The Internal Revenue Service announced plans to open the 2014 filing season on January 31 for all 1040 filers filing their 2013 income tax return. This includes all small business owners that file on Schedule C as sole proprietors, Schedule F as Farmers, or Schedule
Tax/Business News & Updates
Expect More Online Self-Services from the IRS
The Internal Revenue Service plans to transition more of its services for taxpayers to online, automated self-service options next tax season to save money and manpower. The IRS said the changes were made following input from stakeholders in the tax community
2013 Year End Tax Planning
Year-end tax planning could be especially productive this year because timely action could nail down a host of tax breaks won’t be around next year unless Congress acts to extend them. Businesses and individuals can potentially achieve significant tax savings
2014 Standard Mileage Rates
The IRS has issued the optional standard mileage rates for 2014, which are down one-half cent from the 2013 rates. The optional standard mileage rates are used to calculate the deductible costs of operating an automobile for business, charitable, medical,
Health Insurance
Affordable Care Act Information On March 23, 2010, President Obama signed the Affordable Care Act (ACA) into law, putting in place comprehensive reforms that improve access to affordable health coverage for everyone and protect consumers from abusive insurance company practices. The open enrollment period to purchase health insurance
Business or Hobby?
Nine Factors to tell if you have a Business or Hobby The IRS may question taxpayers regarding whether an activity is a business or a hobby. If the activity is not engaged in for profit, it is subject to the
No Tax Refunds During Shutdown
Tax Refunds In other government shutdown news, the IRS announced on its website on Tuesday that, “Tax refunds will not be issued until normal government operations resume.” This marked a change from its shutdown contingency plan, under which 859 employees in its
Tax Tips – Individuals Selling Their Home
Ten Tax Tips for Individuals Selling Their Home If you’re selling your main home this year, the IRS has some helpful tips for you. Even if you make a profit from the sale of your home, you may not have
IRS Provides Tax Relief to Victims of Colorado Storms
The Internal Revenue Service is providing tax relief to individual and business taxpayers impacted by severe storms, flooding, landslides and mudslides in Colorado. The IRS announced today that certain taxpayers in the counties of Adams, Boulder, Larimer and Weld will
Tax Tips – Summer Tune-up for Tax Records
During the summer, you may not think about doing your taxes, but maybe you should. Some of the expenses you’ve paid over the past few months might qualify for money-saving tax credits or deductions come tax time. If you organize