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Tax advice articles and tax strategies for individuals, employees, and small business owners. |
IRS Eliminates Homebuyers Credit Notice |
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05 February 2012 |
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The IRS recently announced that it will no longer send you a reminder to repay your First-Time Homebuyer Credit. However there is now an on-line tool to keep you up to date on the status of your repayment.
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Items of Interest For Your 2011 Tax Return |
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18 January 2012 |
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Tax Year 2011 brought no “major” tax changes, but many tax changes could significantly impact the preparation of your federal 1040.
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Tips for Taxpayers who Receive an IRS Notice |
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15 August 2011 |
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Every year the Internal Revenue Service sends millions of letters and notices to taxpayers, but that doesn’t mean you need to worry. Here are eight things every taxpayer should know about IRS notices – just in case one shows up in your mailbox.
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10 July 2011 |
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School's out and many students will be starting summer jobs. Copper Canyon Tax and Financial Services reminds students that not all the money you earn may make it to your pocket. That’s because your employer must withhold taxes.
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Are your Social Security benefits taxable? |
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20 June 2011 |
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How much, if any, of your Social Security benefits are taxable? It depends on your total income and marital status. Generally, if Social Security benefits are your only income, your benefits are not taxable and you probably do not need to file a federal income tax return.
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Borrowing from your 401(k) |
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10 June 2011 |
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Most company 401(k) retirement savings programs allow qualified participants to borrow money from their account. Usually the amount is limited to a maximum of 50% of the account balance, requires timely repayment, and immediate repayment of outstanding loans should you leave your employer. So is borrowing money from your 401(k) retirement account a good idea?
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Did you Take an Early Distribution from Your Retirement Plan? |
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30 May 2011 |
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You may have needed to take an early distribution from your retirement plan last year. Copper Canyon Tax and Financial Services wants you to know that there can be a tax impact to tapping your retirement fund.
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Employers Will Not Be Penalized if FUTA Surtax is Retroactively Reinstated |
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20 May 2011 |
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Unless Congress takes action soon, the federal unemployment tax rate (FUTA) will decrease by 0.2%, effective July 1, 2011. That is because the 0.2% FUTA surtax is scheduled to expire on June 30. The surtax is part of the 6.2% gross unemployment tax rate that employers pay on the first $7,000 of wages paid annually to each employee (6% permanent tax rate, 0.2% temporary surtax). The surtax has been in effect in every year since 1976, when it was enacted by Congress on a temporary basis. Unless new legislation is enacted, the FUTA tax rate, before consideration of state unemployment tax credits, will drop to 6.0%, effective July 1, 2011.
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Social Security Wage Base Expected to Increase in 2012 |
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10 May 2011 |
Social Security Wage Base Expected to Increase in 2012
The Social Security Administration's Office of the Chief Actuary (OCA) is projecting that the Social Security wage base will increase by at least $3,500 in 2012. It has been $106,800 since 2009. The projection was included as part of the annual report to Congress by the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance (OASDI) Trust Fund programs. Projections were made through 2020 [The 2011 OASDI Trustees Annual Report].
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Gambling income and losses |
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28 February 2011 |
Can I deduct gambling losses on my tax return?
Gambling winnings are taxable income on your tax return and are reported to you on form W-2G.
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