July 2011 - HBL CPAs

Jul
31
2011

Tax Tips for Job Seekers

Seven Tax Tips for Job Seekers

Many taxpayers spend time during the summer months updating their résumé and attending career fairs. The Internal Revenue Service reminds job seekers that you may be able to deduct some of the expenses on your tax return.

Here are seven things the IRS wants you to know about deducting costs related to your job search.

1. To qualify for a deduction, the expenses must be spent on a job search in your current occupation.

Jul
20
2011

How to Prepare Before a Disaster Strikes

A home disaster can be stressful enough without reconstructing important records and accounting for belongings. The Internal Revenue Service encourages taxpayers to safeguard their financial and tax records before disaster strikes. Listed below are four simple tips for individuals on preparing for a disaster.

1. Take advantage of paperless record keeping for financial and tax records. Many people receive bank statements and documents electronically and important documents like W-2s and tax returns can be scanned into an electronic format and stored on a flash drive or CD in a safe place.

Jul
13
2011

Medical and Dental Expense Tax Deductions

If you itemize your deductions on Form 1040, Schedule A, you may be able to deduct expenses you pay in 2011 for medical care – including dental – for yourself, your spouse, and your dependents. Here are six things the IRS wants you to know about medical and dental expenses and other benefits.

1. You may deduct only the amount by which your total medical care expenses for the year exceed 7.5 percent of your adjusted gross income.

Jul
06
2011

Federal Unemployment Surtax Expires

Temporary 0.2 Percent FUTA Surtax Expires

The 0.2-percent federal unemployment tax act (FUTA) surtax expired after June 30, 2011 (TAXDAY, 2011/06/06, M.2). At this time, it is unclear if Congress will extend the surtax, as it has routinely done in past years.

Prior to July 1, 2011, FUTA was made up of the permanent 6.0-percent rate and the 0.2-percent surtax. Additionally, employers may be eligible for a credit against FUTA tax for amounts paid into state unemployment funds.

Jul
01
2011

Tax Deductible Charitable Contributions

Ten Tips for Taxpayers Making Charitable Donations

Are you planning on making a donation to a charity this year? If so, you may be able to take a deduction for it on your 2011 tax return.

Here are the top 10 things the IRS wants every taxpayer to know before deducting charitable donations.

1. Charitable contributions must be made to qualified organizations to be deductible. You can ask any organization whether it is a qualified organization and most will be able to tell you.