Tim, who owns his own business, decided he wanted to take a two-week trip around the US. So he did–and was able to legally deduct every dime that he spent on his “vacation”. Here’s how he did it. 1. Make all your business appointments before you leave for your trip. Most people believe that they …
Filing a past due return may not be as difficult as you think. Taxpayers should file all tax returns that are due, regardless of whether full payment can be made with the return. Depending on an individual’s circumstances, a taxpayer filing late may qualify for a payment plan. It is important, however, to know that …
What to Do If You Haven’t Filed an Income Tax Return Read More »
If you’re one of the more than 3.4 million taxpayers claimed deductions for business use of a home (commonly referred to as the home office deduction), you might be interested in the new simplified option available for taxpayers starting with the 2013 return most taxpayers file early in 2014. The new optional deduction, recently announced …
Simplified Option for Home Office Deduction in 2013 Read More »
One of the biggest hurdles you’ll face in running your own business is staying on top of your numerous obligations to federal, state, and local tax agencies. Tax codes seem to be in a constant state of flux making the Internal Revenue Code barely understandable to most people. The old legal saying that “ignorance of …
If you, your spouse or dependents had significant medical or dental costs in 2012, you may be able to deduct those expenses when you file your tax return. Here are eight things you should know about medical and dental expenses and other benefits. 1. You must itemize. You deduct qualifying medical and dental expenses if you …
The Facts: Medical & Dental Expenses and Your Taxes Read More »
Whether you’re self-employed or an employee, if you use a car for business, you get the benefit of tax deductions. There are two choices for claiming deductions: Deduct the actual business-related costs of gas, oil, lubrication, repairs, tires, supplies, parking, tolls, drivers’ salaries, and depreciation. Use the standard mileage deduction in 2013 and simply multiply …
Consumers should protect themselves against online identity theft and other scams that increase during–and after–the filing season. Such scams may appropriate the name, logo, or other appurtenances of the IRS or U.S. Department of the Treasury to mislead taxpayers into believing the communication is legitimate. The Internal Revenue Service receives thousands of reports each year …
Thanks to the passage of the American Taxpayer Relief Act of 2012 (ATRA), many tax provisions that expired in 2011 were retroactively extended (or made permanent) that are of benefit to taxpayers filing 2012 returns this year. Here are six of them: 1. Education-Related Tax Deductions ATRA extended, through 2017 and retroactive to 2012, two …
Welcome 2013! As the new year rolls around, it’s always a sure bet that there will be changes to the current tax law and 2013 is no different. From health savings accounts to retirement contributions here’s a checklist of tax changes to help you plan the year ahead. Individuals For 2013, the big news is …
By now, everyone has heard about the “fiscal cliff” bill signed into law on January 2, 2013, but what you might not understand is how it affects you. With that in mind, let’s take a closer look. What is the “Fiscal Cliff”? The term “fiscal cliff” refers to the $503 billion in federal tax increases …