While the April 15th tax deadline is still months away, you don’t want to wait until the last minute to file. Taking the time to get organized before you prepare your return can ensure that you’re taking advantage of every available deduction and credit, reporting your income accurately and eliminating room for potential error. ... Read More
Fiscal Cliff Deal Preserves Key Tax Breaks for Families
The government’s plan to avert the fiscal cliff generated a sigh of relief from millions of Americans who were concerned about an immediate increase in taxes. As part of the deal, lawmakers agreed to extend or make permanent a number of tax credits, many of which are designed to benefit families. Taking advantage of these ... Read More
IRS Offers Tax Relief to Hurricane Sandy Victims
The physical destruction caused by Hurricane Sandy has left many victims struggling to recover financially. In an effort to ease some of the burden, the IRS is offering tax relief to those who were impacted by the storm. Filing deadlines extended The IRS is extending certain filing deadlines for both individuals and businesses ... Read More
IRS Retirement Plan Contribution Limits for 2013
If you’re worried about stashing away enough cash for your golden years, the IRS is making it easier to add to your nest egg. Beginning in 2013, taxpayers will be able to contribute even more to their qualified retirement accounts. Along with the increase in contribution limits, the IRS is also making a few other changes that ... Read More
IRS Says Alternative Minimum Tax Could Affect 33 Million Households
With the fiscal cliff looming, the pressure is on for the federal government to take measures to prevent key tax increases in 2013 (see tax changes that passed with the Fiscal Cliff Deal). One of the most significant tax changes involves the Alternative Minimum Tax or AMT, which up until now most taxpayers have been able to ... Read More
Holiday Giving Could Mean Big Tax Deductions at Tax Time
‘Tis the season to be jolly and it’s also the time of year when people are reminded to give back to those in need. Making a donation of cash, toys, clothing or other items to a church or other charitable organization is a great way to share the holiday spirit and it can add up to big savings at tax time. The IRS has specific ... Read More
IRS Plans to Step Up Small Business Audits in 2013
In an effort to close the $450 billion tax gap, the Internal Revenue Service has announced that it will increase audits of small businesses in 2013. The IRS will be taking a closer look at a number of key audit areas in which under-reporting of taxes is most likely to occur. If you’re a small business owner, you need to be aware ... Read More
New Study Supports Obama’s Tax Plan & Undermines Romney’s Plan
One of the key focal points of debate in the 2012 presidential race has been the implementation of tax cuts for the wealthy. President Obama is in favor of increasing taxes against the wealthy in an effort to reduce the budget deficit while the Romney campaign has argued that tax cuts for higher-income earners or not increasing ... Read More
Underwater Homeowners Running Out of Time to Seek Mortgage Liability Relief
With the Mortgage Forgiveness Liability Relief Act set to expire at the end of 2012, financially stressed homeowners are feeling the pressure to finalize short sales, foreclosures and loan modifications. If you’re upside-down on your home or you’ve already defaulted on your mortgage loan, you could be facing a hefty tax bill if ... Read More
Back-to-School Tax Tips for Parents
With summer fading fast, parents and kids across the country are getting ready to head back to school. Whether your children are starting their freshman year of college or getting prepared for the first day of kindergarten, you may be able to save money at tax time on certain education-related expenses. Here are some of the top ... Read More
Heading Back to School? Tax Breaks for Adult Students
With unemployment still high, more older Americans are heading back to school in hopes of improving their job prospects. Of the estimated 20 million college students nationwide, 25% are over the age of 30, according to the U.S. Department of Education. The National Centerfor Education Statistics estimates that college enrollment ... Read More
2013 Tax Changes: What You Need to Know
Even though the new year is still five months away, it’s never too soon to start planning ahead for your taxes (see updated post on tax changes from Fiscal Cliff deal). With several tax cuts expiring and new tax rules scheduled to take effect, taxpayers need to be aware of how these changes may impact their personal tax ... Read More
