Which Moving Expenses are Tax Deductible?

Moving expenses are deducted as an adjustment to income on Form 1040, but you cannot deduct any moving expenses covered by reimbursements from your employer that are excluded from income. If you meet the requirements of the tax law for the deduction of moving expenses, you can deduct the following types of moving expenses, as… Read more »

April 2014 Tax Deadlines

April 10 Employees – who work for tips. If you received $20 or more in tips during March, report them to your employer. You can use Form 4070. April 15 Individuals – File an income tax return for 2013 (Form 1040, 1040A, or 1040EZ) and pay any tax due. If you want an automatic 6-month… Read more »

Maximizing your tax benefits from charitable contributions

How can I maximize my tax benefit from charitable contributions? Many donors are not aware that their contributions may not be deductible, or that deductions may be limited. Here are the general rules: When an organization claims to be tax-exempt, it does not necessarily mean contributions are deductible. “Tax-exempt” means that the organization does not… Read more »

TIGTA Warns of Largest Ever Phone Fraud Scam Targeting Taxpayers

Treasury Inspector General for Tax Administration Press Release TIGTA-2014-03                                                                                                               Contact: David Barnes Thursday, March 20, 2014                                                                                               David.Barnes@tigta.treas.gov TIGTA Warns of “Largest Ever” Phone Fraud Scam Targeting Taxpayers WASHINGTON — The Treasury Inspector General for Taxpayer Administration (TIGTA) today issued a warning to taxpayers to beware of phone calls from individuals claiming to represent the Internal Revenue Service… Read more »

March 2014 March 03 Farmers and Fishermen – File your 2013 income tax return (Form 1040) and pay any tax due. However, you have until April 15 to file if you paid your 2013 estimated tax by January 15, 2014. March 10 Employees who work for tips. – If you received $20 or more in tips during… Read more »

The Home Office Tax Deduction

Under the IRS rules, a taxpayer is allowed to deduct expenses related to business use of a home, but only if the space is used “exclusively” on a “regular basis”. To qualify for a home office deduction you must meet one of the following requirements: Exclusive and regular use as your principal place of business… Read more »

7 Biggest Misconceptions Business Owners Have About Their Returns

One of the biggest hurdles you’ll face in running your own business is staying on top of your numerous obligations to federal, state, and local tax agencies. Tax codes seem to be in a constant state of flux making the Internal Revenue Code barely understandable to most people. The old legal saying that “ignorance of… Read more »

Tax Changes for 2014: A Checklist

Welcome 2014! As the new year rolls around, it’s always a sure bet that there will be changes to the current tax law and 2014 is no different. From health savings accounts to retirement contributions and standard deductions, here’s a checklist of tax changes to help you plan the year ahead. General Changes 1. Filing… Read more »

New Repair Regs from the IRS

The IRS recently issued long-awaited regulations (“regs”) on the tax treatment of amounts paid to acquire, produce, or improve tangible property. The regs explain when these payments can be deducted (which confers an immediate tax deduction) and when these payments must be capitalized. The regs must be followed for tax years that begin after December… Read more »

2013 Year-End Tax Planning: Personal Tax Considerations

As January 1, 2014 gets closer, year-end tax planning considerations should be starting to take shape. New tax legislation has brought greater certainty to year-end planning, but has also created new challenges. The number of changes made to the Tax Code and the opportunities these changes bring may seem overwhelming. However, early planning will help… Read more »