On January 15, 1013 The Internal Revenue Service announced a simplified option for claiming the Home Office Deduction, making the lives of home-based business operators a little easier. In November of 2011, in our blog article Work From Home? There May Be a Deduction for That!, we outlined the eligibility requirements required to take the [...]
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For the second year in a row, 401(k) limits have risen. The contribution limit for 2013 is $17,500 (up from $17,000 in 2012). The maximum applies to your salary deferrals to traditional 401(k) plans or ROTH 401(k) plans (or, if you have both a traditional and a ROTH, to the combination of the two). The [...]
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The Treasury Inspector General for Tax Administration (TIGTA) released a report that does not bode well for the Internal Revenue Service. According to the report, “the IRS has recently issued thousands of tax identification numbers to ineligible people and, in some cases, IRS managers condoned the practice.” In response, the IRS released a statement vowing [...]
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According to the Kiplinger Tax Letter, April 13, 2012 “The IRS is shifting the focus of its examinations of businesses. Fewer resources will be devoted to very large corporations.” Instead the Service will be turning their attention this year towards pass-through entities (S Corporations and Partnerships), midsize firms (those with assets between $10 million and [...]
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The Internal Revenue Service does not contact taxpayers by email to alert them of a pending tax refund, inform them they are eligible for a tax refund, initiate taxpayer communications, or ask for detailed personal and financial information like social security numbers, PIN numbers, passwords, bank or credit card account numbers, or security-related information such [...]
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After four straight years of stagnant 401K contribution limits, the IRS officially announced an increase for 2012! G.E. Miller’s 20SomethingFinance article does a fantastic job in revealing: A brief history of 401K contributions limits Advice on how to calculate the percentage of your salary you need to have withheld to reach your max contribution. And how supplement [...]
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