During the summer, you may not think about doing your taxes, but maybe you should. Some of the expenses you’ve paid over the past few months might qualify for money-saving tax credits or deductions come tax time. If you organize your tax records now, you’ll make tax filing easier and faster when you do them next year. It also helps reduce the chance that you’ll lose a receipt or statement that you need.

Here are some tips from the IRS on tax recordkeeping.

WASHINGTON — The Internal Revenue Service is postponing the furlough day scheduled for Friday, Aug. 30 due to its successful ongoing efforts to cut costs. In early September, the IRS will reevaluate the need for an additional furlough day before the federal fiscal year ends on Sept. 30.

The Internal Revenue Service will remain open for business next Monday, July 22, 2013, despite a previously scheduled furlough day.

The furlough was to be the fourth in a series of five furlough days this season. The first three of those days went on as planned on May 24, June 14 and July 5. On those days, the IRS was closed for business. The agency cited funding challenges as the reason for the shutdowns.

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Beginning in tax year 2013 (returns filed in 2014), taxpayers may use a simplified option when figuring the deduction for business use of their home.  

Note: This simplified option does not change the criteria for who may claim a home office deduction. It merely simplifies the calculation and recordkeeping requirements of the allowable deduction.

Highlights of the simplified option:

The Supreme Court ruled a key component of the Defense of Marriage Act (DOMA) unconstitutional, capping what Time Magazine is calling "one of the fastest civil rights shifts in the nation's history."

Understand this, however: the Court's decision does not pave the way for same-sex couples to get married with impunity. Rather, by striking down DOMA,...

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WASHINGTON — The Internal Revenue Service announced today additional details about the closures planned for May 24, June 14, July 5, July 22 and Aug. 30, 2013.

Due to the current budget situation, including the sequester, all IRS operations will be closed on those days. This means that all IRS offices, including all toll-free hotlines, the Taxpayer Advocate Service and the agency’s nearly 400 taxpayer assistance centers nationwide, will be closed on those days. IRS employees will be furloughed without pay. No tax returns will be processed and no compliance-related activities will take place.

The IRS noted that taxpayers should continue to file their returns and pay any taxes due as usual.

Following the January tax law changes made by Congress under the American Taxpayer Relief Act (ATRA), the Internal Revenue Service announced today it plans to open the 2013 filing season and begin processing individual income tax returns on Jan. 30.

Tax Tips Small Business

  • Employee Meals: When Does the 50-Percent Limit Apply?

    Don't reduce your deduction if you aren't required to

    In most cases, an employer is only allowed to deduct one-half of the expense that is paid to employees for meals. However, in some instances, the full amount is allowed.

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Small Business Quick Tip

  • DOT Hours of Service

    Truck drivers and other employees who are subject to the Department of Transportation's "hours of service" rules are allowed to deduct 80 percent of their meals in 2016. In lieu of using actual expenses for meals and incidental expenses, you can deduct the federal rate of $63 per day.
Friday, 22nd February 2019
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What is an Enrolled Agent and why should I care?

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Tax Tips Personal

  • Cleaning Out Your Closets?

    Items you donate may not qualify for a deduction

    It used to be that you could take all your unused clothing and household items to the local Goodwill, Salvation Army, or thrift store and reap a nice charitable contribution deduction.

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Personal Quick Tip

  • Mutual Fund Cost Basis

    If you own mutual funds, it is important to keep track of your reinvested dividends. These dividends increase your cost basis resulting in a lower capital gain when you sell the fund.