WASHINGTON — The U.S. Department of the Treasury and the Internal Revenue Service (IRS) today ruled that same-sex couples, legally married in jurisdictions that recognize their marriages, will be treated as married for federal tax purposes. The ruling applies regardless of whether the couple lives in a jurisdiction that recognizes same-sex marriage or a jurisdiction that does not recognize same-sex marriage.

The ruling implements federal tax aspects of the June 26 Supreme Court decision invalidating a key provision of the 1996 Defense of Marriage Act.

Under the ruling, same-sex couples will be treated as married for all federal tax purposes,

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.

Tax Tips Small Business

  • Do You Know How Much Your Business Is Worth?

    Tips for placing a value on your business

    There are several reasons why you should know the value of your business. if you are planning to sell your business, the general rule is that you should sell it for fair market value. In many instances the term "fair market value" is somewhat ambiguous. In the simplest sense, fair market value is what a willing buyer would pay a willing seller, with each party knowing all the pertinent facts.

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Small Business Quick Tip

  • SS Wage Base

    The Social Security wage base increases to $118,500 in 2016. This means that you are no longer required to withhold social security tax for employees after meeting this threshold. However, you are required to withhold Medicare taxes regardless of the amount of wages paid.
Saturday, 15th December 2018
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Tax Tips Personal

  • Gambling Income and Losses

    Six Tips on Gambling Income and Losses

    Whether you roll the dice, play cards or bet on the ponies, all your winnings are taxable. The IRS offers these six tax tips for the casual gambler.

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Personal Quick Tip

  • IRA Contribution Deadline

    If by year-end you haven't contributed funds to your 2016 IRA, or if you've put in less than the maximum allowed, don't worry. You can contribute to either a traditional or Roth IRA until the April due date for filing your tax return for 2016 not including extensions. You can contribute up to $5,500 to your IRA each year. If you are age 50 or older, you are allowed to contribute an additional $1,000.