While there are several updates and changes that Congress has enacted, this post deals with Itemized Deductions on Schedule A. If you elect to itemize your allowable personal deduction items on Schedule A then there are a … Read More
I can’t say that DOMA did not make for some interesting tax strategies. The latest from the SCOTUS makes tax filing simpler for our same sex couples here in Mass. Let’s see what the IRS decides … Read More
Faris Fink, the commissioner of IRS’s Small Business and Self-Employment Division has caused a major uproar by his portrayal of the Vulcan commander on a mission to bring effective tax practices to a faraway planet. The … Read More
Taxes done? Well don’t expect to sit back and relax until 2014. The ‘Dirty Dozen’ are lurking and you could be a target. The IRS recently released the top tax scams that you need to be … Read More
Beginning in August, the US Postal Service will end its Saturday mail delivery. Is this really a surprise? With the proliferation of online information delivery methods, postal mail has declined. So the announcement to end Saturday … Read More
As part of Obama Care, we have a new tax beginning in 2013. The official name of this tax is the “Unearned Income Medicare Contribution Tax,” and even though the name implies it is a contribution, … Read More
The American Taxpayer Relief Act of 2012, signed by President Obama on January 2nd, included a permanent AMT (Alternative Minimum Tax) Patch. The AMT was first enacted in 1969 to make sure the ultra-rich paid their … Read More
It’s true that the agreement reached by Democrats and Republicans on January 1st averted a tax increase for 99% of us. Nevertheless, taxes will increase in 2013. Why? Because the reduction in Social Security taxes that … Read More
The political gridlock is worse this year than ever before. Taxpayers are left in the dark, not knowing how to plan finances and businesses are undecided about capital investments and hiring new employees. There are more … Read More