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If you use your cell phone for business purposes, you will be happy to hear that the IRS has loosened its stance on record keeping for business use.  Until recently, you were required to keep records do document both business and personal use of the phone.  This is because cell... READ MORE

Employers will have to begin reporting the dollar amount paid for employee health insurance on the 2012 W-2’s. Under certain circumstances, employers will have a choice whether to make this change for 2012.  Employer who filed less than 250 Forms W-2 for 2011 can opt of... READ MORE

Now that the election is over and we know that President Obama has secured a second term… we can begin to speculate on coming tax law changes.  With the Bush-era tax cuts scheduled to end on December 31, 2012 and the implementation of new provisions of the Patient... READ MORE

If your business owes payroll taxes to the IRS and you can’t afford to pay them all now, you can apply for an In-Business Trust Fund Express Installment Agreement in some circumstances.  To qualify, your small business must owe $25,000 or less in delinquent taxes and you... READ MORE

When you receive a tax notice in the mail from the IRS, don’t panic.  Often these notices are the result of a minor error in the preparation of your return or some piece of information that wasn’t received. Most of the time, you won’t owe the amount indicated on... READ MORE

Did you know that you may be missing out on a tax deduction for business travel?  The IRS allows employees to deduct the cost of transportation between your hotel and a restaurant while on business travel.  This deduction is available even when your employer is paying you a... READ MORE

The IRS has announced changes to retirement plans for the 2013 calendar year: The maximum 401(k), 403(b) and 457 contribution will increase $500 to a limit of $17,500 for 2013. If you were born before 1964 you can contribute up to $23,000. The ceiling for SIMPLE plans will be... READ MORE

The annual gift tax exclusion will increase to $14,000 for 2013 which is up from the $13,000 limit for 2012.  Utilitizing the gift tax exclusion is a great way to transfer assets to your heirs over time without paying gift tax.  Each taxpayer can give $14,000 so a married couple... READ MORE

The Social Security Administration has announced the Social Security benefits will increase 1.7% in 2013.  This is lower than the 3.6% increase that we saw for 2012.  Since 2003, the annual adjustment has ranged between 0.00% (in January, 2010 and 2011) and 5.8% in January... READ MORE

The Social Security Administration has announced the 2013 Social Security wage base limit.  The limit will increase from the 2012 amount of $110,100 to $113,700 for 2013.  This means that the maximum amount of earnings subject to Social Security tax for 2013 will be the new... READ MORE