Education Tax Credit Contributing to Delayed Returns
The Internal Revenue Service (IRS) recently announced that several problems with the filings for education tax credits may be delaying processing of many tax returns. According to the IRS, there have been many instances in which the Form 8863, Education Credits is not completed correctly. The problems stem from the following two conditions: failure to…
You might save more by deducting state and local sales taxes
For the last several years, taxpayers have been allowed to take an itemized deduction for state and local sales taxes in lieu of state and local income taxes. This break can be valuable to those residing in states with no or low income taxes or who purchase major items, such as a car or boat….
How to Find Your Focus at Work
When you achieve a total state of concentration, you are more focused on the tasks at hand and so absorbed that you lose track of time. Generally, people who experience this type of concentration, or flow, are happier and more productive at work. Here are four tips to help you find your flow and stay…
2012 return filing on hold for many taxpayers
While the many revived breaks under the American Taxpayer Relief Act of 2012 (ATRA) are good news for taxpayers, they would have been better news had they been signed into law earlier. Because many breaks were retroactively extended back to Jan. 1, 2012, numerous IRS forms have to be updated accordingly. But the IRS couldn’t…
Tax Season Terrors: Identity Theft
As we dive into the heart of tax season, CPAs need to educate clients on tax return and tax-related identity theft. Tax return identity theft occurs when someone uses a taxpayer’s personal information to claim refunds or other credits that the taxpayer is not entitled to. Thieves tend to file early on to avoid receiving…
Can recently enhanced Sec. 179 expensing reduce your 2012 taxes?
Section 179 expensing allows businesses a 100% deduction for the cost of qualifying asset purchases. Its 2012 benefits were recently enhanced by the American Taxpayer Relief Act of 2012 (ATRA). Sec. 179 expensing is subject to an annual limit, which is phased out if purchases exceed a designated threshold. So if total purchases are large…
IRS announces tax season begins and details Forms still subject to delayed filing
IRS has announced that the 2013 filing season has opened on January 30, and on its website detailed the Forms that cannot be filed until a later date. IRS also announced a variety of enhanced products and services to help taxpayers prepare and file their returns by the April 15 deadline. Background.In IR 2013-2 (see…
4 Ways to Find Financial Bliss
Experts agree that people tend to be happier when they spend their money on experiences rather than objects. It’s true that some objects are necessary to create certain experiences, such as the way new outdoor furniture can inspire summer cookouts. Below are several other ways that psychology can be applied to your spending habits, making…