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March 2013 tax compliance calendar
Last updated March 01, 2013
As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important tax reporting and filing data for individuals, businesses and other taxpayers for the month of July 2011. more...How do I? Claim a casualty loss deduction for storm or drought damage
Last updated March 01, 2013
When disaster strikes, a casualty tax loss may provide some comfort. A casualty is the damage or destruction of property resulting from an identifiable event that is sudden, unexpected, or unusual. Damage resulting from the progressive deterioration of property through a steadily operating cause would not be a casualty loss. A deductible loss can result from a number of events, such as fire, flood, storm (including hurricanes and tornadoes), or earthquake. Storm losses can involve damage from flooding or wind, for example. Other "sudden and unexpected events," such as an automobile accident, also qualify as a casualty for tax purposes. more...New 'repair' regulations continue to demand action
Last updated March 01, 2013
More than six months after the IRS issued temporary "repair" regulations (T.D. 9564), many complex questions remain about their interpretation and application. These regulations are sweeping in their impact. They have been called game-changers for good reason, affecting all businesses in one way or another and carrying with them both mandatory and optional requirements. Many of these requirements also carry fairly short deadlines. more...Is your Medical Loss Ratio (MLR) rebate check taxable?
Last updated March 01, 2013
The U.S. Department of Health and Human Services (HHS) estimates that nearly 12.8 million Americans received more than $1.1 billion in MLR rebates during August 2012 based on insurance company shortfalls in cutting overhead during 2011. If you received a rebate, either as an individual policyholder or as an employer or employee, is it taxable? more...Year-end tax planning amid legislative uncertainty
Last updated March 01, 2013
As 2013 draws closer, news reports about "taxmageddon" and "taxpocalypse," describing expiration of the Bush-era tax cuts, are proliferating. Many taxpayers are asking what they can do to prepare. The answer is to prepare early. September may seem too early to be discussing year-end tax planning, but the uncertainty over the Bush-era tax cuts, incentives for businesses, and much more, requires proactive strategizing. Ultimately, the fate of these tax incentives will be resolved; until then, taxpayers need to be flexible in their year-end tax planning. more...Stay within the tax rules when combining business and personal travel
Last updated March 01, 2013
Whether for a day, a week or longer, many of the costs associated with business trips may be tax-deductible. The tax code includes a myriad of rules designed to prevent abuses of tax-deductible business travel. One concern is that taxpayers will disguise personal trips as business trips. However, there are times when taxpayers can include some personal activities along with business travel and not run afoul of the IRS. more...Tax Code's disaster relief provisions can help after a natural disaster
Last updated March 01, 2013
Almost every day brings news reports of Americans recovering from tornados, wild fires, and other natural disasters. Recovery is often a slow process and when faced with the loss of home or place of business, taxes are likely the last thing on a person's mind. However, the tax code's rules on casualty losses and disaster relief can be of significant help after a disaster. more...Check status of a charity before making a contribution
Last updated March 01, 2013
Americans donate hundreds of millions of dollars every year to charity. It is important that every donation be used as the donors intended and that the charity is legitimate. The IRS oversees the activities of charitable organizations. This is a huge job because of the number and diversity of tax-exempt organizations and one that the IRS takes very seriously. more... .How Do I? Use the mid-year depreciation convention
Last updated March 01, 2013
Under the current depreciation system (generally applicable to tangible property placed in service after 1986), depreciation is calculated using an applicable method, period, and convention. To compute the deduction for the year the property is placed in service and the year the property is disposed of or retired, the tax code uses averaging conventions to establish deemed placed-in-service and retirement dates. Depreciation is allowed for the portion of the tax year that the property is placed in service under the applicable convention. more...FAQ: Are summer camp costs deductible?
Last updated March 01, 2013
With school out for the summer, parents are looking for activities for their children. The possibilities include sending a child to day camp or overnight camp. Parents may wonder whether these costs are deductible. At least two possible tax breaks come to mind: the dependent care credit, and the deduction for medical expenses. The most likely tax benefit is the child (or dependent) care credit. more...FAQ: How is a major repair on a business vehicle deducted?
Last updated March 01, 2013
A major repair to a business vehicle is usually deductible in the year of the repair as a "maintenance and repair" cost if your business uses the actual expense method of deducting vehicle expenses. If your business vehicle is written off under the standard mileage rate method, your repair and maintenance costs are assumed to be built into that standard rate and no further deduction is allowed. more...|
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