Heritage Income Tax Service, Inc.
Income Tax Preparation Service You Can Count On
I would greatly appreciate it if you would vote for us (Heritage Income Tax Service) for BEST OF PORTSMOUTH this year. There are 2 ways to vote. You can either:
1. Vote online by clicking on this line!
or
2. Text the code “HPH” to 21333
Better yet, please do both!
You can vote between March 4th and March 20th.
MANY THANKS
This very readable story illustrates the important of timely filing as wellas the importance of knowing and understanding the tax laws of every state who laws may affect your financial transactions. Good reading.
Regulators have rewritten the rules regarding the use of independent contractors, forcing companies to make hard choices — and possibly pay heavy fines.
As companies make greater use of independent contractors, the Internal Revenue Service is pushing to get many of those self-employed workers reclassified as employees.
For some workers, being an independent contractor offers freedom and a sense of entrepreneurship. For others, it’s simply a fallback position in troubled times. Most employers see plenty of advantages to using independent contractors, and many smaller companies say they depend on them.
READ MORE HERE: http://www3.cfo.com/article/2011/12/tax_irs-independent-contractors-dol-employee-classification-working-capital-liquidity
The Internal Revenue Service is preparing a legislative proposal for Congress to expand its tax levy authority to include additional income sources, such as rental income and non-employee compensation. Read more here: http://www.accountingtoday.com/news/IRS-Plans-Ask-Congress-Expand-Tax-Levy-Power-61067-1.html?ET=webcpa:e2020:234274a:&st=email&utm_source=editorial&utm_medium=email&utm_campaign=WebCPA_Daily_120811
While we have the utmost respect and admiration for those who volunteer their time and efforts as voulnteer tax return preparers, this article is still very disturbing.
But here is an even more distrubing thought! These volunteer preparers go through an IRS training program to become volunteer tax preparers. Further, they use a professional tax preparation computer program to prepare the taxes. In spite of all of that, they still have a 41% error rate. Isn’t it a valid question to ask how much higher the error rate is among the millions of individuals who prepare their own tax return and who have NO training?
Click on this line to read the article about error rates among voulnteer tax return preparers.
The IRS standard mileage rate for the final six months of 2011 was increased as a result of the recent increase in gasoline prices. The IRS usually only adjusts this rate annually in the fall.
The standard mileage rate was increased by 4.5 cents for business, medical and moving travel for the last six months of 2011. Charitable travel remained unchanged at 14 cents per mile as this rate is set by statue, not the IRS.
The standard mileage rate is used to compute the deductible costs of operating an automobile for business use in lieu of tracking actual costs. This rate is also used as a benchmark by the federal government and many businesses to reimburse their employees for mileage.
Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.
Mileage Rates for July 1, 2011 to December 31, 2011 are:
