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Incur Medical Expenses Before Year End
Currently, if your eligible medical expenses exceed 7.5% of your adjusted gross income (AGI), you can deduct the excess amount. But in 2013, the 2010 health care act increases this “floor” to 10% for...
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Congress Recesses Without Reducing Tax Law Uncertainty
The House and Senate each passed its own tax bill, no compromises were made that would allow either bill to generate sufficient votes in the other chamber. When will Congress make changes? Congress...
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What 2013 Tax Law Changes Mean For Tax Withholding
The IRS has updated income-tax withholding tables for 2013 in light of the American Taxpayer Relief Act of 2012, signed into law Jan. 2. Also, because the payroll tax holiday hasn’t been extended,...
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IRS Makes Deducting Home Office Expenses Easier
On Jan. 15, the IRS announced a new simplified home office deduction, which is available beginning with 2013 income tax returns (not the 2012 returns generally due April 15, 2013). Normally, if your...
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You Might Save More By Deducting State and Local Sales Taxes
For the last several years, taxpayers have been allowed to take an itemized deduction for state and local sales taxes in lieu of state and local income taxes. This break can be valuable to those...
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You Don’t Have To Be A Manufacturer To Take The “Manufacturers’ Deduction
The manufacturers’ deduction, also called the “Section 199” or “domestic production activities deduction,” is 9% of the lesser of qualified production activities income or taxable income. The deduction...
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The Revived Research Credit Can Still Reduce Your 2012 Tax Bill
For many years, the research credit (also commonly referred to as the “research and development” or “research and experimentation” credit) has provided an incentive for businesses to increase their...
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April 15 Has Passed – Now What?
With the 2012 tax filing season behind us, it’s time to start thinking seriously about 2013 tax planning — especially if you’re a higher-income taxpayer, because you might be subject to one or more...
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Be Prepared For The Health Care Act’s “Play or Pay” Provision
The Patient Protection and Affordable Care Act of 2010’s shared responsibility provision, commonly referred to as “play or pay,” is scheduled to take effect Jan. 1, 2014. It does not require employers...
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Alternative-asset IRAs: Handle With Care
Most IRA owners invest their funds in traditional assets, such as stocks, bonds and mutual funds. But some intrepid investors have enjoyed impressive, tax-deferred returns — or even tax-free returns in...
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Why 2013 May Be The Year To Make That Car Or Boat Purchase You Have Been...
For the last several years, taxpayers have been allowed to take an itemized deduction for state and local sales taxes in lieu of state and local income taxes. The American Taxpayer Relief Act of 2012...
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Planning To Make a Large Cash Gift For High School Graduation? Consider...
With commencement ceremonies for high school seniors coming up, many parents and grandparents are contemplating making cash gifts the student can use for college expenses. But if gift and estate taxes...
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Tax Consequences To Consider Before Pulling Your Home On The Market
When you sell your principal residence, you can exclude up to $250,000 ($500,000 for joint filers) of gain if you meet certain tests. Gain that qualifies for exclusion also is excluded from the new...
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The New 0.9% Medicare Tax: Watch Out For Withholding Issues
Under the health care act, starting in 2013, taxpayers with earned income over $200,000 per year ($250,000 for joint filers and $125,000 for married filing separately) must pay an additional 0.9%...
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Kids Going To Day Camp? You May Be Eligible For A Tax Credit
Day camp is a qualified expense under the child or dependent care credit, which is worth 20% of qualifying expenses (more if your adjusted gross income is less than $43,000), subject to a cap. For...
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Think Twice Before Taking An Early Withdrawal From A Retirement Plan
If you’re in need of cash, early retirement plan withdrawals generally should be a last resort. With a few exceptions, distributions before age 59½ are subject to a 10% penalty on top of any income tax...
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Could Your Frequent Flyer Miles Be Taxable?
Now is the time of year when many Americans are using the frequent flyer miles they have built up from work-related travel or credit card rewards programs to take the family on a nice vacation. If...
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Why you should max out your 2013 401(k) contribution
Contributing the maximum you’re allowed to an employer-sponsored defined contribution plan, such as a 401(k), 403(b) or 457 plan, is likely a smart move: Contributions are typically pretax, reducing...
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Smart timing of business income and expenses can save tax — or at least defer it
By projecting your business’s income and expenses for 2013 and 2014, you can determine how to time them to save — or at least defer — tax. If you’ll be in the same or lower tax bracket in 2014,...
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Will Congress Revive Expired Tax Breaks?
Many valuable tax breaks expired at the end of 2013. But Congress probably will revive at least some of them, likely retroactively to Jan. 1, 2014. The question is exactly which breaks they’ll extend...
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