If you received income during 2012, you may need to file a tax return in 2013. The amount of your income, your filing status, your age and the type of income you received will determine whether you’re required to file. Even if you are not required to file a tax return, you may still want to file. You may get… (more…)
Congress passed a two-year extension for the R&D Tax Credit as part of the Fiscal Cliff Relief bill. The “American Taxpayer Relief Act of 2012” (the Act), which the President signed into law on Jan 2, 2013, extends the credit retroactively and is now set to expire at the end of 2013. This is the 15th credit extension since… (more…)
IRS Announces Simplified Option for Claiming Home Office Deduction Starting This Year; Eligible Home-Based Businesses May Deduct up to $1,500; Saves Taxpayers 1.6 Million Hours A Year The Internal Revenue Service today announced a simplified option that many owners of home-based businesses and some home-based workers may use to figure their deductions for the business use of their homes.… (more…)
The “American Taxpayer Relief Act of 2012” approved by Congress just after we plunged over the “fiscal cliff” restores and modifies several expired tax breaks, but doesn’t address other issues. Our Bergen County CPA office offers you insight to this. Here are the highlights of the new law’s provisions for individual taxpayers. * Individual income taxes. Only the wealthiest taxpayers… (more…)
As most of us have learned by now, the expiration date on the Bush income tax cuts has been eliminated. Our Bergen County CPA office offers insight to this. But tax rates on high-incomers increase for the first time since 1993. A 39.6% rate now applies to taxable income over $400,000 for singles, $425,000 for heads of household and $450,000… (more…)
The IRS announced a delay to the start of e-filing of individual returns. 1040 e-filing was scheduled to begin Tuesday, January 22. The IRS announced today that the start of 1040 e-filing has been pushed back to Wednesday, January 30. The IRS cited the need to finalize forms and to complete programming and testing of its processing systems after passage… (more…)
Job seekers may be able to deduct some of the expenses incurred in searching for work. In order to qualify, expenses must be related to search for employment in the taxpayer’s current occupation. Our Bergen County CPA office offers you insight to this. Tips for Job Seekers Following are some tax tips for taxpayers seeking employment: Taxpayers can… (more…)
If you have been following all the political drama connected with the “fiscal cliff,” you know that Congress finally passed legislation that dealt with the tax portion of the issue, leaving the spending half of the problem for later resolution. Here are the highlights of the new tax law, the “American Taxpayer Relief Act of 2012.” Our Bergen… (more…)
According to the Congressional Research Service, 34 million taxpayers could be hit by the alternative minimum tax (AMT) this year. Are you one of the many unsuspecting or uninformed taxpayers who will be caught by the AMT in 2012? With a better understanding of the rules, you may be able to avoid or reduce adverse tax consequences. Our Bergen County… (more…)