Articles
Tax Tip – Dependents: What are the tax rules?
Most taxpayers believe that a "dependent" is a minor child that lives with them. While that is essentially correct, dependents can include parents, other relatives and nonrelatives, and even children who don't live with you. There is really much more to the...
Tax Planning – New Medicare taxes take effect in 2013
The 2010 health care reform legislation included several provisions that go into effect this year. Among them is the increase in Medicare taxes for taxpayers with incomes above certain levels. Here is an overview of these two new taxes. FIRST, the payroll Medicare tax...
Tax Education – “Chained CPI”: What’s it all about?
As the politicians in Washington start once again to tackle the same old problems, you're likely to hear more about a new way of measuring inflation called the "chained CPI." The standard way to measure inflation has been with the consumer price index (CPI). The...
Tax News – Pay attention to restored deductions for 2012
A number of tax breaks that had expired at the end of 2011 or were to expire at the end of 2012 were extended by the recently passed law, the "American Taxpayer Relief Act of 2012." Keep these deductions and credits in mind as you gather the paperwork for filing your...
Home office recordkeeping simplified
Tax Tip for 2013...The IRS is reducing the record keeping required for the home-office deduction, effective for 2013. Taxpayers who qualify may use a new optional deduction calculated at $5 a square foot for up to 300 square feet of an area in a home that is used...
IRS extends deadline for farmers and fishermen
The IRS had to delay the start of this year's tax filing season until it completed programming changes made necessary by the late passage of the "American Taxpayer Relief Act of 2012" (signed into law on January 2, 2013). free credit score Normally, farmers and...
Gift taxes: Clearing up the confusion
There is a great deal of confusion about gifting and gift taxes. The federal gift tax law is completely apart from the income tax law. Neither party to a gift should include the gift information on their income tax return. The gift is not tax-deductible by the one...
Analyze your customers for a better business
If your business is like most, you put a lot of effort into attracting new customers. After all, that's an essential part of growing the business. But sometimes it's more productive to step back and review your existing customers, and perhaps even get rid of...
Give your children some lessons about money
There's one important subject that your children may not learn in school: personal finance. If you want your kids to pick up good money skills and become financially responsible adults, you should give them some training yourself. Pre-schoolers and teenagers...
Decide when to pay tax on U.S. savings bonds
buy generic cialishen you own Series EE or Series I savings bonds, you have a tax decision to make. Both types of bonds earn interest monthly. Usually, you’ll choose to defer paying any taxes on the interest until the bond reaches final maturity or you redeem it,...
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