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due to the lateness of the President signing the Tax REleif Act of 2010 on December 22, 2010 the IRS is Stateing the following: 2010 Tax Relief Act Delays Start of 2010 Filing Season for Some Taxpayers IR 2010-126 Many taxpayers planning to file their 2010 tax returns early have been...

Year-End Tax Planning Client Letter With Checklists Dear clients, and future clients The midterm elections have changed the Congressional landscape, with Republicans winning control of the House of Representatives and picking up seats in the Senate. Even so, it's still too early to know...

Afternoon All, I have been attending a few tax update seminars over the last week and a half. Here is the tax information that you might be interested in. Prior to the New Small Business Jobs Act of 2010 the penalty is $50.00 for each return with respect to such failure occurs during any...

It seems that Congress is trying to get every tax dollar they can. They rejected of not filing the information return on all expenses no matter what they are. Right now, buying fuel, maintenance, repairs, tires, even your meals are going to have to get information from the vendor of the...

Previously before the Jobs act was passed the deductible Heath Insurance for themselves adn there families self employed were not permittedfor the purpose of calculating self-employment tax. For the 2010 tax year you now are able to deduct the Health Insurance Premimuns for Self employed...

Hi All, Under the act signed by the President (publkic Law-111-240 "THE SMALL BUSINESS LENDING FUNDING ACT", H.R. 5297) ((ITS CALLED THE SMALL BUSINESS JOBS ACT OF 2010)) It brings up provisions of large changes in the current law. and this is one of them used as a revenue raiser...

HI All, HAPPY THANKSGIVING It seems that one of the persons who has been offering help in curing your tax debt is in trouble again, with the State of California. You can actually read the articles in the Sacremento Bee at Sacbee.com in reference to her Roni Lynn Deutch, "THE TAX LADY"...

2010 Standard Mileage Rates The standard mileage rate for all business miles has decreased to 50 cents a mile. Effective for transportation expenses paid or incurred on or after January 1, 2010. (Rev Proc 2009-54) The rate for charitable miles remains at 14 cents a mile. The rate has...

Hi all, I can only suggest what should be done between now and December 31th, Try and get all of your invoices, bank statements, receipts, etc. in order to have everything ready for you tax preparer. I would suggest not putting off the filing of your 2010 tax return until the last...

Michigan Governor Approves Tax Amnesty Bill :) On October 5, 2010, Michigan Governor Granholm approved a bill that authorizes a tax amnesty to be held starting May 15, 2011 and ending June 30, 2011. The amnesty applies to all taxes administered by the Department of Treasury that are due before...

Hi All, JUST A REMINDER!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! I am probably repeating myself again, YOU HAVE ONLY 7 DAYS LEFT ON THOSE INCOME TAX EXTENSIONS FOR TAX FILING YEAR 2009, NEXT FRIDAY. OCT 15TH Franklin Katz, ATP ,PA, PB Frank’s Tax and Business Service 120 York Rd Kings...

hI ALL, i have posted this a couple of years ago, of how long you should keep your financial record. Most of you thought that 3 years is what the statute of Limitations says. but that is not true when it pertains to important papers.But that is not true, especially if you won a business...

Its time for your annual Check-up Now is an ideal time to review your financial plan for 2010. You should now have a past year history, or an idea of where your money is going, how your investments are performing, and what your savings are earning. By taking a look at where you stand now, you...

Hi All, Well its that time of year, for all of you procrastinators who deceided to put off the inevitable of having your 2009 tax returns to be filed either this or next week. The final electronical e-filing of your return is next friday October 15, 2010 which must be postmarked by...

THE current per diem rate of $59.00 per day will not change effective today Oct 1, 2010/. It is $59.00 US and $65.00 Mexico or Canada. the current wording is directly from the IRS web site Transportation industry per diem. Effective Oct. 1, 2010, taxpayers in the transportation industry...

The PER DIEM RATE UNTIL September 30, 2010 IS $59.00 PER DAY IN THE US, $63 in Canada If the rate is going to change it will be effective Oct 1, 2010 for then through Sept 30, 2011 No word on the increase in Per Diem rates has been approved as yet. Please check out after Oct 1, for...

The Standard Mileage Rate Deduction has now become a "RED FLAG" if you do not have proof of you mileage on a daily basis. I have designed a printed sheet showing the Shipper/Receiver- Pick up date/Delivery Date which proves yor PER DEIM, and a Mileage log log for each day. This is...

This is a message to all OWNERS AND FLEET OWNERS WITH 1 OR MORE TRUCKS, you are not going to enjoy what the IRS is planning on doing with your Contractors. READ ON THE MISSCLASSIFICATION OF EMPLOYEES AS INDEPENDENT CONTRACTORS A Congressional research report titled “Tax Gap...

I am posting these 2 questions to get an overall picture of what the IRS has been doing to us as independent contractors, I am trying to get the Taxpayer Advocate Service to honor and correct the letters for disallowance of the following. Please, just give me a "YES OR NO, I Do not need...

Hi all, Your Federal Highway Use Tax Form 2290 is due into the IRS by August 31, We an electronically file that for you and you dfo not have to doing anything else, and considered it filed, but it is your responsibility to pay the $550.00 tax on it. that payment can be made...