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401k Contribution Limits for 2013

On October 18, 2012, the IRS announced the cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for Tax Year 2013. In general, many of the pension plan limitations will change for 2013 due to the in the cost-of-living index. However, other pension plan limitations will remain unchanged. [Read More...]

Do I have to claim tips on my tax return?

Do you receive tips as part of your job? Did you know, all tips you receive are income and are subject to federal income tax? You must include in your gross income on your tax return all tips you receive directly, charged tips paid to you by your employer, and your share of any tips you receive under a tip-splitting or tip-pooling arrangement. [Read More...]

Can I deduct the Mortgage Interest Deduction?

One of the most confusing tax breaks for taxpayers is the mortgage interest tax deduction. If you were one of the many taxpayers this year that were eligible to deduct mortgage interest but did not, you left a lot of money on the table by overpaying your taxes. It is important to know who is and who is not eligible for the mortgage interest tax deduction, so that you can save yourself some money or stay out of trouble with the IRS for a claimed deduction that you do not qualify for.

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Attention Farmers: Livestock Deferment Extended

Farmers, if you have deferred the gain on livestock sales because of the recent drought conditions, the IRS has extended the replacement period due to the continuing drought. Farmers and ranchers, whose sale replacement period was set to expire on December 31, 2012, will get another year. [Read More...]

Special Rules for Claiming a Tax Deduction for Donating Clothing, Household Items, Cars, Boats, and Airplanes

Last week, we talked about how charitable contributions may help you reduce your tax obligations. In the article “Your Support Of A Qualified Charity May Provide You With A Money-Saving Tax Deduction”, we said that there were certain contributions that are subject to special rules when you file your deduction.This week we will discuss the special rules for deducting charitable contributions of clothing and household items, and a car, boat or airplane.


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