Business taxes, Home Office, Individual taxes
The IRS recently released Rev. Proc. 2013-13, which provides an optional safe harbor method that individual taxpayers may use to determine their home office expense deduction. The new method is an alternative to the current requirements of IRC § 280A and is effective...
Business taxes, Individual taxes
The following numbers apply to 2012 returns: Standard Deduction Single – $5,950 Married filing separately – $5,950 Married filing jointly – $11,900 Head of Household – $8,700 Surviving Spouse – $11,900 Personal Exemption Personal and...
Business taxes, Individual taxes
The IRS has announced that it will start accepting most individual returns on January 30, 2013. That is a little later than usual, due in large part to all of the programming and form changes resulting from the American Taxpayer Relief Act of 2012. Some forms that...
Business taxes, Individual taxes, Interest and Penalties, Tax Debts and Collections
The Internal Revenue Service has announced that interest rates will remain the same for the calendar quarter beginning Jan. 1, 2013. The rates will be: three (3) percent for overpayments [two (2) percent in the case of a corporation]; three (3) percent for...
Business taxes, Individual taxes
The IRS has announced standard mileage rates for 2013. Beginning on Jan. 1, 2013, the standard mileage rates for the use of a car will be: 56.5 cents per mile for business miles driven; 24 cents per mile driven for medical or moving purposes; 14 cents per mile driven...
Individual taxes, Tax Scams
The IRS warned taxpayers today to be aware of a new scam targeting senior citizens and other taxpayers. As part of the scam, taxpayers are encouraged to file returns claiming the American Opportunity Tax Credit. The scammers mislead these taxpayers into believing...
