4897 Buford Hwy, Ste 222 ......................... Làm thuê hay triệu phú
Atlanta, GA 30341-3669.............................. Đời đối xử công bình
Tel (770) 696-1189 .................................... Muốn được đời tưởng thưởng
Fax (770) 696-1587 ................................... Hãy đòi hỏi chính mình ..............(someone wrote this)
http://www.LocThaiCPA.com ....................Email: LocThaiCPA@gmail.com
Wednesday, December 28, 2011
These values and competencies are worth to think about:
1. Communication skills: To be able exchanging effectively reliable and meaningful information.
2. Commitment to excellence: To deliver continually high-quality products & services.
3. Lifelong learning: To value education, skill and knowledge beyond diploma and certification.
4. Integrity: To hold your standards with rigorously professional ethics.
5. Competence: To demonstrate and perform with high level of expertise and knowledge.
Thursday, December 22, 2011
1. Due Diligence: To research the Seller’s Business, which includes but not limited to: Business Finances, Legal Issues, Employees and Business Structure.
2. Know What you are Buying: The entity and any stock in that business, or as assets of the business.
3. Form a New Legal Entity: It may be advisable to create a new entity that will acquire the assets of the target business.
4. Write Up a Letter of Intent: This is a non-binding agreement outlining what is to be done when the buyer and the seller have generally agreed upon the terms of the transaction.
5. Negotiate Purchase Terms: Sales agreement.
6. Focus on Board Employees: Don’t assume that the employees will automatically be transferred to you.
Wednesday, December 21, 2011
The IRS wants to remind all taxpayers that with the New Year fast approaching, there is still time for you to take steps that can lower your 2011 taxes. However, you usually need to take action no later than Dec. 31 in order to claim certain tax benefits.
Here are six tax-saving tips for you to consider before the calendar turns to 2012:
1. Make Charitable Contributions – If you itemize deductions, your donations must be made to qualified charities no later than Dec. 31 to be deductible for 2011. You must have a canceled check, a bank statement, credit card statement or a written statement from the charity, showing the name of the charity and the date and amount of the contribution for all cash donations. Donations charged to a credit card by Dec. 31 are deductible for 2011, even if the bill isn't paid until 2012. If you donate clothing or household items, they must be in good used condition or better to be deductible.
2. Install Energy-Efficient Home Improvements – You still have time this year to make energy-saving and green-energy home improvements and qualify for either of two home energy credits. Installing energy efficient improvements such as insulation, new windows and water heaters to your main home can provide up to $500 in tax savings. Homeowners going green should also check out the Residential Energy Efficient Property Credit, designed to spur investment in alternative energy equipment. The credit equals 30 percent of the cost of qualifying solar, wind, geothermal, or heat pump property. For details see Special Edition Tax Tip 2011-08, Home Energy Credits Still Available for 2011 on the IRS.gov website.
3. Consider a Portfolio Adjustment – Check your investments for gains and losses and consider sales by Dec. 31. You may normally deduct capital losses up to the amount of capital gains, plus $3,000 from other income. If your net capital losses are more than $3,000, the excess can be carried forward and deducted in future years.
4. Contribute the Maximum to Retirement Accounts – Elective deferrals you make to employer-sponsored 401(k) plans or similar workplace retirement programs for 2011 must be made by Dec. 31. However, you have until April 17, 2012, to set up a new IRA or add money to an existing IRA and still have it count for 2011. You normally can contribute up to $5,000 to a traditional or Roth IRA, and up to $6,000 if age 50 or over. The Saver’s Credit, also known as the Retirement Savings Contribution Credit, is also available to low- and moderate-income workers who voluntarily contribute to an IRA or workplace retirement plan. The maximum Saver’s Credit is $1,000, and $2,000 for married couples, but the amount allowed could be reduced or eliminated for some taxpayers in part because of the impact of other deductions and credits.
5. Make a Qualified Charitable Distribution – If you are age 70½ or over, the qualified charitable distribution (QCD) allows you to make a distribution paid directly from your individual retirement account to a qualified charity, and exclude the amount from gross income. The maximum annual exclusion for QCDs is $100,000. The excluded amount can be used to satisfy any required minimum distributions that the individual must otherwise receive from their IRAs in 2011. This benefit is available even if you do not itemize deductions.
6. Don't Overlook the Small Business Health Care Tax Credit – If you are a small employer who pays at least half of your employee health insurance premiums, you may qualify for a tax credit of up to 35 percent of the premiums paid. An employer with fewer than 25 full-time employees who pays an average wage of less than $50,000 a year may qualify. For more information see the Small Business Health Care Tax Credit page on IRS.gov.
And here is one final tip to remember: you should always save receipts and records related to your taxes. Good recordkeeping is a must because you need records to prepare your tax return, and it will help you to file quickly and accurately next year.
For more year-end tax information and to access all IRS forms and publications, visit the IRS website at http://www.irs.gov.
Tuesday, December 20, 2011
- All Form W-2's, W-2G and 1099-Misc
- Interest Statements Form 1099-INT
- Dividend Statements Form 1099-DIV
- IRA & Pension Statements (for withdrawals) Form 1099-R
- Miscellaneous income statements Forms 1099-MISC, 1099-K, 1099-S, 1099-B, 1099-G, etc.
- Abandonment of Property & Cancellation of Debt Form 1099-A & 1099-C
- Amounts of any (Roth or traditional) IRA contributions you made for the tax year Form 5498
- Sales of Stocks & Bonds Form 1099-B. Brokerage Statements: MUST have your Cost for Stocks/Bonds sold & date acquired
- Statement of Student Loan Interest Form 1098-E
- Tuition Statements & Form 1098-T. PLUS Receipts for book & technology purchases for college
- Mortgage Interest Statements Form 1098
- Health Savings Account Statements Form 1099-SA, 5498-SA
- Copy of Closing Statement (HUD-1) if Bought/Sold Home or other property (Need Closing Stmt for both Old Home and New Home)
- Receipts & manufacturer information on energy credit purchases for your home
- Medical expenses, including after-tax insurance premiums, doctor, dental, vision care, hospital & pharmacy bills
- Local tax forms or paid receipts
- K-1 forms for Partnerships, S-Corporations, Trusts or Estates
- Receipts for cash and/or non-cash charitable contributions, or a list of organizations & amounts
- Records of unreimbursed business expenses & mileage required for your job
- Rental income & expenses for rental property
- Copies of any other Statements you think might be relevant
- Total Sales or Receipts, and Forms 1099-MISC and 1099-K received
- Car and Truck Expense (Need BOTH business miles and non-business miles whether you deduct actual expense or standard mileage allowance)
- Advertising, Insurance, Business Interest, Office Supplies, Rent, Repairs, Supplies
- Taxes, Meals when out of town overnight, Motel, Airfare, other Travel expenses
- Salaries paid employees (W-2 Wages), Subcontractor payments including copies of 1099-MISC filed
- Purchases for resale, Ending Inventory
- Cost and date of Purchase for any new equipment, computers, machines, etc.
- Health Insurance
- Payroll records for new employment tax & health insurance credits
- Square footage of office to total for home
- Cost of home and date you began using it as a home office
- Annual expenses for homeowner’s insurance, utilities and repairs on your home
1. Do you have a will that is up-to-date?
2. Do you have an adequate emergency fund (3 to 6 month) ?
3. Do you have a General Power of Attorney for someone to manage your finance in case you are incapacitated?
4. Do you know the interest rates on your credit cards and their balances?
5. Do you have adequate insurance covered for yourself and your family (ie. life, health and etc.?
6. Do you have a spending budget?
7. Do your retirement savings adequately plan?
8. Do you financially comfortable to pay your current and long-term debts?
9. Do you satisfy with your career financially? If not, do you have a plan to improve it?
10. Do you have a detailed proposal for your children's college costs, financial aid options & college savings programs?
Friday, December 16, 2011
|CP01H||You received a CP 01H notice because we were unable to process your tax return. The IRS has locked your account because the Social Security Administration informed us that the Social Security number (SSN) of the primary or secondary taxpayer on the return belongs to someone who was deceased prior to the current tax year (before January 1, 2010 for a 2010 tax return).|
|CP02H||You owe a balance due as a result of amending your tax return to show receipt of a grant received as a result of Hurricane Katrina, Rita or Wilma.||Balance Due|
|CP03C||You received a tax credit (called the First-Time Homebuyer Credit) for a house you purchased. You may need to file a form to report a change in ownership to the house you purchased.|
|CP04||Our records show that you or your spouse served in a combat zone, a qualified contingency operation, or a hazardous duty station during the tax year specified on your notice. As a result, you may be eligible for tax deferment.|
|CP08||You may qualify for the Additional Child Tax Credit and be entitled to some additional money.||Additional Child Tax Credit|
|CP10||We made a change(s) to your return because we believe there's a miscalculation. This change(s) affected the estimated tax payment you wanted applied to your taxes for next year.||Change To Your Estimated Tax Credit Amount|
|CP10A||We made a change(s) to your return because we believe there's a miscalculation involving your Earned Income Credit. This change(s) affected the estimated tax payment you wanted applied to your taxes for next year.||Change To Your Estimated Tax Credit Amount|
|CP11||We made changes to your return because we believe there’s a miscalculation. You owe money on your taxes as a result of these changes.||Balance Due|
|CP11A||We made changes to your return because we believe there's a miscalculation involving your Earned Income Credit. You owe money on your taxes as a result of these changes.||Balance Due|
|CP11M||We made changes to your return involving the Making Work Pay and Government Retiree Credit. You owe money on your taxes as a result of these changes.||Balance Due|
|CP12||We made changes to correct a miscalculation on your return.|
|CP12A||We made changes to correct the Earned Income Credit (EIC) claimed on your tax return.|
|CP12E||We made changes to correct a miscalculation on your return.|
|CP12M||We made changes to the computation of the Making Work Pay and/or Government Retiree Credits on your return.|
|CP12R||We made changes to the computation of the Rebate Recovery Credit on your return.|
|CP13||We made changes to your return because we believe there's a miscalculation. You're not due a refund nor do you owe an additional amount because of our changes. Your account balance is zero.|
|CP13A||We made changes to your return because we found an error involving your Earned Income Credit. You're not due a refund nor do you owe an additional amount because of our changes. Your account balance is zero.|
|CP13M||We made changes to your return involving the Making Work Pay credit or the Government Retiree Credit. You're not due a refund nor do you owe an additional amount because of our changes. Your account balance is zero.|
|CP13R||We made changes to your return involving the Recovery Rebate Credit. You're not due a refund nor do you owe an additional amount because of our changes. Your account balance is zero.|
|CP14||We sent you this notice because you owe money on unpaid taxes.|
|CP14I||You owe taxes and penalties because you didn't take out the minimum amount you had to from your traditional individual retirement arrangement (IRA). Or, you put into a tax-sheltered account more than you can legally.|
|CP16||We sent you this notice to tell you about changes we made to your return that affect your refund. We made these changes because we believe there was a miscalculation. Our records show you owe other tax debts and we applied all or part of your refund to them.|
|CP21A||We made the change(s) you requested to your tax return for the tax year specified on the notice. You owe money on your taxes as a result of the change(s).||Balance Due|
|CP21B||We made the change(s) you requested to your tax return for the tax year specified on the notice. You should receive your refund within 2-3 weeks of your notice.||Refund|
|CP21C||We made the change(s) you requested to your tax return for the tax year specified on the notice. You're not due a refund nor do you owe any additional amount. Your account balance for this tax form and tax year is zero.||Even Balance|
|CP21E||As a result of your recent audit, we made changes to your tax return for the tax year specified on the notice. You owe money on your taxes as a result of these changes.||Balance Due|
|CP21I||We made changes to your tax return for the tax year specified on the notice for Individual Retirement Arrangement (IRA) taxes. You owe money on your taxes as a result of these changes.||Balance Due|
|CP22A||We made the change(s) you requested to your tax return for the tax year specified on the notice. You owe money on your taxes as a result of the change(s).||Balance Due|
|CP22E||As a result of your recent audit, we made changes to your tax return for the tax year specified on the notice. You owe money on your taxes as a result of these changes.||Balance Due|
|CP22I||We made changes to your tax return for the tax year specified on the notice for Individual Retirement Arrangement (IRA) taxes. You owe money on your taxes as a result of these changes.||Balance Due|
|CP23||We made changes to your return because we found a difference between the amount of estimated tax payments on your tax return and the amount we posted to your account. You have a balance due because of these changes.|
|CP24||We made changes to your return because we found a difference between the amount of estimated tax payments on your tax return and the amount we posted to your account. You have a potential overpayment credit because of these changes.|
|CP24E||We made changes to your return because we found a difference between the amount of estimated tax payments on your tax return and the amount we posted to your account. You have a potential overpayment credit because of these changes.|
|CP25||We made changes to your return because we found a difference between the amount of estimated tax payments on your tax return and the amount we posted to your account. You're not due a refund nor do you owe an additional amount because of our changes. Your account balance is zero.|
|CP31||Your refund check was returned to us, so you need to update your address.||Refund|
|CP39||We used a refund from your spouse or former spouse to pay your past due tax debt. You may still owe money.|
|CP42||The amount of your refund has changed because we used it to pay your spouse's past due tax debt.|
|CP45||We were unable to apply your overpayment to your estimated tax as you requested.||Overpayment|
|CP49||We sent you this notice to tell you we used all or part of your refund to pay a tax debt.||Overpayment|
|CP53||We can't provide your refund through direct deposit, so we're sending you a refund check by mail.||Direct Deposits|
|CP59||We sent you this notice because we have no record that you filed your prior personal tax return or returns.|
|CP71||You received this notice to remind you of the amount you owe in tax, penalty and interest.|
|CP71A||You received this notice to remind you of the amount you owe in tax, penalty and interest.|
|CP71C||You received this notice to remind you of the amount you owe in tax, penalty and interest.|
|CP71D||You received this notice to remind you of the amount you owe in tax, penalty and interest.|
|CP120||You need to send us documentation of your tax-exempt status.||Tax Exemptions|
|CP120A||Your organization's tax-exempt status has been revoked for failure to file a Form 990 series return for three consecutive years. In addition, you are no longer eligible to sponsor a tax-sheltered annuity plan (Internal Revenue Code section 403(b) retirement plan).|
|CP130||Your tax return filing requirements may have changed: You may no longer need to pay the Alternative Minimum Tax.||Filing Requirements|
|CP152||We have received your return.||Confirmation of Return Receipt|
|CP153||We can't provide you with your refund through a direct deposit, so we're sending you a refund check/credit payment by mail.||Refund|
|CP166||We were unable to process your monthly payment because there were insufficient funds in your bank account.||Payment Process|
|CP178||Your tax return filing requirements may have changed: You may no longer owe excise tax.||Filing Requirements|
|CP231||Your refund or credit payment was returned to us and we need you to update your current address.||Address Update Needed|
|CP259||We've sent you this notice because our records indicate you didn't file the required business tax return identified in the notice.|
|CP259A||We sent you this notice because our records indicate you did not file a required Form 990/990-EZ, Return of Organization Exempt From Income Tax.|
|CP259B||We sent you this notice because our records indicate you didn't file a required Form 990-PF, Return of Private Foundation or Section 4947(a)(1) Nonexempt Charitable Trust Treated as a Private Foundation.|
|CP259C||We sent you this notice because our records indicate you are presumed to be a private foundation and you didn't file a required Form 990-PF, Return of Private Foundation or Section 4947(a)(1) Nonexempt Charitable Trust Treated as a Private Foundation.|
|CP259D||We sent you this notice because our records indicate you did not file a required Form 990-T, Exempt Organization Business Income Tax Return.|
|CP259E||We sent you this notice because our records indicate you did not file a required Form 990-N, e-Postcard.|
|CP259F||We're sending you this notice because our records indicate you did not file a required Form 5227, Split-Interest Trust information Return.|
|CP259G||We sent you this notice because our records indicate you did not file a required Form 1120-POL, U.S. Income Tax Return for Certain Political Organizations.|
|CP259H||We sent you this notice because our records indicate you are a tax-exempt political organization and you did not file a required Form 990/990-EZ, Return of Organization Exempt From Income Tax.|
|CP276A||We didn't receive a correctly completed tax liability schedule. We normally charge a Federal Tax Deposit (FTD) penalty when this happens. We decided not to do so this time.||FTD Penalty|
|CP276B||We didn't receive the correct amount of tax deposits. We normally charge a Federal Tax Deposit penalty when this happens. We decided not to do so this time.||FTD Penalty|
|CP501||You have a balance due (money you owe the IRS) on one of your tax accounts.|
|CP503||We have not heard from you and you still have an unpaid balance on one of your tax accounts.|
|CP504||You have an unpaid amount due on your account. If you do not pay the amount due immediately, the IRS will seize (levy) your state income tax refund and apply it to pay the amount you owe.|
|CP504B||You have an unpaid amount due on your account. If you do not pay the amount due immediately, the IRS will seize (levy) certain property or rights to property and apply it to pay the amount you owe.|
|CP521||This notice is to remind you that you have an installment agreement payment due. Please send your payment immediately.|
|CP523||This notice informs you of our intent to terminate your installment agreement and seize (levy) your assets. You have defaulted on your agreement.|
|CP565||We gave you an Individual Taxpayer Identification Number (ITIN).|
|CP565 (SP)||Nosotros le asignamos un Número de Identificación Personal del Contribuyente (ITIN, por sus siglas en inglés).|
|CP566||We need more information to process your application for an Individual Taxpayer Identification Number (ITIN). You may have sent us an incomplete form. You may have sent us the wrong documents.|
|CP566 (SP)||Necesitamos más información para poder tramitar su solicitud para un Número de Identificación Personal del Contribuyente (ITIN, por sus siglas en inglés). Usted quizá nos envió un formulario incompleto. O, quizá nos envió los documentos incorrectos.|
|CP567||We rejected your application for an Individual Taxpayer Identification Number (ITIN). You may not be eligible for an ITIN. Your documents may be invalid. We may not have received a reply when we asked for more information.|
|CP567 (SP)||Hemos rechazado su solicitud para un Número de Identificación Personal de Contribuyente (ITIN, por sus siglas en inglés). Es posible que no reúna los requisitos para un ITIN o que sus documentos no sean válidos. O es posible que no hayamos recibido una contestación de su parte cuando solicitamos más información.|
|CP601||Usted tiene un saldo pendiente de pago (dinero que le debe al IRS) en una de sus cuentas contributivas.|
|CP603||No hemos recibido respuesta de parte de usted y todavía tiene un saldo sin pagar en una de sus cuentas contributivas.|
|CP604||Usted tiene un saldo sin pagar en su cuenta. De no pagar esta cantidad inmediatemente, el IRS embargará cualquier reembolso de impuestos estatales al que tenga derecho y aplicarlo al pago de su deuda.|
|CP604B||Usted tiene un saldo sin pagar en su cuenta. De no pagar esta cantidad inmediatemente, el IRS embargará ciertas propiedades o derechos de propiedad y lo aplicará al pago de su deuda.|
|CP621||Este aviso es para notificarle que usted tiene un plan de pagos a plazos vencido. Por favor, envíe el pago inmediatamente.|
|CP623||Este aviso es para informarle nuestra intención de cancelar su plan de pagos a plazos y confiscar (embargar) sus bienes. Usted incumplió en su acuerdo.|
|CP711||Nosotros realizamos cambios a su planilla debido a que entendemos que hubo un cálculo erróneo. Como resultado de estos cambios, usted adeuda dinero por sus contribuciones.|
|CP712||Hemos realizado cambios para corregir un error de cálculo en su planilla.|
|CP713||Hemos realizado cambios para corregir un error de cálculo en su planilla. No se le debe un reembolso y no adeuda una cantidad de dinero adicional a causa de estos cambios. El saldo de su cuenta es cero.|
|CP714||Le enviamos este aviso porque usted adeuda contribuciones pendientes de pago.|
|CP721||Hicimos el(los) cambio(s) que usted solicitó a su declaración de impuestos para el año tributario que aparece en su aviso. Como resultado de éste(estos) cambio(s) usted debe dinero en sus impuestos.|
|CP722||Hicimos el(los) cambio(s) que usted solicitó a su declaración de impuestos para el año tributario que aparece en su aviso. Como resultado de éste(estos) cambio(s) usted debe dinero en sus impuestos.|
|CP749||Le enviamos este aviso para informarle que hemos utilizado todo o parte de su reintegro para pagar una deuda contributiva.|
|CP759||Le enviamos este aviso porque no tenemos registro que indique que usted radicó su planilla o planillas de contribuciones personales para uno o varios años anteriores.|
|CP771||Usted recibió este aviso para recordarle sobre la cantidad que adeuda en contribuciones, multas e intereses.|
|CP772||Usted recibió este aviso para recordarle sobre la cantidad que adeuda en contribuciones, multas e intereses.|
|CP773||Usted recibió este aviso para recordarle sobre la cantidad que adeuda en contribuciones, multas e intereses.|
|CP959||Usted no radicó su planilla de contribución de negocios identificada en este aviso.|
|CP2005||We accepted the information you sent us. We're not going to change your tax return. We've closed our review of it.|
|CP2006||We received your information. We'll look at it and let you know what we're going to do.|
|CP2057||You need to file an amended return. We've received information not reported on your tax return.|
|CP2501||You need to contact us. We've received information not reported on your tax return.|
Other Notices and Letters
|Notice or Letter Number||Title|
|CP 57||Notice of Insufficient Funds|
|CP 88||Delinquent Return Refund Hold|
|CP 90/CP 297||Final Notice - Notice of Intent to Levy and Notice of Your Right to a Hearing|
|CP 297A||Notice of Levy and Notice of Your Right to a Hearing|
|CP 91/CP 298||Final Notice Before Levy on Social Security Benefits|
|CP 161||Request for Payment or Notice of Unpaid Balance, Balance Due|
|CP 2000||Notice of Proposed Adjustment for Underpayment/Overpayment|
|Letter 0484C||Collection Information Statement Requested (Form 433F/433D); Inability to Pay/Transfer|
|Letter 0549C||Balance Due on Account is Paid|
|Letter 668D(LP 68)||We released the taxpayer's levy.|
|Letter 0681C||Proposal to Pay Accepted|
|Letter 0757C||Installment Privilege Terminated|
|Letter 1058 (LT 11)||Final Notice prior to levy; your right to a hearing|
|Letter 1615 (LT 18)||Mail us your overdue tax returns.|
|Letter 1731 (LP 64)||Please help us locate a taxpayer.|
|Letter 1737 (LT 27)||Please complete and site Form 433F, Collection Information Statement.|
|Letter 1961C||Installment Agreement for Direct Debit 433-G|
|Letter 1962C||Installment Agreement Reply to Taxpayer|
|Letter 2050 (LT 16)||Please call us about your overdue taxes or tax return.|
|Letter 2257C||Balance Due Total to Taxpayer|
|Letter 2271C||Installment Agreement for Direct Debit Revisions|
|Letter 2272C||Installment Agreement Cannot be Considered|
|Letter 2273C||Installment Agreement Accepted: Terms Explained|
|Letter 2318C||Installment Agreement: Payroll Deduction (F2159) Incomplete|
|Letter 2357C||Abatement of Penalties and Interest|
|Letter 2603C||Installment Agreement Accepted - Notice of Federal Tax Lien Will be Filed|
|Letter 2604C||Pre-assessed Installment Agreement|
|Letter 2761C||Request for Combat Zone Service Dates|
|Letter 2789C||Taxpayer Response to Reminder of Balance Due|
|Letter 2840C||CC IAPND Installment Agreement Confirmation|
|Letter 3030C||Balance Due Explained:Tax/Interest Not Paid|
|Letter 3127C||Revision to Installment Agreement|
|Letter 3217C||Installment Agreement Accepted: Terms Explained|
|Letter 3228 (LT 39)||Reminder notice.|
|Letter 4903 (LT 26)||We have no record of receiving your tax returns.|
|Letter LP 47||Address Information Request|
|Letter LP 59||Please contact us about the taxpayer levy.|
Wednesday, December 14, 2011
* IRS website www.irs.gov
* Individual return assistance (800) 829-1040
* Business return assistance (800) 829-4933
* Exempt organizations,
Retirement Plan Administrators,
Government Entities (877) 829-5500
* People with hearing impairments (800) 829-4059 (TDD)
* E-file application and help (866) 255-0654
* Help Desk (U.S./Canada) (800) 876-1715
* Help Desk (International) (319) 464-3291
* Refund hotline (800) 829-1954
* Order forms and publications (800) 829-3676
* Social Security Administration (800) 772-1213
* Taxpayer Advocate Service (877) 777-4778
* Suspected identity-theft victims (800) 908-4490
NOTE: To call, write, or visit the local taxpayer advocate office
for your state, refer to Publication 1546 on the IRS website.
HOW DO I REPORT SUSPECTED TAX FRAUD ACTIVITY?
If you suspect or know of an individual or company that is not
complying with the tax laws, report this activity. Reports of
suspected tax fraud can be made by phone, mail, or at your local
IRS walk-in office.
- By phone: From within the U.S. (800) 829-0433
International callers (215) 516-2000
- By mail: Send written correspondence to the IRS Service Center
where the return was filed, or complete Form 3949-A and
mail it to Internal Revenue Service, Fresno, CA 93888.
RETURN WITH A BALANCE DUE--If the taxpayer has a balance due on a
return and does not elect to pay using direct debit, the balance due
can be paid by one of the following methods:
A. CHECK OR MONEY ORDER payable to "United States Treasury"
1. Write "2011 Form 1040" and taxpayer name, address, SSN, and
daytime phone number on the payment
2. Mail the payment with Form 1040 (if paper-filing) and Form
B. CREDIT CARD (MC, Visa, Discover, AmEx)
* Using Integrated File and Pay (IFP): Go to the EPAY screen for
* Using the Drake e-Payment Center (standalone): Go to
ESTIMATED TAX PAYMENTS--Use one of the following options to pay
estimated tax payments:
A. CHECK OR MONEY ORDER payable to "United States Treasury"
1. Write "2011 Form 1040-ES" and the taxpayer SSN on the check or
2. Mail the payment and voucher to the appropriate address.
(Addresses vary depending on where the taxpayer lives; see
the 1040-ES instructions.)
B. DEBIT CARD or CREDIT CARD using the Drake E-Payment Center:
www.1040paytax.com (MC, Vis, Disc)
C. ELECTRONIC FEDERAL TAX PAYMENT SYSTEM (EFTPS)
* Taxpayer can enroll online at www.eftps.com or call the
applicable number provided below:
(888) 555-4477 (for business accounts)
(888) 316-6541 (for individual accounts)
D. DIRECT DEBIT at the time the 2011 return is e-filed. The PMT
screen has selection fields for each quarter and the amounts to be
withdrawn on each quarterly due date. See the PMT screen for more
Wednesday, December 7, 2011
2011 Standard Deduction
The basic standard deduction for 2011 is:
Single or MFS.................................................................... $ 5,800
MFJ or QW........................................................................ $11,600
HOH................................................................................... $ 8,500
Age 65 and/or blind. The additional amounts for age 65 or
older and/or blind, per person per event in 2011 are:
MFJ, QW, or MFS............................................................... $ 1,150
Single or HOH.................................................................... $ 1,450
Taxpayer claimed as a dependent on someone else’s return. The standard
deduction in 2011 is the greater of $950, or earned income plus
$300, not to exceed $5,800, $11,600, or $8,500, depending upon filing status.
Add $1,150 or $1,450 (depending upon filing status) for age 65 or
older and/or blind.
Increased standard deduction. The provisions that increased the 2009
standard deduction for state and local property taxes, a net disaster loss
deduction, and the sales and excise tax deduction for the purchase of a
new vehicle does not apply for 2010 or 2011. The new law did not extend
2011 Personal Exemptions
The personal exemption per person for 2011 is............................ $ 3,700
Phaseout. For 2011 and 2012, the personal exemption phaseout does
not apply. Unless extended by Congress, the full phaseout of personal
exemptions will apply for tax year 2013.
2011 Itemized Deduction Phase-Out
For 2011 and 2012, the itemized deduction phaseout does not apply. Unless
extended by Congress, the full phaseout of itemized deductions will
apply for tax year 2013.
2011 Federal Tax Rate Schedule
Single Taxable Income
$ 0 to 8,500 × 10.0% minus $ 0.00 = Tax
8,501 to 34,500 × 15.0% minus 425.00 = Tax
34,501 to 83,600 × 25.0% minus 3,875.00 = Tax
83,601 to 174,400 × 28.0% minus 6,383.00 = Tax
174,401 to 379,150 × 33.0% minus 15,103.00 = Tax
379,151 and over × 35.0% minus 22,686.00 = Tax
MJF or QW Taxable Income
$ 0 to 17,000 × 10.0% minus $ 0.00 = Tax
17,001 to 69,000 × 15.0% minus 850.00 = Tax
69,001 to 139,350 × 25.0% minus 7,750.00 = Tax
139,351 to 212,300 × 28.0% minus 11,930.50 = Tax
212,301 to 379,150 × 33.0% minus 22,545.50 = Tax
379,151 and over × 35.0% minus 30,128.50 = Tax
MFS Taxable Income
$ 0 to 8,500 × 10.0% minus $ 0.00 = Tax
8,501 to 34,500 × 15.0% minus 425.00 = Tax
34,501 to 69,675 × 25.0% minus 3,875.00 = Tax
69,676 to 106,150 × 28.0% minus 5,965.25 = Tax
106,151 to 189,575 × 33.0% minus 11,272.75 = Tax
189,576 and over × 35.0% minus 15,064.25 = Tax
HOH Taxable Income
$ 0 to 12,150 × 10.0% minus $ 0.00 = Tax
12,151 to 46,250 × 15.0% minus 607.50 = Tax
46,251 to 119,400 × 25.0% minus 5,232.50 = Tax
119,401 to 193,350 × 28.0% minus 8,814.50 = Tax
193,351 to 379,150 × 33.0% minus 18,482.00 = Tax
379,151 and over × 35.0% minus 26,065.00 = Tax
IRS Announces 2012 Standard Mileage Rates, Most Rates Are the Same as in July
WASHINGTON — The Internal Revenue Service today issued the 2012 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Beginning on Jan. 1, 2012, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
55.5 cents per mile for business miles driven
23 cents per mile driven for medical or moving purposes
14 cents per mile driven in service of charitable organizations
The rate for business miles driven is unchanged from the mid-year adjustment that became effective on July 1, 2011. The medical and moving rate has been reduced by 0.5 cents per mile.
The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the variable costs as determined by the same study. Independent contractor Runzheimer International conducted the study.
Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.
A taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System (MACRS) or after claiming a Section 179 deduction for that vehicle. In addition, the business standard mileage rate cannot be used for more than four vehicles used simultaneously.
These and other requirements for a taxpayer to use a standard mileage rate to calculate the amount of a deductible business, moving, medical or charitable expense are in Rev. Proc. 2010-51.
Notice 2012-01 contains the standard mileage rates, the amount a taxpayer must use in calculating reductions to basis for depreciation taken under the business standard mileage rate, and the maximum standard automobile cost that a taxpayer may use in computing the allowance under a fixed and variable rate plan.