Claiming certain deductions can lower your tax bill and put more money back in your pocket when it’s time to file. While most taxpayers are aware of the benefits of itemizing for things like mortgage interest and charitable donations, there are some less well-known deductions you could be missing out on. If you’re looking to get ... Read More
Tax Blog
Preparing Your Taxes: DIY or Hire an Expert?
At more than 73,000 pages, the federal tax code is a complex document and navigating tax law can be a frightening prospect for the average person. Every year, millions of Americans seek professional help in preparing their tax returns but there are still plenty of taxpayers who tackle the job themselves. There are pros and cons ... Read More
2012 List of the Top 60 Celebrities Owing Back Taxes
For the 4th year running, we bring to you our annual Celebrity Back Tax List. Like the past three years (2011, 2010, 2009) there was no shortage of celebrities that had run-ins with the IRS or state taxing authorities. Their tax problems or tax discrepancies could have happened because of tax documents being misplaced, ... Read More
2013 Tax Filing Checklist: What to Do Before You File
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
Changes With the American Taxpayer Relief Act of 2012
After all of the hype about the Fiscal Cliff, the House passed the American Taxpayer Relief Act of 2012 (ATRA) and President Obama signed it into law. At the end of 2012 many tax provisions that were temporarily set up to keep taxes lower were set to expire. With the passage of the ATRA, many of the feared tax effects of the ... 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
The Case for Keeping the Charitable Tax Deduction Unchanged
Just last week in the media we are hearing that the White House and non-profits are in an intense debate over the future of the charitable tax deduction, which about 40 million taxpayers claim each year, according to reports from the IRS. And so the story goes that Obama wants to limit or reduce the deduction high-income ... Read More
