Tag: tax preparation

“Healthy” Medical Deductions

March 12, 2013

Taxpayers who itemize their deductions may deduct medical expenses they paid exceeding 7.5 percent their adjusted gross income and this limitation increases to 10% of AGI in 2013.

ATRA & AMT -OMG!

March 11, 2013

The alternative minimum tax makes tax planning much more difficult, and often taxpayers whose annual incomes have increased are unpleasantly surprised when they learn they owe AMT.

Tax-Free IRA Transfers

January 28, 2013

IRA owners age 70½ or older have just a few more days to make tax-free transfers to eligible charities and have them count for tax-year 2012.

Tax Calendar Squeeze

All this means refund checks could be delayed about a week and the filing window shrinks from 12 weeks down to 11 weeks. The filing deadline remains April 15th, which falls on a Monday this tax season.

Income Tax Head-Spin Season

January 25, 2013

If your head is spinning from all the new tax law changes, you’re not alone. Even the IRS’s own National Taxpayer Advocate (yes, there’s a person with that job) has reported to lawmakers that today’s tax code is so complicated it “obscures comprehension”. More than 60 percent of taxpayers must use the services of a professional to complete their tax returns.