Current Newsletter
REMINDER TO ALL EMPLOYERS:
- Quarterly Form 941 and Annual Forms 940, 943, and 944 are no longer being mailed. Click here to go to the Forms page and access fill-in Forms 941, 940, 943, and 944. The due dates for these returns are 30 days after the tax period ending date. You may also access the revised payroll tax tables as they become available.
To see a more in-depth calendar of important tax payment and forms due dates, click here
TAX UPDATES
- The base standard deductions for 2011 are:
- Married filing joint or qualified surviving spouse - $11,600*
- Single or married filing separate - $5,800*
- Head of Household - $8,500*
- The amount allowed for personal and dependent exemption for 2011 is $3,700.
- The lower federal income tax rates for dividend and capital gain income have been extended through 2011. (Click here for Rates)
- The expensing deduction for farm or business equipment purchases has an upper limit of $500,000 for 2011 and $139,000 for 2012.
- New this year and in future years....Form 1099-K reporting......read more
- Making federal tax deposits (FTD) using paper coupons will not be possible after December 31, 2010........more
- NEBRASKA has added a "Use Tax" line item on the Nebraska income tax return for individuals to report use tax owed on internet, catalog, or out of state purchases where Nebraska sales tax has not been charged.
The following Tax Credits are still available in 2011:
TAX CREDITS
Expanded Hope Scholarship Credit
For 2011 and 2012, an enhanced Hope Scholarship tax credit, named the American Oppurtunity Credit is still available for the first four years of post-secondary education. The maximum credit is $2,500 on qualified expenses of $4,000.......more
Residential Energy Improvement Credit
Homeowners still have time this year to make energy-saving efficient improvements. This credit is more limited than in the past years.......more