Unemployed people who are unable to pay their 2011 taxes on time are going to get a break. The IRS is giving them six extra months to pay the taxes due without penalty. This applies to wage earners who were jobless at least 30 consecutive days in 2011 or in 2012 up to the April 17 filing deadline. The same goes for self-employed individuals whose income in 2011 was at least 25% lower than in 2010. Couples with income over $200,000 and others with incomes exceeding $100,00 do not qualify. Filers owing over $50,000 are out of luck as well. File Form 1127-A with IRS by April 17 to request the extra time to pay. And keep in mind that interest will still be due on any unpaid balance.

Unmarried filers who jointly buy a home do not get a break on mortgage interest. The $1-million loan cap on home mortgages applies on a per residence basis and not on a per person basis, the Tax Court says. The same applies for the $100,000 limitation on home equity debt. Two people who borrowed $2 million to buy a Beverly HIlls home and later got a $300,000 home equity loan claimed they each could deduct interest on $1 million of acquisition debt and $100,000 of home equity debt. The Court ruled against them, saying that their total write-off was limited to the interest on $1 million of the first mortgage and $100,000 of the home equity loan.

The first seminar in the series on "Budgeting" earlier this month was a huge success and very well received! Our April 5th seminar is already fully booked, but we do have a few  openings for the 6th (added due to demand) 

On April 6th we'll cover the benefits of "performance-based" bonus programs and help you understand how to make the most of your bonus compensation plan!

A light breakfast will be included.  Register TODAY as seating is limited!

Establishing Bonus Plans

WHEN:  Friday, April 6th from 8:00AM- 9:30AM

WHERE: Davis & Hodgdon Associates Offices: 33 Blair Park Rd, Suite 201, Williston, VT

REGISTRATION: Email Anna at anna@dh-cpa.com or call 802-878-1963

Future free seminars in the 2012 Management Series will include that which is listed below. Details will follow:

Understanding Financial Reports

WHEN: Thursday, May 3rd from 8:00AM - 9:30AM

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