TAX NEWSLETTERS

TaxTips2011 Updated tips for Education Tax Credits, College Savings and Tuition Plans, IRAs, Sales Tax, Extensions, etc. ( 9 pages).

The four TaxTips newsletters below are made available to our clients, courtesy of our professional association. There are several topics we think you will find of interest, some of which are applicable to 2011 and others are general tax information applicable to any year. For individuals: Tax Tips Summer Edition and Tax Tips Winter Edition. For Small Businesses: Tax Tips Small Business Summer Edition and Tax Tips Small Business Winter Edition.

TaxTips Education/Parents Take a look at the various ways you can save money for education for your children or yourself, this includes Pre-paid Tuition, College Savings Plans, Education IRAs and regular IRAs, The American Opportunity Credit and Lifetime Learning Tax Credits. (4 pages).

Tax Guidelines Tips for mutual fund and stock recordkeeping, as well as non-cash charitable (NCC) donations. More information on NCC. (2 pages).

OTHER TAX INFO

Sales and Use Tax on Out-of-State Purchases Read this one page suggestion on how to handle calculating it.

Tax Prep Times Read how to deduct 100% of your medical costs and insurance, as a business deduction. Yes, 100%. This deduction is not very well known, even by accountants and the IRS. But, you have to follow the rules very carefully. So read all about it. (One page).

NEW YORK STATE TAX INFO

Metropolitan Commuter Transportation Mobility Tax This tax is imposed on employers at a rate of .34% (.0034) and self employed businesses located in NYC five boroughs: (Manhattan, Bronx, Brooklyn, Queens and Staten Island), as well as the following counties: Dutchess, Nassau, Orange, Putnam, Rockland, Suffolk and Westchester. The first payment is due November 2, 2009

NYS LLC and Partnerships due date February 29th Every Single Member LLC, Multi-Member LLC or LLP that has income or expenses from NYS sources must E-file form IT-204-LLC by February 29, 2012. In addition, Regular Partnerships with 2011 gross income from NYS sources equal or in excess of $1 million must also efile this form. Fill out this one page sheet and return it to us as soon as possible.

CALIFORNIA TAX INFO

CA Independent Contractors If you hire freelancers in California, please read this. You are required by law to report to the EDD if you have paid $600 to an independent contractor (freelancer) within 20 days of paying or contracting them. (One page).

Los Angeles Business Tax If you live and/or do business in LA, you may be liable for this tax. (One page).

PAYING THE IRS AND STATE

Paying the IRS by Credit Card? Most states accept credit cards to pay your taxes. Here are instructions and telephone numbers for two companies that handle payments to the IRS. (One page).

Enroll in EFTPS to pay the IRS online or via phone EFTPS, or Electronic Federal Tax Payment System, is a free payment system that enables taxpayers to make their tax payments electronically 24/7 using the internet or the phone. Enroll in the program using these step-by-step instructions. (One page).

For current EFTPS Users For enrolled users of the Electronic Federal Tax Payment System, or EFTPS, a free payment system that enables taxpayers to make their tax payments electronically 24/7 online or over the phone. (One page).