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2012 Filing Deadline Extended

Posted on06. Jan, 2012 by .

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The IRS recently announced that, like last year, the 2012 deadline has been extended to April 17, 2012. I’d like to say it was because they just felt like being nice, but I’d be lying. They extended the deadline because April 15 happens to be a Sunday, and Washington DC observes Emancipation Day the very [...]

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When Is an S Corporation Ideal—and When Isn’t It?

Posted on19. Aug, 2011 by .

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You’ve heard of S Corporations. Your neighbor’s company is organized as an S corporation. And you’ve heard him go on an on about how awesome S corporations are. You’ve heard just about everyone (and their mother) tout S corporations as being the perfect entity. And they are—in certain situations. You see, choosing an entity takes [...]

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Finders Keepers

Posted on22. Jun, 2011 by .

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Let’s say you had a certain amount of money deposited into your bank account unexpectedly… what would you do? What would you really do? What if the amount was only $50? What if it was $110,000? What if the amount was deposited by the IRS (or the Treasury)? Would you try to figure out why [...]

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I’m Back!

Posted on07. Jun, 2011 by .

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The last tax season was, well, hectic. After that I needed a vacation. After my vacation I needed motivation to get back to writing. And to work in general. Now, I’m back. Refresh and renewed. The 2010 tax season was probably my most hectic. That’s not a complaint, though. Believe me. It proved to be [...]

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It’s March 15. Corporate Tax Returns Are Due!

Posted on15. Mar, 2011 by .

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You want to know how I knew for sure today was March 15? No, I didn’t check my calendar. I checked my e-mail, and there they were: e-mails asking when corporate tax returns are due. Now, I occasionally get e-mails about due dates all throughout tax season, but for some reason, on March 15, I [...]

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Ask the Tax Pro: What Am I Supposed to Do With This 1099-R?

Posted on06. Mar, 2011 by .

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Here’s the redacted version of what David asked: In 2010 a previous employer informed that they were forcing me to take my 401K contributions out of their plan and roll it into another IRA of my choosing. According to their rules, I had enough capital in the account such as they couldn’t force me to [...]

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Ask the Tax Pro: Does My Son Have to File a Tax Return?

Posted on02. Mar, 2011 by .

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Barbara asks: My 16-year-old son earned $1,250.00 in modeling income this year. He was issued a 1099-MISC and his income was reported in Box 7. Does he have to report this income and pay a self employment tax? Initially when I first started reading your e-mail, I thought it was going to be a kiddie [...]

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Ask the Tax Pro: Can I be Both a Contractor and an Employee?

Posted on04. Feb, 2011 by .

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Taxpayer says: Hello and thank you for your helpful website! I have been unable to find an answer to this question and I hope you can help. I live in California and work part-time for a small business that is a corporation. I will be moving to Texas and my current employer and I have [...]

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Want to Check the Status of Your Refund? There’s an App for That!

Posted on01. Feb, 2011 by .

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The IRS is clearly trying to embrace technology. First there was Twitter, YouTube, and now an application for your smartphone. The app is called IRS2go, and is available on both the Android marketplace and the iPhone App Store. The app currently allows you to check the status of your refund, subscribe to IRS news, follow [...]

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IRS Will be Ready to Accept Returns on February 14

Posted on24. Jan, 2011 by .

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I previously mentioned that the IRS wouldn’t be ready to accept certain e-filed or paper returns until sometime in February. They’ve now announced a definitive date: February 14. The returns that are impacted are those that claim deductions on Schedule A (mortgage interest, property taxes, medical expenses, etc.), the higher education tuition and fees deduction [...]

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