Category: Tax
Official Tax Season Kickoff!
The Internal Revenue Service opened the 2012 tax filing season by announcing that taxpayers have until April 17 to file their 2011 tax returns. You can watch a nifty YouTube video here. Taxpayers will have until Tuesday, April 17 to...
Tax Guide Can Help People Save on Their 2011 Taxes
Taxpayers can get the most out of various recovery tax benefits and get informed about the preparation of their 2011 federal income tax returns by reviewing the newly revised, comprehensive tax guide now available on IRS.gov. Publication 17, Your Federal...
2012 Standard Mileage Rates
Just in time for the new year, the IRS has released the standard mileage rates for use in 2012 (Notice 2012-1). Taxpayers can use the optional standard mileage rates to calculate the deductible costs of operating an automobile. Business use...
Temporary Extension of the Social Security Tax Cut
The recently signed Temporary Payroll Tax Cut Continuation Act of 2011 temporarily extends the two percentage point payroll tax cut for employees, continuing the reduction of their Social Security tax withholding rate from 6.2 percent to 4.2 percent of wages...
Year-End Tax Deduction Reminder!!!
There are only 3 ½ business days left in the year, and therefore very little time left to get in those last minute tax deductions… Some examples would be: making charitable donations (including cash, non-cash, appreciated stocks, etc.), paying your...
New Term In Michigan Income Tax – “Total Household Resources”
The term “Total Household Resources” was created by the Michigan legislature in the Michigan Tax Reform MBT repeal and Replacement Act which takes effect January 1, 2012. Under the old law there was a computation called “Total Household Income” that...
Personal income tax year end reminders: 2011 Federal and Michigan tax credits—last chance!
Federal tax credits for energy improvements to your home are still available; however, this is the final year. The total credits you may have taken in prior years (since 2005) will be a limiting factor so you need to get...
Year End Tax-Planning Using Charitable Contributions
As December 31 fast approaches, you might want to do some simple income tax planning. No one likes surprises after the first of the year when they prepare their tax returns. How can I minimize my tax bill? If you...
Thanksgiving – and tax planning…
On behalf of everyone at ShindelRock, we wish our clients and friends a very happy Thanksgiving!! Enjoy your Thanksgiving, watch some football, eat too much turkey, and enjoy time with your family. It will definitely be a time to relax...
Newest IRS Scam
There is a new fraud scheme filtering its way through email boxes which targets people responsible for making various payments through the IRS’s EFTPS payment system. (If you don’t know what EFTPS is then this scam won’t fool you, but...