Tax News

September 6, 2013 10:07 am

IRS interest rates are unchanged for the fourth quarter of 2013 (October 1, 2013, through December 31, 2013). These are the rates changed on underpayments and overpayments:3% for overpayments (2%...

August 8, 2013 1:53 pm

Starting in 2013, high-income taxpayers may owe an additional Medicare tax of 3.8% with respect to their net investment income (investment income in excess of investment-related expenses). The tax is ...

July 29, 2013 1:17 pm

A taxpayer who is owed a tax refund must file for it in a timely manner. The amount of the refund cannot exceed the portion of the tax paid within 3 years of the filing of the claim. However, a person...

July 26, 2013 11:16 am

A working spouse can contribute to an IRA on behalf of a nonworking spouse to grow the retirement savings of the couple. The contributions cannot exceed the earned income of the working spouse. In hon...

July 25, 2013 11:08 am

Lack of substantiation can undermine a taxpayer’s ability to use write-offs to which he or she is otherwise entitled. Take the case of Sean Richards, who claimed an education credit of $1,500. The a...

June 24, 2013 12:00 pm

Earnings from a job or self-employment are taken into account for Social Security tax purposes only up to a “wage base” amount. For 2013, that amount is $113,700. The Social Security Administratio...

June 12, 2013 4:14 pm

The costs you pay to get to and from work every day usually aren’t tax deductible. Commuting costs are treated as a nondeductible personal expense. This rule doesn’t change because the commute is ...

May 31, 2013 10:47 am

The Tax Reform Act of 1976 requires the IRS to report annually on data for individual income tax returns reporting incomes of $200,000 or more. According to the latest report, there were more than 4.2...

May 24, 2013 12:54 pm

The interest rates that the will IRS charge on underpayments and pay on overpayments remains unchanged for the third quarter of 2013 (July 1 through September 30). The rates are:3% for overpaymen...

May 21, 2013 11:27 am

The IRS reported that e-filing of individual income tax returns was up this year. More than 43 million taxpayers self-prepared and e-filed their returns using their computers, which is an increase of ...

May 17, 2013 11:45 am

Treasury Secretary Lew has named a new acting IRS commissioner to replace Steven Miller, the acting commissioner who resigned amidst ongoing IRS improprieties now under investigation. Daniel Werfel, w...

May 16, 2013 11:22 am

As a result of the federal government’s sequester (budgetary constraints), the IRS will be closed on May 24, June 14, July 5, July 22, and August 30. This means that all of its toll-free hotlines an...

May 14, 2013 1:48 pm

Employer payments for your health coverage are fully tax free. This rule does not change in 2014 when the health care mandates go into effect. But are cash payments that an employer pays to an employe...

May 9, 2013 12:17 pm

Last month it came to light that the IRS believed it could obtain a taxpayer’s email from an Internet Service Provider (ISP) just by asking for it. The IRS wanted to read the content of some taxpaye...

May 8, 2013 10:54 am

It’s not easy to turn a foreign trip into a tax deduction. Just ask one taxpayer who tried to justify his travel costs as “research” for his writing activities. He was born in France but became ...

May 3, 2013 11:52 am

Health savings accounts (HSAs) are a viable way to obtain affordable health coverage. In order to make contributions to these accounts, you must be covered by a high-deductible health plan (HDHP). The...

April 29, 2013 12:13 pm

Despite a massive tax bill enacted at the start of this year, there are a number of new tax proposals in the works. Whether any of them will ultimately come to pass remains to be seen. However, if you...

April 22, 2013 12:17 pm

Are your personal and business emails private? Last week the IRS indicated to members of Congress that it had the authority to read them. In a statement issued on April 22, 2013, the IRS clarified the...

April 19, 2013 12:41 pm

Taxpayers who adopt children may qualify for a federal tax credit to cover their adoption expenses. The adoption credit in 2013 is up to $12,970. The full credit amount can be claimed for special need...

April 17, 2013 12:31 pm

The bomb blasts in Boston went off on April 15, the deadline for filing 2012 returns. However, in view of this event, the IRS has given affected taxpayers 3 additional months to timely file 2012 retur...

Page 5 of 22« First...34567...1020...Last »
advertisement
Tax Glossary

Recovery property

Tangible depreciable property placed in service after 1980 and before 1987 and depreciable under ACRS.

More terms