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 [...]
Your income may limit your ability to open a Roth IRA, but you can take a different path to a Roth IRA by converting a traditional IRA to a Roth IRA. You can convert a traditional IRA to a Roth [...]
Check the amount of income tax being withheld from your wages early in 2013, and again whenever your circumstances change during the year (marriage, divorce, new baby, etc.). You must meet [...]
Is Your Hobby a For-Profit Endeavor? If you have a hobby that produces income, you must report that income to the IRS. But whether you can deduct all of your expenses depends on whether you [...]
Keep your tax records for as long as you might be audited for a given year. Generally, that’s three years after you file the return, though the IRS has six years to audit you if you’ve omitted [...]
What records does the IRS require you keep? The IRS does not require that you keep your tax records in any particular way. The only requirement is that your records let you and the IRS [...]
April 15, 2013, is not only the filing deadline for your 2012 individual income tax return; it’s also the deadline for 2012 gift tax returns, 2012 returns for partnerships, trusts, and estates, [...]
If you can’t file by April 15 deadline, you can request an extension from the IRS and get until October 15, 2013, to file. The extension is automatic, meaning no explanation is necessary. But [...]
The American Taxpayer Relief Act of 2013 extended several education tax breaks. The American Opportunity Tax Credit is extended through 2017. The law provides an above-the-line deduction in [...]
The American Taxpayer Relief Act of 2013 extended, for 2012 and 2013, tax-free gifting your IRA to charity for taxpayers age 70½ or older. Special rules apply for distributions made in December [...]
