President Obama's proposed budget for 2014 is projected to boost revenues and reduce the federal budget deficit by $1.8 trillion over the next decade. The budget plan includes significant cuts to key federal programs, including Medicare and Social Security, but it also features several new tax measures. The proposals, which are ... Read More
Tax Law Changes
Congress Debates Key Changes to Mortgage Interest Deduction
In an effort to tackle the national liability and overhaul the tax code, Congress has proposed a number of measures that could potentially impact millions of taxpayers. Among the topics currently up for debate include making changes to the mortgage interest deduction, which allows homeowners to deduct any and all interest paid ... Read More
IRS Makes Claiming the Home Office Deduction Easier in 2013
Working from home can eliminate some of the stress associated with the traditional workplace but it can also lead to big headaches at tax time. While the IRS allows taxpayers to claim a deduction for expenses related to maintaining a home office, figuring out just how much you can write off can be complicated, to say the least. ... Read More
New Limits on Itemized Deductions Impact High-Income Taxpayers
Amid worries that the country would fall off the “fiscal cliff”, Congress established a deal that would head off major government spending cuts and help the majority of Americans avoid a significant tax hike. As part of the deal, certain taxpayers saw an increase in their federal tax rate, paired with limitations on the value of ... 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
2013 IRS Tax Deduction Rate for Standard Mileage
Each year the IRS takes a look at the deduction allowed for mileage based upon gas prices, driving expenses, maintenance, registration costs and other costs that are associated with driving. For 2013 the IRS has increased the rates by 1 cent per mile from their 2012 levels for business and medical/moving driving miles. The ... Read More
The Fiscal Cliff Situation Investors, business owners, politicians, and the media are concerned about the so called "fiscal cliff" that is coming if lawmakers fail to act before 2013 (Fiscal Cliff tax changes). The "fiscal cliff" phrase is used to describe automatic Federal spending cuts and tax increases politicians agreed ... Read More
Is Tax Policy Responsible for Spike in US Renunciations?
One thing that is changing over the last few years is that more Americans are giving up their US citizenship. This trend coincides with not only relatively recent legislation that discourages expatriation and foreign bank accounts, but also proposed legislation that makes expatriation more expensive and tax compliance mandatory ... Read More
Potential Tax Changes Obama Plans to Implement in Second Term
President Obama plans to make a few major changes to the tax code in his second term as President of the United States. The basis of Obama's plan is to keep fighting to keep taxes for middle-class families low, simplify the tax code, and to have millionaires and billionaires pay their "fair share" in order to reduce our ... Read More
Mitt Romney Proposed Tax Changes if Elected President
Mitt Romney proposes to make the Federal tax code fairer, flatter, and simpler if he is elected President of the United States. His tax proposal has come under much scrutiny because without factoring in economic growth, limited tax deductions and closing corporate tax loopholes, his plan will cut tax revenues by trillions of ... 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
IRS Fresh Start Program – What it Means for Taxpayers
On May 21 of this year, the Internal Revenue Service expanded its Fresh Start plan. The plan supplements the Offer in Compromise (OIC) program that makes it possible for some people who owe back taxes, but are in financial distress, to settle their accounts with the IRS. The Fresh Start initiative makes it possible for many ... Read More
