For tax years beginning after 2003, taxpayers have been allowed to deduct either state and local sales taxes or state and local income taxes as itemized deductions, but not both. Taxpayers could either add actual taxes paid on purchases from receipts, invoices, etc., or use the amount from the optional state sales tax tables. The [...]
The IRS has released the 2013 standard mileage rates for taxpayers to use in computing the deductible costs of operating an automobile for business, charitable, medical, or moving expense purposes. The following chart reflects the new 2013 standard mileage rates compared to the 2012 tax year standard mileage rates. Mileage Type 2013 2012 Business rate [...]
March 21, 2012 Congressman Eric Cantor (VA-07) has introduced H.R. 9, the Small Business Tax Cut Act of 2012, to help small businessmen and women grow their businesses and hire new workers. The Small Business Tax Cut Act as proposed, is a simple, clear solution to help small businessmen and women grow their businesses and hire new [...]
What is Self-Employment Tax? Self-employment tax is a tax consisting of Social Security and Medicare taxes primarily for individuals who work for themselves. It is similar to the Social Security and Medicare taxes withheld from the pay of most employees. When you are self employed, you pay the social security and medicare “matching amounts” that [...]
Get a Fresh Start with the Limited Amnesty Tax Program! Need a fresh start? You do if you find yourself with past-due reports and delinquent taxes or fees. From June 12 through August 17, 2012, the Texas Comptroller of Public Accounts will waive penalties and interest for businesses that file delinquent tax reports and pay [...]
IRS YouTube Video Fresh Start: English IRS Podcast Fresh Start IR-2012-31, March 7, 2012 WASHINGTON — The Internal Revenue Service today announced a major expansion of its “Fresh Start” initiative to help struggling taxpayers by taking steps to provide new penalty relief to the unemployed and making Installment Agreements available to more people. Under the [...]
IRS YouTube Video IR-2012-33, March 13, 2012 WASHINGTON — With business tax-filing deadlines fast approaching, the Internal Revenue Service today encouraged small employers that provide health insurance coverage to their employees to check out the small business health care tax credit and then claim it if they qualify. The recently-revamped Small Business Health Care Tax [...]
IR-2011-116, Dec. 9, 2011 WASHINGTON — The Internal Revenue Service today issued the 2012 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2012, the standard mileage rates for the use of a car (also vans, pickups or panel [...]
IRS Publication – June 23, 2011 WASHINGTON — The Internal Revenue Service today announced an increase in the optional standard mileage rates for the final six months of 2011. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business and other purposes. The rate will increase to [...]
