Take 3 steps now to cut your 2013 taxes

One of the best things about a midyear tax checkup is having the time to investigate, plan, and implement strategies that can reduce your current-year taxes. That’s particularly true this year, since tax legislation enacted in January means many rules for 2013 are already in place, and there’s more certainty about what actions will be […]

Read More

Tax relief for Sandy victims

Victims of Hurricane Sandy may be entitled to some tax relief, according to a recent announcement by the IRS. Certain tax filing and payment deadlines from late October on will be extended until February 1, 2013. This includes the final 2012 estimated tax payment (normally due January 15, 2013) and payroll and excise taxes (normally […]

Read More

IRS Updates on Tax-Exempt Status, HSAs, Health Insurance, and Bonds & Options

December deadline for tax-exempt reinstatement: Here’s an important reminder for small nonprofit organizations: If your organization had its tax-exempt status revoked for failing to file an annual return from 2007 through 2009, the IRS is giving you a chance to get reinstated. The IRS has issued guidance for small organizations with gross annual receipts of […]

Read More

Time for a year-end tax review

December 31st will be very important in the lives of taxpayers, because on that date many tax-saving provisions are set to expire. Congress has extended many of these provisions on a year-by-year basis. However, as it stands now, many tax-cutting provisions have already expired or will expire. Here are a few of the more important […]

Read More

“Bunching” deductions could >cut< your taxes

Getting the most benefit from tax deductions requires multi-year planning as well as consideration of the alternative minimum tax (AMT). The multi-year part involves “bunching” your expenses. That’s a strategy where you decide to accelerate or delay payments between different years for itemized deductions such as state income taxes, routine health care, and charitable contributions. […]

Read More

Filing Reminder for Tax-Exempts

Tax-exempt organizations are required to file annual reports with the IRS. Those with gross receipts below $50,000 can file an E-postcard rather than a longer version of Form 990. The deadline for nonprofit filings is the 15th day of the 5th month after their year-end. For calendar-year organizations, the filing deadline for 2011 reports was […]

Read More