Monthly Archives: January 2013

New tax law info for Businesses

ShareA few tax law changes you should be aware of for businesses   Bonus depreciation.  The 50% bonus depreciation for new business property was extended through 2013 Section 179.  The maximum Section 179 deduction for business equipment purchased was kept … Continue reading

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Changes in new law for individuals

ShareHere are a few changes to the tax laws for 2013 which you should be aware of: The limit for deductible medical expenses has been increased to 10% of your adjusted gross income from 7.5%.  It remains at 7.5% for … Continue reading

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Foreign Account Tax Compliance

ShareIf you have bank accounts or other foreign financial assets there may be reporting requirements you are not aware of.  There is a requirement called FBAR (Foreign Bank account report) which is due June 30 and applies if the total … Continue reading

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When can returns be filed this year?

ShareThe IRS has sent out a notice that it will begin processing income tax returns and accepting electronically filed tax returns on January 30, 2013.  This is 8 days later than the original plan.  This delay was caused by the … Continue reading

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Why I became a CPA

ShareWe thought it would be a good idea to inject some humor into these posts, so we are going to throw out a listing of several reasons someone might want to become a CPA 1.  Nobody gets an Academy Award … Continue reading

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Update on mileage rates and per diems

ShareFor 2013 the standard mileage rates have been increased. For business miles the deductible mileage rate is 56.5 cents per mile for business miles driven.  For medical purposes the rate is 24 cents per mile and for charitable purposes it … Continue reading

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How does the new tax law affect you?

ShareCongress has once again waited until the last minute to pass a tax law which has supposedly saved us from falling off a fiscal cliff. And it is supposed to get the wealthy to pay more of the burden. Since … Continue reading

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