Category Archives: Taxes
Net Investment Income Tax
The Net Investment Income Tax goes into effect on Jan. 1, 2013. The NIIT will affect income tax returns of individuals, estates and trusts for their first tax year beginning on (or after) Jan. 1, 2013. It will not affect … Continue reading
2013 Standard Milage Rates
Announced in Notice 2012-72, beginning on January 1, 2013, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 56.5 cents per mile for business miles driven 24 cents per mile driven … Continue reading
News Alert: What Taxpayers Need to Know about Filing an Extension
For Immediate Release News Alert: What Taxpayers Need to Know about Filing an Extension WASHINGTON, DC (April 9, 2012)—The National Association of Enrolled Agents (NAEA) warns the taxpaying public that a common misconception about filing a tax extension is … Continue reading
Can you max out your IRA contribution at the start of 2012?
If you can do it, do it early—the sooner you make your contribution, the more interest those assets will earn. (If you haven’t yet made your 2011 IRA contribution, you can still do so through April 17, 2012.) The IRS … Continue reading
Should you go Roth between now and the end of 2012?
While you can no longer divide the income from a Roth IRA conversion across two years of federal tax returns, converting a traditional IRA into a Roth before 2013 may make sense for another reason: federal taxes might be higher … Continue reading
IRS Urges Taxpayers to Avoid Becoming Victims of Tax Scams
IR-2011-73, July 11, 2011 IRS YouTube Videos: Tax Refund Scams : English | Spanish | ASL WASHINGTON — The Internal Revenue Service today encouraged taxpayers to guard against being misled by unscrupulous individuals trying to persuade them to file false … Continue reading
Knowing the Difference between an Independent Contractor and Employee
The determination of the worker’s status depends on the facts in each case. These facts define the business relationship of the parties at the time the services are rendered. Generally, a common law EMPLOYEE works for and performs services under … Continue reading
Standard Milage Rate Increases July 1, 2011
The IRS has informed taxpayers of revising the optional standard mileage rated for computing the deductible cost of operating an automoblie for business, medical or moving expenses purposes and for determining the reimbursed amount of these expeneses that is deemed substantiated. The increases … Continue reading
Alternative Minimum Tax – Not Just for High Earners Anymore
National Association of Tax Professionals (NATP) Appleton, WI – In 1990, 132,000 individual taxpayers paid alternative minimum tax (AMT), a tax created to ensure that high-income taxpayers paid their fair share of taxes. Because Congress has not indexed the AMT … Continue reading
Plan Now, Avoid High Taxes Later
National Association of Tax Professionals (NATP) Appleton, WI – What is more exasperating than having to pay taxes? Understanding the constantly changing legislation affecting them! Yet, not fully understanding rights and how provisions work together costs taxpayers significantly every year. … Continue reading