Taxes

IRS Delays Tax Season

The IRS has announced it will delay the start of tax season due to the Federal government shut-down.  The agency needs adequate time to program and test tax processing systems prior to the start of next tax season. The earliest individual tax returns will be accepted is now January 28, 2014.  The filing deadline remains… Continue reading IRS Delays Tax Season

Planning, Taxes

Tips if you Owe Taxes

While most taxpayers get a refund when they file their taxes, some do not.  Here are some tips and options from The IRS if you owe federal taxes: 1. Tax bill payments. If you get a bill from the IRS this summer, you should pay it as soon as possible to save money. You can pay by check,… Continue reading Tips if you Owe Taxes

Planning, Taxes

Now’s the time for Mid-Year Projections

Now's the time to get a Mid-Year Tax Projection to see how you'll do on April 15 next year. If you have self-employment income, made a job change during the year, have multiple sources of income, or just want to see where you stand tax-wise, our Mid-Year Tax Projection Service will help! We'll calculate a… Continue reading Now’s the time for Mid-Year Projections

Planning, Taxes, Uncategorized

Part 1: New Tax Rules, Hikes and Strategies for 2013

Tax hikes in 2013 mean it's time to revisit available tax breaks. Effective 1/1/13, taxes increased for many well-paid Americans. Here are three separate tax hikes that might affect you: Top federal income tax rate now 39.6% Top Medicare tax on earned income now 3.8% New 3.8% Medicare tax on unearned income Beginning on January… Continue reading Part 1: New Tax Rules, Hikes and Strategies for 2013

Planning, Savings, Taxes

Summer Job Alert for your Working Kids: Claim Exempt

I graduated from Wharton in 1987. For those of you keeping score at home, that means I've been working at my practice for a score and a quarter plus one.  Now that I've been practicing for twenty-six years, many of the clients I picked up earlier in my career have children in high school or… Continue reading Summer Job Alert for your Working Kids: Claim Exempt

Miscellaneous

Spring Clean Up Project #4: Your Closets, Garages, and Attics

In today's consumer driven world we live in, almost everyone builds up clutter that never sees the light of day. Why not take this opportunity to clean out your closets, garages, and attics and generate a tax deduction while you're at it? Donating these goods can also save you taxes, as long as you itemize… Continue reading Spring Clean Up Project #4: Your Closets, Garages, and Attics

Miscellaneous, Taxes

Spring Clean Up Project #2: Your Tax Files and Records

With the April 15th deadline still a recent memory, most of us probably still have our tax records piled up somewhere in our homes. Why not take this opportunity to shred all the documents that you no longer need to keep? According to the IRS: Well organized records make it easier to prepare a tax… Continue reading Spring Clean Up Project #2: Your Tax Files and Records

Uncategorized

SAVE MONEY WITH THE CHILD TAX CREDIT

From the IRS Tax Tips News: If you have a child under age 17, the Child Tax Credit may save you money at tax-time. Here are some facts the IRS wants you to know about the credit. Amount.  The non-refundable Child Tax Credit may help reduce your federal income tax by up to $1,000 for… Continue reading SAVE MONEY WITH THE CHILD TAX CREDIT

Uncategorized

Five Tips if Your Name Has Changed

From the IRS Tax Tips News: If you were married or divorced and changed your name last year, be sure to notify the Social Security Administration before you file your taxes with the IRS. If the name on your tax return doesn’t match SSA records, the IRS will flag it as an error and that… Continue reading Five Tips if Your Name Has Changed

Uncategorized

First-Time Homebuyer Credit Look-up Tool

From The IRS Tax Tips Mailing: The IRS no longer mails reminder letters to taxpayers who have to repay the First-Time Homebuyer Credit. To help taxpayers who must repay the credit, the IRS website has a user-friendly look-up tool. Here are four reminders about repaying the credit and using the tool: 1. Who needs to repay… Continue reading First-Time Homebuyer Credit Look-up Tool

Uncategorized

IRS Online Tax Tools for Small Business and Self-Employed

From IRS Tax Tips News: You don’t need to be a tax expert when you’re running a business, but you may need to know the basics so your business can run smoothly. The IRS.gov Small Business and Self-Employed Tax Center has useful tax information and services for business owners. The tax center can help whether… Continue reading IRS Online Tax Tools for Small Business and Self-Employed

Uncategorized

IRS SIMPLIFIES CALCULATING HOME OFFICE DEDUCTION

Check out Rev-Proc 2013-13 to learn about a simplified way that taxpayers can calculate the home office deduction starting in 2013. Here is the press release issued by the IRS: IRS Announces Simplified Option for Claiming Home Office Deduction Starting This Year; Eligible Home-Based Businesses May Deduct up to $1,500; Saves Taxpayers 1.6 Million Hours… Continue reading IRS SIMPLIFIES CALCULATING HOME OFFICE DEDUCTION

Uncategorized

Free Webinar Link: Get Your Deductions

Check out Andrew Schwartz's webinar "Get Your Deductions: Moonlighting and Deducting Professional Expenses Made Easy" http://www.screencast.com/t/Zksfdssln Are you unsure what expenses you can deduct from your moonlighting income? Not sure what to track all year for professional expenses? Do you want to make sure you receive the maximum deduction allowed for work-related expenses? If so,… Continue reading Free Webinar Link: Get Your Deductions

Uncategorized

IRS2Go Mobile app to check your refund

Don't foget to check out the free mobile app, IRS2Go. You can: check on your refund status get your tax record get the latest IRS news get tax updates If you have an Apple iPhone or iTouch, you can download the free IRS2Go app by visiting the iTunes app store. If you have an Android… Continue reading IRS2Go Mobile app to check your refund

Uncategorized

THE NEW AMERICAN TAXPAYER RELIEF ACT – PART 2

By Michael Bohigian, EA In part 1 of this series, we looked at the income side of the American Taxpayer Relief Act of 2012.  We'll wrap up with Deductions and some tax-savings tips. What’s Being Deducted From Your Deductions Please, No Pease! At first blush, you may be inclined to utter this lament when learning… Continue reading THE NEW AMERICAN TAXPAYER RELIEF ACT – PART 2

Uncategorized

THE NEW AMERICAN TAXPAYER RELIEF ACT: HOW MUCH RELIEF IS IN IT FOR YOU?

By Michael Bohigian, EA The American Taxpayer Relief Act of 2012 rescued the vast majority of Americans from the tax edge of the “fiscal cliff” and the steep tax increases scheduled to kick in as the Bush tax cuts expired at the end of 2012. This legislation, however, did not entirely spare high-income earners. Here… Continue reading THE NEW AMERICAN TAXPAYER RELIEF ACT: HOW MUCH RELIEF IS IN IT FOR YOU?

Commentary, Miscellaneous, Savings

NEW YEAR’S RESOLUTIONS – PT 1

There might be a lot of uncertainty surrounding the tax rules these days. Don't use that uncertainty as an excuse to avoid trying to improve your personal finances. What better time to make some resolutions for 2013 than New Year's Day? Last January 1st, did you make any resolutions concerning your personal finances? If so,… Continue reading NEW YEAR’S RESOLUTIONS – PT 1