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

  • Deducting the Business Use of Your Home

    Don't overlook your home office

    If you use a portion of your home for business, you may be able to take a home office deduction whether you are self-employed or an employee. Expenses that you may be able to deduct for business use of the home may include the business portion of real estate taxes, mortgage interest, rent, utilities, insurance, depreciation, painting, and repairs.

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Small Business Quick Tip

  • Self Employed Health Insurance

    If you are a self-employed taxpayer, you may deduct 100 percent of your health insurance premiums from your income. The deduction for health insurance premiums does not reduce your self-employment tax, however.
Saturday, 25th May 2019
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What is an Enrolled Agent and why should I care?

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Tax Tips Personal

  • Public Safety Officers Get a Tax Break

    Tax savings for health care costs

    Beginning in 2007, retired public safety officers, or those who have separated from service due to disability, get a tax break for health care costs. If you are a retired public safety officer,

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Personal Quick Tip

  • IRA Contribution Deadline 2

    Contributions to your IRA must be made by the due date of your tax return. Generally this is April 15. Extending the due date of your tax return does not extend the due date of your IRA contribution.