2013 may be your last chance for a “charitable IRA rollover”
If you’re age 70½ or older, you can make a direct contribution — up to $100,000 — from your IRA to a qualified charitable organization in 2013 without owing any [...]
Why you should max out your 2013 401(k) contribution
Contributing the maximum you’re allowed to an employer-sponsored defined contribution plan, such as a 401(k), 403(b) or 457 plan, is likely a smart move: Contributions are typically pretax, reducing your modified [...]
IRS Sets Per Diem Rates for Lodging, Meals and Incidental Expenses
Originally published in Accounting Today for the Web CPA, Washington, D.C. By Michael Cohn (September 26, 2013) The Internal Revenue Service has set the per diem rates that taxpayers [...]
Expiration date for home mortgage debt forgiveness rapidly approaching
Since 2007, homeowners have been allowed to exclude from their taxable income up to $2 million in cancellation-of-debt (COD) income ($1 million for married taxpayers filing separately) in connection with [...]
IRS issues final regulations on tangible property expenses
The regulations (IRS T.D. 9636) provide guidance on how to comply with Sections 162 and 263 of the Internal Revenue Code. These sections require amounts paid to acquire, produce or [...]
Will your investment income be subject to the new 3.8% NIIT?
Under the health care act, starting in 2013, taxpayers with modified adjusted gross income (MAGI) over $200,000 per year ($250,000 for joint filers and $125,000 for married filing separately) may [...]
Start planning now if you’d like to deduct medical expenses
Medical expenses that aren’t reimbursable by insurance or paid through a tax-advantaged account (such as a Health Savings Account or Flexible Spending Account) may be deductible — but only to [...]
Social Security traps to avoid
Social Security traps to avoid (For full story visit msn.com) When the time comes for you to collect Social Security, make sure you know the ins and outs of this [...]
Owners of leasehold, restaurant and retail properties must act soon to enjoy extended depreciation-related breaks
In January, Congress extended some depreciation-related tax breaks that can benefit owners of leasehold, restaurant and retail properties: 50% bonus depreciation. Congress extended this additional first-year depreciation allowance to qualifying [...]
October 15th Deadline Remains in Effect for Taxpayers Who Requested a Six-month Extension to File Tax Return
October 15th Deadline Remains in Effect for Taxpayers Who Requested a Six-month Extension to File Tax Return Article courtesy of IRS Newswire Special Edition- October 8, 2013 The Internal Revenue [...]
Tips on Deducting Charitable Contributions
Giving to charity may make you feel good and help you lower your tax bill. Here are some tips to help ensure your contributions pay off on your tax return. [...]
How the government shutdown affects taxpayers and tax practitioners
Originally printed online by the Journal of Accountancy October 1, 2013 By Alistair M. Nevius, J.D. The failure of Congress to agree on a continuing spending resolution on Monday led [...]
Selling your home? Check out these Tax Tips!
If you’re selling your main home sometime this year, keep these tips from the IRS below in mind. Even if you make a profit from the sale of your home, [...]
Tax Court closed during government shutdown; IRS announces no refunds
Originally published in the Journal of aAcountancy, By Sally P. Schreiber, J.D. October 1, 2013 With the federal government shutting down at midnight on Sept. 30, the Tax Court [...]
New IRS website provides health care law information for just about everyone
Many provisions of the Patient Protection and Affordable Care Act of 2010 have recently gone into effect, and some significant provisions will do so in 2014 and 2015. To help [...]