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Mind these tax deadlines as the new year begins
2012 will soon be here. Before you ring in the new year, take a look at the IRS tax calendar to remind yourself of the upcoming tax deadlines.
January 10, 2012 – Those who earned more than $20 in tips during December must report tips to their employers with Form 4070: Employee’s Report of Tips to Employer.
January 17, 2012 – E-filing begins for 2011 returns.
Also, if you did not pay 2011 income tax through withholding you must pay your final installment of 2011 estimated tax with Form 1040-ES: Estimated Tax for Individuals. If you plan on filing your return and paying the tax due by January 31, you can disregard this deadline.
January 31, 2012 – Individuals who must make estimated tax payments can opt to file their return and pay any tax due by this date, thus preventing penalties for missing the January 17 deadline. Continue reading “2012 Income Tax Deadlines”
Before you file 2011 taxes, make sure you’re familiar with all the credits that could save you money.
Basically, the Earned Income Credit is a tax credit designed to put money in the pockets of moderate to low income individuals. It can reduce the amount of tax you owe and even give you a refund.
One of the ways you could potentially save money on your taxes is through the Earned Income Credit (EIC).
You may be eligible to take the 2011 Earned Income Credit if
- You earn less than $43,998 ($49,078 if married) and have 3 or more children
- You earn less than $40,964 ($46,044 if married) and have 2 children
- You earn less than $36,052 ($41,132 if married) and have 1 child
- You earn less than $13,660 ($18,740 if married) and have no children Continue reading “The 2011 Earned Income Tax Credit: What is it?”
The death tax is back, but it’s not as high as it could have been
The 2010 tax year isn’t behind us yet. For those who opted for an extension, the deadline is this Monday, October 17. But this should not prevent us from looking ahead to the next tax year. After all, returns can be filed as early as January and many people are already wondering what 2011 tax changes are in store.
The short answer is that there are very few 2011 tax changes at all. Thanks to the dramatic, last-minute December compromise in Congress, the Bush tax cuts were extended through 2012. That means that tax rates will stay pretty much the same (the brackets have only been adjusted slightly to adjust for inflation). Continue reading “Changes to the Estate Tax for 2011”
