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IRS

IRS Issues Guidance on 2012 Charitable Donations from IRAs

February 11, 2013
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The American Taxpayer Relief Act of 2012 (ATRA) extended tax-free charitable contributions from IRAs through 2013. The IRS has provided guidance (on its Retirement Plans webpage) on how the extension applies to 2012 qualified charitable distributions (QCDs). The IRS clarifies that a QCD made in January 2013 that is treated as a 2012 QCD will…

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IRS Kicks Off 2013 Tax Season

January 30, 2013
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WASHINGTON — The Internal Revenue Service today opened the 2013 filing season by announcing a variety of enhanced products and services to help taxpayers prepare and file their tax returns by the April 15 deadline. New and expanded services for taxpayers this year include a redesigned IRS.gov web site that’s easier to navigate and improved…

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IRS Newswire: Home Office Deduction Simplified

January 28, 2013
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IRS Announces Simplified Option for Claiming Home Office Deduction Starting This Year; Eligible Home-Based Businesses May Deduct up to $1,500; Saves Taxpayers 1.6 Million Hours A Year WASHINGTON — The Internal Revenue Service today announced a simplified option that many owners of home-based businesses and some home-based workers may use to figure their deductions for…

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The IRS to Accept Most 2012 Tax Filings Beginning January 30

January 14, 2013
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Due to the changes in the tax law prompted by the recently enacted American Taxpayer Relief Act of 2012 (ATRA), the IRS has announced it will begin accepting 2012 tax filings on January 30. The IRS had anticipated a January 22 start date. However, forms and processes must be updated in response to the ATRA,…

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Avoid Identity Theft: Keep Your Tax Documents Safe

January 7, 2013
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Taxpayer Guide to Identity Theft, Reprinted from the IRS website: What is identity theft?  Identity theft occurs when someone uses your personal information such as your name, Social Security number (SSN) or other identifying information, without your permission, to commit fraud or other crimes. How do you know if your tax records have been affected?…

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IRS Announces 2013 Pension Plan Limitations; Taxpayers May Contribute Up to $17,500 to Their 401(k) Plans in 2013

December 17, 2012
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*Reprinted from the IRS website IR-2012-77, Oct. 18, 2012 WASHINGTON — The Internal Revenue Service today announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2013. In general, many of the pension plan limitations will change for 2013 because the increase in the cost-of-living index met the statutory…

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National Taxpayer Advocate Identifies Challenges and Issues for Upcoming Year

July 30, 2012
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WASHINGTON — National Taxpayer Advocate Nina E. Olson today released a report to Congress that identifies the priority issues the Taxpayer Advocate Service (TAS) will focus on during the upcoming fiscal year. The report expresses particular concern about the taxpayer impact of expired and expiring tax provisions, the rise in tax fraud and tax-related identity…

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Medicare Tax on Investment Income

June 20, 2012
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  Beginning in 2013, high-income individuals may be subject to a new 3.8% Medicare contribution tax on some or all of their unearned income. For more information, click the link to the video below: Medicare Tax on Investment Income   *image used courtesy of stock.xchng

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Yours, Mine and Ours — A Couple’s Guide to Retirement Planning

October 12, 2011
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While the reasons for earning two incomes may vary from couple to couple, these families often face a similar financial challenge: participation in separate retirement programs. As a couple, your combined retirement assets are not just limited to what you may have accumulated in your current employers’ retirement plans. You also need to consider any…

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