Although the American Taxpayer Relief Act (enacted in January of this year) added or extended several key tax provisions and rates, dozens of tax provisions are set to expire at the end of 2013 (though most relate to businesses, if you have a pass through entity you...

As Americans across the country rang in the new year, many were unaware that, at midnight, more than 50 different tax breaks expired. According to the Tax Foundation, among them were credits for everything from building motorsports facilities, producing biofuels,...

We are now solidly into 2014, so it’s time to start thinking about your 2013 tax bill. One big question to be answered is whether you will owe the dreaded alternative minimum tax with your 2013 Form 1040. Congress originally cooked up the alternative minimum tax (AMT)...

For most of us, tax day comes just once a year—on or around April 15. But for people who owe estimated taxes, Uncle Sam expects a check four times a year. Unfortunately, one of those poor quarterly taxpayers may be you if any of the following applies to your...

Going through the back door can pay off for high-income retirement savers. We’re talking about the backdoor route into popular Roth individual retirement accounts, which offer tax-free income in later life. The front door into Roths is shut for many investors. Married...

Most mistakes in tax returns occur during the last two weeks of tax season before the deadline. This is due to many people wanting returns and not enough time to both prepare the returns and allow for the taxpayers to review them prior to filing. We recommend that,...

The tax deadline and filing your return might be behind you, but your tax responsibility isn’t really over until you begin to organize your documents for next year. Staying organized even after your taxes have been filed will make your life a lot easier in the future...

The U.S. federal government could lose almost $3 billion in revenue during the current fiscal year because budget cuts are forcing the tax-collecting Internal Revenue Service to audit fewer people, the agency’s chief said on Wednesday. Testifying before a...

For those paying their income tax through quarterly estimates the 2nd estimate is due June 15th.  Usually during the rush of tax season you had to decide what to base your 2014 estimates on.  You would have considered the safe harbors and chosen the one that best fits...

In response to new SEC pricing rules for shares in certain money market funds (MMFs), the IRS on Wednesday issued guidance that allows a simplified method for calculating gain or loss on shares in MMFs subject to the new rules and exempts redemptions of shares in...