Info Center Blog

We hope you find our accounting & tax blog to be informative!  Let us know if there are topics you would like to see addressed here.

As recently issued by the IRS, the optional standard mileage rates used for calculating deductible costs of operating vehicles for business, medical, or moving purposes have increased for 2013! The new rates have an effective date of January 1, 2013 and the new rates are as follows:

It was recently announced that in the year 2013 both Social Security and Medicare taxes are going to be seeing a percentage increase in withholdings. Who will be affected and how much are the increases? Let’s take a closer look.

Wise words we should all keep in mind, especially in today’s fast-paced, high-tech social-networking world.  If you take the bait, you are just a few clicks from revealing personal information that may inundate your inbox with spam, or worse even compromise your identity.

You can claim a personal exemption for yourself, your spouse and each of your dependents.  A dependent child includes children born to you and your spouse, step children, adopted children and eligible foster children.  In some circumstances, grandchildren, brothers, sisters or even parents may qualify as your dependent if certain eligibility tests are met.

For 2011, each personal exemption reduces your taxable income by $3,700.  There is no phase out of exemptions based on income for 2011.

    Friday, September 9 is National 401K Day!  Regardless of what type of retirement plan your employer provides, participating can provide more than just a nest egg for your golden years--it can also defer real tax dollars today and push the taxes into your retirement years when incomes tend to be lower.

Believe it or not, the I-phone & I-pad app craze has now entered the exciting world of helping you to track your tax deductions! 

Recent entries into the tax deduction tracking field include:

Many deductions are available only if you itemize, or complete a Schedule A on your tax return, but itemizing isn't the best option for everyone.  Taxpayers are allowed a standard deduction, an amount on which NO tax is due.  You should only itemize if your deductions exceed the standard deduction.

There are a number of deductions and credits available for those who pay for higher education.  If you are paying for college expenses, we would be glad to discuss these options with you to determine which ones will provide the most benefit in your particular situation. 

The following options are discussed in detail below:

As part of the tax deal passed on December 17, 2010, the amount each employee pays in social security tax was temporarily reduced from 6.2 to 4.2 percent.  That equates to a 2% raise for the year!  Not that much you think--well lets break it down.

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