Category Archives: Uncategorized

From Carol McAtee’s CPA firm in St. Petersburg, FL- 4. Earned Income Tax Credit (EITC): The EITC is a benefit for certain people who work and have earned income from wages, self-employment, or farming. EITC reduces the amount of tax … Continue reading →

From Carol McAtee’s CPA firm in St. Petersburg, FL- 3. Child and Dependent Care Credit: You may be able to claim this credit if you pay someone to care for your child under age 13 so that you can work … Continue reading →

From Carol McAtee’s CPA firm in St. Petersburg, FL- 2. Child Tax Credit: You may be able to take this credit on your tax return for each of your children under age 17. If you do not benefit from the … Continue reading →

From Carol McAtee’s CPA firm in St. Petersburg, FL– Do you have kids? They may have an impact on your tax situation. Over the next few days we will be posting the top 8 things to consider if you have … Continue reading →

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 →

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 →