|
|
| Happy Holidays from the Tax Shack! 2011 seems to have flown by and here it is, time to get ready for taxes again! As you all know, we are a family-owned business. I am happy to tell you that this year, we are once again keeping it all in the family by hiring my husband, Richard, as our seasonal office help. I am excited for all of you to meet and get to know him!
Once again, the deadline for tax filings will be April 17th this year due to the Emancipation holiday in D.C.
Some information that will/may affect your tax return:
- Increased Standard Deductions and Personal Exemptions
- Alternative Minimum Tax exemption amounts increased
- Standard Mileage rates went up (be aware that you need to split your mileage for us):
business miles 51 cents per mile 01/01 - 06/30 and 55.5 cents 07/01-12/31
charitable miles 14 cents a mile
medical or moving miles 19 cents a mile 01/01 - 06/30 and 23.5 cents 07/01 - 12/31
The Making Work Pay credit of $400 ($800 for married) has expired and cannot be claimed.
If you have a Health Savings Account or Archer MSA, your expenses are considered “qualifying expenses” ONLY IF they are drugs or medicines that are prescribed or they are insulin.
If you rolled money over into a Roth IRA account and chose to postpone paying the taxes, you will have to pay the first half of the tax due with your return this year.
If you claim per diem for work meals, we have a new worksheet we would like you to complete and sign. Ask us for one or find it on our web site with our other checklists.
For more information or current updates to tax law changes, please go to our web site: www.taxshackinc.com You will also find additional checklists and special offers here!
A couple of new services: Most of you are aware that we have a policy of charging for the reprint of any return (including faxed or emailed copies). This fee is $15 for the current year and $25 for any past years. We have noticed that more and more of you are needing your tax returns reprinted or asking to have them faxed/emailed to you. So we have a couple new options that we are offering this year for an additional small fee.
*For $10 (in addition to your normal preparation fees) we will convert your tax return AND electronic copies of your supporting documents that we used on the return into a PDF and copy it onto a cd for you to take home to view on your computer.
*For $40/yr (in addition to your normal preparation fees) , we can set you up with a secure online portal where you will have 24 hour access to view your current year’s tax return with supporting documents as well as the last three years of tax returns (if we have prepared them). This portal can also be used for you to securely send us tax information electronically.
Our office hours beginning January 2nd will be Monday-Friday 9am to 6pm and Saturday 10am to 4pm. Thank you for your continued patronage and we look forward to seeing you all again over the coming months!
Tara, Richard, Kathy, and John IRS Circular 230 Disclosure To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this document is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code, or (ii) promoting, marketing, or recommending to another party any transaction or matter that is contained in this document.
Every year the Tax Shack Inc. sends a newsletter to its loyal clients. This letter contains the latest changes that could affect your taxes, as well as gives an update on how the business is doing. If you would like a newsletter mailed to you and you are not a client, then just send us an email with your name and address. Contact Us
| |
|
|