IRS Withholding Calculator

Take a moment to ensure you are paying the correct amount of taxes each paycheck so you do not owe money at the end of the year OR unnecessarily lend your own money to the government (why get a refund at the end of the year when you can invest that money in an interest bearing account?). This calculator is for employees that receive regular paychecks and a W-2 at the end of the year, not independent contractors. It is very easy to use, and should... Read More

Tax Amendment Tips

If find that you made an error on a previous tax return, you can correct it by sending in an amendment. Amendment Tips Amend your return if your filing status, dependents, total income or deductions/credits need correction Do not amend if you find a math error or missing forms Use form 1040X Multiple years should be sent separately Timing If you are due an additional refund, wait until you receive your original refund If you owe tax, pay as soon... Read More

Tax Tips for Job Hunters

If you are currently searching for a job you may be able to deduct related expenses on your tax return. Following are some tips to help make the most of your deduction. Qualifications Expenses must be in your current occupation – this deduction is not available to those who want to switch careers There was not a substantial break between your job search and your last job You are not looking for a job for the first time  You can claim the amount... Read More

Home Office Deductions

If you work out of your home, you are allowed to deduct expenses for use of your home for your business such as mortgage interest, utilities, home insurance, home repairs, and even depreciation. This deduction is available whether you own your home or rent it. Eligibility Requirements To be eligible for this deduction you must meet the following two requirements: 1. Regular and Exclusive Use You must regularly (not incidentally or occasionally) use... Read More

Standard Mileage Rate Increase for 2011

The standard mileage rate for business miles has been increased to 55.5 cents a mile for July 1 to December 31. This is an increase from 51.0 cents a mile for January 1 thru June 30. Medical/moving miles have been increased to 23.5 cents per mile from 19.0 cents and charitable miles driven are 14.0 cents per mile for the entire year. Read more on the IRS website.  Read More