Altamonte Springs, FL (PRWEB) February 1, 2011
The start of the 2011 income tax filing season has begun for a majority of taxpayers. However, the recent changes in the laws mean that the IRS will need to reprogram its processing systems for three provisions that were extended in the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 that became law in December. The delay affects both paper and electronic IRS tax forms filers.
With the reprogramming of the IRS processing systems and related IRS tax forms, the delays impact taxpayers claiming the following:
- Schedule A (Form 1040), Itemized Deductions
- Form 8917, Tuition and Fees Deduction
- Educator Expense Deduction claimed on Form 1040, Line 23, and Form 1040A, Line 16
- Form 4684, Casualties and Thefts
- Form 8859, District of Columbia First-Time Homebuyer Credit
“There are numerous changes in tax laws that small businesses, commissioned-based sales reps, independent contractors and individuals who often don’t have an accountant managing their day-to-day finances need to be aware of,” Ramona Brookins, President of New Genesis Financial explained. “If you do not take the time to analyze and assess the IRS tax forms you are filing with an expert, there can be some missed opportunities on returns as well as costly financial consequences for the taxpayer due to improper reporting.”
To assist taxpayers in navigating these changes, New Genesis Financial, LLC has created an objective income tax guide to help small businesses, independent contractors, commission sales reps and individuals understand the basics of their tax reporting requirements, opportunities with the new legislation, tips on avoiding costly deduction errors and much more. Special attention is paid to direct sellers such as representatives for Mary Kay, Pampered Chef and Avon since IRS auditors are placing an increasing focus on individuals who are engaged in the business of selling outside the normal retail channels; as well as Federal Form 1040 Schedule C filers and S-Corporations. The free guide is available for download at http://taxwhitepaper.newgenesisfinancial.com/ with an exclusive promotional offer only available with the guide.
Ramona emphasizes though, “Any delays on the part of the IRS will not hinder anyone from having taxes prepared but it does mean tax preparers will need to wait to actually file (either electronically or by paper) your return until IRS processing systems are updated and ready to process the revised IRS tax forms.” New Genesis Financial, LLC is currently accepting appointments tax preparation services and services areas nationwide.
To learn more about these tax delays and IRS tax forms changes affect you, please download the income tax guide at http://taxwhitepaper.newgenesisfinancial.com/ and contact Ramona Brookins at New Genesis Financial, LLC - 321-765-8200 or info(at)newgenesisfinancial(dot)com
About New Genesis
New Genesis Financial, LLC is a progressive accounting firm based in Oviedo serving the Central Florida market and state of Florida. They go beyond the numbers and take a vested interest in their clients financial and business goals. With over 15 years experience in accounting and taxation, Ramona Brookins leads this firm with a proactive approach to provide clients with candid and thoughtful advisory and management of their financial affairs. Ramona confides, “Our firm belief is that you deserve to have someone that is committed to your financial needs whatever size of business you own or earnings you collect. We help you meet your financial goals with realistic and viable solutions for accounting and tax preparation.” For more information, please visit http://www.newgenesisfinancial.com .
To download the free Tax Preparation guide, please visit http://taxwhitepaper.newgenesisfinancial.com/.
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