Seeking a Job? You May Be Able to Deduct the Expenses
Did you know that if you are trying to find work in your current occupation, the costs of your search, including expenses for preparing and sending resumes, employment agency fees and related travel expenses, should be deductible? The deductions aren’t available in all cases. For example, you’re not eligible to use them if you are […]
Do You Qualify for the Health Care Premium Tax Credit?
Beginning next year, individuals and families can buy private health insurance through Affordable Insurance Exchanges, which are marketplaces where individuals can find private health insurance. (This is a new program created by the Affordable Care Act.) If you purchase health insurance through an exchange, you may be eligible for a tax credit that will make […]
Will You Pay Higher Taxes on this Year’s Return?
Recent tax laws have increased the highest income tax rate for individuals, raised the dividend income and long-term capital gains tax rates for wealthier taxpayers and made planning for the alternative minimum tax a little more complicated for some people. At the same time, those who run their own shops also had to pay a […]
How Will the End of Some Popular Credits and Deductions Affect Your Business?
Did you know that bonus 50% first-year depreciation will no longer be available to your business in 2014 and beyond? And that the Section 179 expensing limit, which allows you to deduct qualified costs immediately instead of expensing them over time, will tumble to $25,000 from $500,000, where it’s been for the last four years? […]
What To Do If Your Refund Is A Different Amount
“Most of us get refund checks at tax time. And most of the time, those refunds are just what we had been eagerly awaiting. But occasionally, the amount on an Internal Revenue Service check is not what we expected. In some cases, it’s less than we figured on our 1040’s. Every now and then, […]
When will I get my refund for 2012?
According to www.irs.gov, refunds for 2012 will be processed between 10 and 21 days. To check the status of your refund, please visit Where’s My Refund? or the quick link at the bottom of our website. You will need your Social Security Number, filing status, and exact refund amount which can be found on your […]
How To Protect Yourself from Tax Identity Theft
Tax return and other tax-related identity theft is a growing problem that CPAs can help their clients with—both in taking preventive actions and in correcting problems after an identity thief has struck. Tax return identity theft occurs when someone uses a taxpayer’s personal information, such as name and Social Security number (SSN), without permission to […]
Home Office Deduction
With unemployment still near the highest rate in decades, it is not surprising to find many people working out of their homes. Now may be a good time to review the criteria for claiming a deduction for the business use of part of a person?s residence. Read More: http://www.journalofaccountancy.com/Issues/2012/Jan/20114703.htm