Congress Averts Tax Portion of Fiscal Cliff

By : January 7, 2013 Comments Off on Congress Averts Tax Portion of Fiscal Cliff

The "American Taxpayer Relief Act of 2012" approved by Congress just after we plunged over the "fiscal cliff" restores and modifies several expired tax breaks, but doesn't address other issues. Here are the highlights of the new law's provisions for

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IRS Increases Mileage Rates for 2013

By : December 18, 2012 Comments Off on IRS Increases Mileage Rates for 2013

The IRS has increased the standard mileage rates to be used in computing the deductible costs of operating a vehicle for business or when driving for medical or moving reasons. The new rates will apply to vehicle mileage starting January

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Beware Of Tax Scams

By : November 9, 2012 Comments Off on Beware Of Tax Scams

It's likely to be a daily occurrence: Your e-mail infox contains at least one message touting a too-good-to-be-true offer. You probably shake your head and delete the please from mysterious mock millionaires who need your help recovering imaginary inheritances. But

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The Alternative Minimum Tax: Will It Affect You?

By : October 29, 2012 Comments Off on The Alternative Minimum Tax: Will It Affect You?

In your tax planning, don't overlook how your tax-savings strategies might be affected by the alternative minimum tax. What is the alternative minimum tax? Enacted back in 1969, the alternative minimum tax (AMT) was designed to make sure that high-income

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Changes Scheduled for Flexible Spending Accounts

By : October 17, 2012 Comments Off on Changes Scheduled for Flexible Spending Accounts

Flexible spending accounts (FSAs) are popular with employees because they permit the use of pretax dollars for payment of medical expenses and dependent care costs.If you use and FSA, be aware that changes are scheduled beginning next year. As part

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Forgiven Debt Can Be Taxed As Income

By : October 11, 2012 Comments Off on Forgiven Debt Can Be Taxed As Income

With the recent economic downturn experienced by many taxpayers, there is a tax concept that is very important: cancellation of debt. You would think that the cancellation of debt by a credit card company or mortgage company would be a

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Final Filing Deadline on October 15th

By : October 5, 2012 Comments Off on Final Filing Deadline on October 15th

Tick-tock. Time is almost up on that six-month extension you filed back in April to give yourself more time to complete your 2011 individual income tax return. What happens if you fail to file your return by October 15, the

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Don’t Panic If the IRS Sends You A Letter

By : September 28, 2012 Comments Off on Don’t Panic If the IRS Sends You A Letter

There are many reasons why the Internal Revenue Service could be contacting you. Some contacts involve very minor corrections; some are for serious changes that could involve a lot of money. Sometimes the IRS is correct in what they are

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Need To Hire? Consider Veterans

By : September 18, 2012 Comments Off on Need To Hire? Consider Veterans

 Veterans provide a valuable labor pool, full of highly trained, hard-working team players with strong leadership skills. There's also a tax incentive: The VOW to Hire Heroes Act of 2011 extended the Work Opportunity credit through 2012 for employers that

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Tips For Starting A Home Business

By : August 29, 2012 Comments Off on Tips For Starting A Home Business

In these tough economic times, many people are taking a hard look at employment alternatives -- some, because they've lost their seemingly stable jobs in the corporate world; others, because they dream of striking out on their own. In addition,

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