On Thursday, President Barack Obama signed into law the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011 (HR 4; 1099 Act), which repeals both the expanded Form 1099 information reporting requirements mandated by last year’s… Read More
Posts Tagged ‘Tax Prep’
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Breastfeeding Pumps Now Deductible, IRS Rules
Breast pumps and other lactation supplies are now tax deductible as medical expenses, the Internal Revenue Service said Thursday, reversing a long-held position. The new ruling means that families can use pre-tax funds from their flexible spending accounts and health… Read More
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IRS Gives a Road Map for Audits of Repair and Maintenance Expenses
The issue of whether maintenance costs are deductible as incidental repairs or must be capitalized under IRC §263A continues to trip up taxpayers, despite guidance and proposed regulations from the Internal Revenue Service. Recently, the IRS issued an audit-technique guide… Read More
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New Smartphone App Lets You Check Tax Refund Status
The IRS unveiled a new smartphone app Monday that will allow taxpayers to check the status of their tax refunds and get other information about their tax returns. The app, IRS2Go, can be downloaded for free on iPhones and Androids, the IRS… Read More
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Where To Keep Your Important Financial Records
We all have financial records, whether they’re pay stubs, tax returns, or receipts that we’re using for tax write-offs. Although many of us are now using personal finance software, there still isn’t a one-stop solution to track all your finances…. Read More
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How Long to Keep Tax Records
You can toss some supporting documents, but you’ll need to hang onto others for years. This is a great time of the year to get rid of outdated files and to organize your records in preparation for filing your tax… Read More
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Taxpayers who itemize have to wait until February to file
IRS Kicks off 2011 Tax Season with certain Taypayers unable to start filing until mid-to-late February summary- Taxpayers who itemize on their federal tax returns will have to wait until at least mid-February to file, the IRS said Thursday. The… Read More