In the midst of gripping near-term news of deficits and economic crises, taxpayers may not be aware that a looming tax on investment income will begin to nick higher-income earners starting in 2013. Read the full article

For the foreseeable future, a number of tax credits for home energy efficiency improvements will go away at the end of 2011. Here are some credits that apply to improvements made to a taxpayer’s principal residence. Read the full article

Now that the Congressional Super-Committee has thrown in the towel, the automatic spending cuts mandated by the Budget Control Act of 2011 are set to kick in unless Congress gets its act together. Read the full article

As the end of the year approaches, mutual fund owners may benefit from examining their holdings and considering some timely sales. Read the full article

In response to increases in the cost-of-living index, the IRS announced today that adjustments that will be made to contribution limits for some types of retirement plans. Read the full article

Quite a few taxpayers did Roth conversions last year, taking advantage of the change in conversion eligibility rules. But for some of them, now might be the time for a do-over. Read the full article

It’s unclear whether significant tax reforms will be enacted for 2012, so year-end planning could be tricky this year. Still, there are some tax strategies that should at least be examined for possible implementation before 2011 ends. Read the full article

The IRS has announced that in addition to relief already announced for taxpayers in Federal disaster areas, it is giving a one-week extension of the September 15th filing deadline to taxpayers whose preparers are located in areas that were under a severe weather warnings or an evacuation order as a result of Hurricane Irene. Read the full article

Today is the 150th anniversary of the US income tax. Originally established to fund the Civil War, the Federal income tax underwent various changes, with the basic system we have today being established in 1913. It seems appropriate, on this anniversary, to note that we can expect to see some significant changes in the structure of the income tax code later this year. Read the full article

The Commonwealth of Massachusetts will have its sales tax holiday this year on August 13-14. Read the full article

The rules for benefiting from the home office deduction are complex, but this shouldn't discourage taxpayers entitled to the deduction from using it. Read the full article

The IRS announced yesterday that taxpayers who were victims of storms in parts of Vermont on April 23 and the June 1 tornadoes in certain counties in Massachusetts are granted additional time to make some tax payments. Read the full article

The Washington Post reported this week that rules being drafted under the Dodd-Frank Wall Street Reform and Consumer Protection Act will likely have the effect of making it tougher for borrowers to qualify for the lowest mortgage rates available. Read the full article

As Congress wrangles over whether to extend funding or let the Federal government “shutdown” over the coming weekend, the Commissioner of the IRS has indicated that refunds for tax returns filed on paper will probably be delayed if there is a shutdown. Read the full article

Today the Senate passed, by a wide margin, H.R. 4, the Small Business Paperwork Mandate Elimination Act of 2011. Read the full article

Among the provisions of last year’s Patient Protection and Affordable Care Act was a provision requiring small businesses to issue 1099 forms to every business to which it paid $600 or more in a single calendar year. Today, the House of Representatives passed a bill repealing the provision. Read the full article

With so many provisions in the The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, not much has been said about the extension of the IRA charitable rolloever. This rule has been extended through Dec. 31, 2011, and in an unusual twist, charitable distributions for the 2010 tax year can be made through the end of January 2011. Read the full article

Toward the end of this year, the IRS began warning Congress that last-minute changes to the tax laws could result in delays for taxpayers. Since the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 did not come into being until Dec. 17, the IRS has announced that many taxpayers will have to wait until mid-to-late February 2011 before they can their 2010 Federal returns. Anyone who needs to file Schedule A will have to wait, as will taxpayers claiming various other deductions and credits. Read the full article

Now that Congress has extended lower tax rates through 2012, taxpayers should have an easier job deciding which taxation option to take for the conversion. Read the full article

Both the House and Senate have passed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, and the bill is expected to pass into law soon. What goodies does it hold for taxpayers? Read the full article

Kay Bell, over at Don't Mess With Taxes, notes that Senate Finance Committee Chairman Max Baucus has announced his intention to file legislation repealing the portion of the Patient Protection and Affordable Care Act that requires small businesses to file Forms 1099 for most purchases totalling $600 or more. According to the Senate Finance Committee website, Baucus has gotten an earful from small business owners: "“Small businesses are the backbone of our economy in my home state of Montana and across the country, and they need to focus their efforts on creating good-paying jobs – not filing paperwork." While it would have been nicer if Congress had considered the effects of the provision on its constituents prior to making it law, it will still be a great help to small businesses if Baucus' efforts are successful. Read the full article

In September, H.R.5297, the Small Business Jobs Act, was signed into law. At 266 pages, the bill covers a lot of territory, but one provision will be of particular interest to small landlords. Read the full article

Each year, Congress usually makes a last-minute adjustment to keep the Alternative Minimum Tax (AMT) from hitting a large number of taxpayers. Although action has not yet been taken for 2010, a letter to the Internal Revenue Service Commissioner from key members of the House and Senate indicates that there’s hope for the enactment of a 2010 AMT “patch.” Read the full article

One of the provisions of the health care bill was a change in the rules that apply to flexible savings accounts (FSAs), health savings accounts (HSAs) and other health savings plans. After December 31st of this year, the cost of over-the-counter drug purchases will no longer qualify for reimbursement from these plans. After the end of 2010, only insulin and prescription purchases will be reimbursable. There's a small exemption provided for plans that use debit cards; these purchases remain qualified through January 15, 2011. The IRS is providing further information on changes in the reimbursement rules for over-the-counter medicines and drugs at its web site. Read the full article

After taking a one-year hiatus, the Commonwealth of Massachusetts is again joining several other states in giving consumers a two-day “sales tax holiday.” Read the full article

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