Tax News

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...

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 ...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

As a general rule, all income “from whatever source derived” is taxable. Some taxpayers, however, fail to report some or even all of their income. Some taxpayers do so because of an oversight or m...

As a general rule, all income “from whatever source derived” is taxable. Some taxpayers, however, fail to report some or even all of their income. Some taxpayers do so because of an oversight or m...

There’s good news about IRAs for 2013. The contribution limit has increased, and more people will be able make deductible IRAs and Roth IRA contributions.   Contribution limit Starting...

Employees who can opt to donate their unused leave to organizations helping these victims will not be taxed on what would otherwise be taxable compensation. However, they cannot take a charitable cont...

The Social Security Administration announced changes for 2013. While Social Security beneficiaries will receive only 1.7% more in benefits in 2013, the wage base for purposes of the Social Security po...