Archive for the ‘Tax’ Category

American Taxpayer Relief Act 2012

Tuesday, January 8th, 2013

As  you  all  know,  the  “Fiscal  Cliff” was avoided when President Obama signed the American Taxpayer Relief Act of 2012 on January 3, 2013.  Here are some highlights of the key elements from the Act. 

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Standard Mileage Rates for 2013

Tuesday, November 27th, 2012

The   Internal   Revenue  Service   (IRS)   has   announced   the mileage rates for business, medical, moving and charitable purposes for 2013.

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Saving Your Textbook Receipts

Thursday, September 6th, 2012

It’s   that   time  of   year   again.  Back  to school! Are you keeping track of your  college textbook receipts? College students and their families could save up to $2,500 a year if they save receipts for necessary expenses for textbooks and other course materials.

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2013 Tax Planning

Tuesday, July 31st, 2012

We are more than halfway through 2012. At this time of year, individuals should have their eyes set on the tax horizon:

1. Look at your year-to-date 2012 income and see if you have paid the proper estimates or withholdings.

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Day Camp Tax Credit

Tuesday, July 10th, 2012

The Internal Revenue Service (IRS) is reminding taxpayers about the Child and Dependent Care Tax credit that can help offset some day camp expenses this summer.

The credit is available for expenses incurred in the summer and throughout the rest of the year. Here is what you need to know:

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Safeguarding Tax Information

Thursday, June 14th, 2012

Hurricane season is around the corner! Are you prepared?

The Internal Revenue Service (IRS) is encouraging individuals to safeguard important tax documents to protect themselves from future hurricanes or other disasters.

There are a few simple things you can do. Make sure you:

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Research Tax Credits

Thursday, June 7th, 2012

Federal and  State research  tax credits  are  designed to encourage businesses to increase their Research and Development (“R&D”) activities each year to create new technologies and other innovations. These credits are not only for larger companies, but can also be used for smaller companies that engage in research to improve internal activities. Internal software development activities can qualify as research expenses if the software is innovative, if it has substantial resources devoted to the development, and if it is for internal use.

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Retirement Changes in 2012

Thursday, May 31st, 2012

Below are some retirement changes coming your way in 2012!

Bigger Social Security Checks- Social security checks will increase 3.6% in 2012.

Higher Social Security taxes- The Maximum amount of earnings subject to Social Security tax will increase to $110,100 in 2012, up from $106,800 in 2011. The temporary reduction in workers’ Social Security taxes has been extended through 2012 and will remain at 4.2% instead of 6.2%.

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Payroll Tax Cut Extension

Friday, May 4th, 2012

Under the  Middle  Class Tax Relief and Job Creation Act of 2012, workers will continue to receive larger paychecks for the rest of 2012, based on a lower social security tax withholding rate of 4.2 percent, which is two percentage points less than the 6.2 percent rate in effect prior to 2011.

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IRS Smartphone App

Tuesday, April 24th, 2012

The   Internal   Revenue   Service  (IRS) announced the availability of an expanded version of IRS2Go 2.0, available on both Apple and Android platforms. It is an expanded version of the smartphone application designed to provide taxpayers easier access to practical tools and information.

This new smartphone application offers taxpayers a number of tools. Taxpayers can:

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