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10 Tax Breaks Set to Expire in 2013
POSTED:December 10, 2013 by Dana Leon Clinton
Federal tax breaks come and go, and this year is no exception. Unless Congress takes action, 55 of them are set to expire on December 31, 2013. Let's take a look at the ones that are most likely to affect taxpayers like you.
1. Teachers' Deduction for Certain Expenses
Primary and secondary school teachers buying school supplies out-of-pocket may be able to take an above-the-line deduction of up to $250 for unreimbursed expenses. An above the line deduction means that it can be taken before calculating ...read more
2013 Tax Changes for Businesses
POSTED:December 09, 2013 by Dana Leon Clinton
Whether you file as a corporation or sole proprietor here's what business owners need to know about tax changes in 2013.
Standard Mileage Rates
The standard mileage rate in 2013 is 56.5 cents per business mile driven, 24 cents per mile driven for medical or moving purposes, and 14 cents per mile driven in service of charitable organizations.
Health Care Tax Credit for Small Businesses
Small business employers who pay at least half the premiums for single health insurance coverage for ...read more
2013 Tax Changes for Individuals
POSTED:December 05, 2013 by Dana Leon Clinton
From personal deductions to tax credits and educational expenses, many of the tax changes affecting individuals were related to the signing of the American Taxpayer Relief Act (ATRA), which modified, made permanent, or extended a number of tax provisions that expired in 2010 and 2011. With that in mind, here's what individuals and families need to know about tax changes that took effect in 2013.
The personal and dependent exemption for tax year 2013 is $3,900.
Standard ...read more
Tax Due Dates for December 2013
POSTED:December 01, 2013 by Dana Leon Clinton
Employees who work for tips - If you received $20 or more in tips during November, report them to your employer. You can use Form 4070.
Corporations - Deposit the fourth installment of estimated income tax for 2013. A worksheet, Form 1120-W, is available to help you estimate your tax for the year.Employers Social Security, Medicare, and withheld income tax - If the monthly deposit rule applies, deposit the tax for payments in November.
Employers Nonpayroll ...read more
Tax Tips for Individuals Selling Their Home
POSTED:November 27, 2013 by Dana Leon Clinton
If you're selling your main home this year, we have some helpful tips for you. Even if you make a profit from the sale of your home, you may not have to report it as income.
1. If you sell your home at a gain, you may be able to exclude part or all of the profit from your income. This rule generally applies if you've owned and used the property as your main home for at least two out of the five years before the date of sale.
2. You normally can exclude up to $250,000 of the gain from your income ...read more