More than 50 tax provisions that Congress routinely extends on a yearly basis expired at the end of 2014. The big problem is, each year they are extending the provisions later and later in the year, creating uncertainty for taxpayers on whether they can depend on these tax incentives or not. This makes tax [...]
If your tax deductions normally fall short of itemizing your deductions or even if you are able to itemize, but only marginally, you may benefit from using the “bunching” strategy. The tax code allows most taxpayers to utilize the standard deduction or itemize their deductions if that provides a greater benefit. As a rule, [...]
Have payroll income or be self-employed. There are a multitude of possible combinations. If so, the IRS withholding calculator is not suitable for your needs, and you will probably need professional assistance in determining a combination of estimated taxes and payroll withholding You Probably Need to Adjust Your W-4 One more thing about [...]
The Internal Revenue Service recently issued the 2015 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2015, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 57.5 [...]
Recent legislation passed just before adjournment by Congress provides some last-minute opportunities for taxpayers. These include tax provisions that had expired in 2013 but because of this bill have been extended through 2014. However, to take advantage of these extended laws you must qualify for them based on actions taken earlier in the [...]
Happy back-to-school season! Did you get your checkbook ready yet for all those expensive books, tuition, parking fees, lab fees, etc., etc., etc.? Not so fast! There are lots of options out there that will help you decrease your expenses. First, let’s take a look at everyone’s favorite American Opportunity Credit. If you or your [...]
So, by now, you are feeling the relief of knowing that your taxes are done, right? Well, maybe some of you are feeling relieved. Some of you are still not happy as the 2013 tax increases hit you harder than expected. Tax season is always a time to reflect on what you did last year [...]
Can you all say “yeah for simplification?” Anytime the IRS gives us an opportunity to simplify the current system I get excited! All those who have a home office will to. Effective for tax years beginning in 2013, taxpayers can elect a simplified deduction for the business use of their home. The deduction is $5 [...]
Clarification on this subject is never a terrible idea since it has changed in recent years. We get asked this all the time so here is the skinny on Child and Dependent Care Tax Credits. The Child and Dependent Care Credit can help offset some of the costs you pay for the care of your [...]
The recently enacted 2012 American Taxpayer Relief Act is a sweeping tax package that includes, among many other items, permanent extension of the Bush-era tax cuts for most taxpayers, revised tax rates on ordinary and capital gain income for high-income individuals, modification of the estate tax, permanent relief from the AMT for individual taxpayers, limits [...]