Category Archives: MyTaxFella’s Blog

Health care legislation passed in 2010 included a tax credit for small businesses that provided health care coverage for their employees. Recent surveys have shown that the majority of small companies that could qualify for the credit have failed to … Continue reading →

Don’t miss these deadlines if they apply to your business: February 15 – Brokers must provide 2011 Forms 1099-B and 1099-S to customers. February 28 – Send Forms 1099 with Form 1096 to the IRS. If you file these forms … Continue reading →

The IRS is required by law to adjust certain tax numbers each year. Here are some of the adjusted numbers you’ll need for your 2012 tax planning.  STANDARD MILEAGE RATE for business driving remains at 55.5¢ a mile. Rate for … Continue reading →

Writing up the minutes of board of directors’ meetings is not exactly a high priority for most business owners. Yet well-documented corporate minutes can provide valuable supporting evidence if your tax positions are ever questioned. Minutes are especially important where … Continue reading →

Now is an ideal time to review your financial affairs. You have to gather information to prepare your tax return at this time. Why not take one more step and do something positive for your financial well-being? The following suggestions … Continue reading →

Gather the items you need to file your 2011 tax return — W-2s, 1099s, and other forms you receive from your employer, broker, bank, etc. If you detect errors, contact the sender immediately for a corrected copy.

Get the documentation you’ll need for all your 2011 charitable contributions, or you risk losing your deduction. Even gifts under $250 require a bank record or a receipt from the charity.

The IRS recently announced that the mileage rate for business driving in 2012 will be 55.5¢ a mile. The rate can be used for cars, vans, pickups, and panel trucks. Companies that don’t want to keep track of the actual … Continue reading →

* January 17 – Final 2011 individual estimated tax payment is due, unless your 2011 tax return is filed and taxes are paid in full by January 31, 2012.   * January 17 – Due date for calendar-year trusts and … Continue reading →

On December 23, 2011, Congress finally approved a two-month extension of the payroll tax cut for American workers. The agreement was reached after weeks of partisan bickering. The new law extends the 4.2% social security tax on wages through February … Continue reading →