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Wayland & Vukadinovich Website
Important Filing Dates

 

 

 

October 31st

3rd Quarter payroll tax returns due

 

December 15

Appointment calendar for 2011 tax season appointments opens

 

2011 Organizers become available for both mail and electronic versions - call to let us know you'd like one

 

 

January 15 2012

Final 2011

Estimated Tax Payments due

 

February 1, 2012

Wayland & Vukadinovich starts 2011 tax appointments 

 

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 The South Bay Tax Report  
October 31, 2011
 

 

 

Wayland & Vukadinovich LLP

Named as the 2011 South Bay's

Best Tax Preparer

by The Daily Breeze 

  

Did you get an email from the IRS?

We've said it before, but we will say it again - the IRS does not use email to communicate with taxpayers. If you receive an email from the "IRS" indicating they have a refund for you, that you need to file a return, or that they need to speak with you, it's NOT the IRS that is trying to reach you -

 DO NOT REPLY..

 

We've got a new staff member!

Bradford Fishback, a BYU graduate, recently joined us as a staff accountant. Bradford played on the BYU Rugby team that played in a recent national championship game, lived in Thailand for three years and is a current Scoutmaster here in Hermosa Beach.

Welcome, Bradford!

   

 
Cost Basis Rules will Impact Your 2011 Tax Reporting
With the implementation of new tax-reporting legislation, this year your investment advisor / stock broker will begin reporting cost basis information for stock/bond sales you make to you and to the IRS on your Form 1099-B.
Prior to year end, you should (a) make sure you understand how your broker will report your cost basis (will they use average costs, LIFO, FIFO?) and (b) confirm that costs your broker have for your investments are, in fact, correct.
 

Social Security Will Increase....

Social Security recipients will get a raise in January 2012 - their first since 2009. It is expected to be 3.6%

There was no raise in 2010 or 2011 because inflation was too low.

Some of the increase in January will be lost to higher Medicare premiums, which are deducted from Social Security payments.

Monthly Social Security payments average $1,082 or about $13,000 a year. A 3.6% increase would amount to an additional $38 a month or about $455 per year.

 

.....And Certain Other Tax Thresholds will also Increase

 To adjust for inflation, a variety of IRS provided thresholds will go up in 2012:

  • The standard deduction for married couples will increase to $11,900;
  • The standard deduction for singles and married filing separately will move to $5,950;
  • The 15% bracket for married taxpayers will move from $69,000 to $70,700;
  • The estate-tax exclusion per person will increase to $5.12 million from $5 million;
  • Contributions to 401k, 403b and 457 plans will increase from $16,500 to $17,000
  • The annual deductible amounts for medical savings accounts will increase as will the income level at which student-loan interest deductions are phased out.

You'll see a variety of inflation adjusted changes next year, most of which will be of great benefit.

 

Tax Credits were taken falsely

More than 2 million taxpayers - including some prisoners claiming students as dependents - apparently wrongly received $3.2 billion in college tax credits last year, according to a report issued by the Treasury Department's inspector general.

The suspect credits represent more than 20% of the $15.5 billion in college credits the report says went to nearly 8.9 million taxpayers through 2010.

 

Privacy Requirements

Many of you request that we provide copies of tax returns we file for you to banks, loan brokers or other financial organizations. Please note that, due to Federal privacy guidelines, we are not allowed to provide information to 3rd parties without a formal authorization with AN ORIGINAL signature. Therefore, we usually honor your requests by providing the tax return copies to you directly so that you can forward the information on to the 3rd party. Note also that we do not charge a fee for providing electronic copies of your tax returns, but it often takes at least one business day before you will receive a link to a secure portal which will provide you with the information you have requested.
  
Mileage Rates
The IRS has announced changes in mileage rates effective July 1 for the balance of the 2011 year.
For the first six months of the year, the standard mileage rate for business usage was 51 cents per mile; for the balance of the year, the rate has been increased to 55.5 cents per mile.
For the first six months of the year, the standard mileage rate for medical and moving miles was 19 cents per mile; for the balance of the year, the rate has been increased to 19.5 cents per mile.
Apparently the IRS does not believe that your costs for charitable mileage have increased as the charitable mileage rate has remained at 14 cents per mile for the entire year.
 

 

   

Wayland 2Contact Us

 Visit our website:

   

 Gary Wayland - g[email protected]
Mike Vukadinovich - [email protected]
Susan Patterson - [email protected]
Sonia Tramel - [email protected]
Midge Leatherbury - [email protected]
Debbie Reasor - [email protected]
Gina Stevens - [email protected]
Bradford Fishback - [email protected]
Shelly Milam - [email protected]
 

Certified Public Accountants
1097 Aviation Blvd
Hermosa Beach CA 90254
(310) 376-0455   (310) 379-4523 fax