IRS Announces Cost of Living Adjustments for 2012
The IRS has released cost-of-living adjustments for 2012. More information on pension limits can be found here. More information on other COLA adjustments can be found here. Some highlights: The...
View ArticleStates Cracking the Whip on Delinquent Taxpayers
In these tough economic times, states are getting tough with people who owe back taxes. In California, not only does the state publish an on-line list of the “top 1,000” worst tax offenders, but those...
View ArticlePostage Rates Increase (Again) in January
Postage rates will be increasing by 1 cent in January. A first-class stamp will now cost 45 cents. More from KCCI. On the bright side, business owners will get a little higher deduction for postage...
View ArticleShould I Buy or Should I Rent? 5 Tax and 5 Non-Tax Considerations
In this economy, more people are looking at renting a home or apartment instead of buying a home. While my primary focus is on taxes, there is always much more to consider than just tax consequences:...
View ArticleHappy 25th Anniversary Tax Reform Act of 1986
Twenty-five years ago today, October 22, 1986, President Reagan signed a tax reform bill into law. This reform bill is still in place as the basis for our current income tax system. From Forbes: It...
View ArticleNebraska Adds Safer Investment Option to 529 Plan
Nebraska is changing its 529 Savings Plan for college expenses, adding an investment option that will operate similar to a bank account. This option will allow people to shield their money from market...
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Sugary Treats for Students Are Not Tax Deductible
Teachers who pay for classroom supplies out of their own pocket can take a deduction on their tax return. The first $250 of expenses are deductible on the front side of Form 1040. Expenses beyond...
View ArticleDOMA News: Federal Court Employee Lawsuit Update
This is not a tax issue per se, but the outcome of the case is of interest to anyone who follows issues related to gay marriage. Lawyers for the U.S. House of Representatives say gays are not entitled...
View ArticleIRS Stepping Up Gift Tax Enforcement
According to Forbes.com, the IRS is continuing to search for people who have not filed gift tax returns on property transfers. From the Forbes article: Although gift tax audits are historically rare,...
View ArticleNew York Sees Economic Benefits from Gay Marriage
Bloomberg Businessweek is reporting that New York may see hundreds of millions of dollars in extra revenue thanks to the legalization of gay marriage there. From the Bloomberg article: New York may...
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