Hawkins Accounting, Inc.

"Making Your Life Less Taxing"
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FAFSA
Will you be filing a FAFSA for 2011-2012?  The first cutoff date is March 1st. If you need to file a FAFSA, we recommend that you make your February tax appointment no later than February 21. Please call ASAP to schedule your appointment or contact us thru our website. The earlier you get your FAFSA filed the better the chance of receiving financial aid. There is a second cutoff date of June 1 however, there is less money available. The State scholarship money is usually depleted with the June 1 deadline.
 

 Do you need to change your withholding?

  • losing a child as a dependent
  • if you work multiple jobs
  • if you receive social security and work a job

 

 Check with your human resources dept to change your W-4s

 

 

American Education Credit

  • Maximum Credit $2,500.

  • Can be claimed for 4 years.

  • Up to 40% of credit can be refundable.

  • Qualified tuition and related materials now include books.

  • Phase out

    • Single AGI 80,000 -90,000

    • MFJ AGI 160,000 – 190,000

Computation

  • 100% of first $2,000 of qualified expenses.

  • 25% of next $2,000 of qualified expenses.

 

 

 

 

 Mileage Rate for 2011

 

 

Jan 1-

Jun 30 

July 1-

Dec 31

Business.51 .55 1/2 
Medical & Moving.19 .23 1/2 
Charitable .14.14 

 

 

2012 Mileage Rate has not been released

by the IRS yet.

 

 

 

 

Beware of Email Scams

The IRS does not solicit tax payments through email

 

Emails said to be from IRS agencies are not new, however this year they seem to be more abundant. One of the newer scams sent to business owners are allegedly from the Electronic Federal Tax Payment System (EFTPS). The email is supposedly a notification letting you know that your tax payment has been rejected and needs to be re-submitted. Please be aware that the IRS does not solicit tax payments via email.

 

When you click the links in the scam emails, malware/viruses are loaded onto your computer. The malware sends information stored

on your computer back to the scammer, putting you at risk.

 

What do you need to know to keep safe? The IRS will never request financial information, passwords, PINs or any other sensitive information from you via email. The IRS sends paper notices to taxpayers to discuss tax account information. Never provide your bank information to someone via email or click links that are suspicious!

 

If you ever receive one of these scam emails, do not reply. Do not open any attachments since they might contain malicious code that could infect your computer. Also, do not click any links provided in the email. These websites could also give your computer a virus or malware. Instead, forward the email to phishing@irs.gov.