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Tag Archives: New Tax Laws
On December 27, 2011 the IRS issued comprehensive guidance, in the form of temporary regulations, on the tax treatment of costs incurred to acquire, repair, or improve tangible property. These regulations are commonly referred to as the “repair” regulations. It is … Read more
The differences over how to resolve the “fiscal cliff” narrowed significantly Monday night as President Barack Obama made a counter-offer to Republicans that included a major change in position on tax hikes for the wealthy, according to a source familiar … Read more
The Internal Revenue Service recently released new optional standard mileage rates. The rates are used to calculate deductible costs of operating an automobile for business, charitable, medical or moving purposes. The 2013 rates indicate a 1 cent increase from the … Read more
Accounting & Tax News :: Deductibility of Medicare Premiums as Self Employed Health Insurance Deduction – Tax Advantages, Disadvantageous and Considerations
Action If you are a self-employed individual who paid Medicare premiums in the past and did not take an above the line self-employed heath insurance deduction for these payments, you have the option to amend your prior year tax returns … Read more
On February 13, the White House released the proposed federal budget for fiscal year 2013 (which begins October 1, 2012). The budget serves as a blueprint for revenues and expenditures to be negotiated by Congress — which could accept, reject, or modify … Read more