Monthly Archives: March 2013

Tax Tip: Save energy! Save taxes!

If you haven’t already taken advantage of the tax incentive for energy-efficient improvements to your home, 2013 may be the year to install furnaces, windows, doors or skylights. Qualifying purchases are eligible for a federal credit which can reduce your … Continue reading

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Dependents: What are the tax rules?

Most taxpayers believe that a “dependent” is a minor child that lives with them. While that is essentially correct, dependents can include parents, other relatives and nonrelatives, and even children who don’t live with you. There is really much more … Continue reading

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New Medicare taxes take effect in 2013

The 2010 health care reform legislation included several provisions that go into effect this year. Among them is the increase in Medicare taxes for taxpayers with incomes above certain levels. Here is an overview of these two new taxes. FIRST, … Continue reading

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Pay attention to restored deductions for 2012

A number of tax breaks that had expired at the end of 2011 or were to expire at the end of 2012 were extended by the recently passed law, the “American Taxpayer Relief Act of 2012.” Keep these deductions and … Continue reading

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“Chained CPI”: What’s it all about?

As the politicians in Washington start once again to tackle the same old problems, you’re likely to hear more about a new way of measuring inflation called the “chained CPI.” The standard way to measure inflation has been with the … Continue reading

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Home office recordkeeping simplified

The IRS is reducing the recordkeeping required for the home-office deduction, effective for 2013. Taxpayers who qualify may use a new optional deduction calculated at $5 a square foot for up to 300 square feet of an area in a … Continue reading

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Gift taxes: Clearing up the confusion

There is a great deal of confusion about gifting and gift taxes. The federal gift tax law is completely apart from the income tax law. Neither party to a gift should include the gift information on their income tax return. … Continue reading

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