Archive for the ‘2013 Tax Season’ Category.

Tax Rules for Children Who Have Investment Income

Some children receive investment income and are required to file a federal tax return. If a child cannot file his or her own tax return for any reason, such as age, the child's parent or guardian is responsible for filing a return on the child’s behalf. There are special tax rules that ...

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Two Education Credits Help Pay Higher Education Costs

The American Opportunity Credit and the Lifetime Learning Credit may help you pay for the costs of higher education. If you pay tuition and fees for yourself, your spouse or your dependent you may qualify for these credits. Here are some facts the IRS wants you to know about these importa...

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Get Credit for Making Your Home Energy-Efficient

If you made your home more energy efficient last year, you may qualify for a tax credit on your 2012 federal income tax return. Here is some basic information about home energy credits that you should know. Non-Business Energy Property Credit You may claim a credit of 10 percent of th...

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Top 10 Tips for Making IRA Contributions

Top Ten Tips on Making IRA Contributions The IRS has 10 important tips for you about setting aside money for your retirement in an Individual Retirement Arrangement. 1. You must be under age 70 1/2 at the end of the tax year in order to contribute to a traditional IRA. 2. You must hav...

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Ten Facts about Adoption-Related Tax Savings

Adoption can create new families or expand existing ones. The expenses of adopting a child may also lower your federal tax. If you recently adopted or attempted to adopt a child, you may be eligible for a tax credit. You may also be eligible to exclude some of your income from tax. Here a...

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IRS Reminds Those with Foreign Assets of US Tax Obligations

WASHINGTON – The Internal Revenue Service reminds U.S. citizens and resident aliens, including those with dual citizenship who have lived or worked abroad during all or part of 2012, that they may have a U.S. tax liability and a filing requirement in 2013. The filing deadline is Monday,...

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Various Tax Benefits Increase Due to Inflation Adjustments

Issue Number:    IR-2012-78 Inside This Issue In 2013, Various Tax Benefits Increase Due to Inflation Adjustments WASHINGTON — For tax year 2013, the Internal Revenue Service announced today annual inflation adjustments for more than two dozen tax provisions. The annual exclu...

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IRS Announces 2013 Pension Plan Limitations for Taxpayers

Issue Number:    IR-2012-77 Inside This Issue IRS Announces 2013 Pension Plan Limitations; Taxpayers May Contribute up to $17,500 to their 401(k) plans in 2013 WASHINGTON — The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for p...

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American Taxpayer Relief Act of 2012

Issue Number:    IR-2013-4 Inside This Issue Annual Inflation Adjustments for 2013 WASHINGTON — The Internal Revenue Service announced today annual inflation adjustments for tax year 2013, including the tax rate schedules, and other tax changes from the recently passed American ...

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Standard Mileage Rates Up 1 Cent per Mile for Business, Medical & Moving

Issue Number:    IR-2012-95 Inside This Issue 2013 Standard Mileage Rates Up 1 Cent per Mile for Business, Medical and Moving WASHINGTON — The Internal Revenue Service today issued the 2013 optional standard mileage rates used to calculate the deductible costs of operating an au...

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