March 18, 2013
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2013 filing season moves ahead, late-legislation delays expected to end soon
The IRS expects to process more than 140 million individual returns this filing season and for many taxpayers the process has been moving along without any significant problems. A large number of taxpayers, however, have experienced delays in filing their returns because of late tax legislation. The IRS has predicted that all remaining delays should […]
Read more- February 21, 2013
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IRS introduces simplified method for claiming home office deduction
The IRS has announced a new optional safe harbor method, effective for tax years beginning on or after January 1, 2013, for individuals to determine the amount of their deductible home office expenses (IR-2013-5, Rev. Proc. 2013-13). Being hailed by many as a long-overdue simplification option, taxpayers may now elect to determine their home office […]
Read more- February 19, 2013
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February 2013 tax compliance calendar
As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important tax reporting and filing data for individuals, businesses and other taxpayers for the month of February 2013. February 1 Employers. Semi-weekly depositors must deposit employment taxes for payroll dates January 26–29. […]
Read more- February 19, 2013
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FAQ: What are above-the-line deductions?
An above-the-line deduction is an adjustment to income (deduction) that can be taken regardless of whether the individual taxpayer itemizes deductions. The adjustment reduces the taxpayer’s adjusted gross income (AGI). These adjustments are also sometimes called deductions from gross income, as opposed to itemized deductions that are deducted from AGI. An above-the-line deduction is taken […]
Read more- February 19, 2013
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How Do I? Compute the new 20 percent net capital gain rate under the new tax law
Beginning in 2013, the capital gains rates, as amended by the American Taxpayer Relief Act of 2012, are as follows for individuals: A capital gains rate of 0 percent applies to the adjusted net capital gains if the gain would otherwise be subject to the 10 or 15 percent ordinary income tax rate. A capital […]
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