| M | T | W | T | F | S | S |
|---|---|---|---|---|---|---|
| « Dec | Feb » | |||||
| 1 | 2 | 3 | ||||
| 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| 11 | 12 | 13 | 14 | 15 | 16 | 17 |
| 18 | 19 | 20 | 21 | 22 | 23 | 24 |
| 25 | 26 | 27 | 28 | 29 | 30 | 31 |
- Ask Question or Comment (3)
- General (51)
- Income Tax (78)
- International Taxation (24)
- LLC's (47)
- Newsletter Topics (14)
- Payroll Tax (21)
- Retirement Accounts (17)
- Sub S Corporations (41)
- 1. February 2012: Florida State Unemployment Tax Rates 2012
- 21. January 2012: 2011 Health Insurance MUST be on W2 for >2% Sub S shareholder
- 17. January 2012: 2012 Mileage Rates
- 13. January 2012: Vacation Homes - sometimes you don't declare the rent!
- 11. January 2012: How Often Does Tax Law Change....
- 26. December 2011: 2012 Payroll Tax Cut Extended 1st Two months
- 27. November 2011: Ballgames - can you deduct?
- 15. November 2011: WHAT IS HIGH DEDUCTIBLE HEALTH PLAN
- 15. November 2011: HSA 2011 Contributions
- 20. October 2011: 2012 Social Security Increase
Blogroll
- February 2012
- January 2012
- December 2011
- November 2011
- October 2011
- September 2011
- August 2011
- July 2011
- June 2011
- May 2011
- March 2011
- February 2011
- January 2011
- December 2010
- November 2010
- September 2010
- August 2010
- July 2010
- June 2010
- March 2010
- February 2010
- January 2010
- December 2009
- November 2009
- July 2009
- March 2009
- February 2009
Work for Pay Credit - How much did you receive?
This credit is available in 2009 and 2010. According to IRS instructions, taxpayers who received the $250 economic stimulus payment in 2009 (Social Security recipients, SSI, railroad retirement and Veteran’s Disability or Pension benefits) must reduce the Form 1040 credit by this amount.
The math is simple BUT we forsee a few problems. Since the check is probably directly deposited, many taxpayers are going to say “don’t know if I received it”. YUP, that’s what they will say. Then the question is, how do we know for sure when preparing a return (and trying to avoid preparer penalties)……
IRS instructions say if you “if you do not know” you should personally contact the Social Security or the paying agency. IRS nor Social Security has any electronic link to obtain this information (we had a link for the Economic Stimulus Rebate in 2009 for 2008).
Here is a link to more specific information on the IRS website Making Work Pay Questions and Answers: Economic Recovery Payments