Category: Blog Articles

…IRS has announced the launching of its new Affordable Care Act Tax Provisions website. (IRS Health Care Tax Tips 2013-01) The information on the site pertains to individuals and businesses, the agency said. The home page of the site has sections for individuals and families, employers, and other groups (such as insurers and tax-exempt and…

…IRS has issued a new warning to taxpayers to be on the alert for three prolific tax scams that top the agency’s list of the “Dirty Dozen” scams. (IRS Summertime Tax Tip 2013-26) The first scam is identity theft, which involves the unauthorized use of personal information, such as a person’s name, Social Security number,…

…IRS has offered 10 tax tips for taxpayers who plan to sell their home this year. (IRS Tax Tip 2013-24) “Even if you make a profit from the sale of your home, you may not have to report it as income,” the agency said. Among the tips were the following: if a home is sold…

A number of tax figures are adjusted each year for inflation based on the average Consumer Price Index (CPI) for the 12-month period ending the previous Aug. 31. The Aug. 2013 CPI has been released by the Labor Department. (U.S. Department of Labor, Consumer Price Index (for all-urban consumers), 9/17/2013) Using the CPI for Aug….

Using the CPI for Aug. 2013 (and the preceding 11 months), RIA calculated and reported in a separate article (see ¶ 17) the increases for 2014 to the break points in the income tax brackets, the standard deduction amounts, the personal exemption amount, and a number of other items. This article provides RIA-calculated adjustments for…

A new study by the Congressional Research Service (CRS) contains recent information on when Social Security trust funds are projected to be exhausted, the relevant law that would apply if funds are exhausted, and possible scenarios regarding future Social Security benefit funding. Background on the Social Security trust funds. Social Security provides retirement, disability, and…

Charitable contributions should be timed so as to obtain the maximum tax benefits, either in 2013 or 2014. If a taxpayer plans to make a charitable contribution in 2014, he should consider making it this year instead if speeding up the deduction would produce an overall tax saving, e.g., because the taxpayer will be in…

IRS has issued a draft of the 2013 Form 990, Return of Organization Exempt From Income Tax, and draft instructions for that form. While the form itself is virtually identical to the 2012 Form 990, IRS has made quite a number of changes to, and clarifications of, the instructions to the form. Background. Organizations that…

Year-end tax planning could be especially productive this year because timely action could nail down a host of tax breaks that won’t be around next year unless Congress acts to extend them, which, at the present time, looks doubtful. These include, for individuals: the option to deduct state and local sales and use taxes instead…

Some individuals with substantial income in addition to salaries may find that the amount of tax withheld from their salaries isn’t enough to cover their required estimated tax payments. This may be the result of miscalculation or forgotten surprises-for example, a windfall on the sale of a capital asset earlier in the year, or unexpected…