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Tax Season Opens Today!

The Internal Revenue Service will begin accepting electronically filed individual tax returns today (Jan. 31, 2014) to officially open the 2014 filing season.  The IRS encourages taxpayers to use e-file as one of the fastest way to receive refunds. The delay in the...

Numbers for use in 2013 Returns

Every year, the IRS adjusts many of the common tax deductions for inflation.  Among these are the standard deduction for each filing status, the personal exemption allowance, and the maximum allowable Earned Income Credit for qualifying families.  For the tax year...

The Sales Tax Deduction

The sales tax deduction is one of the little-known deductions available to individuals.  Because taxpayers must choose between claiming the sales tax deduction or the state income tax deduction, most tend to claim their state taxes.  In some cases, though, claiming...

New for 2013: The Net Investment Income Tax

The 3.8% Net Investment Income Tax (“NIIT”) was passed as part of the 2010 Affordable Care Act.  It went into effect on January 1, 2013 and it applies to investment income only.  The IRS has released extensive proposed regulations detailing the application of the...

IRS Announces 2014 Filing Season Delay

The IRS announced today that the 2014 tax return filing season will be delayed 1-2 weeks to allow adequate time to program and test tax processing systems following the 16-day federal government closure.  The originally scheduled starting date for the 2014 tax filing...