Archive for category Tax
IRS Offers Tips to Help Taxpayers with the January 30 Tax Season Opening
The IRS will begin processing most individual income tax returns on Jan. 30 after updating forms and completing programming and testing of its processing systems. The IRS anticipated many of the tax law changes made by Congress under the American Taxpayer Relief Act (ATRA), but the final law requires some changes before the IRS can [...]
Tax Deadline – April 18, 2011
In the 2011 tax filing season, taxpayers have until Monday, April 18 to file their 2010 tax returns and pay any tax due.
Ten Important Facts About Capital Gains and Losses
Posted by brumley in Income, Investments, Personal Finance, Tax on February 24, 2011
Did you know that almost everything you own and use for personal or investment purposes is a capital asset? Capital assets include a home, household furnishings and stocks and bonds held in a personal account. When a capital asset is sold, the difference between the amount you paid for the asset and the amount you [...]
Important Tax Law Changes for 2010
Posted by brumley in Tax, Tax Law Changes on February 21, 2011
Taxpayers should make sure they are aware of many important changes to the tax law before they complete their 2010 federal income tax return. Here are several important changes that the IRS wants you to keep in mind when you file your 2010 federal income tax return in 2011. Health Insurance Deduction Reduces Self Employment [...]
How to Avoid Identity Theft During Tax Season
Posted by brumley in Credit, Identity Theft, Tax on February 21, 2011
Scams involving the impersonation of the IRS usually take the form of e-mails, tweets, or other online messages to consumers. Scammers may also use phones and faxes to reach intended victims. Some scammers set up phony Web sites.
7 tips about the Expanded Adoption Credit
You may be able to take a tax credit of up to $13,170 for qualified expenses paid to adopt an eligible child. The Affordable Care Act increased the amount of the credit and made it refundable, which means it can increase the amount of your refund. Here are seven things the IRS wants you to [...]
2011 Residential Energy Tax Credit
When it comes to energy credits, you’ll need to remember the past as you look to the future. That’s because the federal tax credit for energy-efficient improvements made to your home is available for 2011 — but with the original standards instead of the more generous rules applicable to your 2010 tax return. For your [...]
7 Tips for Preparing Your Taxes Without the Stress
Scams involving the impersonation of the IRS usually take the form of e-mails, tweets, or other online messages to consumers. Scammers may also use phones and faxes to reach intended victims. Some scammers set up phony Web sites.
Are Your Social Security Benefits Taxable?
Posted by brumley in Income, Retirement, Tax on February 15, 2011
The Social Security benefits you received in 2010 may be taxable. You should receive a Form SSA1099 which will show the total amount of your benefits. The information provided on this statement along with the following six facts below will help you determine whether or not your benefits are taxable.
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T Scott Brumley CPA
With more than thirty years experience in accounting, tax, finance, auditing, technology and business management, T Scott Brumley, CPA rolls up his sleeves and works with his clients to solve their complex business problems.
