Monthly Archives: February 2012

How to Avoid Identity Theft During Tax Season

From Carol McAtee’s CPA firm in St. Petersburg, FL-Consumers should protect themselves against online identity theft and other scams that increase during–and after–the filing season. Such scams may appropriate the name, logo, or other appurtenances of the IRS or U.S. … Continue reading

Posted in Uncategorized | Leave a comment

Changes to 2011 that Benefit Most Taxpayers #10

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

Posted in Uncategorized | Leave a comment

Changes to 2011 that Benefit Most Taxpayers #9

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

Posted in Uncategorized | Leave a comment

Changes to 2011 that Benefit Most Taxpayers #8

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

Posted in Uncategorized | Leave a comment

Changes to 2011 that Benefit Most Taxpayers #7

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

Posted in Uncategorized | Leave a comment

Changes to 2011 that Benefit Most Taxpayers #6

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

Posted in Uncategorized | Leave a comment

Changes to 2011 that Benefit Most Taxpayers #5

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

Posted in Uncategorized | Leave a comment

Changes to 2011 that Benefit Most Taxpayers #4

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

Posted in Uncategorized | Leave a comment

Changes to 2011 that Benefit Most Taxpayers #3

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

Posted in Uncategorized | Leave a comment

Changes to 2011 that Benefit Most Taxpayers #2

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

Posted in Uncategorized | Leave a comment