Tax Tips

Six Tips for Charitable Taxpayers

Contributing money and property are ways that you can support a charitable cause, but in order for your donation to be tax-deductible, certain conditions must be met. Read on for six things the IRS wants taxpayers to know about deductibility of donations.

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Several Reasons to File Your Tax Return Electronically 

It’s safe. It’s easy. It’s time. Most taxpayers—nearly 80 percent-- file electronically. If you haven’t tried it, now is the time! The IRS has processed more than 1 billion individual tax returns safely and securely since the nationwide debut of electronic filing in 1990. In fact, last year, 112 million people – 78 percent of all individual taxpayers – used IRS e-file to electronically transmit their tax returns to the IRS. The number of people who use a paper tax return or who mail a tax return dwindles each year – and for good reason .

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Issue Number:    IRS Tax Tip 2012-27

Inside This Issue

Tax Law Changes for 2011 Federal Tax Returns 
Before you file your 2011 federal income tax return in 2012, you should be aware of a few important tax changes that took effect in 2011. Check before you file for updates on any new legislation that may affect your tax return.

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Issue Number:    IRS Tax Tip 2012-28

Inside This Issue

Eight Facts about New IRS Form 8949 and Schedule D 
The IRS has a new form taxpayers must use to report most capital gains and losses from transactions relating to investment property. In previous years, these transactions would have been reported on your IRS Schedule D or D-1, but for tax year 2011, use Form 8949, Sales and Other Dispositions of Capital Assets.

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Issue Number:    IR-2012-27

Inside This Issue

Payroll Tax Cut Extended to the End of 2012; Revised Payroll Tax Form Now Available to Employers

WASHINGTON — The Internal Revenue Service today released revised Form 941 enabling employers to properly report the newly-extended payroll tax cut benefiting nearly 160 million workers.

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Issue Number:    IR-2012-30

Inside This Issue

Winter 2012 Statistics of Income Bulletin Now Available
WASHINGTON — The Internal Revenue Service today announced availability of the winter 2012 issue of the Statistics of Income Bulletin, which features preliminary data for 143 million individual income tax returns filed for tax year 2010. 

The Statistics of Income (SOI) Division produces the SOI Bulletin on a quarterly basis.  Articles included in the publication provide the most recent data available from various tax and information returns filed by U.S. taxpayers. This issue of the SOI Bulletin also includes articles on the following:

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Check back with us soon for more helpful tips and information.

About Me

Gail S. Kwee, CPA is an experienced professional who provides clear and relevant advice in a timely and professional manner. Gail’s approach is to deliver an integrated solution by tapping into years of experience and expertise to represent the best interest of her clients. I look forward to learning more about how I can help you!

Accounting Tip

The world has become a dangerous place due to check fraud, so make sure to establish boundaries between yourself and your bank, create monetary limits for checks, set-up a special account for paychecks and keep all other checks made out to business and not individuals. Keep your checks in a locked, secure location.

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