Several popular business tax provisions were set to expire at the end of 2012. For example, small business expensing under Internal Revenue Code Section 179 was increased retroactive to Jan. 1, 2012, and extended through 2013.
July 2, 2013 12:00 amJune 30, 2013 Gov. John Kasich signed Ohio’s new two-year budget plan, which contains several changes to Ohio tax law. The bill takes effect July 1, but different provisions will have different effective dates.
July 2, 2013 12:00 amOn Thursday, the IRS issued the inflation-adjusted figures for the annual contribution limitation for health savings accounts (HSAs) and the minimum deductible amounts and maximum out-of-pocket expense amounts for high-deductible health plans for calendar year 2014. Individuals who participate in a health plan with a high deductible are permitted a deduction for contributions to HSAs set up to help pay the individuals’ medical expenses. The limit on the contribution deduction is subject to an in...
July 2, 2013 12:00 amLate spring and early summer are popular times for weddings. Whatever the season, a change in your marital status can affect your taxes. Here are several tips from the IRS for newlyweds.
July 2, 2013 12:00 amIf you're self-employed and your office is in your home, then you should know about a new home office deduction calculation. To take the deduction, the Internal Revenue Service (IRS) requires your home office be your principal place of business – and you must use it regularly and exclusively as such. If you meet the requirements, you can deduct a portion of your home's expenses, including insurance, utilities and rent.
July 2, 2013 12:00 amThe IRS has a new, improved “Where’s My Refund?” site which was launched on January 30 for taxpayers. The tool includes a tracker that displays progress through 3 stages: (1) Return Received, (2) Refund Approved and (3) Refund Sent. In 2013 taxpayers will be able to start checking on the status of their return sooner— within 24 hours after the IRS has received a taxpayer’s e-filed return, or four weeks after they mail a paper return.
March 1, 2013 12:00 amYour tax withholding is directed by the W-4 that you have completed and is reflected on your paycheck. You may check your withholding with your HR Department and you may change it at anytime throughout the year. The withholding each payday is calculated using your withholding status (married or single and the number of allowances) and the tables or formulas provided by the taxing authorities.
March 1, 2013 12:00 amThe FAFSA (Free Application for Federal Student Aid) determines the expected family contribution – a rough estimate of how much money the family will be expected to contribute (EFC) for a year of college education. Many factors come into play to determine the EFC, including the number of family members in college and your family's savings, earnings and assets. College financial aid offices use the FAFSA to determine a student's need-based financial aid.
March 1, 2013 12:00 amThe Internal Revenue Service plans to allow more of the remaining tax forms that have not been available for electronic filing yet this tax season to go through during the first week of March. In an email to software developers and transmitters on Wednesday, the IRS noted that due to late legislation, the IRS delayed startup for the tax forms listed below until the first week in March. Barring any problems, the IRS will send out a QuickAlert email early in the week announcing the official openin...
March 1, 2013 12:00 amThe IRS receives thousands of reports every year from taxpayers who receive emails out-of-the-blue claiming to be from the IRS. Scammers use the IRS name or logo to make the message appear authentic so you will respond to it. In reality, it’s a scam known as “phishing,” attempting to trick you into revealing your personal and financial information.
March 1, 2013 12:00 amThis website uses cookies and other tracking technologies to improve your browsing experience for the following purposes: to enable basic functionality of the website, to provide a better experience on the website, to measure your interest in our products and services and to personalize marketing interactions, to deliver ads that are more relevant to you.
