>Tax Changes for Small Businesses
During 2010, new laws, such as the Affordable Care Act and the Small Business Jobs Act of 2010, created or expanded deductions and credits that small businesses and self-employed individuals should consider for 2010 tax returns and making business decisions in 2011.
>Tax Season Starts on Time for Most Taxpayers; Not for Itemized Returns
Following last week’s tax law changes, the Internal Revenue Service announced the upcoming tax season will start on time for most people, but taxpayers affected by three recently reinstated deductions need to wait...taxpayers who itemize deductions on Form 1040 Schedule A will need to wait until mid- to late February to file. This does not mean you should not prepare to file the same as other years.
>President Obama Signs New Tax Relief Bill
A new tax bill has been signed and the main point is that tax rates and most credits will remain unchanged. But there is a bonus for most taxpayers. A 2% reduction in payroll taxes for 2011. Unemployment benefits have also been extended.
>Electronic Deposits of Federal Taxes Required in 2011
Anyone who has been making federal tax deposits for payroll by paper will be required to switch to EFTPS (Electronic Federal Tax Payment System) starting January 2011.
>Payroll: Preparing for Year-End
Year-end technically begins after the close of the last payroll in December, while the new year begins with the first payroll in January. But preparation for year-end doesn't have to wait until then. In fact, it should begin months earlier to ensure a smooth processing season.f5