Our Blog: Tax Services

The Florida Sales Tax Holiday is set for August 12 through August 14, 2011. The Florida legislators have approved this measure with some notable changes:  2011 Florida Sales Tax Holiday prices for eligible item have increased. Books are no longer included; last year, books were eligible for the Florida Sales Tax Holiday Continue reading

Federal Unemployment Tax 2011 Effective July 1, 2011, the Federal Unemployment Tax Act (FUTA) rate is reduced from 0.8 to 0.6 percent for all employers liable for Federal Unemployment Tax. What is the FUTA Tax Rate?  The Federal Unemployment Tax Act (FUTA) is a payroll or unemployment tax that is only paid by employers Continue reading

IRS Fuel Cost Adjustments and You The current rise in fuel costs has triggered the Internal Revenue Service to announce a modification of the IRS standard mileage rates for business, medical or moving expenses, effective July 01, 2011. Read the details below to determine if the IRS fuel cost adjustments affect you: Business: The new business rate is now 55 Continue reading

Generally, most income you receive is considered taxable if that income is available to you, regardless of whether it is actually in your possession or not. There are situations when certain types of income are partially taxed or not taxed at all. Examples are as follows: Life Insurance If you surrender a life insurance policy for cash, you must include in income any proceeds that are more than the cost of the life insurance policy Continue reading

The following tax tips will help you gain an advantage with your return 1. Use up your flexible-spending account. In 2010 your employer deducted money from your paycheck to cover your child-care and medical expenses. Remember to get that money back. Gather your receipts from doctors, clinics, hospitals and pharmacies for services provided to you and your dependents during 2010 Continue reading

Listed below are some commonly encountered items that usually won’t be allowed as a business expense deduction, and are considered nondeductible expenses. In most cases, a deduction is denied for these items either because they are nondeductible personal expenditures, or because Congress specifically made them nondeductible Continue reading

From IRS Tax Advocate Program Education Credits The Hope Scholarship Credit and the Lifetime Learning Credit help offset the cost of post-secondary education for you, your spouse or a dependent. For tax years 2009 and 2010, the Hope Scholarship Credit is renamed the American Opportunity Tax Credit and the amount of the credit has been increased Continue reading

From IRS Tax Advocate Program If you borrow money and the lender later cancels or forgives that debt, you may have to include the canceled amount in income for tax purposes, depending on the circumstances. For example, you borrow $10,000 and default on the loan after paying back $2,000. If the lender is unable to collect the remaining debt from you, there is a cancellation of debt of $8,000, which generally is taxable income to you Continue reading

From IRS IRS Summertime Tax Tip 2010-08 The Internal Revenue Service issues a list of the top 12 tax scams each year – known as the Dirty Dozen. The scams are illegal and can lead to problems for taxpayers including significant penalties, interest and possible criminal prosecution. These scams don’t just happen during the tax filing season, they can happen anytime during the year Continue reading

From IRS IRS Summertime Tax Tip 2010-10 The Taxpayer Advocate Service is an independent organization within the Internal Revenue Service.  TAS helps taxpayers who are experiencing economic harm such as not being able to provide necessities like housing, transportation, or food, taxpayers who are seeking help in resolving problems with the IRS, and those who believe an IRS system or procedure is not working as it should Continue reading