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Thursday January

  • 2013
  • 31
If you're like most taxpayers, you find yourself with an ominous stack of “homework” around TAX TIME! Unfortunately, the job of pulling together the records for your tax appointment is never easy, but the effort usually pays off when it comes to the extra tax you save! When you arrive at your appointment and are fully prepared, you'll have more time to: Read More

Wednesday January

  • 2013
  • 30
The Internal Revenue Service went ahead and made an announcement on the 18th January, 2013 that it's planning to issue a guidance pretty soon. This guidance will be directed towards providing reprieve from the tax penalty that has been estimated for those farmers and fishermen who've been unable to file and pay their taxes of 2012 by the deadline of March 1st. This is mostly due to the delayed start for the filing of tax returns. It's also a step that'll help the farmers to stay off debt and they needn't look for debt relief measures. In fact, the Internal Revenue Service is granting until the 15th of April, 2013 to file the tax returns. It's to pay any tax that's due for the last year 2012. However, when it comes to paying, then everyone needs to pay in full. Read More

Tuesday January

  • 2013
  • 29
If you use independent contractors to perform services for your business and you pay them $600 or more for the year, you are required to issue them a Form 1099-MISC after the end of the year to avoid facing the loss of the deduction for their labor and expenses. The 1099s for 2012 must be provided to the independent contractor no later than January 31 of 2013. Read More

Thursday January

  • 2013
  • 24
As part of Obama Care, we have a new tax beginning in 2013. The official name of this tax is the “Unearned Income Medicare Contribution Tax,” and even though the name implies it is a contribution, don't get the idea you deduct it as a charitable contribution. It is, in actuality, a surtax levied on the net investment income of higher-income taxpayers. Read More

Wednesday January

  • 2013
  • 23
Question: Are assisted living expenses deductible, also attorney hired to simplify the process of admission? Read More

Tuesday January

  • 2013
  • 22
For tax purposes, if you receive income in your name that actually belongs to someone else, you are also a nominee. Being a nominee means that you must file a 1099 form with the IRS appropriate to the type of income you received and give a copy of the 1099 to the actual owner of the income. However, if the other person is your spouse, no 1099 filing is required. Read More

Thursday January

  • 2013
  • 17
This time of the year, many employers will request from their employees updated W-4 forms (and the equivalent state form for those who live in a state with income tax). The W-4 form allows you to specify your filing status and the number of dependent exemptions to be used for figuring the amount of income tax to be withheld from your pay. Even though the IRS provides an on-line W-4 calculator, it is generally suitable for the more simple returns and may not be appropriate in all cases since it does not take into account all income adjustments, credits, and deductions available. Be careful when completing the W-4 form because errors can create some significant financial problems. Read More

Tuesday January

  • 2013
  • 15
For two years, employees have enjoyed a 2% reduction in the FICA payroll tax. That will all come to an abrupt end beginning with their first payroll check in 2013 when the FICA rate returns to 6.2% (up from 4.2% in 2011 and 2012). Self-employed individuals will have a corresponding increase in their SE tax.
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