Weekly Tips

Mike's weekly post usually concentrated on tax saving strategies.

Feb

IRS Delays E-Filing of Return

Mike DiSabatino

Weekly Tips

Electronic Filing Opens For Business Tax Returns February 4th

Description

Filing this year has been delayed due to the Fiscal Cliff adjustments made in January, that took the IRS by surprise. Electronic Filing will open February 4th at 9AM Eastern time to receive electronically filed Federal and state Business returns (Corporate 1120, S-Corporation 1120S, and Partnership 1065). The opening will coincide with the IRS opening their system to receive and begin processing Business TY12 returns.

13610 Hits

Feb

Educational Credits Fail IRS Test

Mike DiSabatino

Weekly Tips

Educational Credits Fail IRS Test

More return processing delays

If you have a tax return that will utilize a number of common educational credits, your tax return cannot be processed by the IRS until mid-February. Affected tax returns include any provisions found on Form 8863 and include:

The American Opportunity Tax Credit

The Lifetime Learning Credit

12491 Hits

Jan

New Safe Harbor for Home Offices

Mike DiSabatino

Weekly Tips

New Safe Harbor for Home Offices

Beginning in 2013 there is a simplified way to take a home office expense for a portion of your home. This new 'safe-harbor' option greatly simplifies how to record valid expenses for business use of your home. Here is how it works.

12879 Hits

Jan

Tax Filing Season Starts January 30th

Mike DiSabatino

Weekly Tips

Tax Filing Season Starts January 30th

A late start due to late law passage

“We have worked hard to open tax season as soon as possible.”

- Acting IRS Commissioner Steven T. Miller

The IRS recently announced that it is targeting January 30^th as the first day it will begin processing 2012 tax returns. This delay in filing is due to the late passage of the Tax Relief Act during the first week of January. Here is what you need to know.

13730 Hits

Jan