by mariettacp | Feb 28, 2013 | Money Tips
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...
by mariettacp | Feb 25, 2013 | Money Tips
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...
by mariettacp | Feb 22, 2013 | Accounting News, Money Tips, Tax Planning
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...
by mariettacp | Feb 21, 2013 | Accounting News, Money Tips, Tax Planning, Tax Preparation, Tax Tips
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...
by mariettacp | Feb 21, 2013 | Bookkeeping, Money Tips, Tax Planning
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...
