Monthly Archives: January 2013

Annual inflation adjustments for 2013 announced

Those of us who prepare returns are still trying to learn the 2012 items that are adjusted annually for inflation.  Still, the 2013 adjustments have been announced.  Here are the highlights: The standard deduction rises to $6,100 ($12,200 for married … Continue reading

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IRS rolls out a safe harbor home office deduction

The IRS has issue Revenue Procedure 2013-13, which introduces a new safe harbor home office deduction for those taxpayers who otherwise qualify for the deduction.  The prescribed deduction $5.00 per square foot, up to 300 square feet (thus, an optional … Continue reading

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IRS to open filing season on January 30

The IRS announced this week that it will begin accepting electronically-filed returns for most taxpayers on January 30.  The open date is about a week later than expected, and the delay is attributed to the late nature of the passage … Continue reading

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UPDATE: House passes tax bill

The House of Representatives passed the Senate tax bill this evening by a vote of 257-167. 85 Republicans supported the bill, along with a vast majority of Democrats.  Presidential signature is expected imminently.  

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Happy New Year! Do we have a tax deal??

Vice-President Biden and Senate Minority Leader McConnell have negotiated an agreement on a “fiscal cliff” tax bill, and the bill has passed the Senate this morning by a 89-8 vote. The Senate bill is strictly a tax bill – the … Continue reading

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