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:
read more…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.
read more…The Internal Revenue Service recently issued the inflation adjustments to the depreciation limitations and lease inclusion amount for certain automobiles for the year 2013.
read more…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.
read more…With the Senate approving the House version of H.R. 5771, Congress has just extended a package of expired or expiring individual and business provisions known as “tax extenders.” The bill has been sent to the President for signature, who is expected to approve the measure.
read more…Two new revenue procedures have been released, detailing how taxpayers may obtain IRS automatic consent when dealing with the treatment of tangible property repairs.
read more…It seems everyone is trying to be more energy-efficient these days, but now there is more incentive to install environment-friendly systems in commercial buildings: an additional tax deduction.
read more…Are you up to date on the latest tax laws? These include:
read more…The Internal Revenue Service recently issued the inflation adjustments to the depreciation limitations and lease inclusion amount for certain automobiles for the year 2012.
read more…Optional standard mileage rates are used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
read more…
As the responsible party on employer identification number (EIN) applications, effective May 13, 2019, the IRS will only accept EIN applications from individual taxpayers who have either a Social Security number or individual taxpayer identification number. As the...
On Friday, March 22, 2019, the Treasury and IRS announced they have lowered the withholding underpayment penalty threshold to 80%. This means that taxpayers who were 80% or less under-withheld on their income tax withholding or quarterly tax payments may qualify for...
In honor of Purple Day, the partners and staff of Zinner & Co. donned their purple gear to help raise awareness of epilepsy. Purple Day, held yearly on March 26th, is an international, grassroots movement founded in 2008. The purpose of Purple Day is to raise...
On April 15th, tens of thousands of not-for-profit organizations will have tax bills come due. "How can that be?" you ask, "I thought most non-profits have tax exempt status." Well, effective with the 2018 tax season, you're wrong. The Tax Cuts and Jobs Act...
Q: Is it true that if I claim the home office deduction on my federal income taxes, I’ll automatically be audited? A: This is a myth that may have had its genesis in reality at some point. Today, however, the IRS is much more sophisticated in how they approach and...
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