* Tax extensions. The new law generally extends, for varying time periods and with certain modifications, several favorable provisions that had expired. The list includes the child, dependent care, adoption, and earned income credits; tax relief from the "marriage penalty";
Read moreThe "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
Read moreThe 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
Read moreIt'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
Read moreIn 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
Read moreFlexible 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
Read moreWith 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
Read moreTick-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
Read moreThere 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
Read moreVeterans 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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