Please vote for us:

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

BIG changes for those reporting captial gains or losses on their tax returns this year. It is going to be a bit more complicated than ever before.

BIG changes for those reporting captial gains or losses on their tax returns this year. It is going to be a bit more complicated than ever before.

http://www.forbes.com/sites/robertwood/2012/01/11/new-capital-gain-tax-reporting-for-2011-tax-returns/

According to the National Taxpayer Advocate’s office, “THE IRS IS NOT ADEQUATELY FUNDED TO SERVE TAXPAYERS AND COLLECT TAXES”.

Read the entire story here:

http://www.irs.gov/newsroom/article/0,,id=252284,00.html

•Ralph Kramden on taxes

Ralph Kramden on taxes:  http://www.youtube.com/watch?v=VtcVmvMfVVU&feature=player_embedded

How to Double Your State Income Tax Without Really Trying

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.

CLICK HERE TO READ THE STORY

HUMOR – Tax Masters

Very humorous:

http://www.hulu.com/watch/184585/saturday-night-live-tax-masters

NEW AWARD!

Click on the image to enlarge:

A Loss of Independents?

A Loss of Independents?

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

Presidential Candidate Tax Plan Comparison

How do the Repubilcan candidates tax plans compare?  Here is a line by line comparison list:

http://www.taxfoundation.org/candidates12

IRS Plans to Ask Congress to Expand Tax Levy Power

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

2002-2012 Best of Portsmouth

Heritage Income Tax Service, Inc. | 4303 Portsmouth Blvd., Portsmouth, VA 23701
(757) 488-7232 | Fax (877) 488-7232

Heritage Income Tax offers a full range of tax preparation services. Located in Portsmouth, Virginia, we serve the entire Hampton Roads area including the cities of Chesapeake, Virginia Beach, Norfolk, Suffolk, Newport News and Hampton.