These days, it”s probably a toss-up who”s more nervous about college: you or your child. Graduates leave school with an average of $26,600 in debt — but you don”t have to leverage your 401(k) if you want to contribute. All it takes is a little planning and help from your teen to cut costs and [...]

With its scores of new and extended provisions, the American Taxpayer Relief Act of 2012 offers something for nearly all taxpayers and their preparers to assess and implement as they begin preparing 2012 returns and plan for the future. Less than two hours into 2013 and the “fiscal cliff” expiration of the George W. Bush-era [...]

Pulling back from the “fiscal cliff” at the 13th hour, Congress on Tuesday preserved most of the George W. Bush-era tax cuts and extended many other lapsed tax provisions. Shortly before 2 a.m. Tuesday, the Senate passed a bill that had been heralded and, in some quarters, groused about throughout the preceding day. By a [...]

2013 Tax Rates, Capital Gains & Dividends, Estate & Gift Tax Rates, Payroll Taxes, Depreciation, Extenders & Education Tax Breaks Practitioners’ Corner: 2012 Post-Election Tax Policy From CCH Federal Tax Weekly Income tax rates President Obama campaigned on a promise to extend the Bush-era tax cuts for lower and moderate income individuals, but to allow [...]

  The IRS has released the 2013 standard mileage rates that employees, self-employed individuals, and other taxpayers can use to compute deductible costs of operating automobiles (including vans, pickups and panel trucks) for business, medical, moving and charitable purposes. The 2013 standard mileage rate is increased to 56.5 cents per mile for business uses and [...]

Did you receive an unexpected check in the mail?  During July or August, 2012, many employers received a check from their medical insurance provider for a “medical loss rebate.”  The rebate is the result of applying regulations of the recent health care laws.   Taxpayers who have coverage through individual health insurance plans may also have [...]

We are often asked about the best way to document the deductible amount for goods donated to organizations such as Goodwill, Salvation Army and the like. First, to clear up some common misconceptions: Myth: The maximum amount I can deduct for non-cash contributions each year is $500. Fact: You can deduct the fair market value [...]

Here is some information from the IRS about a special tax deduction for the self-employed. You may be able to deduct premiums paid for medical and dental insurance and qualified long-term care insurance for you, your spouse, and your dependents if you are one of the following: A self-employed individual with a net profit reported [...]