Info Center Blog

We hope you find our accounting & tax blog to be informative! Let us know if there are topics you would like to see addressed here.

01/05/12 - What are Personal Exemptions

You can claim a personal exemption for yourself, your spouse and each of your dependents. A dependent child includes children born to you and your spouse, step children, adopted children and eligible foster children. In some circumstances, grandchildren, brothers, sisters or even parents may qualify as your dependent if certain eligibility tests are met.

For 2011, each personal exemption reduces your taxable income by $3,700. There is no phase out of exemptions based on income for 2011.

11/11/11 - Prime Time for Year-end Tax Planning

November is prime time for year-end tax planning! It is the ideal time to consult with us regarding ways to reduce your taxes in ways that make sense for your specific situation.

Currently, there are several tax provisions scheduled to expire as of December 31, 2011. Examples include:

09/08/11 - National 401K Day is September 9

Friday, September 9 is National 401K Day! Regardless of what type of retirement plan your employer provides, participating can provide more than just a nest egg for your golden years--it can also defer real tax dollars today and push the taxes into your retirement years when incomes tend to be lower.

06/28/11 - Mid-year Standard Mileage Rates are Changing

Effective July 1, 2011, the Internal Revenue Service has released revised rates for the standard mileage deduction. The new rates are as follows:

55.5 cents per mile for Business Use,
23.5 cents per mile for Medical or Moving, and
14 cents per mile for services to Charitable Organizations (unchanged)

03/09/11 - There's an app for THAT?

Believe it or not, the I-phone & I-pad app craze has now entered the exciting world of helping you to track your tax deductions!

Recent entries into the tax deduction tracking field include:

01/31/11 - Should I itemize or take the standard deduction?

Many deductions are available only if you itemize, or complete a Schedule A on your tax return, but itemizing isn't the best option for everyone. Taxpayers are allowed a standard deduction, an amount on which NO tax is due. You should only itemize if your deductions exceed the standard deduction.

01/27/11 - Tax Benefits for Higher Education

There are a number of deductions and credits available for those who pay for higher education. If you are paying for college expenses, we would be glad to discuss these options with you to determine which ones will provide the most benefit in your particular situation.

The following options are discussed in detail below:

01/15/11 - We have added important new content to our web site!

Companioncpa.com may look the same on first glance, but look closer ... you will find some very important enhancements!

Latest News - On our home page is a new section called "Latest News" containing tax tips, news about our firm, and other quick facts.

Info Center Blog - Our site now has an "Info Center Blog" section where we will be posting various articles about financial, tax and business management issues on a regular basis. We are excited about using this tool to share information with you.

01/15/11 - Your paycheck may have been bigger this month! Do you know why?

As part of the tax deal passed on December 17, 2010, the amount each employee pays in social security tax was temporarily reduced from 6.2 to 4.2 percent. That equates to a 2% raise for the year! Not that much you think--well lets break it down.

Important Dates

03/15/12 (All day) - Corporate Tax Returns Due
03/15/12 (All day) - Monthly February 941 Deposit Due
03/20/12 (All day) - TN Sales Tax Due

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