Tag Archive

Clergy Tax-Free Housing Allowance Ruled Unconstitutional

Published on January 2, 2014 By rkl

Clergy Tax-Free Housing Allowance Ruled Unconstitutional Courtesy of: http://www.huffingtonpost.com/2013/11/25/clergy-tax-free-housing-unconstitutional_n_4339673.html A federal judge has ruled that an Internal Revenue Service exemption that allows clergy to shield a portion of their salary from federal income taxes is unconstitutional. The clergy housing exemption applies to an estimated 44,000 ministers, priests, rabbis, imams and others. If the ruling stands, […]

IRS Updated Mileage Rates Released for 2014

Published on December 16, 2013 By rkl

IRS Updated Mileage Rates Released for 2014 Beginning on January 1, 2014, the standard mileage rates for the use of a car, van, pickup or panel truck will be: A. 56 cents per mile for business miles. B. 23.5 cents per mile driven for medical or moving purposes C. 14 cents per mile driven in […]

Disappearing Tax Deductions

Published on December 16, 2013 By rkl

Disappearing Tax Deductions While many of the usual temporary tax deductions and credits were made permanent in 2012, there's still a large number that weren't, and that are currently slated to expire or change significantly at the end of the year. 1. Educator's Expenses – IRC Sec. 62(a)(D) What it is now: Grades K-12 teachers, instructors, counselors, […]

Top 10 Mistakes Investors Make with Taxes

Published on December 16, 2013 By rkl

Top 10 Mistakes Investors Make with Taxes 1. Short-term vs. long-term gains Realized gains on appreciated securities held for one year or more qualify for favorable tax treatment. Long-term capital gain tax rates are significantly lower than short-term rates. Holding a security an extra day, week or month can significantly reduce the tax burden. 2. […]

IRS May Delay the Start of the Tax-Filing Aeason by One to Two weeks

Published on December 16, 2013 By rkl

  The IRS delayed the start of the tax-filing season for one to two weeks, citing the recent 16-day federal government shutdown. The IRS, which had been scheduled to open filing Jan. 21, 2014, will now begin accepting returns for tax year 2013 as early as Jan. 28. The agency will make a final decision on […]

Tax practitioners will be charging more this year for tax preparation, according to an annual survey by the National Society of Accountants

Published on December 16, 2013 By rkl

Taxpayers can expect to pay an average of $261 for an itemized Form 1040 with Schedule A and a state tax return, the survey found, compared to the $246 reported in last year’s survey. The fee for non-itemized return will also rise, to $152 for a Form 1040 and state return, against $143 last year. […]

We Are Now Taking Appointments for the 2016 Tax Season

Published on December 16, 2013 By rkl

We have been preparing tax returns for our financial counseling/coaching clients for many years. We prepare 1040's (individuals), 1120's (corporations), 1120S's (Sub-S corporations), and 1065's (partnerships). Our goal is to provide quality tax prep at the lowest cost possible for our clients. We will begin preparing tax returns starting January 26th, 2016.  Appointments can be scheduled by calling 716-200-9359 or email […]

Congress Acts – American Taxpayer Relief Act of 2012 – Hightlights

Published on January 4, 2013 By rkl

It came down to the last minute but Congress did pass the American Taxpayer Relief Act of 2012. Here are some highlights of the bill: Permanent Alternative Minimum Tax (AMT) patch, adjusted for inflation. This will protect 30 million taxpayers from AMT liability. Preservation of the Bush-era tax cuts for individuals earning less than $400,000 (AGI) […]