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Posts from January, 2013

  • Many Tax Benefits Increase Due to Inflation Adjustments For tax year 2012, personal exemptions and standard deductions will rise and tax brackets will widen due to inflation, the Internal Revenue Service announced today. By law, the dollar amounts for a variety of tax provisions, affecting virtually every taxpayer, must be ... Continue Reading
  • Standard Mileage Rates for 2013 Beginning on Jan. 1, 2013, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 56.5 cents per mile for business miles driven. 24 cents per mile driven for medical or moving purposes. 14 cents per mile driven in service of charitable ... Continue Reading
  • Plan Now to Get Full Benefit of Saver’s Credit Low- and moderate-income workers can take steps now to save for retirement and earn a special tax credit in 2012 and the years ahead, according to the Internal Revenue Service. The saver’s credit helps offset part of the first $2,000 workers voluntarily contribute to IRAs ... Continue Reading
  • FAQ: Sale of Property Question: What is the basis of property received as a gift? Answer: To figure the basis of property you receive as a gift, you must know 3 amounts: The adjusted basis to the donor just before it was given to you. The fair market value (FMV) at the time it was given to you. ... Continue Reading
  • Upcoming Tax Deadlines January Thu 3 Deposit payroll tax for payments on Dec 26-28 if the semiweekly deposit rule applies. Fri 4 Deposit payroll tax for payments on Dec 29 – Jan 1 if the semiweekly deposit rule applies. Wed 9 Deposit payroll tax for payments on Jan 2-4 if the semiweekly deposit ... Continue Reading