- To File or Not to File
- A frequent question asked is whether or not an individual needs to file a tax return. There are two issues associated with this question:
- A Name Change Can Complicate Tax Filing
- If you changed your name as a result of a recent marriage or divorce, you will want to take the necessary steps to ensure the name on your tax return matches the name registered with the Social Security Administration (SSA). A mismatch between the name shown on your tax return and the SSA records can cause problems in the processing of your return and may even delay your refund.
- Your Payroll Tax Cut is Safe for Now!
- Congress gave all wage earners a short-lived 2012 reprieve by temporarily extending the 2% payroll tax cut though February of 2012.
- Only 2 Days Left For 2011 Tax Deductions
- We would like to remind you that the last day you may make a tax deductible purchase, pay a tax deductible expense or make a tax deductible charitable contribution for 2011 is Saturday Dec. 31.
- IRAs and Prohibited Transactions
- Congress created IRAs so that individuals could set aside funds for their future retirement, and as an incentive to contribute to an IRA, permitted the contribution to be tax-deductible, unless the individual also participated in an employer's retirement plan and had income exceeding a specific threshold. However, Congress put safeguards in place to make sure the IRA funds are not used for purposes inconsistent with prudent retirement savings.
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