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Good news Hyde & Company clients! End of the Year letters have been sent out & we are ready to begin the new tax season! In order to file your returns for the year, we request that you review the information below.
All clients filing their individual tax returns for tax year 2011 please click on the file below for information regarding your returns.
Individual Tax Information
*Please note, all Individual tax information is due to our office no later than March 1st, 2012.
*Client Organizers will be available for free upon request on January 15th, 2012. They will be available electronically for those set-up on our client portal.
All business clients filing 1120S, 1120C & 1065 tax returns for tax year 2011 please click on the file below for information regarding your returns. The list below will help you in gathering all the information we will need to prepare your returns.
Tax Return 11-Point Information Needed
As usual, we also need the following information to prepare your tax return for this year. Please check when completed.
1. _______ Copies of any new bank loans obtained during the year.
2. _______ Copies of any federal or state tax correspondence received during the year.
3. _______ Copies of Invoices for equipment purchased over $500.00 and all vehicle purchases
4. _______ Loan balance, by loan number, of all business loans as of December 31st.
5. _______ Copies of year end bank reconciliation(s)
6. _______ 12/31/11 Year End Balances (if applicable):
$_______________Accounts Receivable
$_______________Cost of Inventory on Hand
$_______________Unpaid 941 Deposits for December 2011
$_______________Unpaid State(s) Withholding deposits for December
$_______________Unpaid Sales Tax for December
$_______________Unpaid wages earned thru 12/31/11
7. _______ Year-end summary of business activity-back up or hard copy (QuickBooks back up, trial balance, etc.)
as well as all 1099-K's.
8. _______ Sales breakdown by state and city (if applicable)
9. _______ Information on any changes in ownership, stock holding, locations or number of stores
10. _______ All 1099-K’s received-credit payments received (if applicable)
__________________________________________________________________________________________________
Standard Deduction Charts for tax year 2011
Table 1: Standard Deduction Chart for Most People*
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If your filing status is...
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Your standard
deduction is:
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Single or Married filing separately
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$5,800
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Married filing jointly or Qualifying
widow(er) with dependent child
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11,600
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Head of household
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8,500
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*Do not use this chart if you were born before January 2, 1947, or are blind, or if someone else can claim you (or your spouse if filing jointly) as a dependent. Use Table 2 below instead.
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Table 2: Standard Deduction Chart for People Born Before January 2, 1947, or Who are Blind
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Check the correct number of boxes below. Then go to the chart.
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You:
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Born before
January 2, 1947?
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Blind ?
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Your spouse, if claiming
spouse's exemption:
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Born before
January 2, 1947 ?
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Blind ?
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Total number of boxes you checked _____
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IF your
filing status is...
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AND
the total number
in the box
above is...
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THEN
your
standard
deduction
is...
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Single
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1
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$7,250
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2
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8,700
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Married filing jointly
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1
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$12,750
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or Qualifying
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2
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13,900
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widow(er) with
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3
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15,050
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dependent child
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4
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16,200
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Married filing
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1
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$6,950
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separately
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2
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8,100
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3
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9,250
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4
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10,400
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Head of household
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1
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$9,950
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2
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11,400
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__________________________________________________________________________________________________
The Internal Revenue Service issued the 2012 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning January 1, 2012, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
| Purpose |
Rates |
| Business |
55.5 |
| Medical or Moving |
23 |
| Charitable |
14 |
The rate for business miles driven is unchanged from the mid-year adjustment that became effective on July 1, 2011. The medical and moving rate has been reduced by 0.5 cents per mile.
The standard mileage rate of business is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the variable costs as determined by the same study. Independent contractor Runzheimer International conducted the study.
Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates. A taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method under the Modified Acclerated Cost Recovery System (MACRS) or after claiming a Section 179 deduction for that vehicle. In addition, the business standard mileage rate cannot be used for more than four vehicles used simultaneously.
Hyde & Company CPAs, PC feel that an informed client is our best customer. We know that there is a lot of information on the Internet and it can be tough to determine what is valuable. That is why we have selected the following articles for you to view:
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