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Wilkinson Consulting & CPA, PLC posted a blog post

2010 Tax Relief Act- Personal Income Tax

On December 17, 2010, The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 was signed into law by the President. The personal income tax provisions in this law provide for an extension of the Bush-era tax cuts which were scheduled to expire at the end of 2010. The 2010 Tax Relief Act temporarily extends most of the tax cuts for 2011 and 2012 only. Income Tax RatesIndividual income tax brackets will remain unchanged for 2011 and 2012, keeping the current structure…See More
Jan 10, 2011
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Wilkinson Consulting & CPA, PLC posted a blog post

Filing Status- What You Need To Know

Your federal tax filing status is based on your marital and family situation. It is an important factor in determining your standard deduction and your correct amount of tax, and whether you must file a return.Your marital status on the last day of the year determines your status for the entire year. If more than one filing status applies to you, you may choose the one that gives you the lowest tax obligation.There are five filing status options:· Single. Generally, if you are unmarried,…See More
Dec 2, 2010
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Wilkinson Consulting & CPA, PLC posted a blog post

Avoid Three Common Errors in Budgeting

When it comes to budgeting, it's absolutely essential to estimate your spending as realistically as possible. Here are three budget-related errors commonly made by small businesses, and some tips for avoiding them. These errors tend to throw budget estimates out of line with reality, thereby taking away from a budget's usefulness.Not Setting Goals. It's almost impossible to set spending priorities without clear goals for the coming year. It's important to know, in detail, what you want or need…See More
Nov 8, 2010
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Wilkinson Consulting & CPA, PLC posted a blog post

What Income Is Nontaxable?

Generally, you are taxed on income that is available to you regardless of whether it is actually in your possession. But there are some situations when certain types of income are partially taxed or not taxed at all.Here are some examples of items that are NOT included in your income:Adoption expense reimbursements for qualifying expensesFunding of your Health Savings Account with a one-time direct transfer from your individual retirement plan, health reimbursement account, or health flexible…See More
Oct 4, 2010
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Wilkinson Consulting & CPA, PLC posted a blog post

8 Tips for Taxpayers Who Owe Money to the IRS

The vast majority of Americans get a tax refund from the IRS each spring. But what if you're not one of them? What if you owe money to the IRS?Here are eight tips for individuals who need to pay taxes.If you get a bill for late taxes, you are expected to promptly pay the tax owed including any additional penalties and interest. If you are unable to pay the amount due, it is often in your best interest to get a loan to pay the bill in full rather than to make installment payments to the IRS.You…See More
Sep 20, 2010
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Wilkinson Consulting & CPA, PLC posted a blog post

10 Things You Should Know About Identity Theft

Criminals use many methods to steal personal information from taxpayers. They can use your information to steal your identity and file a tax return in order to receive a refund. Here are ten things the IRS wants you to know about identity theft so you can avoid becoming the victim of a scam artist.Identity thieves get your personal information by many different means, including stealing a wallet or purse or accessing information you provide to an unsecured Internet site. They even look for…See More
Sep 13, 2010
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Wilkinson Consulting & CPA, PLC posted a blog post

My hours have been cut back at work. Am I eligible for unemployment?

If I have been working full-time and my hours have been cut back due to lack of work, am I eligible to receive unemployment benefits for the wages that have been lost?You may be eligible for partial benefits. A partially unemployed person is one who, during a calendar week, was employed by a regular employer and had earnings that were less than their weekly benefit amount and who worked less than their normal customary full-time hours because of a lack of work. Please check with your local…See More
Aug 30, 2010
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Wilkinson Consulting & CPA, PLC posted a blog post

Paying off debt the smart way

Being in debt isn't necessarily a terrible thing. Between mortgages, car loans, credit cards, and student loans - most people are in debt. Being debt-free is a great goal, but you should focus on the management of debt, not just getting rid of it. It's likely to be there for most of your life - and, handled wisely, it won't be an albatross around your neck.You don't need to shell out your hard-earned money for exorbitant interest rates, or always feel like you're on the verge of bankruptcy. You…See More
Aug 16, 2010
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Wilkinson Consulting & CPA, PLC posted a blog post

Tax Benefits for Job Seekers

Some folks - especially these days - are polishing their resumes and attending career fairs in search of employment. If you are searching for a job this summer, you may be able to deduct some of those expenses on your tax return.Here are six things you need to know about deducting costs related to your job search.To deduct job search costs, the expenses must be spent on a job search in your current occupation. You may not deduct expenses related to looking for a job in a new occupation.You can…See More
Aug 9, 2010
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Wilkinson Consulting & CPA, PLC posted a blog post

Homebuyer Credit Closing Deadline Extended

Good news! Eligible taxpayers who contracted to buy a home, qualifying for the first-time homebuyer credit, before the end of April now have until Sept. 30, 2010 to close the deal.The Homebuyer Assistance and Improvement Act of 2010, signed by the President in July, extended the closing deadline from June 30 to Sept. 30 for any eligible homebuyer who entered into a binding purchase contract on or before April 30 to close on the purchase of the home on or before June 30, 2010. The new law…See More
Aug 2, 2010
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Wilkinson Consulting & CPA, PLC posted a blog post

Deducting Your Home Office

If you use a portion of your home for business purposes, you may be able to take a home office deduction whether you are self-employed or an employee. Expenses that you may be able to deduct include the business portion of real estate taxes, mortgage interest, rent, utilities, insurance, depreciation, painting, and repairs.You can claim this deduction for the business use of a part of your home only if you use that part of your home regularly and exclusively· as your principal place of business…See More
Jul 27, 2010
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Wilkinson Consulting & CPA, PLC posted a blog post

Don't Panic! Eight Things to Know If You Receive an IRS Notice

The Internal Revenue Service sends millions of letters and notices to taxpayers every year. Here are eight things taxpayers should know about IRS notices - just in case one shows up in your mailbox.1. Don't panic. Many of these letters can be dealt with simply and painlessly.2. The IRS might send you a notice for a number of reasons. They may request payment of taxes, notify you of changes to your account, or request additional information. The notice you receive normally covers a very specific…See More
Jul 19, 2010
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Wilkinson Consulting & CPA, PLC posted a blog post

Getting Married? Filing Status Considerations

Summer is wedding season. If you are getting married this summer, remember to give some attention to your 2010 tax filing status.You have two filing status options: married filing jointly, or married filing separately.Married Filing JointlyYou can choose married filing jointly as your filing status if you are married and both you and your spouse agree to file a joint return. On a joint return, you report your combined income and deduct your combined allowable expenses. You can file a joint…See More
Jul 6, 2010
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Jun 28, 2010
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Jun 28, 2010
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Wilkinson Consulting & CPA, PLC posted a blog post

Tips on Tips

Do you work at a hair salon, barber shop, casino, golf course, hotel, or restaurant, or do you drive a taxicab? The tip income you receive as an employee from those services is taxable income.Here are some tips about tips:Tips are taxable. Tips are subject to federal income and Social Security and Medicare taxes, and they may be subject to state income tax as well. The value of noncash tips, such as tickets, passes, or other items of value, is also income and subject to federal income…See More
Jun 21, 2010
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Wilkinson Consulting & CPA, PLC's Blog

2010 Tax Relief Act- Personal Income Tax

On December 17, 2010, The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 was signed into law by the President. The personal income tax provisions in this law provide for an extension of the Bush-era tax cuts which were scheduled to expire at the end of 2010. The 2010 Tax Relief Act temporarily extends most of the tax cuts for 2011 and 2012 only.

 

Income Tax Rates

Individual income tax brackets will…

Continue

Posted on January 10, 2011 at 11:10am

Filing Status- What You Need To Know

Your federal tax filing status is based on your marital and family situation. It is an important factor in determining your standard deduction and your correct amount of tax, and whether you must file a return.…

Continue

Posted on December 2, 2010 at 10:56am

Avoid Three Common Errors in Budgeting

When it comes to budgeting, it's absolutely essential to estimate your spending as realistically as possible. Here are three budget-related errors commonly made by small businesses, and some tips for avoiding them. These errors tend to throw budget estimates out of line with reality, thereby taking away from a budget's usefulness.…

Continue

Posted on November 8, 2010 at 10:15am

What Income Is Nontaxable?

Generally, you are taxed on income that is available to you regardless of whether it is actually in your possession. But there are some situations when certain types of income are partially taxed or not taxed at all.

Here are…

Continue

Posted on October 4, 2010 at 9:28am

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