Tax News

February 27, 2013 12:14 pm

If you purchase a vehicle this year for business use, you can depreciate the cost up to set dollar limits. The IRS announced the limits for passenger cars and for light trucks and vans. The limits for...

February 25, 2013 12:33 pm

You may be familiar with federal income tax rules on capital gains. If you’re in the bottom 2 tax brackets (10% and 15%), you pay no tax on your long-term capital gains. If you’re in the next 4 br...

February 20, 2013 11:55 am

The earned income tax credit (EITC) is a federal program started in 1975 that is designed to encourage low-income individuals to work by reducing their tax burden. Taxpayers eligible for the credit ca...

February 15, 2013 2:45 pm

The term Swiss bank account conjures up visions of wealthy individuals stashing cash where no one would know about it. Things have changed with the recent signing of an agreement of cooperation betwee...

February 13, 2013 11:21 am

In his annual State of the Union Address on February 12, 2013, President Obama called for tax reform. In particular, he urged corporate tax reform and simplification to help small businesses. And he m...

February 12, 2013 1:20 pm

The IRS has a Valentine’s Day present for taxpayers claiming an education credit. It will begin to process 2012 individual income tax returns with an American opportunity credit or a lifetime learni...

February 7, 2013 1:59 pm

No matter how philanthropic you may feel, you must follow tax rules if you want to claim a deduction for your giving. That’s the lesson learned by one taxpayer who donated about 72% of the stock in ...

February 5, 2013 3:38 pm

Twitter. YouTube. Now you can add Tumblr to the list of social media sites where you can find the IRS. Here you can view videos, podcasts, and more about taxes from the IRS.The IRS expects to shar...

January 29, 2013 10:48 am

While the tax filing season opens on January 30 for most individuals, those who claim either the American opportunity tax credit or the lifetime learning credit on 2012 returns can expect the IRS to b...

January 23, 2013 12:12 pm

Social Security benefits paid to retirees may be fully tax free or included in gross income at 50% or 85%, depending on the amount of benefits, tax-free interest, and overall income. But what about So...

January 17, 2013 4:32 pm

While 2012 is over, the opportunity to favorably impact your tax bill for 2012 if you are 701/2 or older and have an IRA. You can transfer up to $100,000 from your IRA directly to a public charity. Th...

January 16, 2013 11:13 am

If you use a portion of your home for business so that you qualify for a home-office deduction, you now can use a safe harbor amount rather than figuring the actual expenses related to the office. The...

January 15, 2013 11:05 am

According to the National Taxpayer Advocate’s Annual Report released on January 9, 2013, the number one problem with taxes is complexity. The report recommended that the current Tax Code be scrapped...

January 14, 2013 12:46 pm

Your take-home pay this year is smaller because of the expiration of the payroll tax holiday. But you can increase your spendable dollars by taking advantage of certain fringe benefits. For example, i...

January 9, 2013 1:03 pm

The IRS announced that it will begin to process 2012 income tax returns on January 30, 2013. Why not January 1? Numerous tax breaks had expired at the end of 2011, so the IRS could not properly prepar...

January 5, 2013 1:35 pm

Most of the talk about the American Taxpayer Relief Act of 2012, the fiscal cliff legislation just signed into law, has been about how it extends the Bush-era tax cuts to 2013 and beyond for most tax...

January 2, 2013 5:04 pm

It took until January 1, but both the House and Senate finally approved and sent to the President a fiscal cliff agreement that extends the Bush-era tax cuts beyond 2012 for the vast majority of taxpa...

December 18, 2012 12:00 pm

Taxpayers owed a refund can check the status of it online. The IRS has made easier than ever to do so for returns filed in 2013. The IRS says that refunds usually will be issued within 21 days and tha...

December 11, 2012 12:00 pm

If you are considered to be an “active participant” in your company’s qualified retirement plan, you can make deductible IRA contributions only if your modified adjusted gross income is below se...

November 29, 2012 1:00 pm

If you use your car, truck, or van for certain purposes other than personal reasons, you can deduct the related costs or use an IRS-set mileage rate. The mileage rate for 2013 is:56.5 cents per m...

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Tax Glossary

Capital gain distribution

A mutual-fund distribution allocated to gains realized on the sale of fund portfolio assets. You report the distribution as long-term capital gain even if you held the fund shares short term.

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