by Leif Jensen | Jan 8, 2012 | General |
Our wonderful lawmakers in Washington failed to extend many popular tax breaks beyond 2011! Gone for the moment are write-offs for state sales taxes, college tuition and up to $250 of teachers’ classroom supplies. We have in place the higher AMT exemptions and the...
by Leif Jensen | Jan 8, 2012 | General |
Since late December and early January I have been meeting with clients to line up everything for the preparation of 2011’s 1099’s. It is looking like there are more for each client then ever before. I also expect this trend to continue. With the costs of everything...
by Leif Jensen | Jan 8, 2012 | General |
The Social Security wage base increases to $110,100 for 2012. This is a $3,300 increase above the 2011 level and the first increase since 2009. Obviously Congress thinks the is fixed now. For the average employee the Social Security tax rate is currently at 4.2%...
by Leif Jensen | Jan 8, 2012 | General |
MARRIEDS: If taxable income is The tax is Not more than $17,400 10% of taxable income Over $17,400 but not more than $70,700 $1,740.00 + 15% of excess over $17,400 Over $70,700 but not more than $142,700 ...
by Leif Jensen | Jan 8, 2012 | General |
The estate tax exemption for 2012 rises to $5,120,000, thanks to inflation, this is definitely a boon to small business owners. The tax rate stays at 35%. The annual gift tax exclusion remains at $13,000 per donee. The special estate tax valuation of real estate is...
by Leif Jensen | Jan 8, 2012 | General |
IR-2012-4, Jan. 6, 2012 WASHINGTON — The Internal Revenue Service today released a new set of tax gap estimates for tax year 2006. The tax gap is defined as the amount of tax liability faced by taxpayers that is not paid on time. The new tax gap estimate represents...
