Author Archives: Chip Majors

IRS Delay in Processing Tax Returns Until Feb 14th

The IRS announced a delay in its ability to process some tax returns affected by late-year changes to the tax law, which involve: State and local sales tax deductions The higher education tuition and fees The educator expenses deductions Schedule … Continue reading

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One Year Payroll Tax Reduction

The biggest new tax break for individuals in the recently enacted Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 is the one-year payroll tax reduction. Under this new provision the payroll tax will be cut by two … Continue reading

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Tax Deal Details

Note: The following was passed by congress and signed by the President in December. Income Tax -All the Bush tax cuts remain at all levels for two years. Including: -The child credit -Adoption credit -Dependent care credit -Education credits -Child … Continue reading

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