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Everyone pretty muich knows you can take two Married Filing Separate Returns and combine them to one Married Filing Joint return. GENERALLY this has a better tax effect for the family.
But, can you take Married Filing Joint and split that return into two Married Filing Separate? The answer is YES… BUT it must be completed by April 15th of the following year….. i.e. 2012 can be amended but only up to April 15th, 2013. Extensions have no effect.
The penalty for late filing of a Sub S return (this includes not filing a timely extension) for 2011 is $195 per month x number of shareholders (up to 12 months).
When the penalty is accessed, you should call the 800 number on the notice. Tell the agent, if this is true (they will check), this is the first and last time a late filing will happen. Please abate the penalty.
Thus far this has been 100% successful.
WASHINGTON The Internal Revenue Service announced today that taxpayers will be able to start filing two major tax forms next week covering education credits and depreciation.
Starting Sunday, Feb. 10, the IRS will start processing tax returns that contain Form 4562, Depreciation and Amortization. And on Thursday, Feb. 14, the IRS plans to start processing Form 8863, Education Credits.
This step clears the way for almost all taxpayers to start filing their tax returns for 2012. These forms affected the largest groups of taxpayers who werent able to file following the Jan. 30 opening of the 2013 tax season.
The FLORIDA taxable wage base for 2013 remains at $8,000. This means the first $8,000 of each employee’s wage during the calendar year to taxed for Florida Unemployment Tax Purposes.
The FEDERAL wage base for the same purpose is based on the first $7,000 each employee makes during the calendar year.
Effective January 1, 2013, Florida’s minimum wage is $7.79 per hour for all hours worked in Florida.
For tipped employees the direct hourly wage is $4.77 as of January 1, 2013.
You will not be able to retain the homestead exemption if the home is rented.
The exemption is for your primary personal residence only.
If you were born January 2, 1943, through January 1, 1955, then your full retirement age for retirement insurance benefits is 66. If you work and are full retirement age or older, you may keep all of your benefits, no matter how much you earn. If you are younger than full retirement age, there is a limit to how much you can earn and still receive full Social Security benefits. If you are younger than full retirement age during all of 2012, we must deduct $1 from your benefits for each $2 you earned above $14,640.
If you reach full retirement age during 2012, we must deduct $1 from your benefits for each $3 you earn above $38,880 until the month you reach full retirement age.
AICPA (Association of International Certified Professional Accountants) and the American Institute of Certified Public Accountants (also known as AICPA) have awarded the CGMA (Chartered Global Management Accountant) status by fulfilling all the established requirements of eligibility and demonstrating the necessary qualifications.
What does that really mean? It means they think I know stuff!
IRS today issued the 2013 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Beginning on Jan. 1, 2013, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
- 56.5 cents per mile for business miles driven
- 24 cents per mile driven for medical or moving purposes
- 14 cents per mile driven in service of charitable organizations
The rate for business miles driven during 2013 increases 1 cent from the 2012 rate. The medical and moving rate is also up 1 cent per mile from the 2012 rate.
The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the variable costs.
Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.
A taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System (MACRS) or after claiming a Section 179 deduction for that vehicle. In addition, the business standard mileage rate cannot be used for more than four vehicles used simultaneously.
These and other requirements for a taxpayer to use a standard mileage rate to calculate the amount of a deductible business, moving, medical, or charitable expense are in Rev. Proc. 2010-51. Notice 2012-72 contains the standard mileage rates, the amount a taxpayer must use in calculating reductions to basis for depreciation taken under the business standard mileage rate, and the maximum standard automobile cost that a taxpayer may use in computing the allowance under a fixed and variable rate plan.
- Reduced maximum capital gains rate expires
- Taxation of qualified dividends at capital gain rates will not apply
- Accumulated Earnings Tax increases to 39.6 (that is for “C” Corporations with lots of Retained Earnings–you know who you are)
- Personal holding company tax rate increases to 39.6
Additionally, social security being withheld for 2012 on payroll is 4.2%. That will increase to 6.2%. That is 2% out of your pay. It has been 4.2% for two years.
There is much more that is changing. This is just a few highlights important to most people (opinion soley mine).