by Leif Jensen | Jul 10, 2011 | General |
Had you settled for a job just to have one? And have been able to finally find another job midyear? you may have overwithheld Social Security tax. If your pay from two or more different employers exceeds the Social Security withholding limit of $106,800, you can...
by Leif Jensen | Jul 10, 2011 | General |
Tax preparers with no credentials who pass IRS’ competency test will be able to prepare all types of tax returns, according to the the IRS. Even though the upcoming testing will only cover only the 1040 series of returns and their schedules, folks who pass the exam...
by Leif Jensen | Jul 10, 2011 | General |
A financial professional’s bad advice was grounds to waive the 60-day IRA rollover rule, IRS stated privately. At retirement, a couple transferred their 401(k) balances into IRAs. Their financial adviser stated that they should take the amounts in their IRAs and roll...
by Leif Jensen | Jul 10, 2011 | General |
The IRS will not consider further increases on filing extensions for partnerships, estates and trusts. The current five-month extensions will be granted, but nothing further. The rational is that individual partners, heirs and trust beneficiaries who requested filing...
by Leif Jensen | Jul 10, 2011 | General |
The Tax Court has ruled that a taxpayer’s poor investment decision doesn’t lead to a theft loss write-off. On a parishioner’s advice, a filer took funds from his IRA and bought stock in a company. The firm delayed issuing stock certificates to him, so he feared he had...
by Leif Jensen | Jul 4, 2011 | General |
I found this little article on the Chicago Bar Association website regarding how Cook County Property Taxes are calculated. Your Cook County real estate tax bill is the result of the assessed valuation of your real estate multiplied by an equalization factor and then...
