Unless your income exceeds $400,000 as a single taxpayer ($450,000 for married couples), your tax rate will remain what it was under the Bush-era tax rates of 2012. For the high-income [...]
Our tax system is a “pay-as-you-go” system, and if your pre-paid individual estimated tax payments for 2013 is not enough, you become liable for non-deductible interest penalties. To facilitate [...]
If you volunteer some of your time, you may qualify for tax breaks for charity work. Although no tax deduction is allowed for the value of services performed for a charity, some deductions are [...]
If you use independent contractors to perform services for your business or rental that is a trade or business, and you pay them $600 or more for the year, you are required to issue them a Form [...]
With energy costs skyrocketing, you would think that the federal government would come up with some tax incentives aimed at curbing the consumption of energy. However, on the consumer end of [...]
If you are a working parent or look for work this summer, you may need to pay for the care of your child or children. These expenses may qualify for an IRS Child Care Tax Credit that can reduce [...]
To help financially distressed homeowners lower their monthly mortgage payments, the Department of the Treasury and the Department of Housing and Urban Development (HUD) established the Home [...]
June 2013 June 10 Employees who worked for tips — If you received $20 or more in tips during May, report them to your employer. You can use Form 4070. June 17 Individuals – If you are [...]
On January 2, 2013, the President signed the American Taxpayer Relief Act of 2012. The law did not extend the 2% cut in payroll tax on wages and self-employment income. The new law does make [...]
Now that Congress has passed the American Taxpayer Relief Act of 2012 (ATRA) and avoided the so-called “fiscal cliff,” tax law changes for 2013 will hit higher-income taxpayers hard.
