Right Track Bookkeeping Solutions

A little thing you need to know as today Jan 7th 2011

The IRS will not begin processing certain types of tax returns until mid to late February due to the last-minute changes enacted by the Tax Relief Act. Itemizers, teachers and students are the people who will be primarily impacted. My best advice: don't file until you're sure that your software is entirely up to date. READ MORE Posted January 07, 2011 at 11:43 AM

Non-Profit Organization and the IRS

The IRS is giving a "break" until October 15th 2010 [amnesty relief] to non-profit organizations to file the mandatory files. There are different forms of non-profit organizations: Here is an IRS definition Business Leagues   Section 501(c)(6) of the Internal Revenue Codeprovides for the exemption of business leagues, chambers of commerce, real estate boards, boards of trade, and professional football leagues, which are not organized for profit and no part of the net earnings of which in... READ MORE Posted September 20, 2010 at 10:00 AM

Summer for Children= fun at camps! = Child care credit.

The definition by the IRS is " A non-refundable credit is allowed for a portion of qualifying child or dependent care expenses paid for the purpose of allowing the taxpayer to be gainfully employed" "Non-refundable" means that you have a tax base [tax to pay] to get the credit. " Day-care" is any establishment where your child or adult dependent is cared for while you work. "Eligibility" To be eligible, the taxpayer [YOU] must maintain a household for him or her or them and one of the followi... READ MORE Posted July 14, 2010 at 02:12 PM