The Internal Revenue Service (IRS) released its 2011 Form 990 and instructions on Jan. 21, 2012. Someone looking just at the forms and instructions themselves would see few revisions; however, the IRS has provided a number of clarifications and made some significant changes in the instructions to the form and the schedules.
Last year, NC State legislators passed an important law, The Appropriations Act of 2011, which affects many small business owners in North Carolina.
The mortgage interest deduction has become one of the most popular itemized deductions on personal income tax returns. As home prices and home mortgage loans have dramatically increased, many people mistakenly believe that all home mortgage interest is deductible.
Did you have Federal taxes withheld from your pension and wages for this tax year and wish to get a refund back? Are you entitled to the Earned Income Tax Credit or did you receive Advance Earned Income Credit for this tax year?