WASHINGTON – IRS SPECIAL EDITION TAX TIP 2013-11 – If you are a working parent or look for work this summer, you may need to pay for the care of your child or children. These expenses may qualify for a tax credit that can reduce your federal income taxes.
WASHINGTON – IRS SPECIAL EDITION TAX TIP 2013-10 – When summer vacation begins, classroom learning ends for most students. Even so, summer doesn’t have to mean a complete break from learning.
What should you do if you find that you made a mistake on your 2012 tax return after it’s been filed? Perhaps you find that you missed a big deduction. Perhaps you receive a late notice of income you earned. Or perhaps you receive a corrected Form 1099 from your broker. The answer is
Under the new tax law, it is now easier to convert your employer-sponsored retirement plan such as a 401(k), 403(b), or 457 into a Roth IRA account. This is similar to converting your traditional IRA into a Roth IRA, but with one very significant difference.
Did you spend hours pulling together your tax records in preparation for filing your 2012 tax return? It doesn’t have to be that way. Avoid the problem next year by taking a few simple steps now.
The “Taxpayer Relief Act” signed on January 2, 2013, permanently sets the estate and gift tax exemption at $5,000,000 and the top tax rate at 40%. The exemption amount is adjusted annually for inflation, which puts the 2012 exemption at $5,120,000 and the 2013 exemption at $5,250,000. The annual gift tax exclusion for 2013 is […]
When Starbucks or Wal-Mart or Home Depot comes to town, how can a small business successfully compete? That’s a tough question, one that’s been the subject of numerous magazine articles, Internet blogs, and doctoral theses. One strategy that doesn’t work is doing nothing — sitting back to watch what happens.
The Medicare tax on earned income increases this year for individuals earning more than $200,000 and married couples earning more than $250,000. The tax on earnings above these thresholds will increase from 1.45% to 2.35%. This tax increase will also apply to self-employment income exceeding the threshold amounts.
Nonprofit organizations are required to file annual reports with the IRS.
Will you be among the thousands of taxpayers who get a big tax refund this year? While most Americans happily accept their tax refund checks, smart taxpayers understand that refunds actually cost them money. Here’s why: