Bogus email scams are resurfacing, including one involving payments allegedly rejected by the Electronic Federal Tax Payments System. The email has a link that may download malicious software.
If you get an email claiming to be from the IRS do not open it. The IRS has information about phishing scams on there website. Click here for more information.
MeckCPAAustin
Monday, July 11, 2011
Thursday, July 7, 2011
Summer Day Camp Expenses May Qualify for a Tax Credit
Many parents who work must arrange for care of their children under 13 years of age during school vacation.
Here are five facts the IRS wants you to know about a tax credit available for child care expenses. The Child and Dependent Care Credit is available for expenses incurred during the summer and throughout the rest of the year.
1. The cost of day camp may count as an expense towards the child and dependent care credit.
2. Expenses for overnight camps do not qualify.
3. Whether your childcare provider is a sitter at your home or a daycare facility outside the home, you'll get some tax benefit if you qualify for the credit.
4. The credit can be up to 35 perfect of your qualifying expenses, depending on your income.
5. You may use up to $3,000 of the unreimbursed expenses paid in a year for one qualifying individual or $6,000 for two or more qualifying individuals to figure the credit.
Let us know if you have any questions about the Child and Dependent Care Credit.
MeckCPAAustin
Here are five facts the IRS wants you to know about a tax credit available for child care expenses. The Child and Dependent Care Credit is available for expenses incurred during the summer and throughout the rest of the year.
1. The cost of day camp may count as an expense towards the child and dependent care credit.
2. Expenses for overnight camps do not qualify.
3. Whether your childcare provider is a sitter at your home or a daycare facility outside the home, you'll get some tax benefit if you qualify for the credit.
4. The credit can be up to 35 perfect of your qualifying expenses, depending on your income.
5. You may use up to $3,000 of the unreimbursed expenses paid in a year for one qualifying individual or $6,000 for two or more qualifying individuals to figure the credit.
Let us know if you have any questions about the Child and Dependent Care Credit.
MeckCPAAustin
Tuesday, July 5, 2011
Change in Mileage Rates
The IRS drives up the standard mileage allowance for business vehicle usage. The rate will be 55.5¢ a mile for the final six months of 2011, a 4.5¢ hike. IRS raised the rate due to the gas price spike earlier this year, even though prices are falling now. The mileage rate for 2012 will be officially announced in the fall.
The mileage rate for medical and moving expenses also increases by 4.5¢ to 23.5¢ a mile, but the rate used when driving for charity stays at 14¢ per mile.
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