28. August 2012 11:47
Earlier this month the Senate Finance Committee approved the tax cut extension bill and released the legislative text.
Some of the bill’s provisions extend deductions like mortgage debt relief, premiums for mortgage insurance and above-the-line deductions for qualified tuition related expenses. In addition, the act extends AMT relief to 2013.
The bill also makes permanent the ability for the IRS to disclose certain tax return information to prison officials. This was put into place to curb tax fraud by prisoners and is set to expire December 31st. That can be found on page 19 of the released text.
There are all kinds of business deductions and other personal deductions and provisions in this bill. I would encourage you to read the summary of the Family and Business Tax Cut Certainty Act of 2012.
23. February 2012 04:27
Every year, there are changes to the tax code. It can be overwhelming to try to track all of these changes on one's own.
I found this article from U.S. News that highlights some of the things everyone will want to know about 2011 taxes. The good news? You probably have a refund coming. And if you file electronically, it will drop into your bank account relatively quickly.
Major life changes can mean major tax changes. Read the full article, 10 Things You Should Know About Your 2011 Taxes, to learn more. And while you are at it, be sure you have contacted a CPA to assist you with your tax preparation to be sure you have a knowledge bank to answer your questions and make sure you are filing the correct forms in the correct manner.
Don't have a CPA yet? The Washington Society of CPAs is pleased to offer a listing of CPAs who can help you with your tax preparation needs. View the Find a CPA referral service on this website, here.
2. November 2011 09:45
The Washington State Department of Revenue recently announced that, due to budget restrictions, it is not mailing notices as frequently as it did in the past. To help taxpayers stay informed of legislative changes, new programs, new publications, and other tax related information, the Department has created a General Information listserv. Taxpayers and tax professionals are encouraged to join this listserv to receive periodic updates from the Department. Find the General Information listserv at www.dor.wa.gov/listserv.
Source: Washington State Department of Revenue