Weekly Tax Tips from PBS Tax

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"Weekly Tax Tip" is a feature of the OOIDA Web site, designed to help you make decisions critical to the survival of your trucking business. Through April 15, we'll post frequently asked questions and up-to-date answers, provided by PBS Tax & Bookkeeping Service. If you need additional information, please contact Howard at 1-800-697-5153 or visit the Web site at www.pbstax.com

2012 Tax Tips

2011 INCOME TAX ORGANIZERS

You can now access our 2011 Income Tax Organizer on our website at www.pbstax.com. Also, company drivers may access our company driver section to see if you qualify to itemize your deductions and save on your income taxes.

THE IRS AND IDENTITY THEFT SCAMS-aka PHISHING

BEWARE

1.    IRS never requests PIN numbers or passwords for credit cards or bank accounts.
2.    IRS does not initiate via e-mail requests for financial information.
3.    The official IRS website is www.irs.gov.

RETIREMENT SAVER S CREDIT
(Often Missed)

Individuals are allowed a non-refundable credit of up to $1000 if Single or $2000 MFJ for contributions to an IRA or Employer-Sponsored Retirement Plan (including the self employed). There are adjusted gross income limitations. Consider this benefit when deciding whether to contribute to a retirement plan or not.

FORMS W-2 AND 1099

You should receive these by the first week in February. If not, contact your employer. If you still cannot get them you will need to use any paperwork you have to estimate your earnings to enable you to complete your income taxes. If you are estimating your earnings and withholdings for missing W-2 s, attach IRS Form 4852 to your return. If you are estimating your 1099 income, attach a footnote, explaining your situation, to your income tax return.

DEPENDENTS

Your spouse is never considered a dependent. A dependent is a Qualifying Child or Relative with no residency requirements. All others, including Boyfriend, Girlfriend or Domestic Partner can be claimed if they live with the taxpayer for an entire year. In addition, a dependent must meet the other four tests (gross income, support, citizenship, joint return).

Weekly Tax Tips Archive

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