IRS Offers Tips to Help Taxpayers with the New Tax Season Opening

tax-tips

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 begin accepting tax returns.

The IRS will not process paper or electronic tax returns before the Jan. 30 opening date, so there is no advantage to filing on paper before then.

Using e-file is the best way to file an accurate tax return, and using e-file with direct deposit is the fastest way to get a refund.

Many major software providers are accepting tax returns in advance of the Jan. 30 processing date. These software providers will hold onto the returns and then electronically submit them after the IRS systems open. If you use commercial software, check with your provider for specific instructions about when they will accept your return. Software companies and tax professionals send returns to the IRS, but the timing of the refunds is determined by IRS processing, which starts Jan. 30.

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Holiday Giving Tax Tips from the IRS

Holiday charitable deductionsDecember is a great month for giving generously to charities, friends, and family; but all that giving can have a major impact on your tax return.

Here are five “Season of Giving” tips from the IRS covering everything from charitable donations to refund planning:

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Breast Pumps are now deductable!

Who knew??? The following was announced in the Feb. 28th, 2011 IRS bulletin:

The Internal Revenue Service has concluded that BREAST PUMPS and supplies that assist lactation are medical care under § 213(d) of the Internal Revenue Code because, like obstetric care, they are for the purpose of affecting a structure or function of the body of the lactating woman.

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This comprehensive and practical guide addresses how to find your business niche and time a start-up, figure out approximate costs, identify legal and tax issues, market products or services, and learn bookkeeping basics. Also recommended: Steven D. Peterson and others’ Business Plans Kit for Dummies (3d ed. Wiley, May 2010.) (Library Journal, May 1, 2010)

Want to start the small business of your dreams? Want to breathe new life into the one you alre (more…)

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Small Business Accounting SimplifiedMost small-business owners understand marketing and management concepts and even economic principles, but many become nonplussed when faced with financial statements, tax forms, or charts of accounts.

This book was written by a business attorney who has written several books and legal guides for the layperson and the small-business owner. Unlike most introductory accounting texts, his guide provides practical explanations of the record-keeping and bookkeeping (more…)

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Taxpertise: The Complete Book of Dirty Little Secrets and Tax Deductions for Small Businesses the IRS Doesn’t Want You to Know
Taxpertise: The Complete Book of Dirty Little Secrets and Tax Deductions for Small Businesses the IRS Doesn't Want You to KnowKeep Your Money!

Taxpayer champion and enrolled agent Bonnie Lee puts the IRS under the microscope and uncovers proven methods, and surprisingly simple strategies to minimize your taxable income, maximize deductions, and, ultimately-add thousands back to your business’ bottom line!

Do you owe an insurmountable sum to the IRS? Pay pennies on the dollar. Secret formula the IRS uses to determine an acceptable offer is revealed-Page 246 Save tax dollars si (more…)

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Wealth Creation for Small Business Owners

Wealth Creation for Small Business Owners: 75 Strategies for Financial Success in Any EconomyWealth Creation for Small Business Owners: 75 Strategies for Financial Success in Any Economy

“Wealth management . . . is not often at the forefront of a young entrepreneur’s mind. But with some careful planning you can ensure that you are flush for the future.” –Dominic Preston, GrowthBusiness.com

Millions of small business owners are sitting on a gold mine and don’t realize it! Your enterprises can be tools for creating extensive personal wealth–assets not tied to your businesses. Certain little-known small business laws allow entrepreneurs to use business tax systems (more…)

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