Who Should File a 2012 Tax Return? If you received income during 2012, you may need to file a tax return in 2013. The amount of your income, your filing status, your age and the type of income you received…
Business Taxes, Estate and Gift Taxes, Payroll Taxes, Personal Taxes
Beware of Bogus IRS Emails
by Oscar • • 0 Comments
The IRS receives thousands of reports every year from taxpayers who receive emails out-of-the-blue claiming to be from the IRS. Scammers use the IRS name or logo to make the message appear authentic so you will respond to it. In…
Personal Taxes
Taxable and Nontaxable Income
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Section 61 of Internal Revenue Code states that “except as otherwise provided in this subtitle, gross income means all income from whatever source derived…” and reflects the language of the 16th Amendment that authorized the Federal Income Tax. Under this…
Personal Taxes
Missing Your W-2? Here’s What to Do
by Oscar • • 0 Comments
It’s a good idea to have all your tax documents together before preparing your 2012 tax return. You will need your W-2, Wage and Tax Statement, which employers should send by the end of January. Give it two weeks to…
Personal Taxes
Dependents and Exemptions
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While each individual tax return is unique, there are some tax rules that affect every person who files a federal income tax return. These rules involve dependents and exemptions. Here are six important facts about dependents and exemptions that will…
Business Taxes, Personal Taxes
New Questions on 2011/2 Forms Could Be a Trap for the Unwary
by Oscar • • 0 Comments
From the Parker Tax Library New questions regarding the filing of Forms 1099 have popped up on 2011 tax forms and are giving practitioners heartburn. Starting in 2011 Forms 1120 and 1120S, and Schedule C of Form 1040, all contain the…
Business Taxes, Payroll Taxes, Personal Taxes
Disaster Payments to Employees
by Oscar • • 0 Comments
As we are all aware, Sandy was a first class disaster the like of which this region has never seen before. One of the tax responses to this disaster, as in any federal disaster, is that employers may make reasonable…