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  • Tax Deductions for Your New Addition

    Did you have a baby this year? If so, congratulations on the little tax deduction!
    Just kidding – congratulations on the addition to your family!
    While you’re probably a little groggy still, kudos to you for thinking about your taxes when most can barely think at all.
    Fortunately, along with your new baby, your family is now eligible for new tax deductions as well. Don’t overlook the tax advantages that come when you add a new member to your family.
    Tax Benefits for Having Children
    First, you receive another exemption when you have a child. Each exemption you have represents a deduction of $3,900 for 2013.
    So, a new child means that your income is reduced by the exemption amount. While this isn’t as valuable as a tax credit, it is still worthwhile, since a smaller income means a smaller tax liability.
    You might also be eligible to claim the Earned Income Tax Credit. Parents that meet certain income requirements and have children can claim the EITC, which is a tax refundable credit.
    Another possible tax benefit is the Child Tax Credit. This is a credit worth up to $1,000 for each child under the age of 17. Because it’s a credit, it represents a dollar for dollar reduction of your tax bill.
    Not everyone is eligible for the Child Tax Credit and eligibility is based on adjusted gross income. For 2013, the phaseout for the credit begins at $110,000 for those filing jointly and $75,000 for those filing as single (married filing separately begin phasing out at $55,000).
    It’s also possible to claim the Child and Dependent Care Tax Credit. This credit allows you to claim qualified child care costs as deductions.
    There is still a phaseout with this credit too, so you might not be eligible if your income is above a threshold. You can also check to see if there is a Dependent Care Account offered by your employer. Money contributed to this account is tax deductible, and it can be used to pay child care expenses.
    If you adopted, there is a generous tax credit for those who wish to adopt. The Adoption Tax Credit is refundable, and it can help offset the costs incurred as you adopted your new addition.
    There are phaseouts for this credit as well, but they are much higher than the phaseouts for the other tax deductions and credits. If you adopted, you must look into this credit.
    Finally, remember to get a Social Security Number. In order to claim any of these tax advantages as a result of adding a child to your family, you will need a Social Security number.
    If your baby is new, you need to apply for a Social Security Number. If you are taking over the care of a child and are eligible to claim the exemption or the Dependent Care Credit, you need to make sure you know his or her Social Security number.
    Bringing a child into your family is a big step — and one that is very rewarding on an emotional level. However, your new bundle of joy also comes with some financial advantages to go with the financial costs.
    While most of them simply offset some of your costs, others can actually be extremely beneficial so it’s important to look into them.
    And get some sleep!

    Taken from Turbo Tax Blog

  • How Do Property Taxes on Second Homes Work?

    The deadline to appeal property taxes is September in many areas. With the decline in property values, it may be worth appealing your property tax value to make sure you are paying the correct property tax amount. You may be able to save money. Josh Ritchie gives us details on how frequency of use of second properties may impact how you report property taxes.

    When we think about vacation homes, taxes are rarely the issue that commands our attention. Yet while the beach out back or the stellar restaurant down the street might be more exciting to think about, taxes are a huge consideration in their own right. Failure to properly plan and budget for property taxes could transform your dream vacation home (or timeshare) from an uplifting getaway into a financial nightmare.

    Here, we explore how the details of your vacation home situation affect your property tax obligations and preparation strategies.

    How Frequency of Use Affects Property Taxes

    Contrary to some assumptions, the government does not simply apply a blanket tax obligation to all vacation home owners. Rather, they consider how frequently the home is occupied, and whether the primary occupants are you (the owner) or tenants that you rent to.

    SmartMoney helpfully divides vacation home ownership (for tax purposes) into three categories:

    Use a lot, rent a lot
    Rent a lot, use a little
    Use a lot, rent a little

    Each category is summarized and explored in more detail below.

    If you use your vacation home a lot, and also rent it a lot…
    Your vacation home is considered a personal residence. As SmartMoney explains, this is potentially beneficial for you:

    Specifically, this applies to homes that are rented more than 14 days a year and have personal use of more than 14 days or 10% of the rental days, whichever is greater. Personal use includes use by family members and anyone else who pays less than market rental rates. Vacation homes fitting this description are considered personal residences.

    “This helps you, because Uncle Sam lets you deduct interest on up to $1 million of mortgage debt (and up to an additional $100,000 for home equity loans). Property taxes are generally deductible, no matter how many homes you own. Those fortunate enough to own more than two homes can pick the two with the most mortgage interest each year which is usually the main residence and the vacation home with the biggest loan.”

    The main thing to keep in mind is that you must deduct the expenses from your own use of the house and the expenses incurred while renting separately.

    EXAMPLE SCENARIO:

    To use SmartMoney’s example, we will assume your vacation home is rented for three months, used by your family for two, and vacant for the other seven. Vacant time, it should be clarified, is considered personal use for tax reasons. Thus, you would deduct three months worth (25%) of the interest and taxes from rental income, and nine months (75%) from your itemized deductions on Schedule A of your tax return.

    Keep in mind that this category applies to “homes that are rented more than 14 days a year and have personal use of more than 14 days or 10% of the rental days, whichever is greater.”

    If you rent your vacation home a lot, but only use it yourself a little…

    You are treated differently for tax purposes. Specifically, the rule is that your vacation home will fall under the category of “rental properties rather than for personal residences if you rent more than 14 days a year and if your personal use doesn’t exceed 14 days or 10% of the rental days, whichever is greater.”

    This scenario varies considerably from the first category. For one thing, since your home is a rental property, rather than a personal residence, you cannot deduct the interest expenses incurred during your own use. But there are benefits as well. If you incur rental losses, you can write these off as a taxable loss as long as you “actively participate” in the property by making day-to-day management decisions and meet personal income limits.

    If you use your vacation home a lot, but only rent it out a little…
    By far the simplest and most beneficial category, this applies to homes “that are rented for fewer than 15 days a year and used by the owner for more than 14 days.” If this describes you, then your vacation home is actually a personal residence for tax purposes. As such, you can deduct the interest and property taxes as itemized deductions, in the same manner you do for your actual home.

  • Tax Tips for Extension Filers

    Autumn is upon us, and if you chose to file a tax extension this year, October 15 is your target date…your zero hour…your deadline. Your six-month grace period is coming to an end.
    If it feels as though the past few months have flown by, don’t fret, there is still time to submit your tax return without incurring any additional penalties or interest. We’ve compiled a short list of last-minute tax tips for you extension filers needing to get your returns filed with the IRS by October 15th.

    Electronic vs. Paper
    It may come as a small surprise, but October 15th is the tax deadline for electronically filing your tax return. You are still eligible to file a paper tax return after October 15th, but you will incur those nasty interest charges and late penalties.
    The best decision you could make at this point is to go ahead and e-file your tax return by the 15th. By doing so you will remain within your six-month grace period. There’s no sense in giving the IRS a reason to take more than you owe.

    Double Check Personal Information
    This is it – your last chance to make sure everything contained within your tax return is true and accurate. There are no additional extensions after October 15th.
    Don’t panic, but don’t forget to review your personal information. Make sure your name, birthday, address, and social security information is correct. Also include all W-2s and 1099s, when entering your information.

    IRAs
    October 15th is also the final deadline to fund your SEP-IRA if you requested an automatic extension. If you’ve forgotten about this little deadline, you still have time to make some deposits. Just remember to update your tax paperwork after you’ve funded these accounts, because, although it’s 2013, you’re actually funding your accounts for the 2012 tax year.

    Preparing for the Future
    It’s easy to get stuck in a rut, especially when that rut is filing for a tax extension year after year. Let’s face it, when you file your taxes in October, the last thing you want to think about is preparing for next year’s taxes. But no matter how much you want to forget about taxes, April is always right around the corner.
    Let this be an encouragement for you to get organized this year. The middle of November is a great time to begin gathering your thoughts and your records for the upcoming tax season. And if you would like to save more on your 2013 taxes, use this time to make some year-end financial maneuvers to get yourself in a better position for next year.

    Blog taken from Turbotax

  • Don’t Forget About These

    Don’t Forget About These Miscellaneous Tax Deductions

    You filed for a tax extension, and bought yourself a bit of time to get your final tax return into the IRS. The clock’s been ticking and the October 15th tax deadline is approaching.

    Hopefully, you’ve spent this time gathering your documents: The W-2s, home mortgage interest, etc. You know, those “usual suspects” for the itemized deductions you’re permitted to take to get a bigger tax refund.
    Today, we’ll discuss job related tax deductions that you may not be thinking about.

    Un-reimbursed employee expenses – IRS regulations permit you to deduct such out of pocket expenses if they are ‘ordinary and necessary’ to your job function.
    “Ordinary” meaning that it’s a commonly accepted practice in your trade or business, and ‘necessary’ in the sense that it’s appropriate and helpful to your job. Bringing a client to a local baseball game might be an accepted form of client entertainment. Flying he and his wife to the Superbowl? Not likely to pass. Items that are commonly in this category include professional journal subscription costs, work-related classes, and licenses.

    Work clothes and uniforms – That beautiful suit you wear to the office? Sorry, not a deduction. The IRS is talking about a uniform, such as a police officer might wear to work, or the fireproof shirt, pants, and headgear a welder might use on the job.
    The common sense test should be used here. A costume, uniform, or protective gear required by your job are part of this allowable deduction. Nice clothes you wear to work are not deductible, even if your employer requests you wear a suit every day.

    Expenses for searching for a new job in your profession – Looking for a new job? You can deduct certain expenses, but only if you are looking for a job in the same field. Unfortunately, if you’d like to change occupations, no deduction is permitted. The allowed expenses include employment agency or headhunter fees, the cost of producing and mailing resumes to prospective employers, and travel/transportation expenses.

    @TURBOTAX

  • The Government Shutdown and Your Taxes

    The Government Shutdown and Your Taxes IRS Update:

    The government shutdown that took place on October 1 left everyone with questions about how the shutdown will impact them.
    If you are one of the taxpayers that filed an extension, you may be wondering if the shutdown impacts filing your taxes.
    Don’t worry. We have you covered and have answers to your burning questions:

    Should I still file my extended tax return in light of the shutdown?
    Yes, you still need to file your tax return by the October 15th extended deadline. E-filing your return is the fastest way to have your tax return processed. Returns filed by mail will not be processed until after the shutdown is over. Acknowledgements will be issued by the IRS for e-filed accepted tax returns.

    You said paper filed returns will not be processed, but I have to mail mine. Will it be considered timely filed?
    Yes, although paper tax returns will not be processed until after the shut down is over, the postal service will still post mark your paper filed return. Any tax return postmarked by the due date will be considered filed on time by the IRS.

    Will the IRS shutdown exclude me from late filing penalties if I don’t file by October 15?
    No, the IRS still requires that you file your tax return by the extended deadline.

    I owe money on my 2012 taxes, what should I do?
    You should submit the balance owed electronically when you e-file your taxes. Payments received will still be posted to your account.
    If you have a previous balance due, you should submit the payment as you normally do.

    Will the government shutdown affect my tax refund?
    If you e-file your tax return, the IRS will still process your tax return as it normally would. If you are due a tax refund, it will be issued when the shutdown is over.

    Can I still check the status of my tax refund?
    If your tax return was processed before the shutdown, you can use “IRS Where’s My Refund?” to check the status of your tax refund. If you e-filed your tax return after the shutdown your e-filed tax return will be processed, however you will not be able to check the status of your refund until after the shutdown is over.

    Article by Turbo Tax Lisa Lewis
    @TURBOTAX

  • Tax Tips if You Traveled for Charity Work

    Tax Tips if You Traveled for Charity Work

    Were you particularly generous this summer by donating not only your money but also your time? If so, keep reading to see if some of your charitable nature might be rewarded by an increased tax deduction next April.

    What Kind of Charity Work Qualifies for a Possible Travel Tax Deduction?
    Travel expenses for work you do for a qualified charity can be deducted. A qualifying charity is a 501(c)3 organization.
    Basically, any charity that you could deduct your cash contribution to is eligible. Visit this web site to verify if the charity to which you’ve donated your time or money is a qualifying organization.

    What Kind of Travel Expense Can Be Deducted?
    Any travel expenses you incur in reaching the destination of your volunteer work can be deducted. This can range from airfare, if you are teaching English to underprivileged children in Asia, to the mileage you drive to the site where you are helping build a house a few miles from home.
    If you use your own car for traveling for charity work, you can deduct 14 cents a mile. Meals and lodging while away on a charitable endeavor are also deductible travel expenses.

    What if I Do Some Volunteer Work While I’m in Hawaii? Can I Deduct the Cost of That Trip?
    Yes, but only if that was the reason you went on the trip in the first place. In other words, you could fly from New York to Hawaii and deduct the entire cost of the trip if you were in the islands a week, did volunteer work for seven days, and hung out in Waikiki Beach for a couple of hours one afternoon.
    However, if you did the reverse—spent seven days in Waikiki Beach and then worked at a food pantry for a couple of hours when the weather turned (e.g., became partly cloudy)—no part of your trip to Hawaii would be deductible.
    In IRS-speak, your volunteer work must be real and substantial for the related travel expenses to be deductible. In lay terms, use common sense.

    What About The Value of My Time? Can I Deduct My Normal Hourly Rate?
    No way. Even if you are a $400/hr attorney donating your legal time to help a non-profit get formed, your deduction is limited to actual expenses you incur in assisting the charity, not what you could otherwise bill for your efforts.

    this summer

    Turbo Tax Article By: Michael Rubin

  • IRS introduces simplified method for claiming home office deduction

    IRS introduces simplified method for claiming home office deduction
    The IRS has announced a new optional safe harbor method, effective for tax years beginning on or after January 1, 2013, for individuals to determine the amount of their deductible home office expenses (IR-2013-5, Rev. Proc. 2013-13). Being hailed by many as a long-overdue simplification option, taxpayers may now elect to determine their home office deduction by simply multiplying a prescribed rate by the square footage of the portion of the taxpayer’s residence used for business purposes.

    The IRS cites that over three million taxpayers in recent tax years have claimed deductions for business use of a home, which normally requires the taxpayer to fill out the 43-line Form 8829. Under the new procedure, a significantly simplified form is used. The new method is expected to reduce paperwork and record keeping for small businesses by an estimated 1.6 million hours annually, according to the IRS. The new optional deduction is limited to $1,500 per year, based on $5 per square foot for up to 300 square feet.

    The simplified method is not effective for 2012 tax year returns being filed during the current 2013 filing season, but it will become effective for 2013 tax year returns filed in 2014. Taxpayers may want to investigate now whether they could benefit from the election for the 2013 tax year. Acting IRS Commissioner Steven Miller advised upon announcement of the safe harbor that “The IRS … encourages people to look at this option as they consider tax planning in 2013.” A final decision on the election need not be made until 2014, when 2013 returns are filed.

    @TURBOTAX
    El IRS ha anunciado un nuevo método opcional de puerto seguro, efectivo para los años fiscales que comiencen a partir del 1 de enero de 2013 para los individuos para determinar el monto de sus deducibles los gastos de oficina en casa (IR-2013-5, Rev. Proc. 2013-13 ). Siendo aclamado por muchos como una opción de simplificación largamente esperada, los contribuyentes pueden ahora optar por determinar su deducción oficina en casa, simplemente multiplicando una tasa prescrita por los metros cuadrados de la parte de la residencia de los contribuyentes se utiliza para fines comerciales.

    El IRS cita que más de tres millones de contribuyentes en los últimos años fiscales han reclamado deducciones por el uso comercial de una casa, que normalmente requiere que el contribuyente complete el Formulario 43-línea de 8829. Bajo el nuevo procedimiento, se utiliza una forma simplificada de manera significativa. Se espera que el nuevo método para reducir los trámites y registros para las pequeñas empresas por aproximadamente 1,6 millones de horas al año, según el IRS. La nueva deducción opcional se limita a $ 1,500 por año, a partir de $ 5 por pie cuadrado para un máximo de 300 pies cuadrados.

    El método simplificado no es efectivo para el año fiscal 2012 regresa de su radicación en la actual temporada de impuestos de 2013, pero entrará en vigencia para 2013 años las declaraciones de impuestos presentadas en 2014. Los contribuyentes pueden querer investigar ahora si podrían beneficiarse de las elecciones para el año fiscal 2013. Comisionada Interina del IRS Steven Miller aconseja al anuncio del puerto seguro que “El IRS … anima a la gente a mirar a esta opción, ya que consideran que la planificación fiscal en el 2013.” La decisión final sobre la elección no tiene por qué hacerse hasta 2014, cuando se presentaron 2.013 vueltas.

  • Special tax treatment available for Major Disaster Victims

    Special tax treatment available for major disaster victims

    Shawnee and Moore residents are not thinking about taxes today. They’re still trying to salvage what they can from the deadly tornadoes that ripped apart their central Oklahoma towns just more than a week ago.

    And they might have to be looking later today for storm-study shelter as twisters are again forecast in the area, as well as into neighboring Tornado Alley states.
    But when things finally do calm down a bit, folks who sustained storm damage in federally declared major disaster areas need to look at their tax situation. In these cases, they might be able to take advantage of special tax treatment that could net them added tax refund money now, instead of next filing season.
    The mechanics of getting tax refund cash months early to help pay for critical repairs is today’s Weekly Tax Tip.
    And today, in the wake of the recent tornado outbreak and in advance of the upcoming Atlantic hurricane season, the Internal Revenue Service issued a reminder for folks to, among other things, keep a backup set of records (tax returns, as well as bank statements, insurance policies, etc.), preferably in electronic form, that can help in applying for storm relief programs.
    Disasters abound: Unfortunately, there’s no escaping disaster. That sad fact means that I’ve written many, many times both here at the ol’ blog and on Bankrate about this special disaster tax benefit, and I use that word advisedly because I know there is absolutely no benefit connected to losing your home or business.
    So if this post doesn’t apply to you or your friends and family, I apologize for boring you.
    But I also beg your indulgence. Not only is this important information for people who do need to file an amended tax return to get refund money ASAP to rebuild, but I also must admit to a personal fascination with the meaner side of Mother Nature.
    Part of that is because my relatives seem to be disaster magnets, and I’m not just talking about feuding cousins at family reunions.
    My parents survived the deadly 1954 Ozona, Texas, flash flood, precipitated, literally, by 24 inches of rain in 24 hours from Hurricane Alice moving inland. My dad, at my mother’sscreaming insistence, even was able to hook up their small mobile home and pull it to higher, dry land.
    Two of my aunts lived in towns hit by major tornadoes, Lubbock, Texas, in 1970 and Omaha, Neb., in 1975.
    The Lubbock aunt was on holiday in Mexico City in 1985 when that city suffered a major earthquake.
    My youngest aunt is still in Florida despite dealing with the aftermath of several hurricanes and tropical storms. She and her husband are hardier than the hubby and I. Two ‘canes, Jeanne and Frances, within three weeks in 2004 drove us out of the Sunshine State and back home to Texas.
    And since we’ve been here we’ve had our own brush with another type of natural disaster. On Labor Day weekend 2011 and for days afterward, we anxiously watched smoke rise from the neighborhood across the canyon west of our house where a raging wildfire was destroying other people’s homes.
    That fire near miss is as close to that kind of disaster as we ever want to be!
    Here’s hoping that all y’all also are able to avoid a hard hit when Mother Nature turns into Mommy Dearest.
    But if you do ever encounter major natural disaster damage, be sure to use the tax code to your advantage to get as much help as you can.
    @TURBOTAXShawnee y residentes Moore no están pensando en los impuestos hoy. Todavía están tratando de salvar lo que puedan de los devastadores tornados que destrozaron sus ciudades centrales Oklahoma simplemente hace más de una semana .

    Y puede ser que tengan que estar buscando el día de hoy en busca de refugio temporal – estudio como tornados se prevé de nuevo en la zona , así como en la vecina Tornado Alley estados.
    Pero cuando las cosas finalmente hacen calmarse un poco , personas que sufrieron daños por tormentas en las principales zonas de desastre declarado por el gobierno federal tienen que mirar a su situación fiscal . En estos casos , puede ser capaz de tomar ventaja de un tratamiento fiscal especial que podría neto ellos añaden el dinero de reembolso de impuestos ahora, en lugar de la próxima temporada de impuestos .
    La mecánica de obtener impuestos mes efectivo reembolso temprano para ayudar a pagar las reparaciones críticas es Extremidad del impuesto semanal de hoy.
    Y hoy, a raíz de la reciente oleada de tornados y antes de la próxima temporada de huracanes en el Atlántico , el Servicio de Impuestos Internos emitió un recordatorio para la gente a , entre otras cosas , mantener un conjunto de copia de seguridad de registros ( declaraciones de impuestos , así como los bancos declaraciones, pólizas de seguros , etc), preferiblemente en formato electrónico , que pueden ayudar en la aplicación de programas de alivio de la tormenta .
    Los desastres abundan: Desafortunadamente , no hay desastres escapar . Esa triste realidad quiere decir que lo que he escrito muchas, muchas veces , tanto aquí en el blog el viejo y el Bankrate acerca de este beneficio fiscal especial de desastres, y utilizo esa palabra con conocimiento de causa , porque sé que no hay absolutamente ningún beneficio conectado a perder su casa o negocio .
    Así que si este artículo no se aplica a usted o sus amigos y familia , me disculpo por aburriendo .
    Pero también pido su comprensión . Esto no sólo es información importante para las personas que necesitan presentar una declaración de impuestos enmendada para obtener la restitución de dinero lo antes posible para la reconstrucción , pero también debe admitir una fascinación personal con el lado más malo de la Madre Naturaleza .
    Parte de eso se debe a que mis familiares parecen ser imanes de desastre , y no estoy hablando sólo de un feudo primos en las reuniones familiares .
    Mis padres sobrevivieron al mortal 1954 Ozona , Texas, inundación , precipitado , literalmente , por 24 pulgadas de lluvia en 24 horas por el huracán Alice moviéndose tierra adentro. Mi padre , ante mi insistencia mother’sscreaming , aún era capaz de conectar su pequeña casa móvil y tire de ella a lo superior, la tierra seca .
    Dos de mis tíos vivían en ciudades afectadas por grandes tornados, Lubbock , Texas, en 1970 y Omaha , Nebraska, en 1975.
    El Lubbock tía estaba de vacaciones en la Ciudad de México en 1985, cuando la ciudad sufrió un terremoto de gran magnitud .
    Mi tía más joven aún se encuentra en Florida a pesar de hacer frente a las secuelas de varios huracanes y tormentas tropicales . Ella y su marido son más resistentes que el marido y I. Dos ‘ bastones, Jeanne y Frances , dentro de tres semanas en 2004 nos llevó fuera del estado de la Florida y el hogar de Tejas espalda.
    Y ya que estamos aquí hemos tenido nuestro propio pincel con otro tipo de desastre natural. El fin de semana del Día del Trabajo de 2011 y durante varios días , nos miramos ansiosamente humo se elevan desde el barrio a través de la barranca al oeste de la casa , donde un incendio forestal que rabia estaba destruyendo las casas de otras personas.
    Ese fuego por poco es lo más cercano a este tipo de desastres , ya que nunca queremos ser !
    Aquí está la esperanza que todos ustedes también son capaces de evitar un duro golpe cuando la madre naturaleza se convierte en Mommy Dearest .
    Pero si alguna vez encuentras grandes daños desastre natural, asegúrese de usar el código de impuestos a su ventaja para conseguir toda la ayuda que pueda.

  • Tax Deductions for Newlyweds

    Congratulations on getting married! As you two embark on this journey together, I wanted to share some tax deductions that can help you come tax time. One thing that you may not be familiar with is exactly how tax deductions help you.
    Tax deductions lower your family’s taxable income and may help you lower your tax burden. Taking the tax deductions that you’re entitled to as newlyweds can help you get your finances in the right place.
    First of all, you have to make sure that your names and your social security numbers on your tax return are what’s on record with the Social Security Administration.
    If you haven’t already contacted them and submitted a form for your name change, then do so as soon as possible. In that same vein, make sure your employer has the correct information so your W-2s are accurate.
    New Changes, New Deductions
    With marriage comes changes to your household. Some of the tax deductions may apply to you, while others may not. The important thing is to make sure you both sit down and discuss how you’ll be handling your taxes.
    Standard Versus Itemized Deductions
    Before you were married you may have taken the lower standard deduction, but now would be a great time to check and see if you have enough eligible expenses to itemize.
    In general, you to want to itemize your deductions when your total eligible deductions exceed your standard deduction. Currently the standard deduction for those married filing jointly is $11,900.
    When we used TurboTax to file our tax return, it automatically checked our tax deductions to see which would give the bigger deduction.
    Married with Children
    If your family will be growing with one or more children becoming legally a part of your household, then you may qualify for some additional exemptions for dependents.
    You can claim an exemption worth $3,900 per child when you file your taxes. Please keep in mind that you must provide a social security number for your dependents when you claim them on your tax return.
    Review your Finances, Together
    Finally having two heads reviewing your finances is better then one, so look over your expenses to see if there are any tax deductions or breaks you have overlooked in the past or you’ll qualify for this year.
    Personal Property Taxes: In North Carolina we pay property taxes for our vehicles in the summer and our house at the end of the year. While it’s chunk of money out of our family budget, the good news is that state and local property taxes are deductible. Keep your receipts so you know how much to deduct.
    Charitable contributions: Have you thought of sharing your special day by donating? For many people, their wedding wardrobe, decorations, and other items are only used for one day and then packed away, sometimes forgotten in the attic. Why not see if you can part with a few of these dear items afterward and support worthy causes close to your heart?

    Felicidades por casarse ! Como ustedes dos se embarcan en este viaje juntos , quería compartir algunas deducciones fiscales que pueden ayudarle a llegar la temporada de impuestos . Una cosa que es posible que no esté familiarizado con es exactamente como las deducciones fiscales que ayudan .
    Las deducciones fiscales reducen su familia , la base imponible del AM y pueden ayudarle a reducir su carga fiscal . Tomando las deducciones fiscales que usted, Aore derecho a que los recién casados ??puede ayudarle a conseguir sus finanzas en el lugar correcto .
    En primer lugar , usted tiene que asegurarse de que sus nombres y sus números de seguridad social en su declaración de impuestos son lo que , el AM en el registro con la Administración del Seguro Social.
    Si usted refugio , AOT ya en contacto con ellos y enviar un formulario para su cambio de nombre , y luego hacerlo lo más pronto posible . En esa misma línea, asegúrese de que su empleador tiene la información correcta para que sus formularios W-2 son exactas.
    Nuevos cambios, nuevas deducciones
    Con el matrimonio viene cambios en su hogar. Algunas de las deducciones fiscales pueden aplicarse a usted, mientras que otros no. Lo importante es asegurarse de que tanto sentarse a discutir cómo usted, Äôll estar manejando sus impuestos.
    Deducciones estándar Versus Detallada
    Antes de casarse que haya tomado la deducción estándar más baja, pero ahora sería un buen momento para comprobar y ver si tiene suficientes gastos elegibles para detallar .
    En general , usted quiere detallar sus deducciones en el total de las deducciones admisibles superan su deducción estándar. Actualmente, la deducción estándar para los casados ??con declaración conjunta es $ 11,900 .
    Cuando utilizamos TurboTax para presentar nuestra declaración de impuestos, que comprueba automáticamente nuestras deducciones fiscales para ver lo que le daría el descuento más grande.
    Matrimonio con hijos
    Si su familia estará creciendo con uno o más hijos sea legalmente una parte de su casa , entonces usted puede calificar para algunas exenciones adicionales para dependientes.
    Usted puede reclamar una exención por valor de $ 3,900 por niño cuando presente su declaración de impuestos . Por favor, tenga en cuenta que debe proporcionar un número de seguro social para sus dependientes cuando se les reclama en su declaración de impuestos.
    Revise sus finanzas , junto
    Por último tiene dos cabezas revisar sus finanzas es mejor que uno, para mirar por encima de sus gastos para ver si hay algunas deducciones de impuestos o roturas que ha pasado por alto en el pasado o que , Äôll calificar para este año .
    Impuestos sobre Bienes Muebles : En Carolina del Norte que pagamos impuestos a la propiedad para nuestros vehículos en el verano y nuestra casa al final del año. Mientras que , el AM cantidad de dinero fuera de nuestro presupuesto familiar , la buena noticia es que los impuestos a la propiedad estatal y local son deducibles. Guarde sus recibos para que sepas lo mucho que deducir .
    Donativos : ¿Has pensado en compartir su día especial con la donación ? Para muchas personas, su vestuario de boda , decoraciones y otros objetos se utilizan sólo por un día unad luego guardó, a veces olvidado en el ático. ¿Por qué no ver si puedes parte con algunos de estos elementos después queridos y apoyar dignas causas cercanas a su corazón?

  • 1099-K Reporting Requirements

    1099-K Reporting Requirements for Payment Settlement Entities
    Beginning in January, 2012, payment settlement entities (PSEs) are required by the Housing Assistance Tax Act of 2008 to report on Form 1099-K the following transactions:
    All payments made in settlement of payment card transactions (e.g., credit card);
    Payments in settlement of third party network transactions IF:
    -Gross payments to a participating payee exceed $20,000; AND
    -There are more than 200 transactions with the participating payee.
    Filing Deadlines & Procedures
    Your 1099-Ks are due to merchants by January 31, 2013. Electronically filed 1099-Ks are due to the IRS April 1, 2013 (normally March 31), while paper 1099-Ks are due February 28, 2013.
    File your 1099-K electronically through the FIRE (Filing Information Returns Electronically) option. For information, review Publication 1220 (PDF). If you are considering filing on paper, review General Instructions for Certain Information Returns.
    Verification Processes
    We verify that tax returns are correct and complete using the following processes:
    TIN Matching Program
    Use the IRS Taxpayer Identification Number (TIN) Matching Program to ensure the Forms 1099-K you submit have the correct TIN. The program permits you to verify the TIN furnished by the taxpayer before you file the Forms 1099-K.
    Name Control
    The name control (a sequence of characters derived from a taxpayer’s name) and TIN on an electronically filed return must match our records. Refer to Reasonable Cause Regulations and Requirements for Missing and Incorrect Name/TINs for more.1099-K Requisitos de información para las entidades de liquidación de pago
    A partir de enero de 2012, las entidades de liquidación de pagos (PSE) están obligados por la Ley del Impuesto de Asistencia de Vivienda de 2008 para informar sobre el Formulario 1099-K de las siguientes operaciones:
    Todos los pagos realizados en la liquidación de las transacciones de tarjetas de pago (por ejemplo, tarjeta de crédito);
    Los pagos en la liquidación de operaciones de red de terceras partes si:
    Pagos brutos a un beneficiario participante superan los $ 20.000, Y
    -Hay más de 200 operaciones con el beneficiario participante.
    Plazos de presentación y procedimientos
    Su 1099-K se debe a los comerciantes el 31 de enero de 2013. Electrónicamente presentada 1099-K se deben a que el IRS 1 Abril 2013 (normalmente el 31 de marzo), mientras que el papel 1099-K se deben 28 de febrero 2013.
    Presente su 1099-K por vía electrónica a través de la opción de FIRE (Filing Information Returns Electronically). Para obtener información, revisar la Publicación 1220 (PDF). Si usted está considerando declararse en papel, revise las instrucciones generales para la Información ciertas declaraciones.
    Procesos de Verificación
    Verificamos que las declaraciones de impuestos son correctos y completos con los siguientes procesos:
    Programa Matching TIN
    Utilice el Número de Identificación de Contribuyente del IRS (TIN) Matching Program para asegurar los Formularios 1099-K que tiene presentar el NIF correcto. El programa permite a verificar el TIN proporcionada por el contribuyente antes de presentar los formularios 1099-K.
    Nombre del control
    El control del nombre (una secuencia de caracteres derivados del nombre del contribuyente) y el TIN en una declaración presentada electrónicamente deben coincidir con nuestros registros. Consulte el Reglamento causa razonable y Requisitos para Menores Desaparecidos y incorrecto Nombre / TIN para más.