medical or moving purposes 14 cents per mile driven in service of charitable organizations The rate for business miles driven is unchanged from the mid-year adjustment that became effective on July 1, 2011. The medical and moving [...]

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Deadline Extended to April 17

It’s Taxing Times and Tax Resolution Times Deadline Extended to April 17 The Internal Revenue Service opened the 2012 tax filing season by announcing that taxpayers have until April 17 to file their tax returns. Taxpayers will have until Tuesday, April 17, to file their 2011 tax returns and pay any tax due because April 15 falls on a Sunday, and Emancipation Day, a holiday observed in the District of Columbia, falls this year on Monday, April 16. According to federal law, [...]

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Do I Need to File a Tax Return This Year?

It’s Taxing Times and Tax Resolution Times Do I Need to File a Tax Return This Year? You are required to file a federal income tax return if your income is above a certain level, which varies depending on your filing status, age and the type of income you receive. However, some people should file even if they aren’t required to because they may get a refund if they had taxes withheld or they may qualify for refundable credits. Even if you [...]

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Record Keeping Reminder

It’s Taxing Times and Tax Resolution Times Record Keeping Reminder It’s already October and before long it will be tax season. Below are some tips to help you have your records in order for this year’s taxes and beyond. 1. In most cases, the IRS does not require you to keep records in any special manner. Generally, you should keep any and all documents that may have an impact on your federal tax return. It’s a good idea to have a designated [...]

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Small Business FAQs

It’s Taxing Times and Tax Resolution Times Small Business FAQs   Question:   If I, a sole proprietor, pay personal expenses out of my business bank account, should I count the money used as part of my income? Can I write these expenses off? Answer:    You would include the money used to pay personal expenses in your business income when it was earned by your business. You would not write off these expenses because they are not ordinary and necessary costs of carrying on your trade [...]

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TIP: Summer Day Camp Expenses May Qualify for a Tax Credit

It’s Taxing Times and Tax Resolution Times TIP: Summer Day Camp Expenses May Qualify for a Tax Credit Along with the lazy, hazy days of summer come some extra expenses, including summer day camp. But, the IRS has some good news for parents: those added expenses may help you qualify for a tax credit. Many parents who work or are looking for work must arrange for care of their children under 13 years of age during the school vacation. Here are five facts [...]

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TIP: Financially Distressed Taxpayers

It’s Taxing Times and Tax Resolution Times TIP: Financially Distressed Taxpayers If you are facing financial difficulties and struggling to meet your tax obligations the IRS can help. As the tax filing season begins, in addition to new credits, deductions and exclusions, the IRS is taking steps to help people who owe back taxes. Here are some areas where IRS can help: • Added Flexibility for Missed Payments: The IRS is allowing more flexibility for individuals with existing Installment Agreements who have difficulty making [...]

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Upcoming Tax Deadlines

It’s Taxing Times and Tax Resolution Times Upcoming Tax Deadlines Monday, October 31, 2011 Employers – Social security, Medicare, and withheld income tax. File Form 941 for the third quarter of 2011. Deposit or pay any undeposited tax under the accuracy of deposit rules. If your tax liability is less than $2,500, you can pay it in full with a timely filed return. If you deposited the tax for the quarter in full and on time, you have until November 10 to file [...]

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