Not too long ago, we cautioned you about being duped by Internet identity thieves. We want to remind you once again about this fast-growing threat and how to protect yourself from being a victim and avoid the immense amount of trouble and aggravation that accompanies identity theft. As the tax-filing season approaches, the identity thieves are gearing up with tax scams to … [Read more...] about Don’t Be a Victim!
Personal Tax
Don’t Forget Those Nominee 1099s
For tax purposes, if you receive income in your name that actually belongs to someone else, you are also a nominee. Being a nominee means that you must file a 1099 form with the IRS appropriate to the type of income you received and give a copy of the 1099 to the actual owner of the income. However, if the other person is your spouse, no 1099 filing is required. One of the … [Read more...] about Don’t Forget Those Nominee 1099s
Ready For a Take-Home Pay Cut?
For two years, employees have enjoyed a 2% reduction in the FICA payroll tax. That will all come to an abrupt end beginning with their first payroll check in 2013 when the FICA rate returns to 6.2% (up from 4.2% in 2011 and 2012). Self-employed individuals will have a corresponding increase in their SE tax. The maximum wage subject to the FICA tax in 2013 is $113,700 (up from … [Read more...] about Ready For a Take-Home Pay Cut?
Congress Avoids the Fiscal Cliff
The Senate and the House have voted on a last-minute budget deal worked out between President Barack Obama and congressional Republicans averting the so-called fiscal cliff. Here are some highlights of the compromise bill as provided some sources: The current tax rates will be kept in place for individuals making less than $400,000. Incomes above $400,000 ($450,000 for … [Read more...] about Congress Avoids the Fiscal Cliff
December 2012 Individual Due Dates
December 1 - Time for Year-End Tax Planning December is the month to take final actions that can affect your tax result for 2012. Taxpayers with substantial increases or decreases in income, changes in marital status or dependent status, and those who sold property during 2012 should call for a tax planning consultation appointment. December 10 - Report Tips to Employer If … [Read more...] about December 2012 Individual Due Dates