RC Jones and Associates - Tax, Accounting and Business Consulting Services

Key Points of the Child Tax Credit

donotreply@rcjonesinc.com (Rob Jones) — Mon, 13 Feb 2012 16:41:28 +0000

The Child Tax Credit is available to eligible taxpayers with qualifying children under age 17. Here are eleven facts you should know about the child tax credit.

6 Facts Regarding Dependents and Exemptions

donotreply@rcjonesinc.com (Rob Jones) — Wed, 11 Jan 2012 20:17:58 +0000

Even though each individual's tax return is different, some tax rules affect every person that files a federal income tax return. These rules include dependents and exemptions. We would like to remind you about six important facts about dependents and exemptions that will help you file your 2011 tax return.

6 Year-End Tax Reduction Tips

donotreply@rcjonesinc.com (Rob Jones) — Wed, 21 Dec 2011 17:02:27 +0000

RC Jones & Associaters would like to remind you and our clients that with the New Year fast approaching, and there is still time for you to take steps that can lower your 2011 taxes. However, you usually need to take action no later than Dec. 31 in order to claim certain tax benefits. Here are six tax-saving tips for you to consider before the calendar turns to 2012:

Receive Full Benefit of Saver's Credit

donotreply@rcjonesinc.com (Rob Jones) — Fri, 16 Dec 2011 20:41:54 +0000

Low- and moderate-income workers can take steps now to save for retirement and earn a special tax credit in 2011 and the years ahead.

The saver’s credit helps offset part of the first $2,000 workers voluntarily contribute to IRAs and to 401(k) plans and similar workplace retirement programs. Also known as the retirement savings contributions credit, the saver’s credit is available in addition to any other tax savings that apply.

Year-Ending Charitable Giving Tips

donotreply@rcjonesinc.com (Rob Jones) — Thu, 15 Dec 2011 18:45:53 +0000

Individuals and businesses making contributions to charity should keep in mind several important tax law provisions that have taken effect in recent years. Some of these changes include the following:

2012 Mileage Rates Announced

donotreply@rcjonesinc.com (Rob Jones) — Fri, 09 Dec 2011 21:40:39 +0000

Today the Internal Revenue Service issued the 2012 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Beginning on Jan. 1, 2012, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

Residential Energy Credits still available for 2011

donotreply@rcjonesinc.com (Rob Jones) — Mon, 21 Nov 2011 20:58:22 +0000

We would like to remind homeowners that they still have time this year to make energy-saving and green-energy home improvements and qualify for either of two home energy credits.

The Nonbusiness Energy Property Credit is aimed at homeowners installing energy efficient improvements such as insulation, new windows and furnaces. The credit is more limited than in the past years, but can still provide substantial tax savings.

Alternative Minimum Tax (AMT)

donotreply@rcjonesinc.com (Rob Jones) — Fri, 21 Oct 2011 17:01:21 +0000

Alternative Minimum Tax

For 2011, the alternative minimum tax exemption amounts will remain high enough to spare millions of taxpayers from the AMT effect. The exemption amounts in place for 2011 are:

Investment Planning for Year End

donotreply@rcjonesinc.com (Rob Jones) — Fri, 21 Oct 2011 16:57:15 +0000

Investment Planning

The following rules apply for most capital assets in 2011:

Pension Plan Limitations for 2012

donotreply@rcjonesinc.com (Rob Jones) — Thu, 20 Oct 2011 14:47:14 +0000

The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for Tax Year 2012. In general, many of the pension plan limitations will change for 2012 because the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment. However, other limitations will remain unchanged. Highlights include: