The IRS has released (IRS Notice 2012-72) the 2013 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving expense … [Read more...] about IRS ANNOUNCES 2013 STANDARD MILEAGE RATES

If you have one or more traditional IRAs set up in your name and you will be age 70 1/2 or older at year end or you have an inherited IRA, you must comply with the required minimum distribution (RMD) … [Read more...] about DON’T FORGET TO TAKE 2012 IRA REQUIRED MINIMUM DISTRIBUTION

Here's a snapshot of what you must do to steer clear of trouble with the IRS when you hire someone to take care of your children in the home. The trouble is that not paying the "nanny tax" is … [Read more...] about “Nanny Tax” Considerations

What is the fiscal cliff? From a tax perspective, it is the expiration of more than 50 temporary tax provisions (extenders), the expiration of the Bush 2001/2003 tax cuts, the expiration of the … [Read more...] about Fiscal Cliff Tax Planning

A taxpayer can claim a nonrefundable child and dependent care tax credit if someone is paid by the taxpayer to watch his under-age-13 dependent child or children (who are eligible to be claimed as … [Read more...] about Child Care Tax Considerations

Employees may be surprised to a new item reported on their 2012 W-2s. Beginning with the issuance of 2012 W-2s, the employer is required to report the value of health care coverage … [Read more...] about Form W-2 Reporting of Employer-Sponsored Health Care