Refunds totaling more than $1.1 billion may be waiting for nearly 1.1 million people who did not file a federal income tax return for 2007, the Internal Revenue Service announced recently. However, to collect the money, a return for 2007 must be filed with the IRS no later than Monday, April 18, 2011. For Ohio, the IRS estimates there are 33,200 unfiled returns with an average refund of $620.

The following is summary of due dates to timely file your 2010 tax returns. Please keep in mind that amounts owed on tax returns do not get extended and are due on the original filing date. Note: All of these due dates assume you are using a calendar year-end accounting period. If you are using a fiscal year-end accounting system then call us for your due dates.

We often hear people say they do not want to take the home office deduction because it is an audit “red flag.” However, this feeling may lead to missing out on a potentially significant and legitimate deduction.

Did you receive a gift in 2010? Win a prize? Receive an award? Receive an inheritance? This week we will take a look to see if Uncle Sam is going to join in your celebration.

If you were legally married on 12/31/10, the IRS considers you married for the entire year of 2010.

There were a lot of last minute changes made in the tax code regarding how you can deduct capital assets you purchased. Rather than depreciating business property over several years, these optional methods allow you to expense certain property in the year placed in service.