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...
View ArticleIRS releases guidance on health care act’s “play or pay” provisions
The IRS has issued extensive proposed regulations implementing the employer-shared responsibility provisions, also known as “play or pay,” of the Patient Protection and Affordable Care Act of 2010. The...
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Deadline For Foreign Asset Reporting Extended for Some Filers
The U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) announced the fourth in a series of deadline extensions for certain required filings in relation to foreign assets....
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Tax Updates & Major February Deadlines
February 2013 Tax Deadlines - * February 15 – Deadline for brokers to provide 2012 Forms 1099-B and 1099-S to customers. * February 28 – Payers must file 2012 information returns (such as 1099s) with...
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Can recently enhanced Sec. 179 expensing reduce your 2012 taxes?
Section 179 expensing allows businesses a 100% deduction for the cost of qualifying asset purchases. Its 2012 benefits were recently enhanced by the American Taxpayer Relief Act of 2012 (ATRA). Sec....
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Ohio Budget Plan Update: Significant Tax Cuts Will Impact Services
Governor’s Comprehensive Budget Plan Cuts Income Tax, Taxes Services Gov. John Kasich announced Monday that his “Jobs 2.0” budget plan will grow small business and cut the tax burden for Ohio...
View Article2012 return filing on hold for many taxpayers
While the many revived breaks under the American Taxpayer Relief Act of 2012 (ATRA) are good news for taxpayers, they would have been better news had they been signed into law earlier. Because many...
View ArticleMajor Tax Deadlines
For March 2013 * March 15 – 2012 calendar-year corporation income tax returns are due. * March 15 – Deadline for calendar-year corporations to elect S corporation status for 2013. For April 2013 *...
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What’s New in Taxes: Extended tax breaks could cut your taxes in 2012 and 2013
The new tax law signed in January extended a number of tax breaks that could lower your tax bill in 2012 and 2013. So check out the list below to see if any apply to you or your business. Extended for...
View ArticleWhat’s New in Finances: Review your estate plan under the new rules
There has been a lot of uncertainty about the tax rules – what has changed for 2013 and what has remained the same. This uncertainty includes the rules covering estate and gift taxes. The estate tax...
View ArticleLower FSA contribution limit may make HSAs more attractive
Previously, employers could set whatever limit they wanted on employee contributions to Flexible Spending Accounts (FSAs) for health care. But starting this year, the maximum limit is $2,500. If...
View ArticleDo you need to file a 2012 gift tax return by April 15?
Generally, you’ll need to file a gift tax return for 2012 if, during the tax year, you made gifts: That exceeded the $13,000-per-recipient gift tax annual exclusion (other than to your U.S. citizen...
View ArticleIRS provides penalty relief to certain late filers
On March 20, the IRS issued guidance providing penalty relief to both individual and business taxpayers who file for an extension of their 2012 tax return and ultimately owe additional tax — but only...
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