NEWSLETTERS
New year begins with delayed filing season,
continuing tax reform discussions and new IRS leader
Taxpayers will experience a short delay to the start
of the 2014 filing season, but passage of the
Bipartisan Budget Act of 2013 averted the
possibility of an IRS shutdown in January. The
budget agreement, however, did not include any tax
provisions, and tax reform must find a new vehicle
to move forward in Congress. Meanwhile, the IRS
starts 2014 with a new leader, who promised to
restore public trust in the agency after a troubled
2013.
Higher-income taxpayers brace for higher tax bill
with 2013 returns
Many
higher-income taxpayers will be in for a big
surprise when they finally tally up their 2013 tax
bill before April 15th. The higher amount of taxes
that may be owed will be the result of the
combination of several factors, the cumulative
effect of which will be significant for many. These
factors include a higher income tax rate, a higher
capital gains rate, a new net investment income tax,
and a new Medicare surcharge on earned income, as
well as a significantly reduced benefit from
personal exemptions and itemized deductions for
those in the higher income tax brackets.
Keeping good records for tax season and beyond –
some guidelines
Good recordkeeping is essential for individuals and
businesses before, during, and after the tax filing
season.
How do I?... use the 2014 standard mileage rates?
Taxpayers who use their automobiles for business or
the production of income can deduct their actual
expenses for use of an automobile (including the use
of vans, pickups, and panel trucks) that the
taxpayer owns or leases. Deductible expenses include
parking fees, tolls, taxes, depreciation, repairs
and maintenance, tires, gas, oil, insurance and
registration.
FAQ . . . What 2013 tax year deadlines extend into
2014?
The
definitive arrival of the New Year does not spell
doom for all tax savings opportunities for 2013. A
few options remain to taxpayers:
January 2014 tax compliance calendar
As an individual or business, it is your
responsibility to be aware of and to meet your tax
filing/reporting deadlines. This calendar summarizes
important tax reporting and filing data for
individuals, businesses and other taxpayers for the
month of January 2014.
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