If you have not filed a prior year tax return and are due a refund, you should consider filing the return to claim that refund. If you are missing a refund for a previously filed tax return, you should check the status of your refund and confirm your current address.

Unclaimed Refunds

Some people may have had taxes withheld from their wages but were not required to file a tax return because they had too little income. Others may not have had any tax withheld but would be eligible for the refundable Earned Income Tax Credit. (more…)

Money or property that you donate to “qualified” charitable organizations can be included in your itemized deductions as a charitable contribution.  But what is a “qualified” charity?

• Churches, synagogues, temples, mosques and other religious organizations
• Federal, state and local governments (if your contribution is solely for public purposes) – generally includes local government, public schools, Indian tribal government and governments of U.S. possessions (more…)

Normally, one would think that Congress would have to take some action to increase taxes. However, it is quite the opposite for 2011. If Congress fails to take action, there will be a tax increase affecting just about everyone in every tax category. In order to skirt a Senate rule that requires 60 votes to pass a bill that increases the deficit beyond a ten-year window, Congress passed the Bush tax cuts in 2001 and 2003 with most provisions designed to sunset this year. (more…)

If you are planning to open a new business, there are a number of tax and accounting issues you need to be aware of.  The following are some of the more commonly encountered issues a new business owner needs to cope with.  

1. Entity Selection – First, you must decide what type of business entity you are going to establish. The type of business entity will determine which tax form you have to file. The most common types of businesses are the sole proprietorship, partnership, corporation, S corporation and limited liability company. We can assist you in making that determination and setting up the chosen entity. Depending on the type of entity you choose, you may also need the services of an attorney to complete legal documents required to establish the business.    (more…)