Individual taxes, Tax Credits
The Child Tax Credit is a credit that is available to eligible parents of children younger than age 17 at the end of the tax year. Individuals who qualify can receive a credit of up to $1,000 per child against the amount of their tax liability. The credit reduces a...
Deductions, Individual taxes
Did you donate some of your household items to charity during the past year? If so, you may be eligible to deduct the value of these items as a charitable contribution on your federal income tax return. The IRS allows taxpayers to claim an itemized deduction for...
Business taxes, Individual taxes
The IRS announced that it started accepting Form 4562 (Depreciation and Amortization) for processing on Sunday, February 10, 2013. Form 8863 (Education Credits) should be ready for processing on Thursday, February 14, 2013. With the addition of these forms, e-filing...
Business taxes, Individual taxes
Through its online service, Where’s My Refund?, the IRS promises to be able to provide you with the status of your return within 24 hours of e-filing. If you file on paper, the status of your return might not be available for 4 weeks after the IRS receives your...
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...
