Here is the late breaking news During the wee hours of January 1, 2013 the final touches were made to 2012 tax laws. While the rest of us could not realistically make plans during 2012 for laws passed in 2013, perhaps there is a clause or two that may help you when you file your taxes in the next few months. Here is what you need to know: Alternative
Accountants write blogs?
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Know your new take-home pay. When you receive your initial paycheck for 2013 you had better take a close look to see what the payroll department has done with your pay. If you do not, you may be in for a big tax bite at the end of the year. Background For years the Social Security tax was set at 12.4% of your earnings. 6.2% of the obligation was paid
How to ensure your business is not deemed a hobby You’ve loved dogs all your life so you decide to breed them and start a dog training business. Is this a business in the eyes of the IRS or a hobby? Knowing what the IRS is looking for and properly positioning your small business can save taxes and headaches if you are ever questioned by the IRS. Why should
Video Link A useful video explaining your rights if your IRS Audit doesn’t go quite the way you want.
What to do about your need for documentation Year-end is a good time to ensure you have proper documentation to substantiate your tax deductions. This is important as many banks start deleting online documentation that is over one year old. Background Two things have happened over the past ten years that have greatly reduced the ability to have a canceled check as proof when the auditor comes calling. The first
The IRS recently announced mileage rates to be used for travel in 2013. The Business, Medical, and Moving mileage rates increase one cent versus 2012. Unfortunately, the rate to be used for Charitable travel is unchanged because updates in this area require Congressional action. Remember to create and keep a detailed log of your applicable mileage for your qualified business, medical, moving and charitable driving. Without this documentation, your qualified
Setting a cap on deductions is a better starting point than raising tax rates http://goo.gl/8CMjx Mitt Romney may leave us a tax legacy after all. Using this approach both sides can claim victory. The GOP can say they’ve held the line on tax rates and the Dems can claim that they’ve raised revenues.
Sometimes big IRS related terms can mean BIG trouble If you have problems getting to sleep at night and you turn to the IRS tax code for help, you might find some vocabulary that is very foreign to words you use every day. One of the more common words used by the IRS is the term “contemporaneous”. So what does it mean and why should you care? Contemporaneous Defined According
Here are the chances your return will be selected You can be audited the later date of either three years after the filing deadline of your tax return or when you actually filed your tax return. However, there are two main exceptions to this rule that can extend the risk of being audited; 1 If the IRS audits a tax return and discovers an error of more than 25% of