News

Welcome 2014! As the new year rolls around, it’s always a sure bet that there will be changes to the current tax law and 2014 is no different. From health savings accounts to retirement contributions and standard deductions, here’s a checklist of tax changes to help you plan the...

January 10 Employees – who work for tips. If you received $20 or more in tips during December, report them to your employer. You can use Form 4070, Employee’s Report of Tips to Employer.   January 15 Employers – Social Security, Medicare, and withheld income tax. If the monthly deposit rule...

Did you know that almost everything you own and use for personal or investment purposes is a capital asset? Capital assets include a home, household furnishings and stocks and bonds held in a personal account. When you sell a capital asset, the difference between the amount you paid for...

The Internal Revenue Service announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for Tax Year 2014. In general, some pension limitations such as those governing 401(k) plans and IRAs will remain unchanged because the increase in the Consumer Price Index did not...

The purpose of retirement plans such as the 401(k) and Individual Retirement Account (IRA) is to save money for your retirement years. As such, the IRS imposes a penalty of 10% for early withdrawals taken from qualified retirement plans before age 59 1/2. Qualified retirement plans include section 401(k)...

Federal tax breaks come and go, and this year is no exception. Unless Congress takes action, 55 of them are set to expire on December 31, 2013. Let’s take a look at the ones that are most likely to affect taxpayers like you. 1. Teachers’ Deduction for Certain Expenses...

Whether you file as a corporation or sole proprietor here’s what business owners need to know about tax changes in 2013. Standard Mileage Rates  The standard mileage rate in 2013 is 56.5 cents per business mile driven, 24 cents per mile driven for medical or moving purposes, and 14...

From personal deductions to tax credits and educational expenses, many of the tax changes affecting individuals were related to the signing of the American Taxpayer Relief Act (ATRA), which modified, made permanent, or extended a number of tax provisions that expired in 2010 and 2011. With that in mind,...

December 10 Employees who work for tips – If you received $20 or more in tips during November, report them to your employer. You can use Form 4070. December 16 Corporations – Deposit the fourth installment of estimated income tax for 2013. A worksheet, Form 1120-W, is available to help you...

If you’re selling your main home this year, we have some helpful tips for you. Even if you make a profit from the sale of your home, you may not have to report it as income. 1. If you sell your home at a gain, you may be able...

The 2014 filing season is likely to be delayed one to two weeks to allow adequate time to program and test tax processing systems following the 16-day federal government closure. A final decision will be announced in December, Acting IRS Commissioner Danny Werfel said. The original start date of...

If you are living or working outside the United States, you generally must file and pay your tax in the same way as people living in the U.S. This includes people with dual citizenship. If you’re a taxpayer with foreign income, here’s what you should know: 1. Report Worldwide...