~NEW YEAR – NEW ADVENTURES!       

~Various Tax Tips

~ For Small Businesses

Delay in Filing Some Returns – Again Congress has waited too long to pass changes that affect the current year’s tax returns. Therefore any taxpayers who have a return containing any of the changed items will have a delay in filing any tax returns that include ITEMIZED DEDUCTIONS, TUITION DEDUCTION, EDUCATOR EXPENSE - expected to file mid-late Feb.

Estates Get Choice Between Carryover Basis OR Estate Tax Under New Legislation - The IRS released a new draft Form 8939 for allocating the increase in basis for property acquired from a decedent. The instructions have not yet been released. Those instructions will reflect underlying policy decisions being made regarding the implementation of the carryover basis system.

For the SMALL BUSINESS

Reminder on New Social Security Tax Withholding

 

  

 

 IRS has released Notice 1036 which briefly discusses withholding using the percentage withholding tables.

 

  

 

 It reminds employers of the change in Social Security tax withholding for 2011 calendar year wages at 4.2% instead of the 6.2% applicable for other years.  Employers are to implement the new Social Security tax withholding of 4.2% as soon as possible but not later than January 31, 2011.  Any over withholding of Social Security tax before implementation should be offset against future withholding but not later than March 31, 2011.  In other words if an employer withholds at the 6.2% rate for one or more pay periods, the employer has to reduce future Social Security tax withholding to make the total come out to the correct amount, but not later than March 31.

 

  

 

 It also specifically states employers should use the 2010 Federal income tax withholding tables until the 2011 are implemented, but not later than January 31, 2011.

MARK YOUR CALENDARS:  Personal Financial Organizing Seminars

Did you resolve to get organized this year?   Are you drowning in receipts and bills?  Do you really know what to do at tax time in order to save money on taxes AND professional services?

Please join us to learn some easy tips to get your finances organized and regain some sanity in your life.  We’ll discuss a variety of options to get you up and running quickly.  We will even cover what information to gather for tax time and some money savings strategies.  Let's get FISCALLY FIT for the New Year!

JANUARY 11, 2011 at the KCK West Branch Library 7:00PM 913-596-5800

JANUARY 18, 2011   at the Basehor Community Library 6:30PM 913-724-2828

Please call the library of your choice to register.

Our Featured Friends: 

Designs for You Embroidery – A family owned and operated. Your direct garment printing and custom embroidery shop. http://www.tees4u.biz/  615-746-2223

Frontier Steak House – Established in 1960.  We are still a family owned business, and will continue to offer quality food and service. We hope visiting us will be like a trip home to Mom's for a great home cook meal.   913-788-9159 http://www.frontierkck.com