Get A Financial Boost This Tax Season

The Earned Income Tax Credit is a financial boost for people working hard to make ends meet. Millions of workers may qualify for the first time this year due to changes in their marital, parental or financial status.

The EITC is a refundable federal income tax credit targeted to low to moderate income working individuals and families. Refundable means that even if the credit exceeds the tax liability, the taxpayer doesn’t lose the excess and is entitled to receive any overage as a refund.

For tax year 2011, the maximum credit amounts are:

• $464 with no qualifying children
• $3,094 with one qualifying child
• $5,112 with two qualifying children
• $5,751 with three or more qualifying children

California Forgiving Foreclosure and Loan Mods.

If your home was foreclosed or your loan modified you know longer have to worry about claiming the discharged amount due to the Mortgage Forgiveness Debt Relief .  California law has conformed, with the federal mortgage forgiveness debt relief act for discharges occurring on or after January 1, 2009 thru 2012.

If you owe a debt to someone else and they cancel or forgave that debt, the canceled amount may be taxable.

The Mortgage Debt Relief Act of 2007 allows taxpayers to exclude that income from the discharge of debt on their primary residence. Debt reduced through a loan modification in connection with a foreclosure, qualifies for the relief.  Up to $2 million of forgiven debt is eligible.

 More information, including detailed examples can be found in Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments, or contact 310-283-3767

The IRS Is Open For Business

 

The IRS officially begins accepting e-filed returns Jan. 17th.  If you’ve not gathered your tax information just yet, please see my free tax intake sheet to help you get more organized: http://www.adrianbduncan.com/tax-tip-intake-form.html

Tax Return Transmission and IRS Acceptance Dates	Tax Refund Direct Bank Deposit by IRS Deposit Date	Tax Refund Paper Check by IRS Mail Date
Jan 17 and Jan 18, 2012 (by 11am)	Jan 25, 2012	Jan 27, 2012
Jan 19 and Jan 25, 2012 (by 11am)	Feb 1, 2012	Feb 3, 2012
Jan 26 and Feb 1, 2012 (by 11am)	Feb 8, 2012	Feb 10, 2012
Feb 2 and Feb 8, 2012 (by 11am)	Feb 15, 2012	Feb 17, 2012
Feb 9 and Feb 15, 2012 (by 11am)	Feb 22, 2012	Feb 24, 2012
Feb 16 and Feb 22, 2012 (by 11am)	Feb 29, 2012	Mar 2, 2012
Feb 23 and Feb 29, 2012 (by 11am)	Mar 7, 2012	Mar 9, 2012
Mar 1 and Mar 7, 2012 (by 11am)	Mar 14, 2012	Mar 16, 2012
Mar 8 and Mar 14, 2012 (by 11am)	Mar 21, 2012	Mar 23, 2012
Mar 15 and Mar 21, 2012 (by 11am)	Mar 28, 2012	Mar 30, 2012
Mar 22 and Mar 28, 2012 (by 11am)	Apr 4, 2012	Apr 6, 2012
Mar 29 and Apr 4, 2012 (by 11am)	Apr 11, 2012	Apr 13, 2012
Apr 5 and Apr 11, 2012 (by 11am)	Apr 18, 2012	Apr 20, 2012
Apr 12 and Apr 18, 2012 (by 11am)	Apr 25, 2012	Apr 27, 2012
Apr 19 and Apr 25, 2012 (by 11am)	May 2, 2012	May 4, 2012
Apr 26 and May 2, 2012 (by 11am)	May 9, 2012	May 11, 2012
May 3 and May 9, 2012 (by 11am)	May 16, 2012	May 18, 2012
May 10 and May 16, 2012 (by 11am)	May 23, 2012	May 25, 2012
May 17 and May 23, 2012 (by 11am)	May 30, 2012	Jun 1, 2012
May 24 and May 30, 2012 (by 11am)	Jun 6, 2012	Jun 8, 2012
May 31 and Jun 6, 2012 (by 11am)	Jun 13, 2012	Jun 15, 2012
Jun 7 and Jun 13, 2012 (by 11am)	Jun 20, 2012	Jun 22, 2012
Jun 14 and Jun 20, 2012 (by 11am)	Jun 27, 2012	Jun 29, 2012
Jun 21 and Jun 27, 2012 (by 11am)	Jul 4, 2012	Jul 6, 2012
Jun 28 and Jul 4, 2012 (by 11am)	Jul 11, 2012	Jul 13, 2012
Jul 5 and Jul 11, 2012 (by 11am)	Jul 18, 2012	Jul 20, 2012
Jul 12 and Jul 18, 2012 (by 11am)	Jul 25, 2012	Jul 27, 2012
Jul 19 and Jul 25, 2012 (by 11am)	Aug 1, 2012	Aug 3, 2012
Jul 26 and Aug 1, 2012 (by 11am)	Aug 8, 2012	Aug 10, 2012
Aug 2 and Aug 8, 2012 (by 11am)	Aug 15, 2012	Aug 17, 2012
Aug 9 and Aug 15 , 2012 (by 11am)	Aug 22, 2012	Aug 24, 2012
Aug 16 and Aug 22, 2012 (by 11am)	Aug 29, 2012	Aug 31, 2012
Aug 23 and Aug 29, 2012 (by 11am)	Sep 5, 2012	Sep 7, 2012
Aug 30 and Sep 5, 2012 (by 11am)	Sep 12, 2012	Sep 14, 2012
Sep 6 and Sep 12, 2012 (by 11am)	Sep 19, 2012	Sep 21, 2012
Sep 13 and Sep 19, 2012 (by 11am)	Sep 26, 2012	Sep 28, 2012
Sep 20 and Sep 26, 2012 (by 11am)	Oct 3, 2012	Oct 5, 2012
Sep 27 and Oct 3, 2012 (by 11am)	Oct 10, 2012	Oct 12, 2012
Oct 4 and Oct 10, 2012 (by 11am)	Oct 17, 2012	Oct 19, 2012
Oct 11 and Oct 17, 2012 (by 11am)	Oct 24, 2012	Oct 26, 2012
Oct 18 and Oct 24, 2012 (by 11am)	Oct 31, 2012	Nov 2, 2012
Oct 25 and Oct 31, 2012 (by 11am)	Nov 7, 2012	Nov 9, 2012
Nov 1 and Nov 7, 2012 (by 11am)	Nov 14, 2012	Nov 16, 2012
Nov 8 and Nov 14, 2012 (by 11am)	Nov 21, 2012	Nov 23, 2012
Nov 15 and Nov 21, 2012 (by 11am)	Nov 28, 2012	Nov 30, 2012
Nov 22 and Nov 28, 2012 (by 11am)	Dec 5, 2012	Dec 7, 2012
Nov 29 and Dec 5, 2012 (by 11am)	Dec 12, 2012	Dec 14, 2012
Dec 6 and Dec 12, 2012 (by 11am)	Dec 19, 2012	Dec 21, 2012
Dec 13 and Dec 19, 2012 (by 11am)	Dec 27, 2012	Dec 31, 2012
Dec 20 and Dec 26, 2012 (by 11am)	Jan 3, 2013	Jan 7, 2013

January 2012 Tax Moves

 

Jan. 1: Happy New Tax Year! Although it’s a holiday, it’s never too early to get ready for the 2012 tax filing season. Start by getting organized early. This gathering of your tax documents will help you file your 2011 tax return as soon as possible.  I’ve provided a FREE download of our tax intake sheet which will help you get organized:  http://www.adrianbduncan.com/tax-tip-intake-form.html.

Jan. 2: You know you’re getting a refund and you can’t wait. But do! Don’t head to a place offering a tax refund anticipation loan (RAL) or tax refund check. Instead, cool your tax-filing jets for just a bit longer and then take advantage of the Internal Revenue Service’s Free File program. You’ll get your refund almost as quickly and at absolutely no cost to you.

Jan. 10: Does your job include tips? If so and you received $20 in tips in December, use Form 4070 to report them today to your employer. And don’t forget to include the value of atypical tips.

Jan. 13: Avoid tax back luck on this Friday the 13th by filing the 1040 that best fits your tax situation. It’s tempting to file the easiest possible form, but that also could shortchange your tax savings. The differences in the long 1040, slightly longer 1040A and the simplest 1040EZ could cost you if you’re not paying attention. Choose carefully.

Jan. 16: On Martin Luther King Day many people opt for a day of service. The time you volunteer isn’t deductible, but some other costs associated with volunteering could help reduce your tax bill.

Jan. 17: The IRS begins accepting e-filed returns today. Even better, you might be able to e-file at no cost if you qualify for Free File.

Jan. 17: Also today, your final 2011 estimated tax payment (1040-ES voucher number 4) is due today. You can skip this filing if you If you file your Form 1040 and pay any taxes due by Jan. 31.

Jan. 23: The brutal winter winds really underscore the value of the home improvements you made last year. Now don’t forget to claim the $500 tax credit for your home energy efficiency upgrade efforts. Unfortunately, this tax break expired at the end of 2011. Congress will decide to reinstate it or some other energy tax credit version for 2012. Other home energy tax credits, however, are still in the tax code. If you install solar,

2011 August Tax Calender

 

Aug. 1: The Dog Days of Summer are here. That means heat, heat and more heat. If your home’s cooling system isn’t working properly, consider getting a new one. In addition to helping making your house more comfortable, it might even help you cut your tax bill. If your new unit meets the requirements, you can claim it as an energy-efficient home improvement tax credit.

Aug. 5: This weekend, 11 states — Alabama, Arkansas, Iowa, Louisiana, Missouri, New Mexico, North Carolina, Oklahoma, South Carolina, Tennessee, Virginia — hold sales tax holidays, most of them pegged to back to school shopping. You might be able to save some dollars, but don’t waste them by buying products you don’t need or that aren’t tax-exempt. Check out what qualifies as a no-tax purchase; the participating states’ tax websites provide details on the holidays. And don’t forget your use taxes.

Aug. 10: Does your job include tips? If so and you received $20 in tips in June, use Form 4070 to report them today to your employer. And don’t forget to include the value of atypical tips.

Aug. 15: How’s your new air conditioner working? Fine? Good. As you literally chill out, consider helping other folks who are still sweating out the summer blasts. Many charitable groups provide energy assistance to low-income individuals, either by helping them pay their utility bills or by supplying them with fans. And if you itemize, your donation could be tax deductible.

Aug. 19: Instead of renovating your old house, maybe you moved into a new home this summer. If so and the move was for a job, or you found employment soon after you settled into your new locale, you might be able to deduct your relocation expenses on your tax return.

Aug. 23: When you were house hunting, you probably looked closely at your new home’s school district. You also need to make some moves for your child’s higher education. There are many tax-favored ways to pay for , such as 529 plans and Coverdell Education Accounts. Don’t forget about the American Opportunity and Lifetime Learning education tax credits.

Aug. 27: If you found your new job after a diligent search, make sure you have all the receipts for the costs you incurred finding new employment. You might be able to deduct some of your job-hunting costs.

Aug. 31: You have to itemize to claim any job-search costs. Now’s a good time to review all the miscellaneous expenses you’ve accumulated so far. They must exceed 2 percent of your adjusted gross income. To help meet that deduction threshold, set up a bunching strategy.

Reduce Your Taxes and Invest In Future

Every year about this time I start thinking about all the things I should have done to reduce my 2009 taxes, or I at least start figuring what I want to do to reduce what I’ll owe at the end of 2010.

There is, however, one thing you can still do (until you file your taxes) that can significantly reduce the amount of taxes you owe for 2009: contribute to a traditional IRA. I’ve done this in years past with great success. The traditional IRA is what got me started with retirement savings. You can still contribute to your 2009 IRA until April 15, 2010, and you can make IRA contributions for the 2010 tax year from January 2, 2010 and April 15, 2011. If you make an IRA contribution between January 2 and April 15th you should designate which tax year your contributions are for.

The traditional IRA, I’ve found, is an excellent way to not only to reduce the amount of taxes you owe now, but also to help you save more for retirement.  For more information regarding opening and IRA or questions how to efficiently reduce your taxable income give me a call.

Schedule M could be worth $400

 

Anybody who earned wages needs to file this form, or risk paying too much in taxes

You’d better use a really good tax preparer. Otherwise, you’re gonna leave a big green bundle on the table.

 There’s a new Schedule M that anybody with wages should file.

 It allows you to claim the “Making Work Pay” credit of up to $400 ($800 on a joint return). That’s another $400 (or $800 for couples) right back in your pocket.

If you don’t claim the credit, your reduced withholding could have you owing the IRS as much as an additional $800.

If you have no earned income but are receiving Social Security, SSI railroad retirement, or veteran disability compensation benefits, your credit is $250. A retired federal employee also qualifies for the $250 credit ($500 on a joint return if both spouses are eligible).  The regular Making Work Pay credit is good for 2009 and 2010.

But you’ve got to file the new Schedule M.

February Tax Moves

 

Feb. 1: If you didn’t make your final 2009 estimated tax payment on Jan. 15, you can file your 1040 and pay any due taxes today to ensure you won’t face underpayment penalties.

Feb. 1: also is the deadline for most employers to get workers’ W-2 forms in the mail. It’s usually Jan. 31, but since that date fell this year on the weekend and pushed the deadline to the next business day.

Feb. 8: Be on the lookout for tax forms and statements that are straggling in this week. In addition to your W-2 from work, investment tax statements will be arriving, too.

Set up a system (a filing cabinet drawer or at least a box or envelope to collect them) so everything will be organized and handy when you get ready to file your return.

Feb. 10: Does your job include tips? If so and you received $20 in tips in January, use Form 4070 to report them today to your employer.

Feb. 14: Happy Valentine’s Day! Do you and your better half file a joint return? Most married couples do, but sometimes it’s a good idea, as one presidential nominee learned, to send in separate 1040 forms.

Feb. 15: Today is Presidents Day. Be sure to especially remember Abraham Lincoln, who signed into law an income tax to help pay Civil War costs.

Feb. 15 also is the day you must file a new W-4 with your employer if you claimed exemption from income tax withholding last year and want to continue to do so in 2010.

Feb. 22: Still don’t have your tax documents? It is possible to file your Form 1040 without them. You can file using a replacement W-2 and get the financial information you need even if even if you’re missing some 1099 forms.

Feb. 26: Were you an early filer? You probably did so because you’re getting a refund. You can check the status of you tax cash at Where’s My Refund?

Small Business Tax Calendar — February: Important filing, deposit and record keeping dates your company needs to know.

October 15th Tax Filing Deadline

If you filed for a tax return extension in April, your tax return must be filed by October 15th. If you do not file by October 15th you will accrue additional fees and make your IRS tax debt significantly worse. A common problem that many taxpayers face is the inability to file their tax return before the deadline as they do not have the money to pay. However failure to file tax returns may be considered a criminal act by the IRS, punishable by one year in jail and $10,000 for each year not filed.

If this is your situation and you are feeling the stress of not being able to pay off your taxes, the worst thing you can do is not file your return before the deadline! You want to save yourself from owing additional back taxes and IRS penalties. You need to seek tax help from an expert tax resolution specialist. Here is a quick checklist of what you need to do before October 15th, if you want to avoid adding onto your tax debt:

• Find out whether you owe the IRS more back taxes or if you’re due for a refund. If you overestimated your back taxes in April, you’ll get a tax refund as soon as you file your full 1040 tax return.
•  A certified tax specialist will have the software you need to calculate both state and federal taxes.
• Get your paperwork in order. An advantage for filing an October 15th tax extension is that you have more time to collect the final paperwork you need.
• Act quickly or the IRS will. If you don’t file a tax return by the October 15th tax extension deadline, the IRS may file one for you.
• If you owe back taxes for more than one year, all your prior tax returns must be filed to be eligible for income tax relief. All back tax returns must be filed before the IRS will entertain any type of tax settlement.
• This is your last chance to file and extension for your current tax return.

To make sure you resolve your back taxes and IRS problems, you need to act now!

• File your tax return on or before October 15th.  This will ensure that the IRS cannot slap on a 25% failure to file penalty and it will create a computerized record that you filed on time and made a good faith and credible effort to pay your taxes.

For a delinquent taxpayer, it’s never too late to resolve your tax debt and avoid IRS penalties.

I’m dedicated to providing affordable expert tax help. For more information on achieving a tax resolution for your tax problems, or a free tax consultation call me today on (310) 283-3767.

How Long Have You Gone Exempt?

I hear far too many people each year say, they said I could go exempt for six months and change my exemptions back to normal.  Well my first question, who is they and why would you go exempt without having the proper deductions or credits to offset the tax liability.  This blog is to help those that have filed exempt status this year and have never changed it.  If you find that you have to pay more taxes than you can afford, then your IRS Problems may have just begun. If the reason your taxes are high comes from your withholding taxes, now may be the time to make some changes.  If you find your self receiving additional income back on your pay check but you owe the IRS each year you will want to decrease your withholdings.

When you start a new job you are required to fill out Form W-4 (Employee’s Withholding Allowance Certificate) indicating how many allowances you want to claim. This determines how much federal income tax is withheld from your pay during the year.

Your goal is to have your withholding match your actual tax liability. You will owe more taxes at the end of the year if enough tax is not withheld.

If you have had changes in your personal or financial situation, you may want to adjust your withholding. These changes include:

� Marriage
� Divorce
� Birth or adoption
� New residence
� Retirement
� Change in job or loss of job
� Interest, dividends, capital gains
� IRA distributions or deduction
� Alimony expenses
� Medical expenses
� Gifts to charity

When to Check Your Withholding

You should check your withholding early in the year so if you need to make any changes it will take effect for the rest of the year. It will be especially important to check your withholding if you prepare your tax return and find that you either get a big refund or you have to pay more than you can afford at one time.

How to Adjust Your Withholding

To adjust your withholding you need to give your employer a new Form W-4. To increase your withholding you will either decrease the number of allowances or enter the amount you want withheld from your paycheck. If you want to decrease your withholding, you need to increase the number of allowances. Remember, you can only claim the number of allowances you are entitled to.

If you find a need to adjust your withholding, contact your personnel or payroll office at your employer. If you have IRS Problems I can help you with the process or any other IRS Problems you may have. Call me at 310-283-3767.

November 2010 Tax Moves

Nov. 10: Does your job include tips? If so and you received $20 in tips in September, use Form 4070 to report them today to your employer.

Nov. 17: Analyze your stock transactions. This could be the last year of historically low capital gains tax, so you might want to sell some holdings now. What if your portfolio hasn’t done that well? Even losses could help offset a potential tax bill.

Nov. 22: It’s Thanksgiving week, and those of us with much to be grateful for might want to consider giving to those who don’t. And your donation to a nonprofit that helps the needy also might provide you with a tax deduction on your 2010 tax return.

Nov. 26: Happy Black Friday! Retailers look forward to this busiest buying day of the

year. So do state and local governments, which get a share of sales taxes collected on most of the purchases. Make sure you know the full cost, taxes included, of your early holiday shopping trip by checking your state’s tax office website to find your state and local sales tax levies.

Nov. 30: In addition to the expiring Bush tax cuts, Representatives and Senators also promise they’ll renew some other tax breaks that expired at end of 2009.  This includes popular tax deductions like itemized write-offs of sales taxes and tax breaks for educators who buy classroom supplies and students paying tuition and fees.

December 2010 Tax Moves

Dec. 1: You have 31 days to lower your 2010 tax bill. Let’s get to it!Dec. 7: Do a mock 2010 return.Congress has yet to act on extenders legislation that would reinstate many tax breaks for this full tax year, but tax software companies have issued their first 2010 return prep versions that can help you get some idea of how much you might owe or get back from Uncle Sam.  If your draft tax calculations show you’ll owe the IRS too much or too little, get to your payroll office now and adjust your withholding by turning in a new W-4.  And remember to take the Making Work Pay credit into account when you’re making your withholding changes.

Dec. 10: Does your job include tips? If so and you received $20 in tips in November, use Form 4070 to report them today to your employer.

Dec. 14: How much money do you have in your medical flexible savings account, known as an FSA? If you’re facing an end of the year “use it or lose it” deadline, consider what medical treatments and medications you can pay for with FSA money so you don’t waste your account contributions.

Dec. 17: Analyze your portfolio and roughly calculate your profits and losses.  If some of the assets you’ve held for more than a year have appreciated nicely, take advantage of the current low capital gains tax rates – 15 percent for most investors, 0 percent for those in the 10 percent and 15 percent tax brackets — and sell by Dec. 31.  If, however, you have some holdings that haven’t done so well, harvest those tax losses. You can use them to offset capital gains and, in some cases, ordinary income.

Dec. 20: It’s Christmas week!

During this time of giving, consider putting your favorite charity on your gift list. If you itemize, your donation to an IRS-qualified nonprofit also might provide you a tax deduction.

Dec. 24: Early to bed, kiddies of all ages. Santa’s on his way!

Dec. 25: Merry Christmas!

Dec. 27: Homeowners, you still have time to maximize your residential tax breaks.

Pay your January mortgage payment by Dec. 31 and deduct that extra interest amount on your 2010 return.

Pay your property tax bill now, too, instead of next year and you also can write off that amount on your Schedule A.

Make some energy-efficient home improvements before 2010 ends and you could get a $1,500 tax credit when you file your tax return next year.

Dec. 31: It’s 2010 tax deadline day. Self-employed workers considering a Keogh retirement plan  must establish it by the end of the year to ensure that contributions for the 2010 tax year are deductible.

If you’re looking for a new auto, a few hybrids still qualify for a special tax credit as long as you purchase the vehicle by today.

How will The New Tax Cuts Affect You

There’s been alot of  information this week about our President fighting for tax cuts, in a compromise announced by President Obama, the Bush tax rates become the Obama tax rates for 2011 and 2012. And for everyone, not just families making less than $250,000.  In six key points I’ve summarized how the tax cuts will affect you.

Payroll tax

If you make $50,000 a year you will pay $1,000 less. If you get paid twice a month, you will have an extra $41.67 in your paycheck starting in January.

 

 Estate tax
For the past 12 months, you didn’t pay any taxes if a family member died. In 2011, the estate tax was supposed to be 55 percent of the value of an estate after the first $1 million. Now it will be 35 percent of an estate’s value after the first $5 million.

Tuition tax credit
Families with kids in college can benefit from a tax credit for tuition and fees. A maximum of $2,500 will remain in place for two years. A credit reduces taxes owed, versus a deduction which reduces taxable income.  
        
Child tax credit

There’s more good news if you’re a parent: The $1,000 child tax credit is being extended for two years. Taxpayers with income of less than $75,000 – or $110,000 for married couples filing jointly – qualify for the full amount.

 

Alternative minimum tax
The AMT was enacted in 1969 to make sure wealthy people couldn’t avoid taxes altogether, but it wasn’t indexed for inflation, this means Congress has to raise the amount of income exempt from the AMT each year to spare millions from tax increases averaging about $3,900.  Had no adjustment been made, taxes would have gone up for individuals making
as little as $33,750, and married couples making $45,000.

Unemployment benefits
Million of job seekers will benefit from an extension of their benefits at current levels through the end of 2011. The extension applies to workers laid off for more than six months, and less than 99 weeks.

January 2011 Tax Moves

 

Jan. 1: Happy New Tax Year! It’s never too early to get ready for the 2011 tax season. You have 31 days to lower your 2010 tax bill. Let’s get to it!

Jan. 3: Welcome back to Tax Year 2011. Now that you’re feeling better, start gathering your 2010 tax material — deduction receipts, income data that you’ll compare to your official W-2 that will arrive shortly, relevant Social Security numbers — so when the IRS starts accepting tax returns, you’ll be ready to rock.
Jan. 10: Does your job include tips? If so and you received $20 in tips in December, use Form 4070 to report them today to your employer.

Jan. 6: You say you can’t wait for your refund.  You have refund loan alternatives that will get you your money almost as quickly and at less or no cost.

Jan. 12: So you’ve already decided that you don’t want to go it alone this filing season. Then start looking now for a tax professional. The good ones are booked early.

Jan. 14: It’s officially filing time!

The IRS begins accepting most electronically filed returns today. Note the word “most;” more on this in a minute.

Jan. 15: You weren’t able to submit your 2010 tax return yesterday if you claim deductions for state and local sales tax, higher education tuition and fees and/or educator expenses or if you itemize all your deductions. Because Congress took its sweet time in passing tax legislation affecting these filing areas, the IRS is still working on getting its computer system up to speed. So if your filing involves one or more of these tax areas, you must wait until mid- to late-February. This delay affects both electronic and paper filers. Sorry!

Jan. 17: Dr. Martin Luther King Day. No tax work on this federal holiday. But your actions today might help reduce your 2011 tax bill. MLK Day is a day of service, and while the time you volunteer to your favorite charity isn’t deductible, you can write off some other costs associated with volunteering.

Jan. 18: If you pay estimated taxes, your fourth and final installment for 2010 (1040-ES voucher number 4) is due today. You can skip this filing if you If you swear you’ll file your Form 1040 and pay any taxes due by Jan. 31.

Jan. 21: Are winter winds making you painfully aware that your home’s windows aren’t airtight? Unfortunately, the very generous home energy efficiency tax credit created in the 2009 stimulus bill expired on Dec. 31, 2010. But the newly-enacted tax legislation still provides a little bit of tax help here: a 10 percent credit, up to a maximum of $500 with $200 of that allowed for Energy Star replacement windows. Sorry again! Hey, why am I apologizing?!

Jan. 24: You’ll still claim the Making Work Pay credit on your 2010 tax return, but it’s no longer around for 2011. Instead, for 2011 (and this year only…so far) there’s a 2 percent payroll tax holiday for workers this year.

Jan. 27: Did you sell some stock in December to rebalance your portfolio and take advantage of tax losses? If you’re thinking of buying more of that stock or a similar one, make sure you don’t violate the wash sale rule.

Jan. 31: If you hired household help last year, you could be facing a tax reporting deadline today. It’s generally called the nanny tax, but the rules apply to all household workers, such as gardeners, in-home care workers and cleaning staff.

HUGE California Traffic Tickets Fines Effective 01/06/2011

Be careful in California, be very careful!!!!!

Please be extremely careful in your driving and car registration & insurance matters.  State of California is broke and they are trying hard to squeeze all of us hard to collect money. 

Effective immediately, if you do not stop at the red light, be ready to pay $436 in fines or if you pass a school bus with flashing red signals, you will be charged $616.  The state of California is going for blood, so be extra careful in driving, You cannot afford messing with them.  I have been hearing that Highway Patrols are under pressure to issue a lot more tickets than last year with at least 30% increase in fines over 2009, so beware of radar guns, highway and traffic cameras installed everywhere and the tougher enforcement of parking rules.
Just for your info, the next time you park in the handicapped zone, even for a minute, you will be looking at almost $ 1000 in parking tickets , so it’d better be worth it.
 
California needs money, so pay close attention to the rules of the road!
 
          Traffic Ticket Fines (Effective 01/06/2011)
 
VC 12814.6    $214           Failure to obey license provisions.
 
VC 14600(A)     $214         Failure to notify DMV of address change within 10 days
Note: The fine may be reduced with valid proof of correction.
VC 16028(A)     $796         Failure to provide evidence of financial responsibility (insurance)
Note: This fine may be reduced with proof of insurance on or after the violation date.
VC 21453(A)     $436         Failure to stop at a red signal.
VC 22349           $214        Unsafe speed,  1 to 15 miles over the limit.
 
VC 22350           $328         Unsafe speed, 16 to 25 miles over the limit.
 
VC 22450           $214         Failure to stop at a stop sign.
 
VC 22454(A)      $616        Passing a school bus with flashing red signals.
 
VC 23123(A)      $148        Driving while using a wireless phone not hands free, first offense .
                                       I know someone who got this and it ending up being $274
 
VC 23123(B)      $256        Driving while using a wireless phone not hands free, each subsequent offense.
 
VC 23123.5        $148        Driving while using a wireless device to send, read or write text.
 
VC 23124            $148       Minor driving while using a wireless phone.
 
VC 22500            $976       Parking in a bus loading area.
 
VC 22507(A)       $976       Violation of disabled parking provisions, first offense.
 
VC 22507(B)     $1876       Violation of disabled parking provisions, second offense.
 
VC 26708            $178        Unlawful material on vehicle windows.
 
VC 27150            $178        Adequate muffler required.
 
VC 27315            $148        Mandatory use of seat belts.
 
VC 27360            $436        Mandatory use of passenger child restraints.
Note: This fine may be reduced by completing a court authorized child seat diversion program .
 
VC 27400            $178        Headsets or Earplugs covering both ears.
 
VC 27803            $178        Violation of motorcycle safety helmet requirements.
 
VC 34506            $616        Commercial Driver – Log book violation.
 
VC 4000              $256        No evidence of current registration.
Note: The fine may be reduced with valid proof of correction.
VC 4159              $178        Notify DMV of change of address within 10 days.
Note: The fine may be reduced with valid proof of correction.
 
VC 5200             $178         Proper display of license plates.
Note: The fine may be reduced with valid proof of correction.
 
VC 9400             $178         Commercial weight fees due.
 
 
 We all know that many tickets require the impounding of the vehicle.  This also, as in the city of Bell,  can be very lucrative.  Cooperating tow companies shared their ill gotten gains with Bell, as do other cities, and Bell even charged a City release fee of $500.00 before allowing retrieval of the vehicle,  pure extortion.   Additional  “school”  cost are involved if one wants to prevent their insurance company from being notified resulting in increased insurance  costs.

Will You Be Subject to the IRS Tax Filing Delay?

 

Do you itemize? If so, you might be subject to the IRS tax filing delay this year.

With the passing of the Social Security tax break, deductions for state and local sales taxes, an AMT patch, and deductions for college tuition and teacher expenses so late in the year (December 17^th, 2010), the IRS has been quite busy.

Tax Delay 2010

The IRS is so busy in fact, that they are expecting delays in processing filed 2010 tax returns as well as a refund delay for those who are eligible in 2011.

You can use the Where’s My Refund? tracker to check the status of your tax refund.

Who the IRS Tax Delay Applies To

The income tax delay will apply to both paper and electronic filers who itemize deductions on Form 1040 Schedule A.

When Can You File Your Tax Return?

The IRS cannot begin to process tax forms until mid-February, and suggest that you do not send your forms in until they are ready to receive them (they have not given out a date yet). We’ll let you know when the delay tax filing date is published.

So if you itemize your taxes, this year it is best to be later rather than to file early on in the tax season, with the tax refund delay.

Tax Refund Direct Deposit versus Mail

If you want to get your refund faster, opt for the direct deposit route. Not only will the IRS send your money a week earlier via direct deposit, but you’ll cut down on the mailing time too.

IRS Tax Refund Schedule

Here is the 2011 IRS refund schedule for both direct deposit and mailed refunds. The IRS doesn’t guarantee that you’ll receive your refund by a certain date, but the schedule they publish does give some guidance.

IRS Tax Delay in Refund

There is a 2010 tax filing delay because the Obama Tax Deal was passed so late last year. The IRS refund cycle chart specifies that these dates are based on “normal processing.” It does not provide dates for the IRS refund delay.

2011 Tax Refund Schedule

Transmitted and accepted (by 11 am) between:	Direct Deposit Sent	Paper Check Mailed
Jan 14 and Jan 20, 2011	Jan 28, 2011	Feb 4, 2011
Jan 20 and Jan 27, 2011	Feb 4, 2011	Feb 11, 2011
Jan 27 and Feb 3, 2011	Feb 11, 2011	Feb 18, 2011
Feb 3 and Feb 10, 2011	Feb 18, 2011	Feb 25, 2011
Feb 10 and Feb 17, 2011	Feb 25, 2011	Mar 4, 2011
Feb 17 and Feb 24, 2011	Mar 4, 2011	Mar 11, 2011
Feb 24 and Mar 3, 2011	Mar 11, 2011	Mar 18, 2011
Mar 3 and Mar 10, 2011	Mar 18, 2011	Mar 25, 2011
Mar 10 and Mar 17, 2011	Mar 25, 2011	Apr 1, 2011
Mar 17 and Mar 24, 2011	Apr 1, 2011	Apr 8, 2011
Mar 24 and Mar 31, 2011	Apr 8, 2011	Apr 15, 2011
Mar 31 and Apr 7, 2011	Apr 15, 2011	Apr 22, 2011
Apr 7 and Apr 14, 2011	Apr 22, 2011	Apr 29, 2011
Apr 14 and Apr 21, 2011	Apr 29, 2011	May 6, 2011
Apr 21 and Apr 28, 2011	May 6, 2011	May 13, 2011
Apr 28 and May 5, 2011	May 13, 2011	May 20, 2011
May 5 and May 12, 2011	May 20, 2011	May 27, 2011
May 12 and May 19, 2011	May 27, 2011	May 27, 2011
May 20 and May 26, 2011	Jun 3, 2011	Jun 10, 2011
May 26 and Jun 2, 2011	Jun 10, 2011	Jun 17, 2011
Jun 2 and Jun 9, 2011	Jun 17, 2011	Jun 24, 2011
Jun 9 and Jun 16, 2011	Jun 24, 2011	Jul 1, 2011
Jun 16 and Jun 23, 2011	Jul 1, 2011	Jul 8, 2011
Jun 23 and Jun 30, 2011	Jul 8, 2011	Jul 15, 2011
Jun 30 and Jul 7, 2011	Jul 15, 2011	Jul 22, 2011
Jul 7 and Jul 14, 2011	Jul 22, 2011	Jul 29, 2011
Jul 14 and Jul 21, 2011	Jul 29, 2011	Aug 5, 2011
Jul 21 and Jul 28, 2011	Aug 5, 2011	Aug 12, 2011
Jul 28 and Aug 4, 2011	Aug 12, 2011	Aug 19, 2011
Aug 4 and Aug 11, 2011	Aug 19, 2011	Aug 26, 2011
Aug 11 and Aug 18, 2011	Aug 26, 2011	Sep 2, 2011
Aug 18 and Aug 25, 2011	Sep 2, 2011	Sep 9, 2011
Aug 25 and Sep 1, 2011	Sep 10, 2011	Sep 16, 2011
Sep 1 and Sep 8, 2011	Sep 16, 2011	Sep 23, 2011
Sep 8 and Sep 15, 2011	Sep 23, 2011	Sep 30, 2011
Sep 15 and Sep 22, 2011	Sep 30, 2011	Oct 7, 2011
Sep 22 and Sep 29, 2011	Oct 7, 2011	Oct 14, 2011
Sep 29 and Oct 6, 2011	Oct 14, 2011	Oct 21, 2011
Oct 6 and Oct 13, 2011	Oct 21, 2011	Oct 28, 2011
Oct 13 and Oct 20, 2011	Oct 28, 2011	Nov 4, 2011

 

New Federal Tax Refund Debit Cards

New federal tax refund debit cards for taxpayers without bank accounts

No bank account, no problem. That’s the U.S. Treasury Department’s new mantra.

Treasury officials launched a pilot program offering low-cost, prepaid debit cards to taxpayers who may not have a bank account, just in time to have their 2010 federal tax refunds directly added to the cards.

Around 600,000 low- and moderate-income individuals across the country will soon get a letter from Uncle Sam giving them the change to have a MyAccountCard Visa Prepaid Debit Card.  

This is the latest move by the federal government to go paperless. Last summer, the Obama Administration announced that it wanted all federal payments to be electronic by 2013. At that time, taxes weren’t specifically mentioned.

“This pilot program will provide low- and moderate-income Americans with a low-cost option for faster delivery of their federal tax refund,” said Deputy Secretary of the Treasury Neal Wolin in the official announcement of the program. “This innovative card can be used for everyday financial transactions, such as receiving wages by direct deposit, withdrawing cash, making purchases, paying bills and building savings safely and conveniently, giving users more control over their financial futures.”

Delayed Return Processing will begin February 14

 

The IRS announced plans for a February 14, 2011 start date to process tax returns that were delayed as a result of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. The IRS will begin the processing of both paper and e-filed returns that contain itemized deductions on Schedule A, tuition and fees deduction on Form 8917, and the educator expenses deduction.

 

Visit http://www.irs.gov/newsroom/article/0,,id=234736,00.html for more information on the legislation and delay.

February Tax Moves

 Feb. 1: Be on the lookout for tax forms and statements that are straggling in this week. Set up a filing system (or at least a box or envelope to collect them) so everything will be handy when you get ready to file your return.

Feb. 4: If you’ve got a little money riding on the Super Bowl, remember that if you win, your bet payoff is taxable income.

Feb. 10: Does your job include tips? If so and you received $20 in tips in December, use Form 4070 to report them today to your employer.

Feb. 14: Happy Valentine’s Day. The IRS has some tax love for you if you’ve had to wait to file your taxes this year. Today the tax agency is now officially accepting those delayed returns!

Feb. 17: You used Free File to send in your taxes. Now you want to know where your refund is. The IRS has a smartphone app for that.

Feb. 24: Still don’t have your tax documents? It is possible to file your Form 1040 without them. You can file using a replacement W-2 and get the financial information you need even if even if you’re missing some 1099 forms. But still bug your employer and account managers. These information documents go the IRS, too, and you want to make sure you’re all on the same earnings reporting page.

Feb. 28: Did you get a big refund this year? If so, you might want to think about adjusting your withholding. I know a forced savings account with Uncle Sam works for a lot of folks, but if you want more control over your money, then submitting a new W-4 will let you have just that. Plus, if you’re benefiting from the 2 percent payroll tax cut this year, that and more appropriate withholding could give you a nice chunk of extra change each payday.

Increasing Your Companies Capital

There are several ways to increase your companies capital, one of the most important is to leave your bookkeeping in the hands of your accountant, bookkeeper or CPA.  Most small business owners wear entirely too many hats in their firm, losing the potential of increasing their income by focusing too much time on task that don’t generate money.  I found in my years of book keeping most individuals will cut as much cost as possible to stay in the black,  the one cost that can’t be cut is your accounting cost.  Without financials how will you know how well you are doing.  Without a bookkeeper you will find yourself focusing on an area of expertise that takes you completely away from your business.

Bookkeeping isn’t going to make your sales or earnings; on the other hand it’s the part most important for your business future. Here are some of the reasons why bookkeeping needs to be given top priority in business operation:

1.) A detailed and correct books of accounts are important when your resort to outside financing. This is the instrument for business to determine how much risk they are dealing with. They need this data before releasing the amount.

2.) An exact evaluation of your income is necessary for the settlement of annual taxes. Tax deductions should be supported with proper receipts if not you get audited or you’ll be fined. Only proper and accurate bookkeeping will save you from this.

3.) Financial statements is a must for it shows where the business stands. An accountant takes care of this. He gets his information from the records prepared and submitted by the bookkeeper.

4.) An accurate book of accounts will help you see where your business is and where it is going in the next several years. The financial report aids in keeping in line with the budget, analyzing the gross income, determining the health of the business and anticipating cash flow issues.

Bookkeeping is one part of your business that you should never ignore. Do not stress yourself and risk your enterprise by supervising the bookkeeping by yourself.  For more information regarding bookkeeping services:  http://www.adrianbduncan.com/bookkeeping.html

How to Gain Profits While Looking for Bookkeeping Help

Do you find yourself looking for bookkeeping help for your business?  What defines a company is how much it profits from its business transactions. The more you earn, the bigger your place in the business world. This is why proper management of your bookkeeping is extremely important.

When a company’s accounting is mismanaged, the business is left in an extremely vulnerable state.  So every step that a company takes is critical. Consequently, if incorrect information is stated in its books, it follows that incorrect decisions will be also made while running the business. Bookkeeping is indeed crucial and that is why no company should risk not having a bookkeeper to handle this job.

You need bookkeeping help for tasks such as maintaining your balance sheets, recording all monetary transactions regularly, preparing profit and loss statements, payroll, filing of taxes, inventory of equipment, along with other important tasks.

These responsibilities are very time consuming especially to those not accustomed to doing them. Putting these responsibilities at the mercy of people who are not experienced in these processes, is like taking a gamble where your whole business is at stake. So, it is better to assign these duties to someone who really knows what to do. You need to hire some bookkeeping help.

Profit is the number one advantage of hiring a bookkeeper as he or she will be able to handle your bookkeeping properly and provide you with useful information so that you can make sound decisions for your company. An excellent bookkeeper is someone who knows the ins and outs of the profession and is dedicated, organized, and motivated to helping your company succeed.

This leaves you time to concentrate on the other aspects of your business that require your attention.  Also, if your bookkeeper does their job correctly, you can avoid penalty charges due to late filing of federal forms or costly revisions due to errors. In addition, having accurate documentation of your accounting also helps to attract potential investors.

Therefore, it is important that you only hire bookkeepers that can live up to your expectations.   For more information:  http://bit.ly/khy7CH

FREE TAX SERVICE

Volunteer Income Tax Assistance (VITA)
The VITA program offers free tax help to low- to moderate-income taxpayers. The income threshold this filing season is $50,000.

IRS-certified volunteers help eligible taxpayers prepare basic tax returns at sites across the country. You’ll generally find a VITA site at community and neighborhood centers, libraries, schools, shopping malls and other public locations.

Most VITA sites also offer free electronic filing. In fact, this year the IRS Free File program has expanded its partnership with VITA, setting up self-serve free e-filing kiosks at around 500 of the sites. If you have trouble using the kiosk, a VITA volunteer will be there to help.

You can find a nearby VITA site via the program’s online directory of by calling 1-800-906-9887.

Job Vacancy-Los Padres National Forest Monterey Ranger District Ranger

The Los Padres National Forest will be filling two District Ranger positions, one on the Santa Barbara Ranger District and one on the Monterey Ranger District.  This notification is being circulated to inform prospective applicants of this upcoming opportunity and to determine interest. A referral list will be generated from this announcement some time shortly after the outreach close date of February 28, 2012.

DUTIES:  This position serves as a District Ranger for the Monterey Ranger District on the Los Padres National Forest.  The position serves as a member of the Forest Leadership Team and is responsible for the quality, quantity, and coordination of all work performed on the District.  The incumbent is responsible for developing, organizing, and implementing functional long-range planning and short-range action plans.  The incumbent also coordinates resource management planning efforts and establishes and maintains cooperative relations with local, county, and state representatives, civic groups, tribal governments, cooperators, special use permits, general public, and industry.  External relationships are critical to promote understanding and support for Forest Service program goals and objectives, policies and regulations.  Programs managed include fuels, soil, land, water, wildlife and fish habitat, minerals, forage, wilderness and visual areas, and outdoor recreation.

                                                                                                                                                                                                              OUTREACH RESPONSE FORM

District Ranger, GS-0340-12/13

Los Padres National Forest

Monterey Ranger Districts, CA

 

Please return your completed response form by

Feb 28, 2012

 

If you are interested in this opportunity and/or plan on applying for this vacancy, please let us know by returning this Outreach Response Form to Ken Heffner at kheffner01@fs.fed.us..  If you want more information please contact:

Contact: Ken Heffner      

Phone:    (805) 961-5733

Internet:  kheffner01@fs.fed.us

Your Name:  _________________________________  Email:__________________________

Mailing Address:   _____________________________________________________________

Telephone Number____________________________________________________________

If Current Federal Employee, Agency Employed With:   ____USFS,   ____BLM,  

           ___OTHER (specify)     ____________

If Current Federal Employee, Type of Appointment:   ____Permanent    ____Temporary    ____Term

                                                                               ____VRA              ____PWD          ____Other

Current FS Employee, Region/Forest/District:  _____________________________________________

Current Series and Grade: __________________________________________________

Current Position Title:  ____________________________________________________

If you are not a current permanent (career or career conditional) employee, are you eligible to be hired under any of the following special authorities: 

            _____Person with Disabilities

            _____Veterans Readjustment

            _____Disabled Veterans with 30% Compensable Disability

            _____Veterans Employment Opportunities Act of 1998

            _____Former Peace Corps Volunteer

            _____Student Career Experience Program

            _____Other ______________________________________________________

 How did you learn of this vacancy? ______________________________________________

State of California Has Posted 749 Job Openings

This link contains several job openings the state of California Department of Corrections has posted in various fields, some of the listings have deadlines.

http://jobs.spb.ca.gov/wvpos/corrdeptlisting.cfm?DEPT=corrections&sRow=401

Sales Consultant/By-Invitation Job Fair (September 24-25, 2011) – Legends Premium Sales/49ers New Stadium (Santa Clara, CA)

Legends Premium Sales at the San Francisco 49ers new stadium is currently seeking experienced Sales Consultants to sell new stadium builders licenses (SBLs) and other premium inventory for the new stadium. This is one of the hottest jobs in sports right now and can be a great opportunity to launch a career into the fast track. Sales consultants will make six figures if their goals are reached and there is no cap on commissions.
About Legends:
Legends is one of the fastest growing and most successful companies in suite and premium seating in the sports industry today. Legends is a joint venture established by the Dallas Cowboys, New York Yankees and Goldman Sachs that has successfully driven sales of suites and club seats at new and renovated venues across the country. Clients include the San Francisco 49ers, Rose Bowl Stadium and University of Connecticut’s Rentschler Field.
The leadership team for LPS set industry records selling suites and premium seating for Cowboys Stadium. They have carried over that success early in the 49ers project by already selling $138 million in luxury suite revenue.

About the 49ers Stadium Project:
Legends Premium Sales has teamed up with the Santa Clara Stadium Authority and the San Francisco 49ers to help design and sell the future home of the 49ers that is set to open in 2015. The 1.85 million square foot, nearly 68,000 seat venue will become the icon of the Bay Area/Silicon Valley and all of Northern California.
Learn more about the 49ers new stadium at: http://www.49ersnewstadium.com/#/home

Job Description and Application:
This is one of the premier sales opportunities in the sports business today. Please pass this opportunity along to your network and also review the job description at the link below. Legends Premium Sales has already started to review candidate resumes, so please act fast.

View the job description and apply online at: http://footballjobs.teamworkonline.com/teamwork/r.cfm?i=36851

Subcontractors Needed

Turner Construction is seeking qualified Small/Disabled Veteran Business Enterprises (SBE/DVBE)  as Subcontractors

You are invited to a  pre-bid conference

Friday,August 12, 2011  10:00 – 11:30 am

Edward Royal Learning Center

(North Suite of jobsite near Corner of 1st and Beaudry)

137 N. Beaudry Ave.

Los Angeles, CA 90012

To discuss opportunities for  Los Angeles Unified School District

9th Street Span K-8 Bid due date August 16, 2011

To view bid documents, go to:

 https://turner.box.net/shared/dtpex27571y1jpcmjmfj

PLEASE NOTE: These documents are not DSA Approved and we have been informed that DSA Approved documents will be issued within the next few days through an addendum.

RSVP to socal@tcco.com or please call 213-244-7029

 

Areas of work include the following:

• Site Services
• Demolition/Abatement
• Earthwork
• Site Utilities
• Asphalt Paving
• Site Concrete
• Site Pavers
• Landscape and Irrigation
• Concrete Reinforcement
• Fibrous Reinforcement
• Masonry
• Rough Carpentry
• Finish Carpentry
• Waterproofing
• Insulation
• Roofing
• Sheet Metal and Flashing
• Doors, Frames and Hardware
• Glass and Glazing
• Drywall/Plaster
• Acoustical Ceilings
• Ceramic Tile
• Flooring
• Painting
• Signage
• Flagpoles
• Window Coverings
• Toilet Partitions & Accessories
• Kitchen Equipment
• Waste Compactor
• Chain Link Fence