WASHINGTON — The Internal Revenue Service today announced a simplified option that many owners of home-based businesses and some home-based workers may use to figure their deductions for the business use of their homes. In tax year 2010, the most recent year for which figures are available, nearly 3.4 million taxpayers claimed deductions for business … Continue reading IRS Announces Simplified Option for Claiming Home Office Deduction Starting This Year; Eligible Home-Based Businesses May Deduct up to $1,500 →

Estate and gift tax planning just become simpler with the “Fiscal Cliff” legislation passed on New Years Day.  The estate tax exemption and gift tax exemption are now set at $5,120,000 for 2012 and $5,250,000 for 2013, indexed for inflation.  Also becoming permanent is the estate tax “portability” election, allowing a surviving spouse to increase his/her estate tax exemption … Continue reading Estate tax free amounts and gift tax free amounts protected under American Taxpayer Relief Act →

IRS Offers Tax Tips for “The Season of Giving” December is traditionally a month for giving generously to charities, friends and family. But it’s also a time that can have a major impact on the tax return you’ll file in the New Year. Here are some “Season of Giving” tips from the IRS covering everything … Continue reading IRS Offers Tax Tips for December Gifts to Charity →

In 2013, Various Tax Benefits Increase Due to Inflation Adjustments WASHINGTON — For tax year 2013, the Internal Revenue Service announced today annual inflation adjustments for more than two dozen tax provisions. The annual exclusion for gifts rises to $14,000 for 2013, up from $13,000 for 2012. The amount used to reduce the net unearned … Continue reading IRS announces higher gift tax benefits due to inflation for 2013 →

IRS Announces 2013 Pension Plan Limitations; Taxpayers May Contribute up to $17,500 to their 401(k) plans in 2013 WASHINGTON — The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for Tax Year 2013.  In general, many of the pension plan limitations will change for … Continue reading IRS announces increased pension limits for 2013 →