Category Archives: MyTaxFella’s Blog

If your flex plan at work allows a 2½ month grace period for using the pre-tax dollars you set aside for 2011, be aware that a final deadline is approaching. You have until March 15, 2012, to use the funds … Continue reading →

Just days ahead of the February 29 expiration deadline, Congress passed an extension of the 2% payroll tax cut through the end of 2012. The law included long-term federal unemployment benefits set at a maximum 73 weeks and the “doc … Continue reading →

March 15 – 2011 calendar-year corporation income tax returns are due. Extensions may be filed to give until September 17, 2012, to file. March 15 – Deadline for calendar-year corporations to elect S corporation status for 2012. April 2 – … Continue reading →

The IRS has just announced that more than $1 billion in tax refunds for the year 2008 remain unclaimed by a million taxpayers who failed to file a return for that year. The tax law provides a three-year period for … Continue reading →

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.