Payroll Tax Cut Extended For Two Months

On Dec. 23, 2011, Congress and President Obama delivered a last-minute holiday gift to working taxpayers.  Both parties agreed to temporarily extend the payroll tax cut that has been in place for 2011. The employees’ share of the Social Security tax...

Investor? Employee? Role Determines Stock Option Tax

Receiving and exercising stock options will give a taxpayer a lot to consider. When a person who is both an investor in and an employee of a corporation receives options to purchase stock in the corporation, the tax consequences of exercising the option depend on...

Do You Have Foreign Assets To Report In 2011?

The IRS has issued proposed and temporary regulations and a new information reporting form that must be used to report specified foreign financial assets for tax year 2011. Form 8938, Statement of Specified Foreign Financial Assets, must be filed by...

Saving Pays In More Ways Than One

Low- and moderate-income workers who take steps now to save for retirement can benefit from a special tax credit in 2011. The saver’s credit helps offset part of the first $2,000 workers voluntarily contribute to IRAs, 401(k) plans and similar workplace...

‘Save The Trees’: A Tax Deduction?

Hawaii rewards residents for taking care of their trees, so long as a certified arborist deems the tree “exceptional.” Individuals can deduct up to $3,000 for the costs associated with maintaining “a tree with historic or cultural value or that, by...