The tax law changes under the American Taxpayer Relief Act (ATRA) caused a delay in filing for 2012 individual income tax returns. However, according to the IRS, the vast majority of filers should be able to start filing today (January 30, 2013). The IRS will be able to[…]
Read MoreYour 2013 income tax marginal rate may be higher than you think. Married filers with incomes over $300,000 and singles with incomes over $250,000 will want to read on. The individual income tax rate does not jump to 39.6% until married filers reach over $450,000 of taxable income[…]
Read MoreTax Preparation for a home office deduction just got a little easier: The Internal Revenue Service has announced that for 2013 a simplified method for claiming the home office deduction will be available. The IRS’ goal is to reduce the paperwork and time involved for CPAs, tax preparers,[…]
Read MoreIn 2013, employees may make elective deferrals to their 401k of up to $17,500 ($23,000 for taxpayers over the age of 50). This limit applies to 403(b) and 457 plans also. IRA and Roth IRA contribution limits increased by $500 dollars to a total of $5,500 ($6,500[…]
Read MoreWhy your paychecks will be smaller this year despite the American Taxpayer Relief Act: Although most Americans will not see an increase in their 2013 income taxes they still will see a decrease in their paychecks. This is due to the two percentage point cut in the employee’s[…]
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