Posted by: TaxTimeTips | May 27, 2012

MEMORIAL DAY

Memorial Day

May 28, 2012

Memorial Day May 28, 2012

Memorial Day May 28, 2012

CELEBRATING THE COURAGE OF THE HEROS WHO KEEP THIS NATION FREE…

A dedication to my Father, John Benjamin Jr. who served in the Korean War 1951-53 and was fortunate to return home alive, marry and have three children. He passed away exactly Ten Years Ago March 11, 2012.

Thank You also for those who played “Taps” at my father’s funeral.

Bub we love and miss you!

Memorial Day

Leave a comment below, let me know you took the time to read and observe….. 

 A special Thank You to our Assyrian Church of the East (Flint, MI) and our Assyrian Cemetery who every year observe this Day and who place the American Flag on the Grave of those who had served at our Cemetery and Prayers that is said, I still remember this from when I was a child…

Memorial Day (originally started as “Decoration Day”) is traditionally a day of remembrance for those who have died in our nation’s service; and observance, as well as traditions, has diminished over the years as many Americans have forgotten the meaning.

OUR PRICE FOR FREEDOM = OUR SOLDIERS

Memorial Day originally started as an event to Honor Union Soldiers who died during the American Civil War and was inspired by the way people in the Southern States honored their fallen soldiers. After World War 1, it was extended to include ALL men and women who died in any war or military action.

Memorial Day

Many cemeteries have ignored or neglected the graves of the fallen and most people no longer remember the proper flag etiquette for Memorial Day. There are parades held for Memorial Day in many towns and cities and many other towns and cities have not held any in decades.

ALL GAVE SOME - SOME GAVE ALL - REMEMBER ALL THOSE WHO SERVED!!

ALL GAVE SOME – SOME GAVE ALL – REMEMBER ALL THOSE WHO SERVED!!

Some people think Memorial Day is for honoring any and all dead, and not just those fallen in service to our country.

In December 2000, the “National Moment of Remembrance” resolution was passed to help re-educate and remind Americans of the true meaning of Memorial Day and “To voluntarily and informally observe in their own way a Moment of remembrance and respect, pausing from whatever they are doing for a moment of silence or listening to ‘Taps.” This takes place at 3:00 pm local time on the last Monday in May.

THANK YOU!

THANK YOU!

This is a step in the right direction to restore meaning of Memorial Day and for the nation to set aside just one day out of the year to Remember, Reflect and Honor those who have sacrificed all for their country.

Remembering some Soldiers have returned well, some have returned ill, some have returned with body parts missing and some have not returned at all! Is it too much to ask again for one day observance for ALL of these HEROS; for protecting our country, our freedom, our very existence?

You are dedicated individuals taken from your civilian lives by answering our Nation’s call. We cannot express enough of our gratitude for your Honor, Courage and Commitment!

It was Chinese General Sun Tzu who said – “In peace prepare for war, in war prepare for peace. The art of war is of vital importance to the state. It is matter of life and death, a road either to safety or to ruin. Hence under no circumstances can it be neglected.”

 And it was General George S. Patton who said – “Courage is fear holding on a minute longer.”

You, our military are faithful to a Proud Heritage, a Tradition of Honor, and a Legacy of Valor.

Thank you and our fallen soldiers for Your Courage, Your Strength and Your Sacrifice for our Freedom, we honor and salute you!

 Happy Memorial Day………

 CELEBRATING THE COURAGE OF THE HEROS WHO KEEP THIS NATION FREE…

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Posted by: TaxTimeTips | May 18, 2012

Standard Deduction vs. Itemizing: 7 Facts to Help You Choose

Hire a Professional

STANDARD DEDUCTION vs. ITEMIZING

7 FACTS TO HELP YOU CHOOSE

Hot From the IRS News Room…….

Each year, millions of taxpayers choose whether to take the standard deduction or to itemize their deductions. The following seven facts from the IRS can help you choose the method that gives you the lowest tax.

BE SURE TO HIRE A TAX PROFESSIONAL TO MAXIMIZE YOUR REFUND

STANDARD DEDUCTION vs. ITEMIZING

7 FACTS TO HELP YOU CHOOSE

1. Qualifying expenses – Whether to itemize deductions on your tax return depends on how much you spent on certain expenses last year. If the total amount you spent on qualifying medical care, mortgage interest, taxes, charitable contributions, casualty losses and miscellaneous deductions is more than your standard deduction, you can usually benefit by itemizing.

2. Standard deduction amounts -Your standard deduction is based on your filing status and is subject to inflation adjustments each year. For 2011, the amounts are:

Single $5,800
Married Filing Jointly $11,600
Head of Household $8,500
Married Filing Separately $5,800
Qualifying Widow(er) $11,600

3. Some taxpayers have different standard deductions – The standard deduction amount depends on your filing status, whether you are 65 or older or blind and whether another taxpayer can claim an exemption for you. If any of these apply, use the Standard Deduction Worksheet on the back of Form 1040EZ, or in the 1040A or 1040 instructions.

4. Limited itemized deductions – Your itemized deductions are no longer limited because of your adjusted gross income.

5. Married filing separately – When a married couple files separate returns and one spouse itemizes deductions, the other spouse cannot claim the standard deduction and therefore must itemize to claim their allowable deductions.

6. Some taxpayers are not eligible for the standard deduction – They include nonresident aliens, dual-status aliens and individuals who file returns for periods of less than 12 months due to a change in accounting periods.

7. Forms to use – The standard deduction can be taken on Forms 1040, 1040A or 1040EZ. To itemize your deductions, use Form 1040, U.S. Individual Income Tax Return, and Schedule A, Itemized Deductions.

STANDARD DEDUCTION vs. ITEMIZING

7 FACTS TO HELP YOU CHOOSE

BE SURE TO HIRE A TAX PROFESSIONAL TO MAXIMIZE YOUR REFUND

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Posted by: TaxTimeTips | May 13, 2012

HAPPY MOTHER’S DAY 2012

HAPPY MOTHER’S DAY 2012

To All You Wonderful Mothers, We Salute You…

Dedicated to the Best Mother Ever Samira

 Your purist of innocence and your giving nature

Your tender kind loving soul

Your forgiveness and your support.

You planted all the good things that gave my life start

Encouraging me to dream

Fostering and nurturing

The seeds of self-esteem.

Teaching me right from wrong

Good judgment, courage and honesty

To accept others as they are and not to judge.

Allowing me to make mistakes

Instilling values and morals

Standing strong by my side through my successes and failures

Believing in me when no else did

Protecting me as a lion protecting her cub.

Thank you for the simple things we shared

Laughter, smiles, joy and tears

Thank you again for the many great years.

Always knowing that you are there

Standing behind me of that which gives me strength

Telling me life is too short and not to hold a grudge.

Always there when I need you

Not a selfish bone in your body

Always giving to your family before yourself.

You are truly the last of the Mohicans

Encouraging love, harmony and happiness.

Not a malicious bone in your body

You have an amazing heart of gold

And I cherish you my mother

And will always remember your teachings

With your soft voice in my ear.

I honor and celebrate you every day in my heart

For you are always with me.

I thank the Lord for giving me such a role model

For blessing me with a mother like you!

Love your daughter Mona

-Author Ramona Benjamin

HAPPY MOTHER’S DAY 2012

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Posted by: TaxTimeTips | April 15, 2012

DARE TO DREAM SEMINAR

Reblogged from TaxTimeTips Blog:

Click to visit the original post

CHARTING YOUR COURSE IN BUSINESS

DARE TO DREAM SEMINAR

“How Cutting Edge Systems Help You Stay in Business”

SPECIAL SEMINAR PRICING FOR OUR FOLLOWERS!!

For Preferred Pricing Enter  AFFILIATE/GROUP CODE:  TAXTIMETIPS

In the Dare to Dream Seminar you will

Learn Secrets to a Thriving Business In Our Current Economic Downtimes…

Hurry Seats are filling fast, One Day Seminar Early Registration Pricing!!!

Read more… 25 more words

http://TaxTimeTips.wordpress.com Be One of the Thriving Businesses In Our Current Economic Downtimes

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Posted by: TaxTimeTips | April 2, 2012

DARE TO DREAM SEMINAR

CHARTING YOUR COURSE IN BUSINESS

DARE TO DREAM SEMINAR

“How Cutting Edge Systems Help You Stay in Business”

SPECIAL SEMINAR PRICING FOR OUR FOLLOWERS!!

For Preferred Pricing Enter  AFFILIATE/GROUP CODE:  TAXTIMETIPS

In the Dare to Dream Seminar you will

Learn Secrets to a Thriving Business In Our Current Economic Downtimes…

Hurry Seats are filling fast, One Day Seminar
Early Registration Pricing!!!

Click below for full Seminar flyer in ”Charting Your Course in Business”
TaxTimeTips SEMINAR flyer

Or go to the “Seminar” Tabs above….

To Contact us please email clientservices@carteblancheconsulting.com

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Posted by: TaxTimeTips | March 21, 2012

2 Tax Credits Available for Certain Energy-Efficient Home Improvements

Hot From the IRS News Room…….

Energy Efficient Tax Credits

TWO TAX CREDITS AVAILABLE FOR CERTAIN ENERGY-EFFICIENT HOME IMPROVEMENTS

Perhaps you installed solar equipment or recently insulated your home? Here are two tax credits that may be available to you:

1. The Non-business Energy Property Credit Homeowners who install energy-efficient improvements may qualify for this credit. The 2011 credit is 10 percent of the cost of qualified energy-efficient improvements, up to $500. Qualifying improvements include adding insulation, energy-efficient exterior windows and doors and certain roofs. The cost of installing these items does not count. You can also claim a credit including installation costs, for certain high-efficiency heating and air conditioning systems, water heaters and stoves that burn biomass fuel. The credit has a lifetime limit of $500, of which only $200 may be used for windows. If you’ve claimed more than $500 of non-business energy property credits since 2005, you cannot claim the credit for 2011. Qualifying improvements must have been placed into service in the taxpayer’s principal residence located in the United States before Jan. 1, 2012.

2. Residential Energy Efficient Property Credit This tax credit helps individual taxpayers pay for qualified residential alternative energy equipment, such as solar hot water heaters, solar electricity equipment and wind turbines. The credit, which runs through 2016, is 30 percent of the cost of qualified property. There is no cap on the amount of credit available, except for fuel cell property. Generally, you may include labor costs when figuring the credit and you can carry forward any unused portions of this credit. Qualifying equipment must have been installed on or in connection with your home located in the United States; geothermal heat pumps qualify only when installed on or in connection with your main home located in the United States.

Certified Energy Efficient

Not all energy-efficient improvements qualify so be sure you have the manufacturer’s tax credit certification statement, which can usually be found on the manufacturer’s website or with the product packaging.

If you’re eligible, you can claim both of these credits on Form 5695, Residential Energy Credits when you file your 2011 federal income tax return. Also, note these are tax credits and not deductions, so they will generally reduce the amount of tax owed dollar for dollar. Finally, you may claim these credits regardless of whether you itemize deductions on IRS Schedule A.

>>>>TWO TAX CREDITS AVAILABLE FOR CERTAIN ENERGY-EFFICIENT HOME IMPROVEMENTS<<<<

 ENERGY-EFFICIENT TAX CREDITS

MAXIMIZE YOUR CREDITS

BE SURE TO HIRE A TAX PROFESSIONAL TO MAXIMIZE YOUR REFUND

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Posted by: TaxTimeTips | March 11, 2012

Four Tax Credits that Can Boost Your Refund

Hot From the IRS News Room…….

REFUNDABLE TAX CREDITS

Four Tax Credits that Can Boost Your Refund

REFUNDABLE CREDITS

 PUT CASH IN YOUR POCKET

BE SURE TO HIRE A TAX PROFESSIONAL TO MAXIMIZE YOUR REFUND

A tax credit is a dollar-for-dollar reduction of taxes owed. Some tax credits are refundable meaning if you are eligible and claim one, you can get the rest of it in the form of a tax refund even after your tax liability has been reduced to zero.

Here are four REFUNDABLE tax credits you should consider to increase your refund on your 2011 federal income tax return:

1. The Earned Income Tax Credit is for people earning less than $49,078 from wages, self-employment or farming. Millions of workers who saw their earnings drop in 2011 may qualify for the first time. Income, age and the number of qualifying children determine the amount of the credit, which can be up to $5,751. Workers without children also may qualify.

CHILD TAX CREDIT

2. The Child and Dependent Care Credit is for expenses paid for the care of your qualifying children under age 13, or for a disabled spouse or dependent, while you work or look for work.

3. The Child Tax Credit is for people who have a qualifying child. The maximum credit is $1,000 for each qualifying child. You can claim this credit in addition to the Child and Dependent Care Credit.

4. The Retirement Savings Contributions Credit, also known as the Saver’s Credit, is designed to help low-to-moderate income workers save for retirement. You may qualify if your income is below a certain limit and you contribute to an IRA or workplace retirement plan, such as a 401(k) plan. The Saver’s Credit is available in addition to any other tax savings that apply.

REFUNDABLE CREDITS

 PUT CASH IN YOUR POCKET

BE SURE TO HIRE A TAX PROFESSIONAL TO MAXIMIZE YOUR REFUND

There are many other tax credits that may be available to you depending on your facts and circumstances. Since many qualifications and limitations apply to various tax credits, you should always hire a Tax Professional.

>>>>Four Tax Credits that Can Boost Your Refund<<<<

REFUNDABLE CREDITS

 PUT CASH IN YOUR POCKET

BE SURE TO HIRE A TAX PROFESSIONAL TO MAXIMIZE YOUR REFUND

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Posted by: TaxTimeTips | March 7, 2012

Six Tips on a Tax Credit for Retirement Savings

HOT FROM THE IRS NEWS ROOM

HOT FROM THE IRS NEWS ROOM…

SIX TIPS ON A TAX CREDIT FOR RETIREMENT SAVINGS

If you make eligible contributions to an employer-sponsored retirement plan or to an individual retirement arrangement, you may be eligible for a tax credit, depending on your age and income.

Here are six things the IRS wants you to know about the Savers Credit:

1. Income limits The Savers Credit, formally known as the Retirement Savings Contributions Credit, applies to individuals with a filing status and 2011 income of:
• Single, married filing separately, or qualifying widow(er), with income up to $28,250
• Head of Household with income up to $42,375
• Married Filing Jointly, with incomes up to $56,500

2. Eligibility requirements To be eligible for the credit you must be at least 18 years of age, you cannot have been a full-time student during the calendar year and cannot be claimed as a dependent on another person’s return.

3. Credit amount If you make eligible contributions to a qualified IRA, 401(k) and certain other retirement plans, you may be able to take a credit of up to $1,000 ($2,000 if filing jointly). The credit is a percentage of the qualifying contribution amount, with the highest rate for taxpayers with the least income.

ARE YOU MAXIMINZING YOUR RETIREMENT

4. Distributions When figuring this credit, you generally must subtract distributions you received from your retirement plans from the contributions you made. This rule applies to distributions received in the two years before the year the credit is claimed, the year the credit is claimed, and the period after the end of the credit year but before the due date – including extensions – for filing the return for the credit year.

5. Other tax benefits The Retirement Savings Contributions Credit is in addition to other tax benefits you may receive for retirement contributions. For example, most workers at these income levels may deduct all or part of their contributions to a traditional IRA. Contributions to a regular 401(k) plan are not subject to income tax until withdrawn from the plan.

6. Forms to use To claim the credit use Form 8880, Credit for Qualified Retirement Savings Contributions.

There are many other tax credits that may be available to you depending on your facts and circumstances. Since many qualifications and limitations apply to various tax credits, you should always hire a Tax Professional.

>>>>Six Tips on a Tax Credit for Retirement Savings<<<<

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Posted by: TaxTimeTips | February 13, 2012

Attention PayPal and Google Recipients 1099-K IRS Reporting Requirements

Attention PayPal and Google Recipients

You are Being Watched!!!

New Federal Reporting Requirements

2012 New Tax Laws For Paypal Users

New reporting requirements under Regulations section 1.6050W-1 effective for returns for calendar years beginning 01/01/2011

>>Remember to hire a professional to ensure you are properly reporting this new “old” IRS Regulation<<

>>old because it was actually slipped into the “Housing Assistant Tax Act of July 2008<<

>>You Cannot Ignore the Tax Laws, but You can hire a Tax Strategist<<

>>IRS is trying to catch un-reported Income<<

Form 1099-K, Merchant Card and Third Party Network Payments

A payment settlement entity (PSE) must file Form 1099-K for payments made in settlement of reportable payment transactions for each calendar year. A PSE makes a payment in settlement of a reportable payment transaction, that is, any payment card or third party network transaction, if the PSE submits the instruction to transfer funds to the account of the participating payee to settle the reportable payment transaction.

Voluntary Tax Compliance

The 1099-K is a new IRS information return for reporting electronic financial transactions to improve voluntary tax compliance. You should receive a 1099-K by the end of January 2012 if, in 2011, you received payments from merchant cards (e.g., debit or credit cards) or
third party payment networks (e.g., PayPal or Google Checkout) at or above our minimum reporting thresholds:
• Gross payments that exceed $20,000; AND
• More than 200 such transactions.

Report 1099-K Income

Report the gross receipts or sales from all business operations (including gross receipts or sales included in any amounts reported on Form(s) 1099-K.

Instructions for Payee

You have received this form because you have accepted merchant cards for payments, or because you received payments through a third party network that (1) exceeded $20,000 in gross total reportable payment transactions and (2) the total number of those transactions exceeded 200 for the calendar year. Merchant card and third party network payers, as payment settlement entities (PSE), must report the proceeds of payment card and third party network transactions made to you on Form 1099-K under
Internal Revenue Code section 6050W. The PSE may have contracted with an electronic payment facilitator (EPF) or other third party payer (TPP) to make payments to you.

Attention PayPal and Google Recipients

You are Being Watched!!!

New Federal Reporting Requirements

New reporting requirements under Regulations section 1.6050W-1 effective for returns for calendar years beginning 01/01/2011

>>Remember to hire a professional to ensure you are properly reporting this new “old” IRS Regulation<<

>>old because it was actually slipped into the “Housing Assistant Tax Act of July 2008<<

>>You Cannot Ignore the Tax Laws, but You can hire a Tax Strategist<<

>>IRS is trying to catch un-reported Income<<

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Posted by: TaxTimeTips | February 3, 2012

How Much Do You Have to Pay in Taxes for 2011

How Much Do You Have to Pay in Taxes for 2011

Clients often ask, “What is my Tax Bracket, at what percent am I Taxed?”  Don’t bother your CPA or Tax Professional, see for yourself….. 

By the way under the new 2010 Tax Relief Act, passed late December 2011, extends these rates for another two years:  After that will revert back to the 2001 tax rates with five brackets broken down as follows 15%, 28%, 31%, 36, 39.6%.  What a scary thought, the 10% will be replaced with the 15%, the 15% will be replaced with the 28%, the 25% will be replaced with the 31%, the 28% will be replaced with the 36%, the 33% and 35% will be replaced with the 39.6%. What a scary thought.

What Tax Bracket do you fall under?

What is Your Tax Bracket for 2011…

IRS Tax Brackets 2011

Tax Bracket

Married Filing Jointly

Single

10% Bracket $0 – $17,000 $0 – $8,500
15% Bracket $17,001 – $69,000 $8,501 – $34,500
25% Bracket $69,001 – $139,350 $34,501 – $83,600
28% Bracket $139,351 – $212,300 $83,601 – $174,400
33% Bracket $212,301 – $379,150 $174,401 – $379,150
35% Bracket Over $379,150 Over $379,150

How Much Do You Have to Pay in Taxes for 2011

Tax Bracket

Head of Household

Married Filing Separate
10% Bracket $0 – $12,150 $0 – $8,500
15% Bracket $12,151 – $46,250 $8,501 – $34,500
25% Bracket $46,251 – $119,400 $34,501 – $69,675
28% Bracket $119,401 – $193,350 $69,676 – $106,150
33% Bracket $193,351 – $379,150 $106,151 –$189,575
35% Bracket Over $379,150 Over $189,575

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