If you run your own small business, hiring your child for the summer may be a win-win situation. More of your money will be kept out of the IRS’s hands while your child earns some extra money and hopefully gains some valuable workplace skills along the way. Keep reading below to discover some benefits to [...]
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No one wants to be charged an underpayment penalty. So, how can you be sure that the quarterly estimated payments you’re making are sufficient to cover your tax liability? If a taxpayer’s quarterly estimated tax payments equal at least 90% of their tax liability for 2013, the underpayment penalty will generally not apply. An alternative way [...]
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Deadline for filing 2012 individual tax returns. Deadline for filing 2012 partnership returns. Deadline for filing 2012 gift tax returns. Deadline for making your 2012 IRA contribution. Deadline for filing 2012 estate and trust income tax returns. First installment of 2013 individual estimated tax is due. Due date for calendar-year corporations to pay first installment [...]
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In the early morning hours of January 1, 2013, the “fiscal cliff” stalemate finally broke and the Senate passed H.R. 8 the “American Taxpayer Relief Act.” Later on that same day, a weary House of Representatives also passed the bill. Signed into law by President Obama on January 3rd, the 2012 Taxpayer Relief Act retains [...]
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Holiday Greetings from Southwest Florida! We would like to take this moment to express our gratitude for your contributions to our success this past year. Best wishes to you and your family for a joyous holiday season and a happy new year! The Team at McDonald & Osborne, PA
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From the November 12, 2012 Kiplinger Tax Letter: “Congress’ delay in finalizing the 2012 tax rules will affect the filing season. Many taxpayers will not be able to file early next year. Because taxwriters aren’t expected to act until mid-December to reinstate a set of tax provisions that expired after 2011, IRS expects it will [...]
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Once again, McDonald & Osborne is participating in the Adopt-a-Family program (check out our posts from last year for more details). We are very excited about making this Christmas special for our adopted family. Our adopted family for 2012 includes a father, mother and three young boys (ages 3, 5 and 7). The program dictates [...]
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It’s October already, which means that 2013 is right around the corner. If you haven’t been proactive in planning for your 2012 income tax filing, there is still time. With so much uncertainty as to agreements on tax law, it is no doubt, a chaotic time for planning. However, with the Bush tax cuts set [...]
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It is widely believed that no action will be taken to thwart the expiration of the payroll tax cut at the end of the year. The cut reduced worker’s tax on wages from 6.2% to 4.2%. Although originally intended as a one year break in 2011, the cut was extended into 2012, and neither republicans [...]
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College football is officially back! This year, our team decided to participate in College Colors Day by wearing the colors and apparel of our favorite schools. I guess you could say M&O is “House Divided.” Especially noting this weekend’s Michigan vs. Alabama game, as well as the age-old rivalry between Auburn and Alabama. Who is [...]
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