According to CNN, there could stilll be a fiscal cliff deal made by the end of the year. However, given how things have unraveled in Washington last week, there’s also a chance the country could go over the cliff, at least for a period of time. It seems that if decisions are not made soon, many taxpayers will be affected...
Tags: fiscal cliff
Category: Taxes
The IRS has increased the standard mileage rates to be used in computing the deductible costs of operating a vehicle for business or when driving for medical or moving reasons. The new rates will apply to vehicle mileage starting January 1, 2013. The revised rates are 56.5 cents per mile for business driving and 24 cents for medical and moving...
Tags: IRS Mileage ratesMileage Rates
Category: Taxes
If you were a victim of Hurricane Sandy this year or some other natural disaster severe enough to be classified as a “presidentially declared disaster,” you have a special option in the tax code that may help in your recovery. You can claim your loss on your 2012 tax return, or you can amend your 2011 tax return and claim...
Tags: Disaster Victimshurricane sandyTax relief
Category: Taxes
There are many different tax breaks for parents who have children in college. Here is a brief summary: The American opportunity credit originally modified the existing Hope credit for tax years 2009 and 2010, and was later extended for an additional two years – 2011 and 2012, making the benefit available to a broader range of taxpayers, including many with...
Tags: Educational Tax breaks
Category: Taxes
When planning gifts for children on your holiday list, you might want to think beyond the traditional retail offerings. Consider financial gifts that can bestow benefits for many years to come. Some examples include the following: *U.S. savings bonds. Savings bonds are used by many families to introduce children to the savings concept. I bonds are indexed for inflation and...
When natural disasters occur, they often leave many people with severely damaged or destroyed homes and businesses. Some lose everything they own. If you are affected by a disaster that is declared by the President to qualify for federal assistance, there are several provisions in the tax law that may provide relief. For starters, extended tax deadline and interest abatement....
Tags: disaster relief
Category: Taxes
Business owners and managers spend most of their time monitoring operations and dealing with everyday problems. But just as an annual checkup from your physician helps to monitor and manage your personal health, an annual checkup can do the same for your business. The benefits of such a review are holding your company accountable and evaluating current performance to better...
Tags: business assesmentyear end
Category: Business
January is always a busy month for companies. You’re trying to get business off to a good start in the new year, you’re trying to close the books on last year, and there’s 1099 reporting to complete by month-end. There are several variations of the information returns known as Form 1099. Most are specific to certain industries. But nearly every...
The IRS reminds businesses that the special credit for hiring veterans will expire soon. Companies that hire unemployed military veterans may qualify for a tax credit of up to $5,600 ($9,600 for vets with service-related disabilities). The credit is available for vets hired before January 1, 2013. The amount of the credit depends on the length of unemployment before being...
Tags: Tax CreditVet
Category: Taxes
On Dec. 23, 2011, the Treasury Department issued the most comprehensive changes to the capitalization regulations in 20 years, withdrawing the 2008 proposed regulations on capitalization of tangible assets—the so-called “repair regs”—and proposing, for a third time in nearly five and a half years, new regulations designed to reduce uncertainty and controversy regarding section 263(a). The new rul…es in the...
Tags: irs repair regs
Category: Taxes