DESKTOP VIEW

Archive for the ‘2014 Tax Season’ Category.

What You Should Know about the Additional Medicare Tax

Starting in 2013, you may be liable for an Additional Medicare Tax if your income exceeds certain limits. Here are six things that you should know about this tax: 1. The Additional Medicare Tax is 0.9 percent. It applies to the amount of your wages, self-employment income and railroad retirement (RRTA) compensation that

Click here for more

IRS Reminder for People 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 2013, that they may have a U.S. tax liability and a filing requirement in 2014. The filing deadline is Monday, June 16,

Click here for more

Top Tips on Making IRA Contributions

If you made IRA contributions or you’re thinking of making them, you may have questions about IRAs and your taxes. Here are some important tips from the IRS about saving for retirement using an IRA. 1. You must be under age 70 1/2 at the end of the tax year

Click here for more

4 Things to Know About Net Investment Income Tax

Starting in 2013, some taxpayers may be subject to the Net Investment Income Tax. You may owe this tax if you have income from investments and your income for the year is more than certain limits. Here are four things from the IRS that you should know about this tax:

Click here for more

Energy-Efficient Home Improvements Can Lower Your Taxes

You may be able to reduce your taxes if you made certain energy-efficient home improvements last year. Here are some key facts that you should know about home energy tax credits. Non-Business Energy Property Credit This credit is worth 10 percent of the cost of certain qualified energy-saving items you

Click here for more

Tips for US Taxpayers with Foreign Income

Did you live or work abroad or receive income from foreign sources in 2013? If you are a U.S. citizen or resident, you must report income from all sources within and outside of the U.S. The rules for filing income tax returns are generally the same whether you’re living in

Click here for more

Early Retirement Plan Withdrawals & Your Taxes

Taking money out early from your retirement plan may trigger an additional tax. Here are seven things from the IRS that you should know about early withdrawals from retirement plans: 1. An early withdrawal normally means taking money from your plan before you reach age 59½. 2. If you made a withdrawal

Click here for more

Tax Rules for Children with Investment Income

You normally must pay income tax on your investment income. That is also true for a child who must file a federal tax return. If a child can’t file his or her own return, their parent or guardian is normally responsible for filing their tax return. Special tax rules apply

Click here for more

Don’t Overlook the Child and Dependent Care Tax Credit

Many people pay for the care of their child or other dependent while they’re at work. The Child and Dependent Care Credit can reduce that cost. Here are 10 facts from the IRS about this important tax credit: 1. You may qualify for the credit if you paid someone to care

Click here for more

2014 Tax Season to Open Jan. 31; e-file & Free File Can Speed Refunds

WASHINGTON — The Internal Revenue Service today announced plans to open the 2014 filing season on Jan. 31 and encouraged taxpayers to usee-file or Free File as the fastest way to receive refunds. The new opening date for individuals to file their 2013 tax returns will allow the IRS adequate time to program and test its tax processing systems. The annual process for updating IRS systems saw significant delays in

Click here for more

Itemizing vs. Standard Deduction: 6 Tips to Help You Choose

When you file your tax return, you usually have a choice whether to itemize deductions or take the standard deduction. Before you choose, it’s a good idea to figure your deductions using both methods. Then choose the one that allows you to pay the lower amount of tax. The one

Click here for more

The Child Tax Credit May Cut Your Tax

If you have a child under age 17, the Child Tax Credit may save you money at tax time. Here are some key facts the IRS wants you to know about the credit. • Amount.  The non-refundable Child Tax Credit may help cut your federal income tax by up to $1,000 for

Click here for more

Special Tax Exclusion for Cancelled Home Mortgage Debt

If a lender cancels or forgives money you owe, you usually have to pay tax on that amount. But when it comes to your home, an important exception to this rule may apply in 2013. Here are several key facts from the IRS about the special exclusion for cancelled home mortgage debt:

Click here for more

10 Facts about Capital Gains & Losses

Issue Number: IRS Tax Tip 2014-27 Inside This Issue Ten Facts about Capital Gains and Losses When you sell a ’capital asset,’ the sale usually results in a capital gain or loss. A ‘capital asset’ includes most property you own and use for personal or investment purposes. Here are 10

Click here for more

Numerous Tax Provisions Expire at the End of 2014

BY ALISTAIR M. NEVIUS, J.D. DECEMBER 5, 2013 Taxpayers and practitioners breathed a sigh of relief in January when Congress passed the American Taxpayer Relief Act of 2012 (ATRA), P.L. 112-240, at the last minute, bringing some certainty to a host of provisions that had been uncertain. Many expired and

Click here for more

IRS releases inflation adjustments for 2014

BY SALLY P. SCHREIBER, J.D. OCTOBER 31, 2013 On Thursday, the IRS issued the annual inflation adjustments for 2014 for more than 40 tax provisions and the tax tables for 2014 (Rev. Proc. 2013-35). Among the inflation-adjusted amounts that have increased are the personal exemption, which increased from $3,900 in

Click here for more

IRS Reveals Start Date for 2014 Tax Filing Season

BY SALLY P. SCHREIBER, J.D. DECEMBER 18, 2013 The IRS has finally announced an official start date for the 2014 filing season: It will start accepting returns on Jan. 31. This date is 10 days later than the originally planned starting date of Jan. 21. “The late January opening gives

Click here for more

IRS Updates Special Per Diem Rates for 2013-2014 Travel Expenses

On Wednesday, the IRS issued its annual update of special per diem rates for use in substantiating certain business expenses taxpayers incur when traveling away from home in 2013 and 2014 (Notice 2013-65).The notice provides the transportation industry meal and incidental expenses rates, the rate for the incidental-expenses-only deduction, and

Click here for more

Buck Up for Tax Season

Take stock of tax year 2013’s new and changed provisions, including several for higher-income taxpayers. BY PAUL BONNER JANUARY 2014 For the second year in a row, practitioners will experience a less-than-flying start to tax season. As this article went to press, tax season was expected to begin between Jan.

Click here for more

Are Your Social Security Benefits Taxable?

Some people must pay taxes on part of their Social Security benefits. Others find that their benefits aren’t taxable. If you get Social Security, the IRS can help you determine if some of your benefits are taxable. Here are seven tips about how Social Security affects your taxes: 1. If you

Click here for more

7 Facts about Dependent & Exceptions

There are a few tax rules that affect everyone who files a federal income tax return. This includes the rules for dependents and exemptions. The IRS has seven facts on these rules to help you file your taxes. 1. Exemptions cut income.  There are two types of exemptions: personal exemptions and

Click here for more

Deducting Medical & Dental Expenses from Your Taxes

If you plan to claim a deduction for your medical expenses, there are some new rules this year that may affect your tax return. Here are eight things you should know about the medical and dental expense deduction: 1. AGI threshold increase.  Starting in 2013, the amount of allowable medical expenses

Click here for more

Child Tax Credit May Reduce Your Tax

If you have a child under age 17, the Child Tax Credit may save you money at tax time. Here are some key facts the IRS wants you to know about the credit. • Amount.  The non-refundable Child Tax Credit may help cut your federal income tax by up to $1,000 for

Click here for more

8 Tax Savers for Parents

Your children may help you qualify for valuable tax benefits. Here are eight tax benefits parents should look out for when filing their federal tax returns this year. 1. Dependents.  In most cases, you can claim your child as a dependent. This applies even if your child was born anytime in 2013.

Click here for more

2014 Tax Season to Open Jan. 31; e-file and Free File Can Speed Refunds

WASHINGTON — The Internal Revenue Service today announced plans to open the 2014 filing season on Jan. 31 and encouraged taxpayers to use e-file or Free File as the fastest way to receive refunds. The new opening date for individuals to file their 2013 tax returns will allow the IRS

Click here for more

IRS Offers Tips for Year-End Giving

IRS YouTube Videos: Year-End Tax Tips:  English | Spanish | ASL Charitable Contributions:  English | Spanish | ASL Exempt Organizations Select Check:  English | Spanish | ASL WASHINGTON — Individuals and businesses making contributions to charity should keep in mind several important tax law provisions that have taken effect in recent years. Some of these changes include the following: Special Tax-Free Charitable Distributions for Certain

Click here for more

2014 Standard Mileage Rates for Business, Medical & Moving Announced

WASHINGTON — The Internal Revenue Service today issued the 2014 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, 2014, the standard mileage rates for the use of a car (also vans, pickups or

Click here for more

Various Tax Benefits Increase Due to 2014 Inflation Adjustments

WASHINGTON — For tax year 2014, the Internal Revenue Service announced today annual inflation adjustments for more than 40 tax provisions, including the tax rate schedules, and other tax changes. Revenue Procedure 2013-35 provides details about these annual adjustments. The tax items for tax year 2014 of greatest interest to most taxpayers

Click here for more

IRS Announces 2014 Pension Plan Limitations for Taxpayers

WASHINGTON — The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2014.  Some pension limitations such as those governing 401(k) plans and IRAs will remain unchanged because the increase in the Consumer Price Index did not

Click here for more

Protax Consulting Services Seven Penn Plaza, Suite 416
New York, NY 10001
Tel 212.714.9070
Fax 212.714.6654
protax@protaxconsulting.com

Member and Featured Faculty of:

American Institute of Certified Public Accountants

New York State Society of Certified Public Accountants

NYSSCPA’s 100%
Membership Program

Association of International Tax Consultants, U.S. Member

CCH Wolters Kluwer Faculty

Lawline Faculty

Furthered Faculty

Strafford Faculty

Clear Law Institute Faculty

Clear Law Institute Faculty

Contact Us for U.S.
International Individual Tax

wherever you are, .
wherever you go
- Download our FREE apps -


Download the Protax App on the App Store

Download the Protax App on Google Play

Member and Featured Faculty of:

  • American Institute of Certified Public Accountants
  • NYSSCPA’s 100% Membership Program
  • Association of International Tax Consultants, U.S. Member
  • Faculty
  • Faculty