Archive for January, 2013

National EITC Awareness Day

Posted on: 25 Jan, 2013

TODAY is #National_EITC_Awareness_Day. Join #IRS in spreading the word about #EITC. View More information and to see if you qualify at IRS.gov

Home Office Deduction 2013

Posted on: 16 Jan, 2013

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 IR-2013-5, Jan. 15, 2013 WASHINGTON — 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…read more →

IRS Plans Jan. 30 Tax Season Opening For 1040 Filers

Posted on: 11 Jan, 2013

  IRS Plans Jan. 30 Tax Season Opening For 1040 Filers WASHINGTON — Following the January tax law changes made by Congress under the American Taxpayer Relief Act (ATRA), the Internal Revenue Service announced today it plans to open the 2013 filing season and begin processing individual income tax returns on Jan. 30. The IRS will begin accepting tax returns…read more →

Fiscal Cliff

Posted on: 8 Jan, 2013

 1.  Key Provisions Permanent AMT patch. The Act increases the exemption amounts for 2012 to $50,600 (individuals) and $78,750 (married filing jointly) and indexes the exemption and phaseout amounts thereafter. The Act also allows the nonrefundable personal credits against the AMT. The provision is effective for taxable years beginning after December 31, 2011. Permanently extend the 10% bracket. The Act…read more →