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Latest news from the IRS

Click for Tax Planning with Wealthbuilders

We keep up on all the new tax law changes, so you don't have to.

2011 - 2012 Tax Update

Tax Audits are on the rise. According to the IRS, the increased audit rates are up by a whopping 34% between 2010 and 2011 for those with over $200,000 of income. IRS has also determined California, small business Schedule C filers are the target (more)

Tax Tips from The Bookkeepers

• Affordable Care Act
  
• Health Insurance for Self Employed
  
• New Hiring Incentives
  
• Advanced Earned Income Eliminated
  
• Making Work Pay Credit
  
• 10% Tax Bracket
  
• Energy Saving Home Improvement Credits
  
• Mileage Rates
  
• Maximum Social Security tax
  
• Retirement Contributions Limits for 2010 & 2011
  
• Annual Gift Tax Exemption for 2010 & 2011
  
• Increased Start-up Expense Deduction Available
  
• Section 179 Expense
  
• Bonus Depreciation
  
• IRS Refunds
  
• High Income Phase-Out
  
• AMT Tax Relief
  
• 1099 Reporting Requirements
  

Increased Start-up Expense Deduction Available: The Small Business Jobs Act of 2010 has doubled the first year write off to $10,000 for qualified business start up expenses for 2010. Costs that exceed this limit may be amortized over 180 months. Additional limits apply if the total costs exceed $60,000.

The Bookkeepers - 1301 Tennessee St., Vallejo, CA 94590 - 707.648.1200