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Individual Income Tax Tips Webinar On Tuesday, January 31, 2012, we hosted a live 30 minute Webinar on Individual Income Tax Tips if you did not have the opportunity to watch it please see the video stream below. Bormel, Grice & Huyett, P.A - Individual Income Tax Tips Webinar from MID-ATLANTIC VIDEO STREAMING on Vimeo. "The Tax Benefits of Going Green" Payroll and Mileage Changes for 2012 The Fair and Accurate Credit Transactions Act (FACTA) Bormel, Grice & Huyett 2011 Business Scholarship Awarded
BGH Tax TipsBormel, Grice & Huyett, P.A. would like to offer you a few tips to ease the burden of taxes and relieve the stress that tax time may cause. From time to time we will pass on suggestions that may be of interest to you. Please check back frequently for the latest tip! Tips to Help Determine if your Gift is Taxable Tips for Paying Estimated Taxes Keep Good Records Now to Reduce Tax-Time Stress Advice for Taxpayers Who Receive a Tax Notice Suggestions for Charitable Taxpayers Tips for Students and Parents Paying College Expenses
The 2010 Tax Relief Act reduces the employee-share of OASDI tax from 6.2 percent to 4.2 percent (self-employed from 12.4 to 10.4) for wages paid in calendar year 2011 up to the taxable maximum of $106,800. The one-year payroll tax cut replaces the Making Work Pay credit, which is scheduled to expire after 2010. Like the Making Work Pay credit, the payroll tax cut is designed to deliver tax benefits incrementally. Wage earners will see an increase in their take-home pay. Most individuals will see a much greater benefit under the 2011 payroll tax holiday, with a maximum $2,136 benefit per wage earner as compared to $400 ($800 for joint files) under the Making Work Pay credit. However, individual who do not pay into Social Security, such as federal government workers, will not see a benefit. Employers have a short window in which to implement the payroll tax cut. The IRS has issued revised withholding tables, which must be used as soon as possible after January 1, 2011 and no later than January 31, 2011.
"The Tax Benefits of Going Green"
The Green Building Institute, located in Jessup, MD, is partnering with Bormel, Grice & Huyett, P.A. in sponsoring a seminar series entitled "The Tax Benefits of Going Green". Barry Fields, CPA, MST, a tax specialist at Bormel, Grice & Huyett, P.A. and Treasurer of the Green Building Institute, will be presenting the program which will focus on the "green" business and individual tax incentives currently available. The seminar will be offered approximately ten times over ten weeks this fall in the Baltimore Washington Area. The Green Building Institute is a 501(c)(3) nonprofit organization established to educate businesses and individuals in the many benefits of green building and sustainable living. Bormel, Grice & Huyett, P.A. is a full service public accounting firm with a broad base of business, individual, and not for profit clientele including contractors, developers, and professional service providers. For additional information contact Lisa McDowell at (443) 733-1234 or go to the following website: www.greenbuildinginstitute.org. For information on seminar dates, location and registration go to the following website: Green Tax Benefits Seminars.
Final installment of 2011 estimated tax by individuals and trusts due. . Last day to receive Forms W-2 and most 1099 statements from your employer, banker, broker, etc. Fourth quarter 2011 payroll tax returns and annual federal unemployment returns due.
Last day for filing Form W-4 by employees who wish to claim exemption from withholding of income tax for 2011.
File Forms 1098, 1099, W-2G and Form 1096 with the IRS. File Forms W-2 (copy A) along with Form W-3 with the IRS and the Social Security Administration (SSA). If Forms 1098, 1099, W-2 or W-2G are filed electronically, the due date for filing with the IRS and SSA is extended to April 1ST.
Corporation and S Corporation income tax returns for calendar year 2011 due. Last day for calendar year corporations to file Form 7004, an automatic six-month extension of time, for 2011 income tax returns.
Individual income tax returns, Form 4868 (automatic six-month extension) plus payment of any 2011 tax liability due. First quarter individual estimated tax payments due for 2012. Last day for making 2011 IRA contributions. Gift tax returns and payment of any gift tax for 2011 due. Calendar year fiduciary income tax returns and requests for 6-month automatic extensions due. Partnership returns and requests for 5-month automatic extensions (Form 7004) for 2011 due. First installment for corporation's estimated income tax is due for 2012.
First quarter 2011 payroll tax returns due.
and Mileage Changes for 2012
For 2012, the Social Security Administration has increased the maximum amount of earnings subject to Social Security and self-employment taxes. At the time of this update the Social Security rates will be 6.2% for employers and employees on earnings up to the wage limit of $110,100 paid in 2012. The maximum withholding for Social Security will be $6,826.20. The Medicare rates will remain at 1.45% each for employers and employees; all earnings will continue to carry no ceiling on maximum taxable earnings.
IRS limits the amount employees can deposit to a 401(k) plan each year. A participant’s maximum pre-tax contribution for 2012 will be $17,000 (an additional $5,500 can be contributed for individuals who will be at least age 50 by the end of the year). This limit applies to all 401(k) plans the person participated in during the year. It is the employee’s responsibility to keep track of the total contributions if they participated in the 401(k) plans of more than one employer during the same year.
The standard mileage rate for business use of an automobile for 2012 will be 55.5 cents per mile. The rate for computing deductible medical or moving expenses will be 23 cents per mile. The rate for providing services for a charity is set by statute and remains at 14 cents per mile.
Should you need assistance with these items, please feel free to call our office. For further information click here to visit the IRS weblink.
The Fair and Accurate Credit Transactions Act (FACTA) The FACTA was signed into law in late 2003, which recently took effect. This law entitles you to one free credit report per year from each of the three major credit reporting agencies (Equifax, Experian and TransUnion). The free access will start in December for those persons living in the western United States. Midwestern states will be eligible in March, while the southern and eastern states will be eligible in June. You can request your credit reports online at www.annualcreditreport.com, through the Federal Trade Commission's website, by phone at 1-877-322-8228 or by filling out the request form and mailing it to: Annual Credit Report Request Service P.O. Box 105281 Atlanta, GA 30348-5281 One of the biggest reasons to be vigilant about checking one’s credit report is fraud. Reviewing your credit report on a regular basis will reveal any unauthorized credit activity. Since fraudulent information can affect your credit score (also known as a FICO score), it is highly recommended that you pull your free reports on a staggered basis (e.g., a report from one reporting agency every four months).
Bormel, Grice & Huyett Business Scholarship Awarded
Barry Fields and Matt Zielinski This year’s recipient of the Bormel, Grice & Huyett Scholarship is Matt Zielinksi, a senior from Reservoir High School. Barry Fields presented the scholarship award at the Senior Award Ceremony on May 27. The Scholarship is sponsored by the Baltimore Washington Corridor Chamber Foundation in conjunction with Bormel, Grice & Huyett, P.A., and is presented annually to area high school seniors for scholastic achievement and interest in pursuing a business curriculum in college. ■
AWARD FOR BORMEL, GRICE & HUYETT P.A. The Maryland Chamber of Commerce awarded Bormel, Grice and Huyett, P.A. the Maryland Small Business Award "Honoring those who through imagination, perseverance, and hard work exemplify the entrepreneurial spirit in Maryland." The firm was among 25 small businesses selected from the State of Maryland for recognition. Bormel, Grice and Huyett was cited for outstanding client service and contributions to the community. This year also brought an award to the firm from the Maryland Association of Certified Public Accountants, recognizing compliance with the quality control standards set by the American Institute of Certified Public Accountants. Congratulations to our staff for all of their efforts which culmin-ated this wonderful recognition! Note: You may click on award seal images above to view the official documents.
We have immediate openings for the following: Accounting/Auditing - 5+ years public accounting experience required; NFP, benefits plans, real estate and construction experience a plus. Excellent benefits including health insurance, 401k, flexible spending, competitive salaries and advancement opportunities. Please email resume with salary requirements to mcollins@bormel-grice.com.
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