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Workers will continue to receive larger paychecks for the rest of the year with no action required.

The Internal Revenue Service recently announced that interest rates would remain the same for the 2012 calendar quarter beginning on April 1st.

The Internal Revenue Service recently announced that interest rates would remain the same for the 2013 calendar quarter beginning on April 1.

A recent U.S. Tax Court case (Frank Aragona Trust v. Commissioner) has shed some light on whether or not trusts may be eligible to deduct losses from real estate activities in full, or if these losses have to be suspended under the “passive activity rules”. 

Alimony payments are tax-deductible only if they meet certain requirements.

Currently, for those taxpayers under the age of 65, an itemized deduction can be taken for medical expenses that exceed 10% of their adjusted gross income (AGI).  For anyone age 65 or older, the old 7.5% AGI limit is still in place.  However, this is only temporary. 

In 2011, personal exemptions and standard deductions will rise and tax brackets will widen due to inflation related to eight tax provisions that were either modified or extended by the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 that became law on Dec. 17. New dollar amounts affecting 2011 returns, filed by most taxpayers in early 2012, include the following:

With the enactment of the much debated American Taxpayer Relief Act of 2012 earlier this month, many annual inflation adjustments per the Internal Revenue Service have been updated for the tax year 2013.

The Internal Revenue Service recently issued the inflation adjustments to the depreciation limitations and lease inclusion amount for certain automobiles for the year 2013.

Small business owners and employees who work from home will have an easier option to claim the home office tax deduction next year, according to the Internal Revenue Service.