Category Archives: Uncategorized

From Carol McAtee’s CPA firm in St. Petersburg, FL- 10. New Form for Reporting Foreign Financial Assets Taxpayers must report specified foreign financial assets on new Form 8938, if the aggregate value of those assets exceeds certain thresholds. This new … Continue reading →

From Carol McAtee’s CPA firm in St. Petersburg, FL- 9. Change for HSAs and MSAs Starting in 2011, the additional tax on distributions from a health savings account (HSA), not used for qualified medical expenses, increases from 10 percent to … Continue reading →

From Carol McAtee’s CPA firm in St. Petersburg, FL- 8. Health Insurance Deduction for Self-Employed Individuals In 2011, eligible self-employed individuals and S corporation shareholders can use the self-employed health insurance deduction to reduce their income tax liability. Premiums paid … Continue reading →

From Carol McAtee’s CPA firm in St. Petersburg, FL- 7. AMT Exemption Increased For tax-year 2011, the alternative minimum tax exemption increases to the following levels: $74,450 for a married couple filing a joint return and qualifying widows and widowers, … Continue reading →

From Carol McAtee’s CPA firm in St. Petersburg, FL- 6. Reporting Roth Conversions As in 2010, income limits no longer apply to rollovers or conversions to Roth IRAs from other retirement plans. However, unlike 2010 conversions, all of the income … Continue reading →

From Carol McAtee’s CPA firm in St. Petersburg, FL- 5. New Way to Report Capital Gains and Losses In most cases, taxpayers now use new Form 8949 to report capital gain and loss transactions. Schedule D, the form traditionally used … Continue reading →

From Carol McAtee’s CPA firm in St. Petersburg, FL- 4. Repayment of First-Time Homebuyer Credit Taxpayers who claimed the first-time homebuyer credit for a home bought in 2008 must generally make the second of 15 annual repayment installments on their … Continue reading →

From Carol McAtee’s CPA firm in St. Petersburg, FL- 3. Limited Non-business Energy Property Credit Still Available This credit generally equals 10 percent (down from 30 percent the past two years) of what a homeowner spends on eligible energy-saving improvements, … Continue reading →

From Carol McAtee’s CPA firm in St. Petersburg, FL- 2. Tax Credits Extended Legislation, enacted in December 2010, extended several popular tax benefits, including the American opportunity credit for parents and students, the enhanced child tax credit and the expanded … Continue reading →

From Carol McAtee’s CPA firm in St. Petersburg, FL- From Roth conversions to changes in reporting capital gains and losses, there were a number of tax changes in 2011. Whether you already know about them or simply need a reminder, … Continue reading →