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

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

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 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

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

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

The death of New York Yankees owner George Steinbrenner this morning provides his heirs with a huge windfall: an estate with an estimated in excess of one billion dollars, inherited in a year when there is no Federal estate tax. Read the full article

It looks like Congress won’t get around to fixing the estate tax before this year ends. Aside from boosting the incomes of estate planning attorneys, this doesn’t help anyone. Read the full article

Congress just couldn’t resist the urge to give more money away. Read the full article

Home mortgage interest has been a tax-deductible expense on Federal tax returns since 1913. But in a report issued recently, the General Accounting Office (GAO) has recommended that the IRS do a better job of enforcing the rules that apply to the mortgage interest deduction. Read the full article

The IRS announced last week that its interpretation of the American Recovery and Reinvestment Act of 2009 is that new car buyers in states without a sales tax deserve a break this year. Read the full article

The IRS provides a downloadable tax calendar that’s useful for self-employed workers and small business owners. Here’s a quick list of generally important dates: Read the full article

If you haven’t yet made a 2008 contribution to an IRA or Roth IRA, remember that you must do so before April 15th. You can contribute as much as $5,000 to an IRA for 2008 provided you qualify, and you can contribute an additional $1,000 if you turned 50 during 2008. Permitted contributions are limited to the lesser of your compensation or the contribution limit that applies to your age and Modified Adjusted Gross Income status. Read the full article

The IRS is reminding taxpayers that the 2009 Stimulus Bill included a little something to help boost auto sales. Those who buy a qualifying new car, light truck, motor home or motorcycle in 2009 can deduct state and local sales tax and excise taxes paid on purchase prices up to $49,500. The deduction will be available for 2009 tax returns (only) whether one itemizes or not. Read the full article

Recently I was listening to an IRS webcast on tax law changes (yes, it’s just as exciting as it sounds!) and something caught my attention. I was already aware that people living in disaster areas are eligible for various kinds of tax relief, but I realized that I’d missed an important fact. You don’t have to live in a disaster area to get a tax break; the Heartland Disaster Tax Relief Act of 2008 includes special provisions for educational expenses incurred by students attending college in areas struck by disaster in 2008. This article will be of interest even if you don’t qualify for the expanded disaster relief benefits but are interested in tax benefits available to households with college expenses. Read the full article

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